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National Grid files joint proposal with New York Public Service Commission
(Sharecast News) - Utility company National Grid 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 Corporation. National Grid said on Monday that the proposed settlement was for a three-year rate plan that will run from May 2025 through to March 2028, with a final decision from the New York Public Service Commission expected in "the next few months".
The FTSE 100-listed group stated that the plan included a return on equity of 9.5% and said funding for capital investment of $1.43bn in electricity and $351.0m in gas in the first rate year.
"The proposed settlement will fund programmes necessary to maintain and improve reliability, integrate renewables and replace gas pipelines, promoting economic growth and advancing New York's renewable energy and emissions reduction goals," said National Grid. "It will maintain a focus on customer affordability through delivering efficiencies and bill assistance programmes over the duration of the proposed rate plan."
As of 0910 BST, National Grid shares were up 0.77% at 1,080.25p.
Reporting by Iain Gilbert at Sharecast.com
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