Consolidated Edison Company of New York, Inc. (Con Edison) has agreed to a $4.3 million settlement following an investigation by the New York State Public Service Commission and the Department of Public Service. The settlement addresses Con Edison’s failure to properly account for charges related to renewable energy certificates (RECs).
According to the Commission, Con Edison will return over $4.1 million to affected customers, while company shareholders will pay $200,000 to the state government.
Public Service Commission Chair Rory M. Christian stated, “The Public Service Commission is laser-focused on protecting consumers across New York State from excess charges. 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.”
The issue came to light in 2024 when problems were identified with Con Edison’s registration of certain Value of Distributed Energy Resources (VDER) REC credits. VDER compensates energy producers for power generated by distributed resources such as solar installations.
An investigation found that between 2017 and 2023, Con Edison did not register some VDER RECs on time, leading the company 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 Commission, about 3.3 million Con Edison customers are expected to receive a credit no later than 2026.
Details about today’s decision can be accessed at www.dps.ny.gov by searching Case Number 25-E-0638 or obtained directly from the Commission’s Files Office in Albany.
