Con Edison Shelves $420M Rate Hike Bid

Law360, New York (January 3, 2014, 1:06 PM EST) -- New York regulators are set to huddle in mid-January with Consolidated Edison Co. of New York Inc. to complete a New Year's Eve deal that would see the utility freeze electric delivery rates for two years, and gas and steam distribution rate for three years, instead of raising rates by some $420 million for 2014.

The proposed rate freeze shouldn't derail the downstate power giant's $1 billion investment plan to shore up infrastructure prone to disruptions from storms like Hurricane Sandy, the utility said.

"Lower financing...
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