ConEd proposes double digit electricity rate increases

February’s winter chill also brought news from ConEd that the area’s electric and gas utility has sent proposals to the Public Service Commission for 11.4% and 13.3% electric and gas rate increases respectively. These proposals for increases in electric and gas rates are part of a longer term trend.

From 2000 to 2010 ConEd sent proposals for rate increases varying around 3 to 5% per year on average.
From 2011 to 2020 ConEd rate increase proposals averaged 5 to 7% per year. Over the past 5 years the trend for higher rate increases has continued, with the most recent request reaching almost 11.5% for electricity.

The Public Service Commission (PSC), the State oversight body with responsibility to review and approve such requests, has historically acted as a damper on these rate increase requests, with a bit of a Kabuki Dance involved resulting in rate increases that are in the range of 50% to 70% of what ConEd had originally proposed. If that pattern holds here, ConEd customers should be bracing for electric bills that will be at least 5% higher starting in January 2026. In a more likely scenario, next year’s electric rates could be 7 or 8% greater than where they are now.

All of this highlights yet another reason to mitigate operating cost increases by installing solar and energy storage. Contact Accord Power now to see how much you can save.