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Cuomo To Save The Day And Prevent 12% Con Ed Rate Hike
By
Jen Chung
Published Apr 14, 2011
Modified Apr 14, 2011
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By
Jen Chung
Published Apr 14, 2011
Modified Apr 14, 2011
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Because of a Federal Energy Regulatory Commission ruling that will impose an unnecessary 12% Con Ed rate hike (a typical $74 apartment bill would go up $12), Governor Andrew Cuomo is getting involved. The Post reports that he "will introduce legislation 'within the next few days' permitting the city to guarantee permanent property-tax abatements to local electric-generating companies, removing the basis for a little-noticed FERC decision that could hike electric rates by $500 million a year." Cuomo spokesman Josh Vlasto said, "This is a common-sense fix for a problem that could cost New York rate-payers hundreds of millions of dollars per year."
This whole issue started because of power generating companies' property-tax abatements: Back in 2008, the Legislature changed the NYC tax abatement program from "as of right" to "discretionary," meaning the tax abatements could be repealed at any time. But the city ended up guaranteeing the abatements, making power generating companies' request for money to replace the tax abatement unnecessary.
Con Ed even argued against the 12% hike, because the money isn't going to them for services (Con Ed is just a power transmission company) and, really, they don't want people to hate them anymore than they already do.
Tagged
con ed
con edison
ferc
property tax abatement
rate hike
tax abatement
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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