State Regulators Approve National Grid’s Upstate NY Rate Agreement
The State Public Service Commission has approved a three-year rate plan for National Grid customers living in upstate New York that is significantly lower than the company’s initial request.
The agreement keeps annual electric and gas increases below two-percent for the next three years.
Under the terms of the agreement, average residential electricity customers who use 600 kilowatt-hours a month would see monthly bill increases of $1.88 in the first year, $1.88 in year two and $2.23 in year three.
Average residential gas customers who use 82 therms a month would see monthly bill increases of $1.51 in the first year, $2.37 in year two and $2.56 in year three.
“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 Christian. “Further, this agreement is consistent with our nation-leading clean energy initiatives, as well as our social and economic policies.”
The agreement is effective February 1.and runs through June 30, 2024.
Bryan Grimaldi, National Grid’s vice president of New York Corporate Affairs, says as part of the agreement, National Grid has committed to delivering a portfolio of programs that focus on energy efficiency, heating alternatives, and new technologies to help customers manage their energy use across the company’s 25,000-square-mile upstate New York service area.
National Grid provides electric service to about 1.6 million customers and gas service to nearly 600,000 customers in upstate New York.