The New York State Public Service Commission has approved National Grid rate hikes.
Over the next three years, the monthly electric and gas bills of residential customers could increase by about $16 dollars. The plan includes a discount program for low-income customers.
A spokesperson for National Grid released this statement.
“After more than a decade of bill stability, we are pleased that our discussions with parties representing our customers and other key stakeholders have resulted in an agreement that will phase in delivery price increases. This plan allows us to invest $2.5 billion over the next three years in our energy infrastructure, while reducing the short-term impact on bills and providing customers a level of delivery price assurance.”
Public Service Commission Chair John Rhodes released this statement.
“We are pleased to adopt a progressive rate plan that is much improved over what the company initially proposed. The plan, endorsed with broad stakeholder support by environmental groups, labor, large business customers, and the three largest cities in the company’s service territory, includes a nation-leading affordability policy that substantially lowers bills for most low-income customers. It moves forward the state’s climate agenda by expanding energy efficiency while funding non-wire alternatives and other REV-like initiatives for smarter investments. This decision is a win for the company’s customers and for the future of cleaner and more resilient energy.”
The new rate increases will begin next month.