ConEd argued that its hedging programs – which is a buying technique to smooth out market volatility – led to a significant drop in some bills depending upon when a customer's billing cycle ends.
and Westchester County. The company has about 3.5 million electric customers and 1.1 million natural gas customers.Customers claimed on Twitter that their bills increased by a few hundred dollars again. Others lambasted the company saying the surging bills were "criminal" and "highway robbery."
"This winter the cost of natural gas, which is used to heat homes and generate electricity, has risen sharply resulting in a significant increase – sometimes more than doubling – of the supply component of customer electric and/or natural gas bills as compared to prior months," Hochul's office explained in a February news release.
He noted that February "bills dropped significantly once the full value of our hedging programs was reflected in bills."
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