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New York - Con Ed Wins 5.6% Rate Increase |
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Jan 08, 2009 at 02:01 PM
News Source: NY Daily News
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Con Edison won approval Wednesday to hike its power bills by 5.6% in April, citing higher costs and the higher property taxes it has to pay to the city.
The proposed increase is less than the 7.3% Con Ed had been requesting - but comes a year after customers were hit with a 4.7% rate increase.
Much of the increase was driven by higher property taxes, but the judicial panel that approved the hike reduced what Con Ed said it needed for new employee salaries and stockholder profits.
They also said in the 362-page filing that Con Ed cannot bill customers $690,000 for annual stock payments to its board of directors.
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Read Comments (16) — Post Yours »
1
Jan 08, 2009 at 02:16 PM Anonymous Says:
So we have been paying for these annual stock payments until now. Lovely.
2
Jan 08, 2009 at 02:15 PM Anonymous Says:
Didn't the price of oil go down???
3
Jan 08, 2009 at 02:26 PM Anonymous Says:
With the price of oil down by 2/3, what justification is there for any rate hike at all?
Oil or its subtitutes are a major component of their cost.
The little guy will always take it on the chin!
4
Jan 08, 2009 at 02:38 PM Anonymous Says:
everyone is loseing job and their jacking up everything.
5
Jan 08, 2009 at 02:36 PM Anonymous Says:
what ever billons they make a year is not enoght?its like the guy in the news who went from 12 billon to 9 billon he killed himself because i guess it was not enoght for him to live.
6
Jan 08, 2009 at 03:34 PM Anonymous Says:
this is shocking
7
Jan 08, 2009 at 03:46 PM Anonymous Says:
“ With the price of oil down by 2/3, what justification is there for any rate hike at all?
Oil or its subtitutes are a major component of their cost.
The little guy will always take it on the chin! ”
There are no oil burning power plants in this country.
8
Jan 08, 2009 at 03:42 PM Anonymous Says:
We should all move out of NYC. This is to much. The average cost of living went to a staggering 7,000 more per year in the last 3 years. Within 3 months that average will be another 1,000 dollars.
subway, busses, LIRR, plane fares for business travel, local taxes, state taxes, food prices, con ed, keyspan, and all the other stuff that went up is to much to take. I can't afford to pay tuition anymore. The only realistic thing we can do is move out of New York City.
9
Jan 08, 2009 at 03:56 PM Anonymous Says:
“ With the price of oil down by 2/3, what justification is there for any rate hike at all?
Oil or its subtitutes are a major component of their cost.
The little guy will always take it on the chin! ”
I'm not happy about paying higher rates but you are totally wrong on the facts. First, the rate increase has nothing to do with fuel costs. These are only the costs of the ConEd distribution system. ConEd sold all of its powerplants and must purchase power on the wholesale market and flows through those cost to consumers. Secondly, very little of the power consumed is produced by oil-fired power plants. Most have been converted to natural-gas.
10
Jan 08, 2009 at 06:48 PM Anonymous Says:
To 7 and 9
Oil or its subtitutes are a major component of their cost.
Power plants don't need to be powered by oil, for the price of oil to influence the cost. In an economy we substitute commodities for each other whenever possible, to take advantage of lower costs.
Typically a large factory will have their boiler designed to burn coal, oil or natural gas to take advantage of the chepest price.
Therefore all forms of energy will be be affected by the price of any one form.
11
Jan 08, 2009 at 06:47 PM Anonymous Says:
To 7 and 9
Oil or its subtitutes are a major component of their cost.
Power plants don't need to be powered by oil, for the price of oil to influence the cost. In an economy we substitute commodities for each other whenever possible, to take advantage of lower costs.
Typically a large factory will have their boiler designed to burn coal, oil or natural gas to take advantage of the chepest price.
Therefore all forms of energy will be be affected by the price of any one form.
12
Jan 08, 2009 at 06:46 PM Anonymous Says:
This is to show that Corporations make the consumer pay for their tax and other increases.
13
Jan 08, 2009 at 06:39 PM Anonymous Says:
The government regulates the heck out of these companies and then screws over the public by regulating the rates as well.
How about real competition with clear published rates in the Newspapers and the government getting put of the way and let real competition work.
Nah then communisn wouldn't work in NY.
14
Jan 08, 2009 at 08:30 PM robroy560 Says:
If we had more nuclear power in this country, this wouldn't be an issue. If the French can reprocess fuel, with little nuclear waste, so can we. The existing nuclear power plant sin this country are older. The newer technology is safer.
But don't worry, BHO has a windmill or solar panel for you.
As far as #13's post, it's right - let the people decide where they want to buy their power from and how they want their power produced. You like solar, go spend $20k plus for solar panels and sell your surplus back to the grid.
15
Jan 08, 2009 at 09:31 PM Anonymous Says:
“ To 7 and 9
Oil or its subtitutes are a major component of their cost.
Power plants don't need to be powered by oil, for the price of oil to influence the cost. In an economy we substitute commodities for each other whenever possible, to take advantage of lower costs.
Typically a large factory will have their boiler designed to burn coal, oil or natural gas to take advantage of the chepest price.
Therefore all forms of energy will be be affected by the price of any one form. ”
You didn't read the posting. The rate increase covers only the fixed costs of the distribution system...it has nothing to do with fuel costs for the generators...those are priced separately and are not affected by this rate increase.
16
Jan 08, 2009 at 10:24 PM Anonymous Says:
when I first got married 6 years ago My Electric bill was $70 in the winter, this year Im getting bills for $180. Its ridiculous how much every single thing went up like crazy.