North America | June 10, 2024

Con Edison Invests US$2.3 Billion in New York Infrastructure Projects

Residential customers can receive up to US$200 annually.

 

Source: Con Ed

Con Edison is investing US$2.3 billion in infrastructure projects across New York City and Westchester County to ensure reliable service during summers and support the transition from fossil fuels to renewable energy.

Strategic Goals

  • Energy Efficiency: Investing in energy efficiency programs, new substations, transmission lines, and incentives for electric vehicle chargers.
  • Clean Energy: Building a delivery system for clean energy from solar arrays, wind turbines, and other renewable resources to support New York State’s climate goals.
  • Disadvantaged Communities: Moving overhead lines underground in areas prone to storm damage and ensuring clean energy investments benefit disadvantaged communities.

Support for Communities

  • Extreme Heat Mitigation: Committing up to US$3 million over the next three years to help local organizations combat extreme heat and weather events in disadvantaged communities.
  • Customer Programs: Offering energy efficiency programs, rebates, and incentives for low-income customers and small businesses.
  • Energy Efficiency: Covering up to 70% of the cost for small businesses and non-profits to upgrade their facilities.

Summer 2024 Power Demand

Con Edison expects power demand to peak at 12,800 MW, up from 11,565 MW in 2023. Customers are encouraged to use energy efficiently and consider energy-saving programs to mitigate higher bills due to increased delivery rates.

Bill Increases

  • NYC Residential: 10.9% increase, average monthly bill of US$141.06.
  • Westchester Residential: 12.1% increase, average monthly bill of US$172.05.
  • NYC Small Business: 7% increase, average monthly bill of US$247.02.
  • NYC Commercial: 2.9% increase, average monthly bill of US$3,077.42.

EnergyShare Program

Residential customers meeting specific requirements can receive up to US$200 annually towards their bill under the EnergyShare program. Customers under government assistance programs may qualify for additional discounts.

Operational Measures

  • Overhead System Management: Operators will open switches on 4 kV systems in Brooklyn, Queens, and the Bronx to prevent overloads.
  • Smart Meter System: Smart meters will be used to manage power flow and prevent larger outages during equipment stress.

These investments and measures aim to ensure reliable and sustainable energy for New York City and Westchester County.