Updated 05/01/2009 09:15 AM
Con Edison Rate Increase Takes Effect
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Consolidated Edison's new rates go into effect today and the average increase in New York City is expected to be $6 a month.
State regulators approved a 6.1 percent hike last month.
The Public Service Commission says more than half of the $721 million increase will be used to pay for Con Ed's higher property taxes and assessments that go toward energy conservation initiatives.
The commission also ordered Con Ed to take cost cutting-measures, including the preparation of an austerity budget.
The hike comes after the PSC approved a nearly five percent rate hike in March of last year.