LONDON (dpa-AFX) - National Grid plc (NGG), an energy company, on Monday said it has filed a joint proposal with the New York Public Service Commission for its Upstate New York electric and natural gas distribution business, Niagara Mohawk Power Corp, known as NIMO.
The proposal is for a three-year rate plan that runs from May 2025 through to March 2028.
The plan includes a Return on Equity of 9.5% and funding for capital investment of $1.43 billion in electricity and $351 million in gas for NIMO in the first rate year.
The National Grid's Niagara Mohawk Power Corp. in Upstate New York serves 1.7 million electric and 600,000 gas customers, making up about 15% of the company's regulated assets.
A final decision from the New York Public Service Commission is expected in the next few months.
The joint proposal fully supports the CLCPA Phase 1 program with around $800 million in total investment over the rate plan.
Approved CLCPA Phase 2 funding of $2.1 billion for upstate electricity transmission projects will be recovered through a separate agreement.
On Friday, National Grid stock had closed at $72.04, 0.30 lesser on the New York Stock Exchange. In the after-market hours, the stock traded 0.69% lesser before ending the trade at $71.54.
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