NYCEDC - Press Room - Press Releases - Statement by Gil C. Quiniones Chairman of the Mayor's Energy Policy Task Force, on the Settlement of the Con Edison Steam Rate Case

Press Releases

Statement by Gil C. Quiniones Chairman of the Mayor's Energy Policy Task Force, on the Settlement of the Con Edison Steam Rate Case

June 6, 2006



	CONTACT Andrew Brent/Janel Patterson (212) 312-3523

New York City, June 6, 2006 – The City of New York and the New York State Department of Public Service along with other active parties reached a comprehensive settlement with Con Edison in the steam rate case pending the approval of the State Public Service Commission (PSC). The settlement provides that steam rates will not increase through September 2008. Con Edison had originally sought a rate increase of 11% in its base rates. The settlement also provides numerous incentives for the company to achieve certain performance goals, and introduces new measures to explore expansion of the existing Con Edison steam system, to better serve its customers, and to provide a new structure for strategic planning for the steam energy business.

“I am very pleased that we were able to reach a constructive resolution that protects consumers from a rate increase while meeting the legitimate needs of Con Edison for increased investment in its steam system,” said Quiniones. “The Con Edison steam system is critical, both to its own customers, and also to all electricity consumers who benefit directly from the availability of the steam system to reduce demand – and price – of electricity during the most critical summer demand period. This proposed settlement will help keep energy reasonably priced in the City, and will enhance the efficiency and reliability of the Con Edison steam system.”

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