Business Services Industry
New York, Utility Settle on $205 Million Electric-Rate Cut.
Knight Ridder/Tribune Business News, January, 2002
By Kenneth Aaron, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News
Jan. 17--State officials reached agreement on a $205 million rate cut with New York State Electric & Gas Corp. on Wednesday.
That is the same amount imposed on the utility last month by the Public Service Commission in a temporary order -- an order that NYSEG officials labeled "unlawful" and "all about upstate politics."
The cuts will take effect March 1, reducing residential rates from 14.1 cents a kilowatt hour to 12.2 cents. The new rates remain in effect for five years.
"This proposal is a good step toward reducing the cost of electricity for NYSEG customers and promises even more savings in the future," Gov. George Pataki said in a statement...
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