National Grid energy rate hikes approved by PSC

ALBANY – National Grid rates for energy were approved today by the state Public Service Commission.

The three-year plan to raise rates is at a lower level that was sought by the utility company.

National Grid rate hikes for electric delivery are 67 percent less than the request, while gas delivery revenues are 63 percent less than National Grid sought.

Starting next month, the average customer’s gas and electric bill will increase by $22 per month and continue to rise over the next three years. In the second year, gas and electric prices will be up by another $14 per month, and then by more than $13 in the third year.

The adopted joint proposal will result in a total electric revenue increase, on a levelized basis, of 3.4 percent in the first year, 5.6 percent in the second year, and 4.6 percent in the third year, the PSC said.

For gas, the increase in total revenues, on a levelized basis, will be 5.5 percent in the first year, 5.5 percent in the second year, and 6 percent in the third year.

“The adopted joint proposal meets the legal requirement that the company continue to provide safe and adequate service at just and reasonable rates,” said Commission Chair Rory M. Christian. “The three-year rate plan is in the public interest. It is a forward-looking plan that benefits customers and includes provisions that further important state and Commission objectives, while keeping customer affordability first and foremost in mind.”

Gov. Kathy Hochul issued a statement, denouncing the rate hikes.

“While I appreciate that the New York Public Service Commission worked to significantly lower the outrageously high initial rate proposals, it’s still not enough. I have been crystal clear that utilities must make ratepayer affordability the priority.

“Since taking office, my administration has prioritized energy affordability, particularly for our most vulnerable, and we need the utilities to take it seriously as well. That means at a time when worried New Yorkers are being forced to tighten their budgets, all utilities must follow suit. This is no time for bonuses and big raises for executives, especially if they are going to be looking to raise rates on their customers.”

State Senate Republic Leader Rob Ortt said the approved rate hikes will “make it even harder for hardworking New Yorkers to make ends meet.”

Ortt faulted Democrats in Albany for driving up energy costs.

“By imposing unrealistic energy mandates and banning reliable energy sources, Albany Democrats have driven residential electricity prices nearly 40% higher than in neighboring Pennsylvania,” Ortt said. “Instead of forcing costly mandates and engaging in political virtue-signaling, it’s time for a new direction. New York needs an all-of-the-above energy strategy, one that encourages domestic production, expands consumer choice, and most importantly, lowers prices for New Yorkers.”