Iberdrola's New York utilities win approval for reliable energy plan

(Reuters) - Two Iberdrola Group units said on Thursday they have won approval from the New York Public Service Commission (PSC) for their plan to invest in measures to improve energy reliability, which will require a hike in customer bills.

The two subsidiaries are New York State Electric & Gas (NYSEG) and Rochester Gas and Electric, units of Iberdrola's Avangrid arm, which said they would make critical investments in reliability, resiliency, customer service and help achieve New York's Climate Leadership and Community Protection goals.

To fund these improvements, the average residential customer's monthly bill will go up by about $10 from Nov. 1, 2023, Avangrid said.

The investments approved are consistent with the state's $1 billion plan to expand transmission capacity, enhance customer services, including bill assistance and protection during extreme weather, the company said.

The projects will create 231 new jobs within the companies and indirectly support 716 jobs across New York, it said.

(Reporting by Sherin Elizabeth Varghese and Rahul Paswan in Bengaluru; Editing by Sonali Paul)