ALBANY – The State Public Service Commission on Thursday approved a three-year plan for electric and gas customers of New York State Electric and Gas Corporation that is about half of what the company sought.
Under the approved plan, the average residential electric customer would see an average total monthly bill increase of $9.94 in November of this year, $8.88 starting May 2024, and $11.34 starting May 2025.
Under the approved plan, a residential gas heating customer would see their average monthly bill increase $4.96 in November of this year, $2.13 in the second year and $4.10 percent in the third year.
NYSEG also sought a $43.4 million gas revenue increase, or 9.8 percent increase in total revenues.
NYSEG sought a first-year electric revenue increase of $274 million, or 16.8 percent increase in total revenues. The company also sought a 43.4 million gas revenue increase, or 9.8 percent increase in total revenues.
Instead, the commission approved a levelized electric rate increase for the rate year beginning May 1, 2023 or $137.3 million, $160.7 million for the next year, and $200.6 million for the third year.
On a total electric bill basis, the results for NYSEG yield 6.6 percent, 7.3 percent, and 8.2 percent increases in each of the rate years, respectively.
The commission approved a levelized gas rate increase of $11.7 million, $12.4 million, and $12.9 million, for each of the respective rate years.
Despite the almost 50 percent cut in rates requested, Governor Kathy Hochul said she recognizes the final electric rates “are still likely to strain household budgets across New York.”
She said that is why this year, the state budget includes $400 million to provide relief to New Yorkers experiencing high electric bills, “and we are now expanding eligibility for utility affordability programs to include all median-income households.”
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