But, Obama said energy costs were going to skyrocket?

Chuck bid to nix rate hike

By BILL SANDERSON

There is hope for New Yorkers about to get blasted with shocking electric-bill hikes.

Federal regulators are willing to reconsider a hefty $500 million award to power generators that would add up to 12 percent to city residents' electric bills, Democratic Sen. Charles Schumer told The Post yesterday.

Schumer spoke Friday with Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, which earlier this year gave generating firms the whopping windfall.

"I told him how upset we were about FERC's decision, and how we thought they left out some very key information, and about how we wanted a rehearing," Schumer said. "He said there will definitely be a rehearing."

Wellinghoff promised if he hears new information on the issue, "He's not averse to changing his vote," Schumer said.

"I'm going to fight this tooth and nail," the senator said. "I think it's really unjust for ratepayers in New York and bad for business and job growth."

Schumer expects a new hearing to be granted in the next two weeks. FERC officials have said the case remains open but have no timetable to reconsider the matter.

"I got the feeling that we have a second shot here," Schumer said of his conversation with Wellinghoff. "He wasn't being perfunctory, or 'Yes, yes, yes.' He was serious. He understood."

As it stands now, the $500 million yearly rate boost kicks in May 28 and continues for three years.

As Schumer and other officials see it, FERC awarded the money in a misunderstanding over city property-tax policy on the generating plants.

The Legislature ended state guarantees of city property-tax breaks for the plants in 2008. But the city says it strengthened the guarantee on its own, making the $500 million boost "unreasonable and unnecessary."

Mayor Bloomberg and Schumer have already filed letters with FERC complaining about the decision. They estimate that in the summer months, the $500 million ruling will boost residential electric bills by 10 to 12 percent, and businesses' bills by 14 percent.

Even Con Ed has joined the fight against the increase. Con Ed gains nothing from the FERC ruling, since it passes on generator costs to customers.

You see for Democrats it's always other people who will suffer huge rate increases not the most holy Democrats.