The state Public Service Commission has approved a multi-year rate plan for National Grid that will result in lower costs for both electric and gas customers beginning next month.
The plan, adopted Thursday by the regulatory body in Albany, is set to take effect April 1 and run through March 31, 2016.
The PSC said delivery rates for the utility's electric customers will decline by 8.7 percent in the first year and by 2.8 percent in each of the next two years. National Grid will, however, see electric delivery revenues rise by $43.39 million in year one, $51.36 million in year two, and $28.34 million in the third year.
For the typical residential electric customer using 600 kilowatt hours per month, their bill will fall by 6.6 percent in the first year (preliminary estimates amount to $5.40 per month) but rise 3.3 percent and 2.1 percent, respectively, in the following two years. Officials said due to the decrease in the first year, electric bills over the course of the plan will remain lower than current levels.
The statement noted the drop in rates is being made possible by the expiration of a $190 million surcharge and return of deferred customer credits.
For natural gas customers, gas delivery charges will decrease 6.7 percent in the first year, and increase 4.8 percent in the second year and 4.9 percent in the third year.