Hefty utility increases set to hit New Yorkers' wallets in August - Crain's New York Business

Con Edison utility increases set to hit New Yorkers’ wallets in August | Crain's New York Business

New Yorkers will have to budget for double-digit spikes in their electric and gas bills beginning in August following a utility hike approved by the state Public Service Commission on Thursday.

The Con Edison rate increase will extend to electric customers in most of New York City and Westchester county, and the utility’s gas customers who are concentrated in Manhattan and the Bronx. Under the plan, beginning next month, the average Con Ed customers’ electric bill will go up by 9.1% or $14.44, while the typical gas customers’ bill will rise by 8.4% or $17.28.

The rising rates will be followed by additional increases over the next two years. In 2024, the average electric bill will go up by an additional 4.2% or $7.20, then by another 1.4% or $2.43 in 2025. Gas rates will climb another 6.7% or $14.90 in 2024, and increase to 6.6% or $15.61 in 2025.