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Consolidated Edison, NY PSC staff reach 3-year rate plan settlement

Consolidated Edison Co. of New York Inc. and the staff of the New York State Public Service Commission, as well as several other parties, reached a proposed settlement on the utility's three-year electric and gas rate plans.

According to an Oct. 18 filing, the settlement would cover a period from January 2020 to December 2022. For electric rates, Consolidated Edison Inc. utility would see a base rate increase of $113 million in the first year, $370 million in the second year and $326 million in the third year. Average rate base during that period would be $21.66 billion in the first year, $22.78 billion in the second year and $23.93 billion in the third year.

Under the settlement, electric rates would be based on a return on equity of 8.80% and common equity ratio of 48%, according to the filing. Income amortization of net regulatory liabilities would be $267 million in the first year, $269 million in the second year and $272 million in the third year.

For the utility's gas service, the settlement calls for a base rate increase of $84 million in the first year, $122 million in the second year and $167 million in the third year. Average rate base over that period would be $7.17 billion during the first year, $7.91 billion in the second year and $8.62 billion in the third year. The ROE for the gas division would be 8.80%, with a common equity ratio of 48%.

The rate plans are subject to the approval of the New York PSC.