National Grid has filed a Joint Proposal with the New York Public Service Commission for a multi-year rate settlement for its two downstate New York gas distribution businesses, KEDNY and KEDLI. The proposed settlement is for a three-year rate plan with new rates effective April 2024, with a final decision from the New York Public Service Commission expected in the next few months.
The proposed settlement aims to fund programs necessary to modernize the gas network and maintain a safe and reliable service for customers. It also emphasizes customer affordability through delivering efficiencies and bill assistance programs over the duration of the proposed rate plan. The plan includes funding for capital investment of $924 million for KEDNY and $646 million for KEDLI in the first rate year, and a Return on Equity of 9.35%. Additionally, it includes programs to reduce methane emissions, promote non-gas alternatives, and expand energy efficiency in support of the State's environmental goals.
The two utilities, KEDNY and KEDLI, serve approximately 1.9 million gas customers, with KEDNY serving parts of New York City and KEDLI serving Long Island and the Rockaway Peninsula. For additional information on these filings, stakeholders can refer to the factsheet section of National Grid's investor's website.
For further inquiries, investors and analysts can contact Nick Ashworth, Angela Broad, and James Flanagan, while media inquiries can be directed to Molly Neal and Karen Young.