ConEd proposes double-digit rate hike: What this means for New Yorkers

NEW YORK CITY - Con Edison is proposing double-digit rate hikes that could go into effect next year, but Gov. Kathy Hochul has asked the state to reject this proposal, citing an affordability crisis.

What did Con Edison propose?

What they're saying:

Last week, Con Edison announced that it was going to ask permission from state regulators to increase electric bills by nearly 11.5% and gas bills by more than 13%. 

If approved, the double-digit rate hikes would go into effect on Jan. 1 of next year. 

Con Edison acknowledges that it invested $300 billion in energy assistance programs for low and moderate customers in 2024.

"We also have a responsibility to continue to safely and efficiently deliver the nation's most reliable power while complying with state laws and regulations. That means fortifying the grid in the face of increasingly severe extreme weather, bringing renewable energy sources online to help meet the state's clean power goals, and supporting the workforce we need to conduct ongoing maintenance and swiftly respond to customer service calls," a Con Edison spokesperson said in a statement.

What is Gov. Hochul saying?

Local perspective:

Hochul said it's becoming harder for families to stay in New York because of the cost of living. 

She sent a letter to the Public Service Commission asking them to reject the proposed rate hikes from Con Edison. 

"I'm calling for an end to the Power Authority's unacceptable proposal to raise electric rates on its customers statewide," Governor Hochul said. "Too many New Yorkers are already falling behind on their energy bills and I will do everything in my power to reign in these astronomical costs."

Hochul said customers could see an upwards increase of $500 on their bill per year.

Governor Kathy Hochul speaks during a press announcement to unveil the path to unpausing congestion pricing. The plan will launch with a reduced base fare of $9, down from the original plan of $15, and the start date is set for January 5, 2025. Conge

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"I'm trying to put $500 back in their pockets because of the inflation rate," Hochul said. "It's going to go right out the door to pay this bill. C'mon, how are they supposed to get ahead?" 

Hochul is now conducting the Public Service Commission to conduct an audit on management salaries over at Con Edison.