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Who Will Pay For Con Ed's Sandy Cleanup? Probably You
By
Garth Johnston
Published Nov 7, 2012
Modified Nov 7, 2012
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By
Garth Johnston
Published Nov 7, 2012
Modified Nov 7, 2012
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Who is going to pay for all the work that Con Ed has been doing getting power back to the city after Hurricane Sandy? Why you are, most likely. "Will storm costs be paid for by New York, New Jersey and Connecticut rate-payers? Yes," a Morningstar utility analyst told The Post yesterday. The utilities, for their part, say it is too soon to say who will foot the bill.
According to the Morningstar analyst, "Based on past storms and our initial conversations with management teams, we expect regulators will allow most of the affected utilities to defer and later recover from customers most of the storm costs, resulting in minimal cash losses." And this wouldn't be the first time utilities have gone that route. Fixing that transformer that blew out Manhattan is not going to be cheap!
But Con Ed right now is sticking to the clean up message and not talking bills. "Our focus is completely on customer [power] restoration," a spokesman said. "How it will be paid for down the road is too early to say, but we will pursue every option to avoid impact to our customers, including federal assistance and insurance coverage."
According to the Con Ed's outage map the number of those customers (which is not the same as people) without power inside New York City is 29,554. Down from the 64,560 quoted yesterday. Still, those numbers don't include the LIPA customers serviced on Rockaway and lets not mention the fact that any further work today is expected to grind to a halt thanks to the nor'easter hitting our shores right now.
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