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NY regulators approve freeze on Con Edison electricity and gas delivery rates

By: AP |

New York utility regulators have approved freezes on electricity, natural gas and steam delivery rates for Con Edison customers.

The state Public Service Commission says the decision covers the charges costumers pay for the delivery of electricity and gas, not the cost of the commodities themselves. Electric rates will be held flat for two years and gas and steam rates for three years.

Con Edison initially asked for an 8 percent increase in electricity delivery rates and a 2.5 percent increase for gas delivery.

The company is also investing $1 billion over four years to make its systems more resilient during extreme weather like Superstorm Sandy.

PSC Chairwoman Audrey Zibelman says Thursday that the combination of flat delivery rates and the infrastructure investment represents the best of two worlds.