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National Grid asks for lower electric rates, higher gas rates

By Rick Seltzer


National Grid wants to lower electric rates and raise natural gas rates in New York starting on April 1, 2013.

The utility submitted a request for new rates to the New York State Public Service Commission today. The commission has the power to approve or deny the new rates before they go into effect.

Under the proposal, total electric bills for National Grid’s large commercial and industrial customers would drop 2 percent in April 2013, assuming those customers use equal amounts of electricity as they did in previous months. Total natural gas bills for large commercial and industrial customers who maintain equal usage would increase 3.6 percent.

Small commercial and industrial customers would see their total electric bills fall 3.3 percent and their natural gas bills climb 0.8 percent. Residential customers’ electric bills would shrink 2.1 percent, and their gas bills would rise 2.3 percent.

“Today’s filing is the culmination of months of listening to our customers, regulators and policymakers to develop the way forward for our upstate New York customers that will provide safe, reliable energy and keep bills stable,” National Grid President for New York Ken Daly said in a news release.

The proposed rate changes will reduce National Grid’s electric revenue by about $59 million and increase its natural-gas revenue by just under $11 million, the company said.

National Grid (NYSE: NGG) delivers electricity to about 3.3 million customers and delivers natural gas to about 3.4 million customers in New York, Massachusetts, New Hampshire, and Rhode Island. The company also manages Long Island’s electricity network and runs gas and electricity systems in Great Britain.

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