Dive Summary:
- Consolidated Edison, an electricity provider to New York City, has asked the New York Public Service Commission to approve rate increases in order to finance $1 billion in spending.
- Con Edison's $1 billion plan aims to protect the power grid from damage caused by storms such as Hurricane Sandy by burying power lines, installing flood-proof equipment and the construction of taller flood barriers around substations.
- Although Con Edison will seek federal funding for the upgrades of the infrastructure, the majority of the money may come from ratepayers' pockets as the utility seeks a 3.3% average increase on consumers' electricity bills.
From the article:
"Consolidated Edison Inc. (ED), owner of the utility that supplies power to New York City, asked state regulators to approve rate increases to help fund $1 billion in investments to protect the power network after Hurricane Sandy.
Under a proposal submitted to the New York Public Service Commission today, the average electricity bill would increase 3.3 percent, according to a company statement. Con Edison plans to spend $1 billion through 2016 on measures including flood- proofing equipment in low-lying areas, burying power lines and building higher flood walls around substations to avoid a repeat of damage caused by Sandy’s winds and record 14-foot (4.3-meter) tides. ..."
