28th Apr 2025 09:34
(Alliance News) - National Grid PLC on Monday said it has filed a three-year rate plan proposal for its electric and natural gas distribution business in the US state of New York.
The London-based electricity and gas utility said the proposal for Niagara Mohawk Power Corp runs from May 2025 to March 2028.
The plan, filed with the New York Public Service Commission, includes a return on equity of 9.5% and funding for capital investment of USD1.43 billion in electricity and USD351 million in gas in the first rate year.
Niagara Mohawk Power Corp serves 1.7 million electric and 600,000 gas customers in New York and represents around 15% of National Grid's regulated asset base.
A final decision from the New York Public Service Commission is expected in the next few months.
The proposed settlement will fund programmes necessary to maintain and improve reliability, integrate renewables and replace gas pipelines, National Grid said in a statement.
National Grid shares were up 0.8% at 1,080.00 pence each in London on Monday morning.
By Jeremy Cutler, Alliance News reporter
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