A controversial electric restructuring settlement proposed by Consolidated Edison Company of New York to the New York Public Service Commission, which includes a 25-percent rate cut for some industrial customers, was attacked as hostile to small customers.
ConEd filed the plan in response to the PSC's efforts to develop a new framework for the state's electric industry in its "Competitive Opportunities" proceeding (Case 97018/96EO897). ConEd's proposed five-year plan would run through March 31, 2002 and cut rates by $655 million.
Proposal Details. Industrial customers with monthly demands of more than 1,500 kW would receive the largest rate reduction of 25 percent ($40 million cumulative). Commercial customers would receive a 10-percent rate reduction ($261 million) by the end of the five years. Average rates for residential customers would decline by 3.3 percent. A rate increase that was to have been effective April 1 would be canceled (a $435-million hike over five years).