Queens City Councilman Peter Vallone is asking an interesting question today: why does Con Edison need the 18% rate hike it has requested from the Public Service Commission when it's quarterly financial report shows it has increased earnings 34% in the last quarter?
"We already pay the highest rates in the country, resulting in huge profits for Con Ed. Now, they are asking for even higher rates," Vallone said. "Con Ed asking for higher rates is like Bill Gates asking to be on welfare."
Con Edison has reported earnings of $312 million in the third quarter, higher than the $231 million it reported in the third quarter of last year. More on those earnings here.