MAYOR GIULIANI COMMENTS ON LANDMARK DEREGULATION AGREEMENT WITH CONSOLIDATED EDISON
Mayor Rudolph W. Giuliani said that today's agreement between the State Public Service Commission and Consolidated Edison Company (Con Ed) is a victory for New York City residents and small businesses. The deal will cut rates for all customers by 10 percent over the next five years, a major improvement over the initial settlement proposal.
"Faced with some of the highest electricity bills in the country, New Yorkers, will soon see a reduction in their monthly bills," said Mayor Giuliani. "Today, the Public Service Commission should be commended for brokering this deal, which will eventually mean lower electrical bills for many New Yorkers. Initially, only the largest customers were going to benefit from the rate reduction. We fought to ensure that residential and small business customers received double-digit rate relief from Con Ed, and we have now won that fight. Moreover, an acceleration of the timetable for competition to come to this market will help further reduce the customer's cost. We thank the Public Service Commission and the Governor's office for responding to our call for double-digit rate relief for all New Yorkers."
The deregulation plan will introduce competition and customer choice to New York City and cut rates as much as $1.5 billion over 5 years. The New York City Economic Development Corporation estimates that the 10 percent reduction could create 10,000 new jobs and increase the City's real gross product by $500 million.
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