Gov. Cuomo is racing to the rescue of heavily burdened New York City electricity customers who face a massive and unexpected 12 percent rate hike next month, The Post has learned.

Cuomo will introduce legislation �within the next few days� permitting the city to guarantee permanent property-tax abatements to local electric-generating companies, removing the basis for a little-noticed Federal Energy Regulatory Commission decision that could hike electric rates by $500 million a year, aides to Cuomo said.

Aides to Mayor Bloomberg are working with Cuomo�s staff on the legislation, sources said.

�This is a common-sense fix for a problem that could cost New York rate-payers hundreds of millions of dollars per year,� said Cuomo spokesman Josh Vlasto.

�We believe that when this change is made and FERC is presented with this new information, there would be no reason not to reverse this [original FERC] decision,� Vlasto continued.

Cuomo�s proposal will narrowly focus on as-of-right property-tax abatements on power plants and not affect other industrial properties.

A Cuomo aide said the legislation should have no impact on the city�s fiscal picture since city officials had planned to provide generating companies with permanent tax abatements.

The massive looming rate hike, which the Post first revealed on April 1, set off a round of condemnations from top public officials including Bloomberg and Sen. Chuck Schumer, who urged FERC to reverse its decision.

Adding insult to the potential injury of the FERC-approved hike is a separately approved 4 percent Con Ed rate hike that kicked in on April 1.

(Source: NY Post)