NEW YORK (CBSNewYork) — If you’re a Con Edison customer, your bill is about to go up but not as high as originally thought.

The state Public Service Commission cut the requested hike by more than 75% but did approve a $1.2 billion, three-year rate increase.

Electric rates will go up 3.1% the first year while gas customers will see a 6.7% increase.

Con Ed says the plan will allow it to improve reliability and invest in clean energy.