NEW YORK (WKBW) — The New York State Public Service Commission has approved of a National Grid rate hike but at a reduced rate.
The public service commission says the rate hike was initially supposed to be a 4.9 percent increase in base delivery revenues or a 3.2 percent increase in total revenues for electric delivery, and a 9.8 percent increase in base delivery revenues or a 5.2 percent increase in total revenues for natural gas delivery.
Now the plan is to increase the rate by 1.4 percent for electric and 1.8 percent for gas in the first year, and by 1.9 percent for electric and gas in the second and third year.
“The joint proposal we adopted today allows for funding for the company to maintain safe and reliable service, while moderating rate impacts during the term of the rate plan and mitigating the impacts to ratepayers suffering the financial consequences of the pandemic,” said Commission Chair Rory M. Christian. “Further, this agreement is consistent with our nation-leading clean energy initiatives, as well as our social and economic policies.”