New York officials say Consolidated Edison Co. has agreed to a two-year freeze in electric delivery rates and a three-year freeze in gas and steam distribution rates starting in 2014.

The settlement proposal, pending approval by the state Public Service Commission, could result in rate decreases for some commercial and industrial customers.

The joint proposal recommends spending $1 billion to make more resilient the company’s electric, gas and steam systems.

Con Edison said lower financing costs and other savings will help offset rates, with most customers seeing little change, and will also fund its program to harden equipment against storms.

(AP)