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National Grid PLC on Wednesday said it filed a joint proposal with the New York Public Service Commission for a rate settlement.
The London-based electricity infrastructure and gas utility company said the three-year rate plan proposal regards new rates effective this month.
National Grid said it expects a final decision from the commission in the next few months.
The plan includes $924 million in capital investment funding for the company’s New York gas distribution business Kedny in the first rate. Kedli, its other gas distribution unit in the state, will receive $646 million in funding.
‘The proposed settlement will fund programmes necessary to modernise the gas network and continue a safe and reliable service for our customers,’ National Grid said. ‘It will maintain a focus on customer affordability through delivering efficiencies and bill assistance programmes over the duration of the proposed rate plan.’
National Grid shares were 0.5% higher at 288.90 pence each on Wednesday morning in London.
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