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Refunds coming on New Yorker's electric bills

Refunds coming on New Yorker's electric bills

Could you use a bit of a refund on your electric bill?

You've got one coming, thanks to a massive price-fixing settlement between federal regulators and Constellation Energy. The New York Public Service Commission has decided that $48 million dollars out of the state's share in that settlement should be refunded directly to bill-paying New Yorkers.

Customers of all six investor-owned utilities across the state will get refunds on their monthly bills. RG&E customers will share $2.3 million and NYSEG ratepayers will each get part of $4.8 million.

This started when the Federal Energy Regulatory Commission accused Constellation of manipulating the wholesale energy markets in three states to drive up prices. Constellation operated power plants in today's deregulated energy business, including the Ginna Nuclear Power Plant once owned by Rochester Gas and Electric (Constellation has since been bought out by another company).

Constellation settled with the FERC for $110 million. A $78 million share goes to New York's Independent System Operator, which runs the electric grid for the state. The rest goes to the other states that were overcharged.

New York's PSC has ordered that more than half the money be refunded directly to the ratepayers, who were also overcharged.

 

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