New Yorkers are sounding the alarm over Con Edison’s proposed rate hikes, with some blaming a tax structure that quietly shifts the burden onto consumers.
Con Edison paid more than $3.3 billion in taxes to New York City last year, including $2.4 billion in property taxes – making it not only the city’s largest property taxpayer but the state’s as well. These costs are ultimately passed on to its 3.5 million customers, but aren’t reflected in monthly bills. Instead, they’re embedded in delivery charges – leaving service users none the wiser.
Property taxes apply to Con Edison’s infrastructure – pipes, wires, substations – and are considered an unavoidable expense. Yet, under state law, regulated utility companies can recoup these costs through ratepayers…