Charges reversed!
Federal regulators yesterday officially overturned an order that would have zapped the city by boosting residential electric bills by 10 to 12 percent.
The Federal Energy Regulatory Commission acted barely 24 hours after Albany lawmakers passed a law making property-tax breaks for electricity generators permanent.
That eliminated the rationale for the shocking increase — that the breaks could be reversed.
If FERC’s original ruling had been allowed to stand, New Yorkers — who already pay some of the highest electricity prices in the nation — would have forked over an estimated $1.5 billion to the generating companies over the next three years.