The New York State Public Service Commission is dramatically lowering a rate request made by National Grid.
The company's initial $407M request has now been cut by $351M or 86%, according to the PSC.
On Thursday, the OSC adopted a joint proposal with staff, National Grid and more than a dozen interested parties, representing customers, workers and environmental interests.
Under this new rate plan, according to the PSC, a typical customer will see a total monthly bill increase of $2.22 or 2.9% in the first year, starting in April of 2018. In April of 2019, customers will see a $3.03 monthly increase or 3.8% jump. In April 2020 the increase will be $3.25 or a 3.9% increase.