National Grid: Investment Order Received for Niagara Mohawk
May 23 2016 - 1:19PM
Dow Jones News
LONDON--National Grid PLC (NG.LN) said Monday the New York
Public Service Commission has issued an order approving a capital
investment petition for $1.3 billion for its Niagara Mohawk
utility, resulting in two additional years at current rates for
customers.
The petition provides incremental revenues of $50 million in
fiscal 2017 and $90 million in fiscal 2018, with no increase to
customer bills through the use of deferred credits, National Grid
said.
The natural-gas and electricity network operator said it has
also received authority to issue up to $2.07 billion of new
long-term debt for: refinancing maturing debt; replacing variable
debt with fixed-interest debt; financing the capital needs of the
business and for general corporate purposes.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
May 23, 2016 13:04 ET (17:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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