National Grid seeks rate rise for Rhode Island
The gas and electricity distribution infrastructure company filed a request with the Rhode Island Public Utilities Commission to update distribution rates for its gas and electricity utilities in the north-eastern state which operate under its Narragansett Electric Company subsidiary. National Grid serves 500,000 electric and 270,000 gas customers in the state.
The filing - the first full rate review since 2012 - seeks an annual revenue increase of $41 million fro its electricity business and $30 million for its gas business. The increases will be used to cover the increased operating costs relating to inflation and "other items".
The new rates are expected to be effective from September 2018 subject to the regulatory review process.
The FTSE 100-listed firm said that the annual capital investment of over $250 million will continue to be recovered under the state's Infrastructure, Safety and Reliability plan. The proposal also supports the Power Sector Transformation initiative in Rhode Island.
In mid-November, National Grid filed a similar rate rise request to regulators in Massachusetts related to its 900,000 gas customers in the north-eastern state. ■