Con Edison in $153.3 million settlement with New York
The agreement, reached and approved by the New York State Public Service Commission and Consolidated Edison, is the largest gas safety-related settlement in New York history.
The settlement includes a fund of over $25 million specifically designated to benefit Con Edison gas customers.
The Commission will determine how the $25 million will be used after Con Edison has conducted outreach to gas customers to develop ideas for the best use of the funds.
The rest of the settlement will cover costs related to leak response-related activities, gas safety public education programs, emergency payments to residents and businesses immediately following the incident, and expenses related to remediating leak-prone gas pipes.
As a result of this settlement, Con Edison’s shareholders will pay for the inspection and repair of gas pipes improperly installed in the utility’s natural gas distribution system.
The company has also agreed to implement measures that improve the safety of its distribution system by reducing the time needed to complete an emergency shut-down of parts of the system.
The company will also work with New York City to identify roadway depressions that could indicate problems below ground with infrastructure. ■