National Grid (NYSE: NGG) on Friday announced a three-year electricity and natural-gas delivery-rate plan for the company’s upstate New York customers.
The energy company filed a joint proposal that it reached with the New York State Department of Public Service (DPS), IBEW Local 97, and other parties “representing a broad perspective of interests,” per its announcement. The proposal replaces the company’s May 2024 rate request and is subject to further regulatory review.
If the joint proposal is approved, residential electricity customers using an average of 625 kilowatt-hours per month would see an estimated total monthly bill increase of $14.32 in the first year, $6.44 in the second year, and $4.34 in year three.
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Residential natural-gas customers using an average of 78 therms per month would see an estimated total monthly bill increase of $7.66 in the first year, $8.08 in the second year, and $9.18 in year three.
The joint proposal will undergo a review process by DPS to “ensure the company invests, operates and maintains its energy delivery system in a prudent manner,” National Grid said.
“We recognize that this proposal comes at a time when affordability is top-of-mind for our customers,” Phil DeCicco, National Grid’s New York general counsel, said in the announcement. “We worked hard to strike a balance that prioritizes energy affordability and ensures grid resiliency — especially in light of the record number of damaging storms we’ve seen in upstate New York — while deferring other programs and initiatives that would add to our customers’ bills.”
Proposal details
National Grid said its proposal includes investments to “ensure the reliability and safe operation” of the company’s energy-delivery system that serves 2.3 million upstate New York residential and business customers. They include capital investments of $1.4 billion in the electricity-delivery system and $351 million in the natural-gas system in the first year.
National Grid also plans to add more than 480 jobs to support electric and gas operations, grid modernization, and customer programs.
The company’s proposal also includes “enhanced” system resiliency and reliability measures to manage and reduce the impact of frequent severe weather and enable continued strong storm response.
In addition, the plan includes more than $290 million in bill discounts for vulnerable upstate New Yorkers, including about $72 million in the first year.
The proposal also includes an up to $3 million shareholder-funded health and safety weatherization program that will assist low-to-moderate and disadvantaged community households.
