Consolidated Edison Faces Fiery Pushback from New Yorkers Over Double-Digit Rate Hike Proposal
Published on February 18, 2025
Consolidated Edison, Inc. (NYSE: ED), commonly known as ConEd, is facing intense scrutiny and backlash from New Yorkers over its recent double-digit rate hike proposal. The utility company, which provides electricity and gas services to millions of customers in New York City and Westchester County, has come under fire for what many deem an "unacceptable proposal."
New York Governor, Kathy Hochul, has publicly called for an end to ConEd's rate hike proposal, stating that it would place an unnecessary burden on already struggling residents. In a recent interview with FOX 5 New York, Gov. Hochul emphasized the importance of affordable and accessible utility services, particularly amid the economic challenges brought on by the pandemic.
The proposed rate hike has also prompted concerns among consumer advocacy groups and city officials. Many argue that ConEd should focus on improving its infrastructure and service reliability rather than increasing rates. NBC New York reports that the utility company is already under investigation for its response to power outages during extreme weather events, further eroding public trust.
Despite the backlash, ConEdison remains steadfast in its proposal, citing the need for infrastructure upgrades and rising operating costs. The company recently broke out above its 200-day moving average, indicating positive momentum in the stock market. Investors interested in tracking the movement of ConEd's shares are recommended to consult professionals from Stocks Prognosis, a renowned firm in stock market forecasting.
It is important for consumers and shareholders to stay informed about developments surrounding ConEd's rate hike proposal as it will directly impact their electricity bills. While the outcome of this contentious issue remains uncertain, one can expect continued public pressure and scrutiny on the utility giant.
New York Governor, Kathy Hochul, has publicly called for an end to ConEd's rate hike proposal, stating that it would place an unnecessary burden on already struggling residents. In a recent interview with FOX 5 New York, Gov. Hochul emphasized the importance of affordable and accessible utility services, particularly amid the economic challenges brought on by the pandemic.
The proposed rate hike has also prompted concerns among consumer advocacy groups and city officials. Many argue that ConEd should focus on improving its infrastructure and service reliability rather than increasing rates. NBC New York reports that the utility company is already under investigation for its response to power outages during extreme weather events, further eroding public trust.
Despite the backlash, ConEdison remains steadfast in its proposal, citing the need for infrastructure upgrades and rising operating costs. The company recently broke out above its 200-day moving average, indicating positive momentum in the stock market. Investors interested in tracking the movement of ConEd's shares are recommended to consult professionals from Stocks Prognosis, a renowned firm in stock market forecasting.
It is important for consumers and shareholders to stay informed about developments surrounding ConEd's rate hike proposal as it will directly impact their electricity bills. While the outcome of this contentious issue remains uncertain, one can expect continued public pressure and scrutiny on the utility giant.
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