Queens Gazette wrote an article on the Federal Energy Regulatory Committee's passage of drastic electricity rate increases. I am calling on the agency to reconsider and reverse this move since it will only cause New Yorkers to dig deeper into their pockets and further fill the pockets of power company executives.
State Senator Michael Gianaris is fighting the passage of a drastic increase to electricity rates in New York City. He is calling for the federal government to reconsider its decision to increase electricity rates by 12 percent for residents and by 17.5 percent for businesses. Such a rate hike would cause major increases to monthly electricity bills, which could hurt the ability of residents and businesses to pay their expenses. He has sent a letter to the Federal Energy Regulatory Commission (FERC) requesting that they re-evaluate the necessity of this increase.
The 12 percent hike was passed by FERC under the assumption that power companies require another $500 million per year because they pay heavy property taxes in New York City. However, this information is not true as power-generating companies receive major discounts on property taxes in the city, some of which have already been awarded to new power plants that are currently being built.
“Giving power companies a property tax break and then forcing hardworking
New Yorkers to give them even more by increasing electricity bills adds insult to injury,” Gianaris said. “It is difficult enough for working and middle-class New Yorkers to make ends meet without foolish government policies adding to the problem. I implore the members of FERC to take a closer look at the evidence and reverse its decision.”
Read the full article here.