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The company has submitted two proposals to the state's Public Service Commission for a new gas rate and investment plan, as part of an effort to close a reported shortfall of $160 million.

The first plan calls for a hike on city residents of about 6.6 percent over three years. Businesses would see a 4.4 percent increase.

The utility has also offered up a one-year plan, calling for a 9.1 percent increase on residents, and a 6.7 percent hike on businesses.

The PSC would have to conduct its own investigation and hold hearings before ruling on any hikes.

Con Ed is hoping for new rates to take effect next October.