Skip to content
Bushwick DailyBecome a member
Advertisement
Met FreshMet Fresh

NewsAlbany

NY FAIR Act would cap Con Edison’s authorized profit rate to cut electric bills, as the company disconnected 88,000 households for nonpayment last year

A new state bill aims to cap Con Edison’s profit rate on infrastructure investments to lower electricity bills across New York, as the utility disconnected 88,000 households for nonpayment last year.

NY FAIR Act would cap Con Edison’s authorized profit rate to cut electric bills, as the company disconnected 88,000 households for nonpayment last year

A new state bill aims to cap Con Edison’s profit rate on infrastructure investments to lower electricity bills across New York, as the utility disconnected 88,000 households for nonpayment last year.

Advertisement
Met FreshMet Fresh

A new state bill that would limit the profit rate utilities like Con Edison are authorized to earn on infrastructure investments could cut electricity bills across New York, according to an op-ed published Tuesday in the New York Daily News by Robbins, director of the Utility Customers Association.

The Fair Authorized Investment Returns (FAIR) Act, sponsored by Assemblymember Sarahana Shrestha and Sen. Shelley Mayer, would reduce the rate of return that the New York State Public Service Commission (PSC) allows for-profit utilities to collect from customers on capital investments. Under the current model, utilities earn a profit for every dollar they spend building out infrastructure, and that profit flows back to investors. The FAIR Act would lower that rate but keep it high enough to attract investment, Robbins argues.

New Yorkers already pay some of the highest electricity prices in the country. Legally approved rate hikes and long-term supply disruptions from the Iran war have made it worse, Robbins writes. Con Edison cut power to more than 88,000 households for nonpayment last year, and an AARP study released in March found one in five older New Yorkers has taken on debt or borrowed money to afford utility bills, per the op-ed.

Thanks for reading Bushwick Daily.

Create your free account or log in to continue reading.

By continuing, you agree to the Membership Terms and Privacy Policy.

Enjoy unlimited access to all of Bushwick Daily. See membership options

AdvertisementFrom Bushwick Daily

Reach North Brooklyn

Put your business in front of 129K site visitors a month.

Advertise with us
Advertisement
Met Fresh

Thanks for being a member.

Filed underFAIR Act / NY State Legislature / Utility Regulation

Bushwick Daily News Desk. Neighborhood news, politics, real estate, and business coverage produced by the Bushwick Daily newsroom.

Produced by Bushwick Daily News Desk

Neighborhood news, politics, real estate, and business coverage produced by the Bushwick Daily newsroom.

View all posts

Read next

News

NYC Parks lists 174 Bushwick sites for new street trees, and says homeowners ‘may not reject planting’

Eldert Street has the most sites on the list, 21. NYC Parks calls the list tentative, says it can't give exact planting dates, and shows most Bushwick sites due by January 15.

New York proposes reclassifying Newtown Creek to strengthen its water quality protections

News ·

Bushwick gets none of the 100 Election Day poll sites where the city’s Civic Engagement Commission posts interpreters

News ·

Where to watch election results tonight in Bushwick, Ridgewood and Bed-Stuy

News ·

Advertise with Bushwick Daily

Reach North Brooklyn, and the New Yorkers who read it.

Written in Bushwick, read across the city since 2009.

129K site visitors a month 1–2M Instagram impressions a month 24K email list members
Advertise with us →
Become a member of Bushwick Daily