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National Grid extends current electricity, natural gas delivery prices another 2 years in upstate New York


Mon, May 23rd 2016 01:10 pm

Continues decade-long run of stable delivery prices for consumers

By National Grid

National Grid's prices for delivering electricity and natural gas to its upstate New York customers will be extended at today's levels into 2018, following regulatory approval of a plan that also will allow the company to continue investment in its networks.

Current energy delivery prices will be maintained through March 2018, extending a period of delivery rate stability for consumers that began more than a decade ago.

The company also will be increasing its capital investment in its electricity and natural gas networks over the next two years to approximately $1.3 billion, bringing total investment since 2013 to more than $3 billion. These investments are improving the safety and reliability of the networks, encouraging growth and enhancing storm resiliency.

"This is very good news for consumers, as it provides two full years of price assurance on the delivery portion of their bills," said Ken Daly, National Grid president-New York. "This also allows us to continue our upstate economic development and energy-efficiency programs that help support the regional economy and help consumers manage their energy usage."

Electricity and natural gas bills have two portions, delivery and supply. Supply prices are set based on wholesale market conditions, and National Grid does not profit from the supply side of the bill.

The company late last year submitted a proposal to state regulators to use credits owed to customers to fund increased investment in its networks, while maintaining delivery prices at current levels.

The increased investment allows the company to improve the safety and reliability of its networks, encourage economic growth in its upstate markets, and prepare the networks for the next generation of utility service.

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