Con Ed and the state reached an agreement today to freeze electric-delivery rates for two years and gas and steam distribution rates for three years, Gov. Andrew Cuomo announced.
The agreement requires Con Ed to improve the energy grid through a $1 billion investment.
“This is a clear victory for consumers and businesses, particularly those who suffered through power outages from Superstorm Sandy last year,” Cuomo said in a statement.
The settlement requires approval from the PSC.
The rate freeze will be effect tomorrow.