In January 2020, the State Public Service Commission voted to allow Con Edison to raise electric prices by 13.5% and gas prices by 25%, in yearly increments, by this 2022. Now Con Edison has asked the state for permission to raise gas and electric prices in 2023 again, citing the need to cover costs including system upgrades and renewable energy investments. The utility company hopes to hike electric and gas bills by 11.2% and 18.2%, respectively. That increase would amount to around $1.2 billion more in electric revenue and $500 million in gas revenue, the company said.
If you add the Con Edison energy hike to the carbon reduction fines and regulations brought about Local Law 97 (LL 97), any building with a high energy cost is in for a double whammy of higher running costs starting in 2023 and a year-on-year imposed fine starting on Jan 1, 2024, thru 2028 after which it increases 5-fold on Jan 1, 2029, which then continues year-on-year.