By Kelly Cloonan

Consolidated Edison's proposal for electric and gas rate increases were slashed under a new three-year agreement adopted by the New York State Public Service Commission.

The commission said Thursday its move cut the public utility's proposal for total electric delivery revenue by more than $1.37 billion, or 87%, from its initial request in the first year.

"The approved rates for the next three years are limited to approximately the rate of inflation, while advancing safety, reliability, and climate goals," the commission said.

The adopted plan will result in revenue increases for Con Edison of 2.8% for electricity and 2% for natural gas during the course of the three-year agreement.

In April, the company proposed an increase to its electric and natural gas delivery revenues of roughly 11% each for the first year of the agreement. Last January, Con Edison filed amendments for new rates that included a proposal to increase its electric and gas delivery revenues for the 12-month period ending Dec. 31.

The plan was outlined in a joint proposal submitted by several parties, including the company, Department of Public Service staff and environmental groups. It aims to prioritize affordability for customers, the commission said.

Con Edison is New York's largest electric and gas utility. It has more than 3.6 million electric customers and 1.1 million natural gas customers in New York City and Westchester County, the commission said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

January 22, 2026 15:11 ET (20:11 GMT)

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