NEW YORK (CBSNewYork) – Con Edison is requesting new rate hikes for the city and surrounding areas.

The utilities monopoly – which is allowed to operate with impunity throughout the state – is seeking an additional $695 million in rate increases next year.

Under the plan the average bill for most natural gas customers would rise almost 11 percent.

The average electric bill for most residential customers would increase by almost six percent.

Businesses would see a 4.3-percent increase on their electric bill. The proposal is expected to face pushback from New York State regulators.

Gov. Cuomo has recently threatened the energy monopoly with fines if they repeat last winter’s poor performance when it comes to keeping the power on during severe weather.

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Con Ed is one of the largest energy companies in the United States with a reported $12 billion in annual revenues already.

The company supplies electricity to 3.4 million customers in New York City and Westchester County.