New York's Public Service Commission has approved a delivery rate freeze for the utility.
Electric rates will stay flat for two years, while gas and steam rates will hold steady for three years.
Commission officials say the decision covers the charges costumers pay for the delivery of electricity and gas, not the cost of the commodities themselves.
Con Edison was asking for rate hikes as high as 8 percent for electricity delivery and 2.5 percent for gas delivery.
The company is also investing $1 billion over four years to make its systems more resilient during extreme weather like Superstorm Sandy.
PSC Chairwoman Audrey Zibelman says Thursday that the combination of flat delivery rates and the infrastructure investment represents the best of two worlds.