Statement By Gil Quiniones, Chairman Of The Mayor's Energy Policy Task Force, On The Public Service Commission's Ruling On Con Edison's Electric Rate Increase
New York City, March 16, 2005 -- “The Joint Proposal adopted by the New York State Public Service Commission (PSC) in the Con Edison Electric Rate Case is a major victory for the City of New York and all Con Edison customers. The Proposal adopted today will save customers about $1.8 billion and the City about $170 million over the increases Con Edison originally requested. Those rate increases would have cost customers and the City about $2.3 billon and $214 million respectively. The City fought to strike the right balance between ensuring fair and reasonable energy rates for all New Yorkers and the need to invest in our energy infrastructure. I commend the PSC and the other participants in this case.
“I am pleased that the PSC order addresses other important energy-related issues. These additional components will help to ensure that Con Edison implement energy efficiency programs to improve reliability, lower costs and reduce pollution. A ruling from the October 2004 steam rate case called for Con Edison to develop a comprehensive 10-year plan to meet growing energy demands, as well as a local strategy for supplying sufficient energy to areas of major redevelopment such as Lower Manhattan, Downtown Brooklyn and Hudson Yards. These PSC rulings will contribute a great deal to keep energy reasonably priced, reliable, and efficient for all New Yorkers and businesses.”