StockMarketWire.com - National Grid confirmed that regulators in Massachusetts had issued a rate case order for the British utility's gas business in the US state.

New rates were effective 1 October, with an allowed return on equity of 9.5% on an equity ratio of 53%, National Grid said.

The outcome allowed for annual capital investment of $413m.

Compared to National Grid's revenue request of $87m, the Department of Public Utilities allowed an increase of $56m.

'As expected, this outcome has been adjusted by $44m primarily to reflect the lower US tax rate, resulting in a net revenue increase of $12m,' National Grid aid.



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