« Breaking News: PRIVATE PROPERTY IN FOOTPRINT | Main | Forest City 2nd-Quarter Profit Climbs »

September 10, 2007

A second look at the Con Ed rate increase and Atlantic Yards

Atlantic Yards Report

The Atlantic Yards Environmental Impact Statement claimed that the megaproject "would not be significant and can be accommodated largely through existing infrastructure systems," but Bruce Ratner's controversial plan was cited by Con Ed as one of the justifications for a rate hike. Norman Oder takes a second look:

Did Consolidated Edison, requesting an unprecedented 17 percent rate increase, really blame Atlantic Yards? A NY1 report--and subsequently other reporters, bloggers, and advocates--singled out the development as increasing demand on the electric grid.

I similarly cited the NY1 report, but it wasn't fair to single out Atlantic Yards. A belated look at a May 23 hearing transcript shows that it was just one of numerous projects increasing demand. Indeed, NY1 apparently updated its story sometime later.

However, Con Ed shouldn't be let off the hook so easily. A look back also shows that, as Atlantic Yards was being evaluated, the utility was closemouthed about the significant fiscal impact of its preparations to serve a growing city.

In other words, even though Con Ed claimed confidence it would be ready to supply power to Atlantic Yards, it failed to acknowledge that the project, along with others, would trigger a significant rate hike.

article

Posted by lumi at September 10, 2007 9:12 AM