- September 28, 2021
- Posted by: Stratford Team
- Category: Business
By Jaime Llinares Taboada
National Grid PLC said Tuesday that it has filed a three-year rate proposal for its upstate New York electric and natural gas distribution business.
The U.K. energy infrastructure company said the proposed settlement for the Niagara Mohawk Power Corporation is for a three-year plan, with rates backdated to July 2021. The company serves 1.6 million electricity customers and around 600,000 gas clients.
The proposal requests a cumulative revenue increase of $255 million over the three years for the electric networks, and a $75 million hike for the gas business. Capital expenditure over the period would be $3.3 billion, and the requested cost of equity is 9.0% for both the electric and the gas business.
“The settlement will fund the investments and programs necessary to modernize our energy networks, while advancing metering technology, electric vehicles, energy storage, and transmission investments to…