Con Ed Seeks $400 Million in Rate Increases

some of the extra funds from ratepayers would go toward long-term protection against disasters like Sandy

Friday, Jan 25, 2013  |  Updated 12:46 PM EDT
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Con Ed Seeks $400 Million in Rate Increases

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Con Edison says it wants to collect just under $400 million in rate increases next year.

It says some of the extra funds from ratepayers in New York City and Westchester County would go toward long-term protection against disasters like Sandy.

In a filing with the state, the utility says its request would raise electric bills by an average of 3.3 percent in 2014.

Gas bills would go up 1.3 percent.

The increase is subject to Public Service Commission approval.

The company wants to invest $1 billion in storm protection over the next four years. Measures would include building flood walls around low-lying facilities and moving some overhead wires underground to limit outages.

Spokesman Mike Clendenin said Con Ed suffered $350 to $450 million in Sandy damage.

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