UPDATE 1-Con Edison seeks N.Y. rate hike for 2009

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NEW YORK, May 9 (Reuters) - Consolidated Edison Inc (ED.N: Quote, Profile, Research) filed two proposals with New York regulators seeking to raise power bills for 2009 and beyond to cover rising equipment costs, infrastructure improvements and energy efficiency programs, the company said Friday.

The first plan seeks $654 million in additional electric delivery revenues, resulting in a 5.8 percent average increase in total customer bills, or a 15.4 percent increase in delivery charges.

Under the proposal, a typical residential customer paying $78.90 per month would see an increase of $6.18, or about a 7.8 percent rise (15.9 percent in delivery). A typical business paying $2,338 per month would see an increase of $120, or 5.1 percent (14.4 percent in delivery).

This proposal also projects a rate increase of 4.2 percent in the total bill in 2010, and a 3.7 percent increase in the total bill in 2011.

Con Edison, which provides electric, natural gas and steam service to more than 3 million customers in New York City and neighboring Westchester County, also proposed an alternative three-year rate plan that would raise annual revenue by $557 million, increasing total bills by 4.9 percent in each of the next three years.

Under this proposal, each year a typical residential customer paying $78.90 per month would see an increase of $5.38, or about a 6.8 percent rise (13.8 percent in delivery). A typical business paying $2,338 per month would see an increase of $101, or 4.3 percent (12.1 percent in delivery).

The company noted a "significant portion" of the proposed rate rise was due to increases in property taxes assessed on the company's facilities.

Con Edison said the filing begins a nearly year-long public review process with the Public Service Commission and interested parties. (Reporting by Scott DiSavino; Editing by Walter Bagley)