Statement By Attorney General Spitzer Regarding The Nyseg Electric Rate Settlement
- For the past several years I have been working to solve a number of the complex problems facing New York State's energy consumers. Today, I am announcing that I have endorsed a proposal being submitted to the New York State Public Service Commission that establishes electric rates for New York State Electric and Gas Company's consumers for the next five years.
- If approved by the Commission, the proposed settlement will provide lower rates for NYSEG's electric service customers, by approximately 13 percent, beginning March 1, 2002, a total annual reduction of $205 million.
- Another element of the proposal which I strongly support preserves customer choice. Customers will have the choice of buying power from electricity retailers competing with NYSEG or buying power from the company at a fixed or variable rate. This provides customers with the ability to benefit from the emerging competitive power market, or to avoid the uncertainty of a potentially volatile electric market by locking in prices.
- It is my hope that this proposed agreement will help set a balanced tone and model for future settlements in which consumers and investors share in the benefits of a competitive electric industry.