LONDON (dpa-AFX) - National Grid (NG.L, NGG), on Tuesday, announced that the company, Department of Public Service Staff, and other settling parties have filed a Joint Proposal for a multi-year rate settlement for National Grid's Upstate New York electric and natural gas distribution business, the Niagara Mohawk Power Corp. or NIMO.
The company serves 1.6 million electric and 0.6 million gas customers and represents almost 30% of the Group's US rate base.
National Grid further noted that the proposed settlement is for a three-year rate plan with new rates back-dated to July 2021. A final decision from the New York Public Service Commission is expected in the next few months.
The settlement maintains a focus on managing customer affordability in response to the economic downturn caused by COVID-19, while funding programmes necessary to maintain safe and reliable service, modernise the electric and gas networks, and promote economic growth in the state.
It also includes investment in programmes to reduce methane emissions and support clean gas to help the State's environmental goals.
Copyright RTT News/dpa-AFX
© 2021 AFX News
