New York, NY – ConEd Electric Bills To Soar 12%

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    New York, NY – New Yorkers are about to get zapped on their electric bills.

    Starting May 28, households in the five boroughs will be socked with rate increases of up to 12 percent to run appliances — after the feds decided that power companies needed an extra $500 million a year, The Post has learned.

    And that’s on top of another 4 percent state-OK’d Con Ed rate hike that kicks in today.

    A typical apartment resident’s electric bill of $74 — based on 250 kilowatt hours of power each month — will go up to $86, or $12 more than last July.

    About $8 of that boost will come from the feds’ decision.

    Businesses will be hit even harder. A small firm that paid $406 last July will shell out $477 this July — a 17.5 percent boost.

    About $59 of that comes courtesy of the feds.

    Mayor Bloomberg and Sen. Charles Schumer are furious over the shocking ruling — and are urging the Federal Energy Regulatory Commission to reconsider.

    “The economic impact of this order on the residents and businesses of New York City would be severe,” Bloomberg complained to the commission.

    Read more at The NY Post

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    5 COMMENTS

    1. Economists must have a way of calculating this, but I think these increases have multiple, repeated levels of impact. I am just thinking as follows: My electric bills increase by 12%. All the stores I patronize will have their electric bills increase by 17%, and this will translate into higher prices for their merchandise. I just get hit again by someone else’s rate hike. Then my kids’ schools hike their tuition, and there goes gas and tolls, etc. The effects might not be endless, but they are similar to automatic gunfire. Ouch! So the 12% sounds shocking, but I wonder just how bad it gets in real terms.

      • Good post…I can equate it to dominoes lined up…you knock down one and the rest keep on falling. The problem is that here in NY people aren’t dominoes, but our useable money keeps falling.

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