Utility companies New York State Electric and Gas and Rochester Gas and Electric filed a multi-year infrastructure initiative dubbed “Powering NY” with the New York State Department of Public Service on June 30. If approved, the initiative will be funded through rate hikes and will result in double-digit percentage increases to electric and gas bills.
In the filing document, NYSEG and RG&E identify the following purposes for the requested rate increases: 1) to modernize and expand the electric grid by replacing aging infrastructure (old poles and substations) and adding capacity; 2) to ensure resilience during storms, reduce outages and improve recovery time following a weather event; 3) to reduce outages by better vegetation management; 4) to prepare the grid for electrification in transportation and housing; and 5) to comply with state clean-energy mandates.
According to NYSEG and RG&E, the cost to fully implement the Powering NY plan are: $464.4 million for NYSEG – Electric, $220.2 million for RG&E – Electric, $93 million for NYSEG – Gas and $72.9 million for RG&E – Gas…