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The New York PSC Cuts National Grid Rate Hike Request

01/20/2022 | 04:34pm

Jan 20 (Reuters) - THE NEW YORK PUBLIC SERVICE COMMISSION (PSC):

* SAYS PSC ON THURSDAY APPROVED A THREE-YEAR RATE PLAN FOR NATIONAL GRID CUSTOMERS LIVING IN UPSTATE NEW YORK THAT IS SIGNIFICANTLY LOWER THAN WHAT THE CO INITIALLY REQUESTED

* PSC DECISION SLASHES PROPOSED RATE INCREASE BY MORE THAN ONE-THIRD, ALLOWS FOR ANNUAL ELECTRIC AND GAS INCREASES TO BE KEPT BELOW 2% FOR NEXT THREE YEARS

* PSC DECISION ESTABLISHES A THREE-YEAR RATE PLAN FOR ELECTRIC AND GAS SERVICE PROVIDED BY NATIONAL GRID FOR THE PERIOD JULY 1, 2021, THROUGH JUNE 30, 2024, THAT ALLOWS REVENUES, AFTER THE APPLICATION OF CUSTOMER CREDITS, TO INCREASE BY 1.4% FOR ELECTRIC AND 1.8% FOR GAS IN THE FIRST YEAR, AND BY 1.9% FOR ELECTRIC AND GAS IN THE SECOND AND THIRD YEAR

* NATIONAL GRID HAD SOUGHT AN INCREASE OF AROUND $100.4 MLN IN ELECTRIC DELIVERY REVENUES (A 4.9% INCREASE IN BASE DELIVERY REVENUES OR A 3.2% INCREASE IN TOTAL REVENUES), AND AN INCREASE OF AROUND $41.8 MLN IN NATURAL GAS DELIVERY REVENUES (A 9.8% INCREASE IN BASE DELIVERY REVENUES OR A 5.2% INCREASE IN TOTAL REVENUES)

* SAYS THE DECISION PROVIDES AN IMMEDIATE BENEFIT TO RATE PAYERS WHO WOULD OTHERWISE EXPERIENCE HIGHER RATES AT A TIME WHEN THE ECONOMY IS STILL RECOVERING FROM THE COVID-19 PANDEMIC

(Reporting by Ashitha Shivaprasad)

© Reuters 2022
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