This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

AARP New York Urges Public Service Commission To Scrutinize Con Ed's $400 Million "Sandy" Rate Hike

Assoc. Says NY Consumers Should Be Protected from Automatically Footing the Bill from Storm Costs

Statement by Beth Finkel, State Director for AARP in New York State

NEW YORK, Feb. 4, 2013 /PRNewswire-USNewswire/ -- Hurricane Sandy has come and gone, but New York utility companies are only just beginning to figure out how to pay for any damage and upgrades. With the recently filed $400 million rate hike proposal by Con Edison, one thing is clear: they are looking to New York consumers to foot the bill.

AARP is urging the New York State Public Service Commission (PSC) to thoroughly examine this rate case to ensure storm costs are not automatically passed on to New York consumers, with the utility bearing no liability. 

New Yorkers already pay some of the highest utility rates in the nation, and a new AARP report found that older natural gas consumers in the region can expect to pay roughly 20% more this year ( http://bit.ly/VA85sE). Older consumers on limited incomes are hit the hardest as they dedicate a much higher percentage of their household income to paying their utility bills.

For the sake of New York consumers buckling under soaring utility rates, the PSC must also take a hard look at Con Edison's programs that aim to help residential ratepayers afford their utility bills. As reported by AARP in 2011 ( The Quiet Blackout: http://bit.ly/W7ig8b), Con Edison terminated service to 93,469 residential rate payers for non-payment – roughly 256 people a day every day. During the winter months, the utility company terminated service to 23,867 people, with the majority of those terminations hitting in January. 

80% of state residents surveyed by AARP last year stated they were concerned about their heating and cooling bills going up. In another AARP survey of the Greater New York area's 50+, 86.4% reported losing power due to Sandy and 44% rated their electric utility's response poorly (AARP New York Sandy Survey: http://bit.ly/WYlQ3T).

Sandy's toll on New Yorkers was high, and the last thing many need right now is escalating utility bills, especially those individuals on fixed incomes or facing tough economic times. The PSC must ensure consumers do not bear the full brunt of storm-related costs and protect vulnerable ratepayers' ability to keep their lights and heat on.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs