Con Edison rate increase proposal could boost electric bills more than 11% in 2023

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Consolidated Edison Inc. ED, +2.26% subsidiary Con Edison is proposing higher rates in 2023, that would boost overall customer electric bills by 11.2% and gas bills by 18.2%, as the New York-based utility looks to fund clean energy investments. Consolidated Edison’s stock rallied 1.5% in afternoon trading. Con ED’s proposal comes as it is seeking $1.2 billion in additional revenue to upgrade and operate its electric delivery system, as well as to recover the money already spent to provide service but deferred recovering as certain federal income tax credits expired. Con Ed is looking to fund upgrades to its overhead and underground electricity delivery systems in New York City’s five boroughs and Westchester County, to help integrate solar and wind power and ensure the system can handle the growing need to charge electric vehicles. Consolidated Edison’s stock has rallied 10.1% over the past three months, while the SPDR Utilities Select Sector ETF XLU, +1.21% has edged up 0.2% and the S&P 500 SPX, +2.43% has lost 4.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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