National Grid to Raise Electricity Rates in Massachusetts
October 03 2016 - 2:54AM
Dow Jones News
By Alex MacDonald
LONDON--U.K.-based energy grid operator National Grid PLC
(NG.LN) said Monday it has been allowed to increase retail
electricity rates in Massachusetts for the first time since
2010.
Massachusetts Department of Public Utilities has allowed
National Grid's Massachusetts Electric Company, which distributes
electricity to 1.3 million customers in Massachusetts to earn a
9.9% return on equity and a 50.7% equity capital structure.
The rate rise, which starts as of Oct. 1 translates to a revenue
increase of $101 million for the U.S. utility. This is less than
the $130 million the unit has most recently requested and $143
million it had originally requested.
The rate order means residential customers' bills will increase
by 7%.
National Grid owns and operate electricity distribution networks
in upstate New York, Massachusetts, and Rhode Island that provide
power to about 3.4 million consumers in New England and upstate New
York.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
October 03, 2016 02:39 ET (06:39 GMT)
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