BINGHAMTON, N.Y., March 4, 2002 — NYSEG’s new electric rate plan provides a price reduction of about 13% for most customers, effective March 1.
“Importantly this plan will also provide our customers with the option to choose a fixed electricity price from NYSEG that includes both the cost of supply and delivery,” said Ralph Tedesco, NYSEG’s president. “We have been advocating the need for a fixed-price supply option for our customers since this Public Service Commission proceeding began early last year.”
NYSEG filed its original rate plan to freeze electricity supply and delivery prices — its Price Protection Plan — in March 2001 at a time when New York electricity supply prices had risen as much as 100% and some consumers in other parts of the State had seen their total electricity bills increase as much as 40%.
“We remain concerned about our customers being subjected to the extreme volatility we have witnessed in the emerging New York wholesale electricity supply markets,” Tedesco said. “Our customers cannot afford the price increases that other parts of the state have experienced due to increases in electricity supply prices.”
Under the new rate plan, NYSEG customers will be able to choose from a variety of unprecedented electricity supply options beginning January 1, 2003. The options include:
* A third-party supplier.
* NYSEG-provided supply at a variable price.
* NYSEG-provided supply at a fixed price.
NYSEG will provide delivery service at a fixed price for the next five years. More information about competing energy suppliers will be made available to NYSEG customers this summer.
NYSEG is a subsidiary of Energy East Corp., a super-regional energy services and delivery company in the Northeast. NYSEG serves 825,000 electricity customers and 250,000 natural gas customers across more than 40% of upstate New York.
For more information about NYSEG, visit the company’s Web site at http://www.nyseg.com.