Dive Summary:
- Con Edison (ConEd) has submitted plans for major investments to protect critical equipment and customers from storms like last year's Hurricane Sandy.
- ConEd has given details on long-term projects to the New York's Public Service Commission; the plans include putting flood-proof equipment in low-lying areas, building higher flood walls, and reinforcing overhead equipment.
- The plan calls for $1 billion in investments though 2016, some of which could be recovered through federal funding.
From the article:
To provide initial funding for the storm-protection effort, Con Edison proposed one-year delivery rates for electric, gas and steam services. The submission of new rate plans, which was delayed due to the company's focus on recovery from Sandy, reflects Con Edison's cost-control efforts and its obligation to invest in its systems for customers.
Con Edison President Craig S. Ivey said the company has sharpened its focus on controlling costs in recent years. The 13,000 men and women of Con Edison weave cost-consciousness into every task and project, Ivey said. ...