23rd May 2016 16:53
LONDON (Alliance News) - National Grid PLC on Monday said the New York Public Service Commission has issued an order approving a capital investment petition for USD1.3 billion of its Niagara Mohawk Utility.
The gas and electric network operator said the order will result in two additional years at current rates for customers.
"This order will facilitate significant investments to increase the safety and reliability of the electric and gas distribution systems, modernise networks, promote gas growth and enhance storm resilience," National Grid said in a statement.
The company said the petition provides incremental revenue of USD50 million in financial 2017 and USD90 million in financial 2018, with no increase to customer bills through the use of deferred credits.
National Grid also received authority to issue up to USD2.07 billion of new long-term debt for refinancing maturing debt, replacing variable debt with fixed-interest debt, financing the capital needs of the business and for general corporate purposes.
Shares in National Grid closed up 0.2% at 988.96 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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