National Grid Files 3-Year Rate Proposal for Upstate New York Business
September 28 2021 - 3:07AM
Dow Jones News
By Jaime Llinares Taboada
National Grid PLC said Tuesday that it has filed a three-year
rate proposal for its upstate New York electric and natural gas
distribution business.
The U.K. energy infrastructure company said the proposed
settlement for the Niagara Mohawk Power Corporation is for a
three-year plan, with rates backdated to July 2021. The company
serves 1.6 million electricity customers and around 600,000 gas
clients.
The proposal requests a cumulative revenue increase of $255
million over the three years for the electric networks, and a $75
million hike for the gas business. Capital expenditure over the
period would be $3.3 billion, and the requested cost of equity is
9.0% for both the electric and the gas business.
"The settlement will fund the investments and programs necessary
to modernize our energy networks, while advancing metering
technology, electric vehicles, energy storage, and transmission
investments to unlock cleaner energy for customers," Rudy Wynter,
National Grid's president for the New York jurisdiction, said.
The proposed changes will increase power bills by 2.2% and gas
bills by 2.0% for the typical residential customer in the first
year of the plan, National Grid estimates.
A final decision from the NY Public Service Commission is
expected in the next few months, NG said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
September 28, 2021 02:52 ET (06:52 GMT)
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