We have been advising consumers that utilities will be raising their rates. Con Edison, Consolidated Edison Company of New York, is just one of the latest utilities where their rates have been rising annually since 2020 and they have already begun the process of requesting another rate increase again in 2023.
In January 2020, the New York State Public Service Commission voted to allow Con Edison to raise its electric prices by 13.5% and natural gas prices by 25%, in yearly increments by 2022. For a breakdown on the 2020, 2021 and 2022 rate increases, click on the link below which outlines both the electric and natural gas rate increases for these 3 years.
https://www.coned.com/en/accounts-billing/your-bill/about-con-edisons-rates
Con Edison consumers will unfortunately probably be seeing another rate increase next year, in 2023. Per a statement on NY1 earlier this month as well as a post from the New York Post, Con Edison has asked the state of New York Public Service Commission for permission to raise electric rates by 11.2% and natural gas rates by 18.2%. According to the article by Spectrum News Staff that was published on February 3, 2022, Con Edison will increase its revenue by approximately $1.2 billion for electric and $500 million for natural gas. The reason for the rate hike according to Con Edison is so that it can upgrade its delivery system and invest in renewable energy, including electric vehicles and clean heat, as well as moving overhead electric cables and equipment below ground to prevent storm-related outages.
One way to mitigate rising energy costs is to select a third party supplier that will meet your energy needs. For more information on how Muirfield Energy can help your business mitigate rising energy costs, please either call our corporate office at 888-370-8898 or contact us via email at info@muirfieldenergy.com.