Business
Rate filing submitted for Massachusetts Gas
Rate filing submitted for Massachusetts Gas.
About this update from National Grid Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3481F\n National Grid PLC\n 16 November 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16 November 2020\n \n \n National Grid plc\n \n \n \n \n \n Rate filing submitted for Massachusetts Gas\n \n \n \n \n \n National Grid has filed a request with the Massachusetts Department of Public Utilities (DPU) to update gas distribution rates for its Massachusetts Gas business. \n \n \n \n \n \n To ensure the safety and reliability of the gas network, the rate filing requests a $138 million increase in revenue to cover increased operating costs and core investments, and a Return on Equity of 10.5%. National Grid is also proposing a new Performance Based Rate Mechanism (PBRM) that will link annual revenue increases to inflation. \n \n \n \n \n \n As part of the filing, the capital tracker that recovers investment associated with leak prone pipe replacement would continue.\n \n \n \n \n \n The filing also includes a request for significant investments of up to $50 million in innovative proposals to decarbonise our natural gas networks, including hydrogen blending, shared geothermal loops, renewable natural gas, and demand-side response measures. These proposals would be recovered through existing regulatory mechanisms outside the requested revenue increase.\n \n \n \n \n \n This rate filing is expected to conclude in September 2021, with new rates effective 1 October 2021.\n \n \n \n \n \n For additional information, please follow the link to the fact sheet section of the National Grid Investor Relations website: \n \n \n Link here\n \n \n \n \n \n \n \n CONTACTS\n \n \n \n \n \n Investors and Analysts\n \n \n \n \n \n Nick Ashworth\n \n \n \n \n +44 (0) 7814 355 590 \n \n \n \n \n \n \n James Flanagan\n \n \n \n \n +44 (0) 7970 778 952 \n \n \n \n \n \n \n Jonathan Clay\n \n \n \n \n +44 (0) 7899 928 247 \n \n \n \n \n \n \n \n \n US Media\n \n \n \n \n \n Michael West\n \n \n \n \n +1 781 227 0398\n \n \n \n \n \n \n \n \n UK Media\n \n \n \n \n \n Molly Neal\n \n \n \n \n +44 (0) 7583 102 727 \n \n \n \n \n \n \n \n \n \n CAUTIONARY STATEMENT\n \n \n \n \n \n \n This announcement contains certain statements that are neither reported financial results nor other historical information....