ALBANY, N.Y. (AP)  -- Consolidated Edison is asking state utility regulators to allow a rate increase that will enable the New York-based power company to raise $654 million.

The company says the hikes -- to run from April 2009 to April 2010 -- would add about $6.18 to the average household bill and $120 to its average business customer bills.

Con Edison also proposed a three-year plan that would increase average monthly bills by $5.38 for households and $101 for businesses in each of the next three years, raising $557 million annually.

The company says it needs the extra money to maintain and upgrade its power system and cover rising equipment costs.

Last March, regulators approved a $425 million rate hike after the company requested $1.2 billion.