National Grid files request to update distribution rates in NY
Utility company National Grid has filed a request with the New York Public Service Commission to update electric and gas distribution rates for Niagara Mohawk, its upstate New York distribution business.
National Grid said on Monday that its filing for Niagara Mohawk, which serves 2.2m customers and makes up almost 30% of its US rate base, was a one-year filing - with revenue data submitted for two additional years to help facilitate a multi-year settlement.
The FTSE 100-listed firm expects the new rates to become effective from July 2021.
National Grid added that the filing would fund programmes necessary to continue "a safe and reliable service", as well as to modernise its electric and gas networks, expand electric vehicle charging facilities and promote economic growth.
It was said to also include investment to support affordable decarbonised heating and maintains a focus on managing customer affordability in response to the economic downturn caused by the Covid-19 pandemic.
As of 0810 BST, National Grid shares were up 0.20% at 902.20p.