Jan 22 (Reuters) - NEW YORK STATE PUBLIC SERVICE COMMISSION:

• SAYS THE NEW YORK STATE PUBLIC SERVICE COMMISSION (COMMISSION) ADOPTED THE TERMS OF AN AGREEMENT FOR THREE-YEAR ELECTRIC AND GAS RATE PLANS FOR CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. (CON EDISON) THAT WAS EITHER SIGNED OR NOT OPPOSED BY 17 PARTIES IN THE PROCEEDING

• SAYS PSC DRAMATICALLY REDUCES CON EDISON’S RATE REQUEST BY NEARLY 90 PERCENT

• SAYS COMMISSION ADOPTS MULTI-YEAR JOINT PROPOSAL SUPPORTED BY DEPARTMENT STAFF, NYC, CONSUMER ADVOCATES, ENVIRONMENTAL GROUPS, AND LARGE CUSTOMERS

• SAYS THE COMMISSION’S ACTION SIGNIFICANTLY REDUCES THE COMPANY’S REQUEST FOR TOTAL ELECTRIC DELIVERY REVENUES BY MORE THAN $1.37 BILLION (85 PERCENT DECREASE FROM THE INITIAL REQUEST) IN THE FIRST YEAR.

• SAYS THE ADOPTED JOINT PROPOSAL DELIVERS $156.5 MILLION IN TOTAL EFFICIENCY SAVINGS, DEFERS NON-ESSENTIAL CAPITAL PROJECTS, AND SUPPORTS ENERGY AFFORDABILITY PROGRAMS AND PROTECTIONS FOR VULNERABLE CUSTOMERS

• SAYS THE JOINT PROPOSAL REDUCED CON EDISON ELECTRIC AND GAS RATES BY NEARLY 87 PERCENT FROM WHAT WAS INITIALLY PROPOSED BY THE UTILITY. THE APPROVED RATES FOR THE NEXT THREE YEARS ARE LIMITED TO APPROXIMATELY THE RATE OF INFLATION, WHILE ADVANCING SAFETY, RELIABILITY, AND CLIMATE GOALS.

((anushree.ashishMukherjee@thomsonreuters.com;))