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Environment & Energy Report

N.Y. Utilities Get Approval to Spend $2 Billion to Cut Emissions

Jan. 16, 2020, 10:48 PM

New York regulators gave Consolidated Edison Co. and other utilities authority to spend an additional $2 billion on energy efficiency and electric-heating systems over the next five years to fight climate change.

The initiative includes almost $500 million to promote use of heat pumps, which reduce energy consumption, according to a statement Thursday. The ruling allows utilities to recoup the costs from customers, but the measures will shave an estimated $13 billion from power and gas bills, according to the state’s Public Service Commission.

The move is part of New York’s goal to cut greenhouse gas emissions 85% by 2050....

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