New York Utility Seeking Rate Hike
New York State Electric & Gas Corp. is seeking a rate hike.
The utility is proposing an increase that would raise average residential electric bills by $8 a month and average residential natural gas bills by $10 a month. Increases could be higher or lower based on usage and service classification.
If approved, the increase would raise around $164 million. The money would be used to enhance maintenance of the company's 35,000-mile electric distribution system and strengthen overall security and automation of the network.
The utility suffered $260 million in damage and recovery costs during Tropical Storm Lee in 2011 and Hurricane Sandy in 2012.
Regulators are expected to review the proposal over the next year.
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