StockMarketWire.com - Power utility National Grid said it had filed a request with regulators in New York state to 'update' electricity and gas prices there.
The company had lodged the request with the New York Public Service Commission to update rates for Niagara Mohawk, its upstate New York distribution business.
Niagra Mohawk served 2.2m customers andwas almost 30% of the company's US rate base.
National Grid said the submission represented a one-year filing, with revenue data submitted for two additional years to help facilitate a multi-year settlement.
New rates were expected to become effective July 2021.
The company said the filing would fund programmes necessary to continue a safe and reliable service, modernise the electric and gas networks, expand electric vehicle charging and promote economic growth.
'It includes investment to support affordable decarbonized heating, including the expansion of renewable natural gas to help the state's environmental goals, and maintains a focus on managing customer affordability in response to the economic downturn caused by Covid-19,' it added.
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