- Power utility National Grid said the Massachusetts Department of Public Utilities had issued a rate case order for the company's electric business in the US state.

The order approved a five-year rate plan with new rates effective 1 October 2019.

It included an allowed return on equity of 9.6% on an equity ratio of 53.5% and a revenue increase of $38m.

National Grid said the order also included a new performance-based rate mechanism that would fund both capital and operational expenditure across the duration of the rate plan, ensuring inflation was factored into the cost base.

'The completion of this filing, with a multi-year and forward-looking rate plan, is another successful step in our regulatory strategy and supports the significant ongoing investment across our US business,' it added.

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