NYSEG Asks For a Rate Hike

New York State Electric and Gas says it needs more money to pay for recovery from Hurricane Sandy, Hurricane Irene and Tropical Storm Lee and to invest in system reliability.

NYSEG has filed a petition with the New York State Public Service Commission to allow increasing electric bills by $8, about 10% a month and natural gas bills $10, or 11% a month for customers using about 980 therms over the course of a year.

In addition to recovering $260 million spent on storm restoration over a five-year period, NYSEG plans to fund projects to strengthen the transmission and distribution systems, and initiate a five-year tree trimming cycle.

The state PSC takes 11 months to review proposals and allow for public comment.

In a statement from the Iberdrola USA subsidiary, NYSEG contends average residential customers’ monthly gas and electric costs are among the lowest in the state.