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Here's a shocker: Electricity bills are heading up. Way up.
Utilities across the USA are raising power prices up to 29%, mostly to pay for soaring fuel costs, but also to build new plants and refurbish an aging power grid.
Even more dramatic rate increases are ahead. The mounting electric bills will further squeeze households struggling with spiraling gasoline prices.
"Consumers now face a tough reality on electricity," says Mark Cooper of Consumer Federation of America.
Some utilities are seeking several increases. In New York City, Con Edison, which raised rates 4.7% in April, seeks increases of 5% in each of the next three years to fund $5.5 billion in equipment after a 2006 Queens blackout. That's on top of an anticipated 13% rate increase this summer for higher fuel charges. "We must make sure that our system has the highest reliability," says Con Ed spokesman Michael Clendenin.
Queens Assemblyman Michael Gianaris says Con Ed wasted funds on new plants elsewhere and urges regulators to reject the proposal. "I say not one penny more until reforms are done," he says.
Expect bigger rate shocks if federal legislation, anticipated by 2010, passes and forces coal-fired generators to pay fees to emit global-warming gases. American Electric Power, the largest coal-fired generator, will have to raise rates 115% to pay higher fuel costs, build new plants and recover global-warming fees, says Hugh Wynne of Bernstein Research. But Wynne says regulators could temper increases by trimming profits.
"Consumers now face a tough reality on electricity,"
Originally posted by marg6043
Why they are getting away with what they do?...
Well that is because America is sleeping and allowing this corporate crocks get away with it...The same way that nobody has marched in Washington...