PSC Approves Revised NYSEG Rate Hikes, Impact on Customers
The New York State Public Service Commission has approved a modified version of NYSEG's rate hikes, reducing the increases to 50% of the initial proposal. NYSEG President & CEO Trish Nilson defended the rate hikes, stating that they would benefit customers by allowing critical investments in infrastructure and green energy initiatives. Governor Hochul acknowledged that the approved rates may strain household budgets and announced $400 million in relief funds for impacted customers. Under the new rate plan, NYSEG electrical customers can expect average monthly bill increases of 10.3% in November 2023, 8.4% in May 2024, and 9.9% in May 2025. Gas customers will see increases of 3.6% in November 2023, 1.5% in the second year, and 2.9% in the third year.
