National Grid Seeks Gas Distribution Rate Hikes For New York Utilities

LONDON (Alliance News) - National Grid PLC on Tuesday said it has filed a request with the New ...

Alliance News 30 April, 2019 | 2:22PM
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LONDON (Alliance News) - National Grid PLC on Tuesday said it has filed a request with the New York Public Service Commission to update gas distribution rates for its two downstate New York gas distribution businesses.

These two units, with 1.8 million customers, consist of KeySpan Energy Delivery New York, serving parts of the New York City region, and KeySpan Energy Delivery Long Island, serving the nearby Long Island and Rockaway Peninsula region.

The FTSE 100-listed company said the filing proposes a four-year rate plan that will fund programmes necessary to continue a safe and reliable service, modernise the gas network, and deliver a sustainable future for natural gas.

The electricity and gas utility company noted, however, that for rate year 2020-21, the plan requires capital investments of USD962 million for KEDNY and USD586 million for KEDLI.

To fund these investments, and to cover increased operating costs, the proposal seeks an increase of USD237 million in revenue for KEDNY, and USD49 million for KEDLI for the 2020-21 rate year.

National Grid expects new rates to become effective from April next year.

The UK stock was trading 0.1% higher in London on Tuesday at 834.40 pence a share.

By Evelina Grecenko;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
National Grid PLC 976.70 GBX 1.71

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