Larry Rulison is reporting for the Times Union the state Public Service Commission March 15, approved National Grid's new rate plan. That plan will phase in approximately $16 in monthly increases for gas and electric customers over a three-year period. The higher rates take effect April 1. National Grid originally sought a higher increase, but reached a settlement with the PSC prior to the vote. The utility agreed to cut its original request, in part because of federal tax breaks it is receiving, thereby lowering its costs. PSC Chair John Rhodes said the agreement will benefit low-income consumers, who could see bill reductions up to 55 percent. "We are pleased to adopt a progressive rate plan that is much improved over what the company initially proposed," Rhodes said. Read the full story in the Times Union.