REG - National Grid PLC - 3-year rate plan proposal filed for KEDNY-KEDLI

National GridAnnouncement

10/04/2024 08:30

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RNS Number : 0142K  National Grid PLC  10 April 2024

 

 

 

 

 

10 April 2024

National Grid plc

 

Three-year rate plan proposal filed for National Grid's

downstate New York Gas Businesses

 

National Grid has filed a Joint Proposal with the New York Public Service
Commission for a multi-year rate settlement for its two downstate New York gas
distribution businesses (KEDNY and KEDLI).

 

The proposed settlement is for a three-year rate plan with new rates effective
April 2024. A final decision from the New York Public Service Commission is
expected in the next few months.

 

The proposed settlement will fund programmes necessary to modernise the gas
network and continue a safe and reliable service for our customers. It will
maintain a focus on customer affordability through delivering efficiencies and
bill assistance programmes over the duration of the proposed rate plan. The
plan includes funding for capital investment of $924 million for KEDNY and
$646 million for KEDLI in the first rate year, and a Return on Equity of
9.35%. It also includes programmes to reduce methane emissions, promote
non-gas alternatives, and expand energy efficiency in support of the State's
environmental goals.

 

For additional information on these filings, please follow this link
(https://www.nationalgrid.com/investors/resources/factsheets) to the factsheet
section of our investor's website.

Notes

The two utilities with approximately 1.9 million gas customers consist of
KeySpan Energy Delivery New York (KEDNY) serving parts of New York City and
KeySpan Energy Delivery Long Island (KEDLI) serving Long Island and the
Rockaway Peninsula.

 

Investors and Analysts

 

 Nick Ashworth   +44 (0) 7814 355 590

 Angela Broad    +44 (0) 7825 351 918

 James Flanagan  +44 (0) 7970 778 952

Media

 

 Molly Neal    +44 (0) 7583 102 727

 Karen Young   +1 718 541 8662

 

 

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This announcement contains certain statements that are neither reported
financial results nor other historical information. These statements are
forward-looking statements within the meaning of Section 27A of the Securities
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cause actual future results to differ materially from those expressed in or
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current energy crisis, announcements from and decisions by governmental bodies
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controls and the proposals for the future of system operation in the UK; the
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with the aim of delivering stakeholder expectations regarding costs and
efficiency savings, as well as against targets and standards designed to
deliver net zero; and customers and counterparties (including financial
institutions) failing to perform their obligations to the Company. Other
factors that could cause actual results to differ materially from those
described in this announcement include fluctuations in exchange rates,
interest rates and commodity price indices; restrictions and conditions
(including filing requirements) in National Grid's borrowing and debt
arrangements, funding costs and access to financing; regulatory requirements
for the Company to maintain financial resources in certain parts of its
business and restrictions on some subsidiaries' transactions such as paying
dividends, lending or levying charges; the delayed timing of recoveries and
payments in National Grid's regulated businesses, and whether aspects of its
activities are contestable; the funding requirements and performance of
National Grid's pension schemes and other post-retirement benefit schemes; the
failure to attract, develop and retain employees with the necessary
competencies, including leadership and business capabilities, and any
significant disputes arising with National Grid's employees or the breach of
laws or regulations by its employees; the failure to respond to market
developments, including competition for onshore transmission; the threats and
opportunities presented by emerging technology; the failure by the Company to
respond to, or meet its own commitments as a leader in relation to, climate
change development activities relating to energy transition, including the
integration of distributed energy resources; and the need to grow the
Company's business to deliver its strategy, as well as incorrect or unforeseen
assumptions or conclusions (including unanticipated costs and liabilities)
relating to business development activity, including the sale of the Company's
UK gas transmission and metering business, its strategic infrastructure
projects and joint ventures and the separation and transfer of the electricity
system operator to the public sector. For further details regarding these and
other assumptions, risks and uncertainties that may impact National Grid,
please read the Strategic Report section and the 'Risk factors' on pages 225
to 228 of National Grid's most recent Annual Report and Accounts, as updated
by National Grid's unaudited half-year financial information for the six
months ended 30 September 2023 published on 9 November 2023. In addition, new
factors emerge from time to time and National Grid cannot assess the potential
impact of any such factor on its activities or the extent to which any factor,
or combination of factors, may cause actual future results to differ
materially from those contained in any forward-looking statement. Except as
may be required by law or regulation, the Company undertakes no obligation to
update any of its forward-looking statements, which speak only as of the date
of this announcement.

 

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