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Adopted Rate Plan Cuts the Company’s Request by More Than Half

Commission Uses Recent $62 Million Settlement to Reduce Customer Rates

Excerpts from the Press Release:

“The New York State Public Service Commission (Commission) today established electric and gas rate plans for Central Hudson Gas & Electric Corporation (Central Hudson) for the period starting July 1, 2024, and ending June 30, 2025, which will continue until changed by the Commission. Central Hudson delivers natural gas and electricity in a service territory that extends from the suburbs of metropolitan New York City north to the Capital Region. Central Hudson is a regulated transmission and distribution utility serving approximately 309,000 electric customers and 84,000 natural gas customers in a service territory of New York State’s Mid-Hudson River Valley.”

“The forward-looking plan we have adopted benefits customers and includes provisions that further important State and Commission objectives,” said Commission Chair Rory M. Christian. “With today’s decision, Central Hudson is required to pursue important energy-efficiency initiatives among other progressive policies, to advance the goals of New York State’s nation-leading climate change targets, while mitigating bill impacts for low-income customers, as part of New York’s energy affordability policy.”

“Central Hudson’s initial filing sought a $139.5 million electric revenue increase and a $41.5 million gas revenue increase. Instead of granting the full amount, the Commission approved an electric delivery revenue increase of $58 million (5.5 percent increase in total revenues) and a gas delivery revenue increase of $21.2 million (7.3 percent increase in total revenues). The total increase approved for electric and gas companies was $79.3 million, well under the $181 million originally sought.”

“Today’s electric and gas revenue increases of 5.5 percent and 7.3 percent, respectively, is substantially lower than the increases sought by the company. If the company’s original proposal was granted, Central Hudson’s total revenues would have increased by 13.3 percent for electric and 14.2 percent for gas.”

Press Release  (07/18/2024)
Matter No.s 68264 & 22-E-0317
Matter No.s 68264 & 22-E-0317

See also:
22-G-0320 
22-E-0319 
22-G-0318
Proceeding on Motion of the Commission as to the Rates, Charges, Rules and Regulations of New York State Electric & Gas Corporation for Electric Service.