The Times Union is reporting National Grid and state regulators have reached an agreement to raise gas and electric delivery rates slowly over the next three years, limiting monthly increases to less than $3.50 this year. National Grid customers will see their average utility bill grow by nearly $16 over a three-year period, compared to the immediate, one-year $22 increase the utility was originally seeking. The proposal will be subject to public hearings and must be approved by the state Public Service Commission before it goes into effect in the spring. PSC spokesman James Denn said the parties agreed to cut the first-year increase to only 1.7 percent for electric customers and 2.4 percent for natural gas customers. The settlement documents were filed with the PSC late January 19, after months of negotiation. National Grid said it would speak in detail about the proposal with reporters on January 22. Read the full story in the Times Union.