Five of the state’s major gas and electric utilities have pulled in double-digit profits over the past decade, while more than a million New Yorkers are behind months on their bills, an analysis by a renewable power group shows.
The five utilities increased their profits by 63% over the decade, combining for $3.17 billion last year, according to the analysis by Renewable Heat Now, which includes The Sierra Club and Alliance for a Green Economy.
Profits for Consolidated Edison, the state’s largest private utility with 4.7 million gas and electric customers in Westchester County and New York City, went from $1.13 billion in 2015 to $1.89 billion last year. And Central Hudson, which serves more than 400,000 in the Hudson Valley, went from $45.6 million to $90.5 million last year.
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