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New York regulators directed Consolidated Edison Co. of New York Inc. to use $5 million of shareholder funds to establish a credit for ratepayers as a result of it not meeting a reliability goal.
The company operates under a reliability performance mechanism, or RPM, which requires negative revenue adjustments if Con Edison does not meet or exceed certain performance thresholds, the state Public Service Commission added. The RPM was adopted as part of the company's rate plan in 2008, and its standards are divided into eight performance areas, including systemwide reliability metrics, major outage metric and a program standard for repairs to damaged poles.
Con Edison filed its annual report on March 31 for 2008 on its performance under the electric service RPM. The PSC also said, according...