Con Edison has agreed to sharply scale back proposed rate hikes for electric and gas customers in New York City and Westchester County.
Under a new three-year agreement, a previously proposed 11.4% electric rate increase 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.
In a statement, the company said the revised proposal “balances the immediate affordability challenge with the investments necessary to maintain system reliability and resilience in the short term.”…