Monday, May 23, 2016

2-Year Delivery Rate Freeze for National Grid’s Upstate Customers

ALBANY — The New York State Public Service Commission (Commission) today announced that electric and natural gas delivery rates for National Grid’s customers would remain frozen through March 2018. The decision to freeze delivery rates for the next two years represents the best possible outcome for the utility’s 1.7 million electric and gas customers in upstate New York.
“Freezing rates for National Grid’s customers for the next two years will have a significant economic benefit for the company’s residential and business customers,” said Commission Chair Audrey Zibelman. “Our decision will preserve base rate stability while allowing the company to continue modernizing its electric and gas distribution systems.” 
The Commission’s decision provides National Grid’s upstate electric and gas customers with a freeze in base delivery rates for two years. The decision also allows the utility to borrow more than $2 billion to help fund improvements to its electric and gas transmission and distribution system.