Con Edison Proposes $21-Billion Multi-Year Infrastructure Investment Plan to State PSC
NEW YORK—Con Edison, in conjunction with a rate hike request, has proposed a massive $21-billion investment to maintain and upgrade its infrastructure in New York City and Westchester County to the New York State Public Service Commission.
The investment plan, released on Jan. 31 is subject to approval by the New York State Public Service Commission. The plan supports clean energy investments needed to build and maintain the grid of the future, improvements to customer affordability programs, and IT infrastructure and tools that will better serve customers’ needs. The filing starts an 11-month PSC process that will include public hearings and opportunities for local governments, consumer groups, environmental advocates and others to provide written testimony.
The proposed electric and gas rate plans will support economic growth and development in New York City and Westchester County by investing more than $21 billion over three years (2026-2028) to build new infrastructure, such as: transmission, substation and distribution facilities to serve customers, including those in disadvantaged communities, and help ensure compliance with New York State’s Climate Leadership and Community Protection Act.
The filing requests new rates for one year starting on Jan. 1, 2026. Con Edison estimates that its investments would require approximately $1.6 billion more in electric revenue and about $440 million more in gas revenue, resulting in an average electric bill increase of 11.4% and an average gas bill increase of 13.3%. Additionally, the plan estimates that increasing property taxes on energy infrastructure paid by customers account for nearly 27% of the proposed electric revenue increase and about 14.5% of the proposed gas revenue increase.
“Con Edison is proud to serve more than nine million people in New York City and Westchester County, supporting the vital economic, health, and transportation networks that keep our region thriving,” said Matthew Ketschke, president of Con Edison. “Our top priority is to deliver safe, reliable, and affordable energy to our customers. Our proposed investment plan will support critical work and investments in reliability, resiliency and clean energy infrastructure to meet the high expectations of our customers, who depend on us to deliver the most reliable electric service in the nation.”
Among the projects included in the utility’s investment plan include: a substation complex in eastern Queens to support the growing demand for power from the redevelopment of JFK Airport, MTA bus depots and customer electrification in the Jamaica network that will also help to lower emissions contributing to cleaner air quality for the community; a clean energy hub in Brooklyn; a Distributed System Technology Platform to integrate renewable energy sources and maintain grid stability during extreme weather; an electrification pilot for private, affordable multi-unit buildings to help address the affordability impact of heating electrification through bill credits to tenants not covered by rent control and residents in low-income co-ops; expansion of service installation programs for new businesses, including electric vehicle infrastructure and building heating electrification.