PSC cuts National Grid rate hike request
The New York State Public Service Commission Thu., Jan. 20, announced it had approved a three-year rate plan for utility National Grid customers in upstate New York. In rendering the decision, the commission slashed the company's requested rate increase by more than 30 percent, according to a press release. “The joint proposal we adopted today allows for funding for the company to maintain safe and reliable service, while moderating rate impacts during the term of the rate plan and mitigating the impacts to ratepayers suffering the financial consequences of the pandemic,” said Commission Chair Rory M. Christian. “Further, this agreement is consistent with our nation-leading clean energy initiatives, as well as our social and economic policies.” The decision established a three-year rate plan for electric and gas service provided by National Grid for the period July 1, 2021, through June 30, 2024. It allows revenue to increase by 1.4 percent for electric and 1.8 percent for gas in the first year, and by 1.9 percent for electric and gas in the second and third year. The approved plan keeps annual electric and gas increases for consumers between 2 and 3 percent for the next three years. National Grid provides electric service to approximately 1.6 million customers and gas service to approximately 600,000 customers in upstate New York.