National Grid Reduces Rate Proposal by Over $25 Million

GoLocalProv Business Team

National Grid Reduces Rate Proposal by Over $25 Million

National Grid Rhode Island has announced that it is reducing its electric and gas base distribution rate proposal by over $25 million.

The announcement comes a few months after National Grid presented Rhode Island Public Utilities Commission with its first proposal since 2012, asking them to adjust their rates.

“Today’s announcement is a key indicator of how this new tax law can provide real benefits to National Grid’s customers. We are committed to ensuring that the tax savings of the legislation are fully realized and are used to help our customers in their energy bills,” said Tim Horan, president and COO of National Grid in Rhode Island.

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National Grid’s Proposal

National Grid initially requested an increase of over $71 million to "support operations and new initiatives in National Grid’s gas and electric business."

The new proposal incorporates more than $19 million in tax savings. 

When combined with other adjustments made during the recalculation the proposal comes in at approximately $45 million in total.

The adjusted figures estimate a request for $27 million on the electric side and $18 million on the gas side.  

"I’m encouraged by National Grid’s response to my request to lower their proposed 6% electric and 5% gas rate increases in light of the federal corporate tax reduction.  
 This is a step in the right direction but this solution, on its own, will not provide ratepayers with a single penny of relief until September when the Grid’s proposed rate is set to go into effect," said RI Lt. Governor Dan McKee.   
 


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