Feds relent, avoid big electricity rate hikes

(AP) - Governor Andrew Cuomo says the FederalEnergy Regulatory Commission has acted to save New York Cityelectric customers $500 million in each of the next

ALBANY - (AP) - Governor Andrew Cuomo says the FederalEnergy Regulatory Commission has acted to save New York Cityelectric customers $500 million in each of the next three years.

The federal regulator made the decision yesterday as Cuomo andthe state Legislature acted on a bill that allows the city toguarantee property tax breaks to power plants, avoiding the needfor the $1.5 million in rate increases.

Although the plants were receiving the city tax breaks, theyweren't assured in law. So the federal regulator had granted rateincreases based on the full tax bills of the power plants.

As residents faced increases of up to 12 percent and businessesfaced up to 14 percent increases, Cuomo, Senator Charles Schumer,Mayor Michael Bloomberg and the state Legislature intervened withthe legislation.

advertisement | advertise on News 12

Trending Video

The robbery happened at the T-Mobile store located 1 Police: Suspects steal $23K in product from T-Mobile store
2 Word on the Street: 'As Young As You Feel Day'
An 11-year-old model and actress from the Bronx 3 11-year-old Bronx model, actress invited to Kids' Choice Awards
4 Sports icons take part in brain injury awareness forum
FILE - In this Jan. 7, 2016 file 5 Electronics banned on flights from 8 Muslim counties

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE