Business
New regulatory filings in Massachusetts & New York
New regulatory filings in Massachusetts & New York.
About this update from National Grid Plc
[{"type":"text","content":"\n \nRNS Number : 5523H National Grid PLC 16 November 2018 \n\n \n \n \n \n \n16 November 2018 \nNational Grid plc\n \nNew regulatory filings in Massachusetts and New York\n \nNational Grid has made two filings to regulators in Massachusetts and New York. These filings are in line with our strategy to deliver investments that drive greater efficiency and improved services for customers, whilst also supporting regulators in achieving their clean energy goals. Both filings highlight new growth opportunities arising from the changing energy landscape.\n \nMassachusetts Electric\nNational Grid has filed a request with the Massachusetts Department of Public Utilities (DPU) to update electricity distribution rates for its Massachusetts Electric business. \n \nThe rate filing requests an approximate $70 million per annum increase in revenue to cover increased operating costs and investments and a Return on Equity of 10.5%. It supports annual capital expenditure of $300 million starting in the first year of the plan and, if approved, will commence in October 2019. \n \nAs part of the filing, National Grid is proposing a new Performance Based Rate Mechanism (PBRM) that will link annual revenue increase to inflation, but also take into account improvements in the efficiency of the business. \n \nThe filing includes a request for significant investment in electric vehicle charging infrastructure in Massachusetts. This would be a five year, $167 million investment to provide over 17,000 new charging points across the state. In addition, it includes a proposal for a $50 million utility scale 14MW / 56MWh energy storage investment. Both of these proposals would be recovered through existing regulatory mechanisms outside the requested $70 million revenue increase.\n \nThis rate filing is expected to conclude in September 2019, with new rates effective 1 October 2019.\n \nN...