Con Edison has agreed to sharply scale back proposed rate hikes for electric and gas customers in New York City and Westchester County.<\/p>\n
Under a new three-year agreement, a previously proposed 11.4% electric rate increase<\/a> set to take effect starting Jan. 1, 2026 has been reduced to 2.8%, while a proposed 13.3% gas hike has been lowered to 2%, the utility confirmed Thursday.<\/p>\n In a statement, the company said the revised proposal \u201cbalances the immediate affordability challenge with the investments necessary to maintain system reliability and resilience in the short term.\u201d<\/p>\n What You Need To Know<\/p>\n Con Edison has agreed to reduce proposed rate hikes for New York City and Westchester customers \u201cThe Joint Proposal is the result of an 11-month, highly inclusive process led by the [New York] Public Service Commission, engaging the broadest range of stakeholders to date,\u201d it said. \u201cCon Edison is acutely aware of the issue of affordability, which is why last year we provided more than $300 million of discounts to income eligible customers in our energy assistance programs.\u201d<\/p>\n The new proposal still required approval from the Public Service Commission.<\/p>\n Even with the reductions, Westchester County Executive Ken Jenkins and the Westchester County Board of Legislators said they \u201cstrongly reject\u201d the proposal, arguing the hikes would burden residents already struggling with high costs.<\/p>\n \u201cFamilies are already being stretched to the breaking point,\u201d the county leaders said in a joint statement. \u201cUtility bills are skyrocketing while wages remain flat. A rate hike of this magnitude will force too many to choose between paying their utility bills and affording necessities like food, medicine, or childcare.\u201d<\/p>\n The Westchester lawmakers said they are asking the Public Service Commission to \u201creconsider this proposal, and work with local leaders to find solutions that do not further burden Westchester ratepayers.\u201d<\/p>\n The reduced proposal follows months of pushback<\/a> from state and local leaders.<\/p>\n Earlier this year, Gov. Kathy Hochul called Con Edison\u2019s initial request for double-digit increases \u201cshocking,\u201d<\/a> and directed the Department of Public Service to reject it.<\/p>\n \u201cThis is a real hit on families when they didn\u2019t budget for this,\u201d Hochul said in February. \u201cThey weren\u2019t planning for this, and these bills going up, upwards of $500 a year \u2014 I\u2019m trying to put $500 back in their pockets because of the inflation rebate, and it\u2019s going to go right out the door to pay this bill?\u201d<\/p>\n
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Electric rate increases drop from a proposed 13.4% to 2.8%, and gas hikes fall from 19% to 2% under a new three-year plan
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The revised agreement runs from Jan. 1, 2026, through Dec. 31, 2028, and still needs approval from the state Public Service Commission<\/p>\n