StockMarketWire.com - Power utility National Grid said it and other parties had filed a multi-year rate settlement proposal for upstate New York electric and gas distribution business Niagara Mohawk Power.

The company served 1.6 million electric and 0.6 million gas customers and represented almost 30% of National Grid's US rate base.

The proposed settlement was for a three-year rate plan with new rates back-dated to July 2021.

A final decision from the New York Public Service Commission was expected in the next few months.

'The settlement maintains a focus on managing customer affordability in response to the economic downturn caused by COVID-19, while funding programmes necessary to maintain safe and reliable service, modernise the electric and gas networks, and promote economic growth in the state,' the company said.

'It also includes investment in programmes to reduce methane emissions and support clean gas to help the state's environmental goals.'


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