[FOX] Energy bills for a swath of New Yorkers surged in January, prompting an outcry from customers who say their bills have doubled in the latest wrinkle to red-hot inflation.
Consolidated Edison Inc., commonly known as Con Edison or ConEd, operates one of the "world’s largest energy delivery systems" providing energy for roughly 10 million people who live in New York City and Westchester County.
The price increases last month were due to an uptick in the supply cost of the energy commodity, not the cost for ConEd's services, otherwise known as "transmission and distribution charges," ConEd spokesman Allan Drury told FOX Business.
"Natural gas is a driver of electricity costs as it is used by generation plants to create electricity. Con Edison does not make a profit on the commodity," Drury said in a statement to FOX Business. "We buy the energy on the wholesale market and provide it to customers at the same price we paid."
NYMEX natural gas futures have jumped over 49% from 12 months ago.
The company has roughly 3.5 million electric customers and 1.1 million natural gas customers. |