NYC Electricity Ratepayers Protected by New Law

Mayor Bloomberg issued a statement this week highlighting the passage of a new state law that protects New York City electricity consumers from a massive rate increase, after a federal agency ruled in favor of power companies.

“The moment the decision came down from the Federal Energy Regulatory Commission (FERC) to give power companies an unjustified windfall that would translate into a 12 percent electricity rate increase for ratepayers we began working to have it reversed,” he said.

The bill, proposed by Bloomberg and Gov. Cuomo, cites what it says are the true costs of producing power and negates the previous justification for the electricity rate hikes that were granted by the FERC in January.

The commission was asked to re-examine the case, and to render a more equitable decision for New York City ratepayers based on the passage of the new law.