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.
Investor opinions & comments
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FinanceFiona
February 21, 2025 at 14:37
It's encouraging to see public pressure mounting against ConEd. This rate hike proposal is simply unacceptable, and we won't stand by silently
DanielTaylor
February 21, 2025 at 13:14
I'm not convinced that ConEd's infrastructure upgrades justify such a significant rate hike. They should prioritize serving their customers better instead of increasing profits
WealthyWalter
February 20, 2025 at 20:00
I hope Governor Hochul can successfully intervene and prevent this rate hike. We need affordable utility services, not more financial burdens
RiskyRachel
February 20, 2025 at 17:03
I appreciate the consumer advocacy groups and city officials who are speaking out against this rate hike. It's important to hold companies like ConEd accountable for their actions
WealthyWyatt
February 20, 2025 at 14:56
I wonder if there are any alternatives to ConEd? This rate hike seems excessive and unfair to the residents of New York
MarketMason
February 20, 2025 at 07:10
I'm really concerned about how this rate hike will impact my monthly bills. It's already hard enough to make ends meet, especially after the pandemic
JessicaMoore
February 19, 2025 at 17:12
I'm optimistic that the public backlash will force ConEd to reconsider their rate hike proposal. We deserve affordable and reliable utility services
CharlotteCampbell
February 19, 2025 at 04:17
I feel like ConEd is taking advantage of its monopoly in the market. There should be more competition to drive down prices and improve service quality
SavingsSandy
February 18, 2025 at 23:59
I trust that Governor Hochul will stand up for the residents and ensure that ConEd's rate hike is denied. We need leaders who prioritize the well-being of their constituents
FinanceFiona
February 18, 2025 at 18:20
I'm skeptical about the timing of this rate hike. Many people are still struggling financially due to the pandemic, and this will only make things worse