New York power company criticized for raising prices

Last week, Consolidated Edision Company (often referred to as Con Ed), an energy company engaged in supplying electricity, steam and gas to New York and Westchester County, announced that it needed funds to maintain operations and growth. Energy companies expect to receive $368 million from consumers by increasing electricity tariffs.

A household that consumes more than 300 kilowatts per month can soon see an 4,7-percent increase in the electricity bill.

However, not everyone agrees with the actions of the energy giant. Letisha James, a public defender of New York, stood up for private electricity consumers.

“Given that natural gas and oil prices have fallen sharply in recent months, it is very difficult to explain Con Edision's decision to raise prices at this time,” says Letitia James.

In turn, representatives of the energy company spoke in defense of their decision. They noted that this strategy was adopted in the 2012 year, and the proceeds will go to protect electricity grids, investments designed to make electricity supply uninterrupted during storms, hurricanes and other natural disasters.

“This plan will provide investments to improve the safety and reliability of the electric grid,” said Consolidated Edision Company President Craig Ivey.

However, price increases can hurt the wallets of many New Yorkers, particularly the elderly. The American Association of Retirees cites data from recent polls showing that today, for 69,% of the inhabitants of the metropolis between the ages of 50 and older bills for electricity are “a significant amount”.

“They [Con Edision] want to raise rates, which are already almost twice the national average,” says Bill Ferris, an activist with the American Association of Retired Persons.