Con Ed Wants to Raise Gas Rates

The utility company has submitted two plans to the state's Public Service Commission

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    A Con Edison power plant is seen June 17, 2008 in New York City. (Photo by Spencer Platt/Getty Images)

    Con Edison's gas customers might be in for more bad news, rates could be going up.

    The utility company has submitted two plans to the state's Public Service Commission that would raise rates for its 1.1 million gas customers about 6 or 7 percent.  The company is seeking a total of $160.8 million, the filing said.

    One plan would raise rates 6.6 percent over three years -- the other would boost them 9.1 percent in one year.

    A Con Edison spokesman explained that someone with a monthly bill of $242 would be paying about 16 dollars more per month for gas.

    Earlier this year, state regulators approved a $523.4 million, one-year increase in Consolidated Edison’s rates for delivering electric service.

    The request for the rate increase comes a week after Con Ed reported some healthy third quarter earnings.

    The company's net income for common stock was $336 million or $1.22 a share compared with $182 million or $0.66 a share in 2008.

    Earnings from ongoing operations for the first nine months of 2009 were $665 million or $2.43 a share compared with $620 million or $2.27 a share for the first nine months of 2008.

    Consumers in New York City are able to shop around for competing electricty and gas providers. But since deregulation took effect in 2005, only about 15 percent of Con Edison's 4 million electric customers have moved on.

    Two new utilities, however, have stepped into the game.

    One of the state's fastest growing energy providers, Ambit Energy, moved into the New York market in 2007.

    Today, Green Mountain Energy Company, the nation’s leading provider of cleaner energy, is now available in the Con Edison service territory and says it will offer customers a choice of competitively-priced renewable energy.