Con Ed filed for a rate increase today that will boost New Yorkers’ residential electric bills by about 3.5 percent starting in 2014.
The utility also sought a gas rate hike of about 1.4 percent for people who heat their homes with natural gas.
Because it takes the state 11 months to decide a rate case, the increases Con Ed is seeking won’t take effect until January 2014.
The company says the rate increases are part of its effort to recover from Hurricane Sandy, and will help pay for such infrastructure improvements as flood-proofing equipment and reinforcing or burying overhead lines.
Con Ed says it plans to spend $ billion on such upgrades, some of which could be reimbursed by the federal government.
But even without the storm, the company is overdue to file for a rate hike.
It could have filed as early as last April, just after its most recent rate increase kicked in.
The company held off, and was expected to file for an increase in November – but its plans were upended by the giant storm.
Con Ed’s residential electric rates have long been the highest charged by any major utility company outside of Alaska and Hawaii.
But it says it’s trying to keep prices down.
“We are still working diligently to hold down costs for our customers,” Con Ed president Craig S. Ivey said in a statement.
“At the same time, the increased frequency and damage of storms assaulting our area presents a major challenge. We must invest in our systems in new ways to maintain the safe, reliable service our customers deserve.”