McKee Announces $7.9 Million Settlement With National Grid for Rate Relief
GoLocalProv News Team
McKee Announces $7.9 Million Settlement With National Grid for Rate Relief
The settlement compensates ratepayers for over-collections made by National Gird following the 2017 Tax Cuts and Jobs Act passed by Congress.
“As Lt. Governor, I am committed to representing the interests of Rhode Island ratepayers over the interests of National Grid’s international shareholders. I embarked on this effort over a year ago to ensure that corporate savings realized from federal tax cuts would benefit hardworking Rhode Islanders—with persistence, we succeeded,” said McKee.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Settlement
The settlement in Public Utilities Commission (PUC) Docket 4808 between the Lt. Governor’s Office, the Office of Energy Resources, the Division of Public Utilities and Carriers and National Grid provides approximately $7.9 million in savings for National Grid electric and natural gas customers in Rhode Island.
The savings will come in the form of a 12-month reduction to utility rates.
This reduction begins in July of 2019 for electricity customers and November of 2019 for gas customers.
The settlement was approved by PUC on Friday, May 17, 2019.
Reaching the Settlement
The effort began in January of 2018 when McKee sent a letter to the PUC calling for a rollback of National Grid's current and proposed rates in the wake of the federal corporate tax reduction.
Later that month, National Grid agreed to lower proposed rates by $25 million.
McKee continued to call for the reduction of current rates retroactive to January 1, 2018, when the federal corporate tax cut went into effect.
The General Assembly supported the effort to return additional corporate savings to ratepayers by passing resolutions sponsored by Representative Brian P. Kennedy (D-Dist. 38, Hopkinton, Westerly) and Senator William J. Conley, Jr. (D-Dist. 18, East Providence, Pawtucket).
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