The New York Public Service Commission (PSC) has frozen 1995 electric rates for Long Island Lighting Co. (LILCO) and for Consolidated Edison Co. (CE), emphasizing the need for both utilities to control costs. CE had asked the PSC to approve a three-year rate plan that includes a $223-million (3.6-percent) increase the first year. According to Fitch Investors Service, both orders offer constructive and clear signals that the PSC will attempt to strike a reasonable balance between investor and consumer interests. It added that these first two major decisions from the new PSC, as modified by the election of Gov. George Pataki, attest to its interest in maintaining the financial integrity of the state's utilities during the transition to a more competitive environment.
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