National Grid PLC (NG.LN) said Monday that it has filed a proposal with New York's public utilities commission regarding a three-year rate-plan program for distributing electricity and gas in the U.S. state.
National Grid said that the proposal--which covers fiscal 2019 to fiscal 2021--includes revenue increases over the three years, a 9% return on equity for both gas and electric utilities, and a $2.5 billion capital-investment program.
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The proposal also incorporates estimated customer savings of $76 million related to the expected impact of tax reform in the U.S. and includes the use of deferred credits, which National Grid said will mitigate the impact on customers' bills.
National Grid expects the New York Public Service Commission to approve the proposal in the spring, with new rates effective in April, it said.
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(END) Dow Jones Newswires
January 22, 2018 03:02 ET (08:02 GMT)