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(Alliance News) - National Grid PLC on Wednesday said it filed a joint proposal with the New York Public Service Commission for a rate settlement.
The London-based electricity infrastructure and gas utility company said the three-year rate plan proposal regards new rates effective this month.
National Grid said it expects a final decision from the commission in the next few months.
The plan includes USD924 million in capital investment funding for the company's New York gas distribution business Kedny in the first rate. Kedli, its other gas distribution unit in the state, will receive USD646 million in funding.
"The proposed settlement will fund programmes necessary to modernise the gas network and continue a safe and reliable service for our customers," National Grid said. "It will maintain a focus on customer affordability through delivering efficiencies and bill assistance programmes over the duration of the proposed rate plan."
National Grid shares were 0.5% higher at 288.90 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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