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The New York Public Service Commission (PSC) is set to discuss a proposed rate increase by Central Hudson Gas and Electric Corporation. The meeting will take place Thursday (August 14) in Albany and will be streamed online. Central Hudson is seeking to raise gas bills by 3.7% and electric bills by 7.3% over the next few years. The utility claims that the additional funds will be used to improve its systems and customer service.
According to the Daily Freeman, the PSC's preliminary agenda includes a vote on a joint proposal related to the rate hikes. The commission is required by New York State law to consider utility rate proposals and may adopt, reject, or modify them.
The Department of Public Service states that Central Hudson filed amendments to its tariff schedules on August 1, 2024, proposing to increase electric delivery revenues by approximately $47 million and gas delivery revenues by about $15 million. The utility cites the need to replace aging infrastructure, address cybersecurity threats, and manage increased customer arrears as reasons for the proposed increases.
The proposed rate hikes come amid rising energy costs across New York State. As reported by Lohud, the summer heat has driven up electricity demand, leading to higher supply prices. Central Hudson, like other utilities, has faced elevated supply prices due to the extreme heat, impacting customer bills.
Public hearings have been scheduled to gather input on the rate proposal, and the PSC will consider public comments and evidence before making a decision. The outcome of the meeting could significantly impact Central Hudson's customers in the Hudson Valley.