In a recent development, National Grid has submitted a plan to the New York State Public Service Commission (PSC) requesting approval for a rate increase ranging from 15% to 20% for residential electric and gas customers. The proposed rate hike aims to reset electric and natural gas delivery prices starting from the spring of 2025.

National Grid's plan focuses on maintaining infrastructure, improving customer service, promoting economic growth, and preparing networks for a transition to clean energy sources. If approved, the one-year proposal would result in an average increase of $19, equivalent to a 15% rise, for customers using approximately 625 kilowatt-hours of electricity. Gas bills would increase by $18, or 20% per month.

The company has also expressed interest in negotiating a multi-year rate plan with the PSC to spread the costs over several years, potentially halving the initial increase. National Grid's General Counsel, Phil DeCicco, emphasized the company's intention to take advantage of efficiencies while managing bills for customers across upstate New York.

According to David Bertola, a representative from National Grid, the proposed rate increase is routine and aimed at supporting a smarter and stronger energy system to enhance reliability. The company anticipates a growing shift towards clean energy in the coming years and wants to ensure that their networks, which have served customers for over 70 years, are ready to embrace this transition.

National Grid cited the rising costs of running the business, safety and compliance measures, energy efficiency initiatives, and interest rates as factors contributing to the rate hike. However, they also mentioned that these new customer programs accounted for only a small portion of the proposed increases.

The utility company highlighted some key aspects of their proposal, including investments in upgrading the electricity grid and gas networks across the state, expanding customer assistance and energy affordability programs, and creating over 800 jobs over the next four years.

National Grid has urged customers to stay informed about the upcoming public statement hearing, during which they can share their thoughts and concerns regarding the rate increase. The proposal from National Grid comes after RG&E and NYSEG were granted approval by the Public Service Commission to raise their rates, with RG&E's electric rates increasing by 16% and their gas rates by under 11%.

If approved by the New York State Public Service Commission, the rate hike would enable National Grid to continue providing reliable services, adapt to clean energy sources, and meet the evolving needs of customers in the state.