By Carlo Martuscelli

National Grid PLC (NG.LN) said Tuesday that it has asked New York authorities to hike rates for two of its gas distribution businesses in the state.

The filing proposes rate increases that will generate $237 million in revenue for its Kedny business and $49 million for Kedli in the 2020-21 rate year. Proceeds will be used to fund capital investments of $962 million for Kedny and $586 million for Kedli, National Grid said.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

April 30, 2019 09:26 ET (13:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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