By Oliver Griffin

National Grid PLC (NG.LN) said it has submitted a request to regulators in Massachusetts seeking an increase in annual revenue and another request to New York authorities asking for further capital investment.

The power company said it filed a request to the Massachusetts Department of Public Utilities to update electricity-distribution rates for its Massachusetts Electric business.

National Grid is seeking an increase of around $70 million a year in revenue to cover increased operating costs and a return on equity of 10.5%.

The increase will support annual capital expenditure of $300 million and will begin in October 2019 if approved, the company said.

In New York, National Grid has filed a request for capital investment of $650 million the New York Public Service Commission so it can install 1.7 million electric advanced-metering infrastructure meters and 640,000 gas modules across its Niagara Mohawk business between 2021 and 2024.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

November 16, 2018 02:44 ET (07:44 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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