ConEd Rate Hike Sparks Public Outcry, Challenging New York’s Climate Commitments

Consolidated Edison (ConEd) has announced plans to increase electric rates by 11% in the upcoming year, prompting significant public opposition that could jeopardize its $21 billion infrastructure development initiative. (Bloomberg) Significance: ConEd asserts that the rate increase is necessary to strengthen infrastructure, enhance grid resilience, and fulfill New York's ambitious climate objectives, including achieving 100% zero-emission electricity by 2040. During public hearings, many customers with fixed incomes expressed concerns, citing difficult choices between energy costs and other essential expenses. Regulatory authorities have already suggested reducing ConEd's proposed rate increase by $1.3 billion.