Consolidated Edison Company of New York, Inc. (Con Edison) has agreed to return $4.3 million to customers and the state following a settlement with the New York State Public Service Commission (PSC). The settlement comes after an investigation found that Con Edison failed to properly account for charges related to renewable energy certificates (RECs).
“The Public Service Commission is laser-focused on protecting consumers across New York State from excess charges,” said Public Service Commission Chair Rory M. Christian. “It’s particularly important during the current economic challenges faced by New Yorkers to ensure that consumers are not being overcharged for electricity and that rates remain affordable.”
Of the total amount, more than $4.1 million will be credited back to affected customers, while company shareholders will pay $200,000 directly to the state government.
The Department of Public Service discovered in 2024 that Con Edison had issues registering certain Value of Distributed Energy Resources (VDER) REC credits. VDER compensates producers for energy generated by distributed resources such as solar power.
The investigation determined that between 2017 and 2023, Con Edison did not register some VDER RECs on time, leading it to make unnecessary Alternative Compliance Payments (ACPs) each year after missing registration deadlines. Additionally, from 2018 through 2023, some projects were incorrectly registered for VDER RECs, which reduced the value of ACPs paid by Con Edison.
With this agreement now adopted by the PSC, about 3.3 million Con Edison customers are expected to receive credits starting no later than 2026.
More information about today’s decision can be found in Case Number 25-E-0638 on the PSC website at www.dps.ny.gov.
