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National Grid files three-year rate plan for downstate New York business
StockMarketWire.com
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Power utility National Grid said a three-year rate plan had been filed for its downstate New York business.
National Grid said that it, Department of Public Service Staff and other settling parties had filed a joint proposal for the businesses -- the Brooklyn Union Gas Company and KeySpan Gas East Corporation.
The companies companies served 1.9 million gas customers in New York City and Long Island and represented almost 30% of National Grid's US rate base.
'The proposed settlement is for a three-year rate plan with new rates back-dated to April 2020,' National Grid said.
'A final decision from the New York Public Service Commission is expected later this summer.'
National Grid said the settlement maintained 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 gas networks, and promote economic growth in the state.
Story provided by StockMarketWire.com
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