NEW YORK – NYSEG has had its proposed rate hike slashed by 70%.
The New York State Public Service Commission cut the increase that NYSEG had sought over 3 years by 130 million dollars.
Effective December 1st, customers will see a 2% increase in their cost for electric delivery.
The rates will rise 1.95%in the second year and 1.99% in the third.
The P-S-C approved NYSEG’s gas delivery proposal which includes a .3% cut in the first year followed by increases of 1.7 and 2.5 % in the second and third years.
The Commission also announced that NYSEG and its sister company RG&E will create a 30 million dollar fund that will give grants of up to $100 to financially stressed residential and small business customers meant to offset the increases.