POUGHKEEPSIE – The New York State Public Service Commission approved a three-year electric and gas rate plan for Central Hudson Gas and Electric Corporation. Rates will go up on July 1. The last time rates were increased was in 2012.
The plan, approved on Wednesday, is an alternative to the one-year plan first proposed by the utility, which would have increased annual revenues for electric customers by $40.1 million and $5.9 million for natural gas customers.
The three-year plan, the PSC said, reduces the proposed increases by making use of available customer credits, a move that the agency said will significantly lower the overall impact on customers.
In 2015, electric rates will increase $2.3 million, up 0.3 percent or 38-cents a month on an average residential bill while gas rates will decrease $721,000, 0.3 percent or 33-cents a month for the average residential customer.
In 2016, electric rates will increase $17 million, up 3.4 percent or $3.86 a month for the average residential customer, while gas rates will increase $5.4 million, one percent, or $1.19 a month for the average residential customer.
In 2017, electric rates will go up $24.1 million, up 4.8 percent or $5.58 per month for the average residential customer, while rate rates will increase $6 million, 4.3 percent, or $4.96 per month for the average residential customer.
The proposal also allows the company to create a major storm reserve, which lessens customer impact of repairing infrastructure damage from storms, creates a new incentive program to convert customers to natural gas, expands the removal of leak prone pipe, and incentivizes the utility to reduce residential service termination.
