ConEdison’s Rate Hikes Affecting Local NYC Economy
Small business owners have recently been experiencing the financial consequences of ConEdison’s rate hikes. ConEdison was in talks to institute a three year rate hike with the New York State Public Service Commission. This hike was set to start starting January 2017 and continuing until 2020, respectively (according to hubs.com). Consequently, ConEdison gained approval for this rate hike. Incidentally, here’s how it will affect your small business over the next three years.
The rate hike initially proposed for electricity was for a 3.9% increase in 2017, 3.7% increase in 2018, and 3.6% increase in 2019. The rate hike initially proposed for gas was for a 3.1% increase in 2017, 7.5% increase in 2018, and 6.7% increase in 2019. These figures were an overall proposal, with actual rates varying based on location and rate design for the specific consumer. Based on this implementation, commercial businesses will get a better deal from the hike.
(Charts from: http://nypowerandlight.com/2017/01/24/con-edison-rate-increase/ )
As we can see from these two charts, the typical NYC resident will see about an 2.27% steady increase in their bill. Yet, the typical NYC commercial business will see about an 1.27% steady increase in their electricity bill (according to nypowerandlight.com). The same goes for gas. For residential NYC dwellers, gas bills will estimated steadily increase by 1.65%. In contrast, commercial business gas bills will actually estimated decreased by 0.93%.
ConEdison’s Plans
While the increases are blatantly obvious and high, ConEdison did explain their reasoning for the hikes. ConEdison stated in their website that these hikes “will contribute to increasing infrastructure investments that will give consumers greater control over their electric usage and bills; improve electric reliability, and help integrate new clean energy technologies into the grid” (www.energywatch-inc.com). According to EnergyWatch Inc., Con Edison also explained that these rate hikes will go towards a “gas replacement program, enhance safety, and facilitate gas-to-oil conversions”.
(Image from: https://energywatch-inc.com/con-ed-files-electric-gas-rate-proposals-seeking-7-7-8-4-delivery-rate-increases-ci-2017/)
The chart above from EnergyWatch Inc. showcases the Con Edison rate hike projections.
So what can you as a small business do? Caught in between the residential and commercial categories, Weylan Corporation specializes in helping you utilize and strategize ways to be a successful and operational small business. From creating an energy budget to supplying and installing cost-efficient energy savers, we have many energy saving tools. Furthermore, we also offer are our energy saving workshops. These workshops are designed to educate and enhance your employees understanding and dedication to helping you save on your energy bill.
How Weylan Corporation Can Help Your Company
At Weylan Corporation we provide personalized services and, our consultants offer customized solutions to fit your business needs. From utility and energy expense budgeting to supplier cost reductions, we offer deliverables that benefit local business owners and permanently offset expenses. Additionally, we’ll work with you to implement your plans to reduce operational costs and increase profitability.
We are committed to serving your energy needs and getting you the best prices for your budget. We connect you to other small businesses to help small businesses grow in network. Call us today to get a quote on your electricity and gas prices. We look forward to hearing from you!
by
Iris Aaron
Weylan Corporation
Media Division
1-877-672-3822
[email protected]