The New York State Public Service Commission issued a decision that establishes new rates for Central Hudson Gas & Electric Corp. that will go into effect on August 1 and run through June 30, 2025.

The order concludes an extensive 12-month vetting process that included eight virtual and in-person public statement hearings and testimony made before administrative law judges provided by Central Hudson subject matter experts, members of Department of Public Service staff and registered parties. Based upon the hearings and testimony, the administrative law judges issued a recommended decision to the Public Service Commissioners, who issued their final ruling today.

"This new, one year plan will allow Central Hudson to make critical investments in the energy system so we can continue to safely serve our customers while also supporting New York State climate laws and reliability mandates," said Joe Hally, Vice President of Regulatory affairs. "We appreciate the work and dedication of all parties who helped the Commissioners arrive at this decision."

The approved rate plan will allow Central Hudson to make critical investments in areas including:

• Critical electric and natural gas infrastructure investments that will replace equipment that has reached the end of its useful life and upgrades that will allow for greater connection of locally produced renewable resources.
• Preparation and response to severe weather events, including enhanced vegetation management and tree trimming as well as additional funding to provide personnel and resources to address severe weather when it happens.
• Upgrades to technologies that will improve the customer experience.
• Addressing economic implications following the COVID-19 pandemic including inflationary pressures and employee turnover.

According to discussion at today's commission session, the typical residential electric customer will see a total bill increase of approximately 7.85 percent, or approximately $12.65 per month. The typical residential natural gas customer will see a total bill increase of approximately 9.19 percent or approximately $12.25 per month. When the approved order is received, Central Hudson will review the materials and provide rate changes with customers on monthly bills, in newspapers, and via our website, www.CentralHudson.com.

In the near future, Central Hudson intends to propose a new plan to continue investments and customer benefits beyond 2025.

The PSC's ruling comes one month after Central Hudson and regulators agreed to a settlement of up to $62.59 million to close the investigation into the implementation of the Utility's billing system in September 2021. As part of the agreement, Central Hudson and its shareholders agreed to pay or absorb the amount of the settlement. No revenue from customers associated with today's approved plan will be allocated to meeting that agreement.

The final rate order, when available, will be posted at www.CentralHudson.com and the website of the Public Service Commission at http://dps.ny.gov/.