Photo: pegasophoto / iStock / Getty Images
The New York State Public Service Commission (PSC) is set to vote today (Thursday, August 14) on a proposed rate increase for National Grid customers. If approved, the average customer's gas and electric bill would rise by $22 per month starting next month. The rate hike would be phased in over three years, resulting in a 36% increase for gas and a 28% increase for electricity by 2027. This change could generate an additional $1 billion in revenue for National Grid by April 2027.
The rate increase is part of a consensus plan negotiated between state officials, National Grid, electrical unions, and other stakeholders. National Grid has reported steady profits, with a 20% increase in pre-tax revenue last year. The company plans to use the additional funds to remove 112 miles of leaking natural gas pipes, invest in reliability for upstate networks, and add around 500 jobs.
However, the proposed hike has faced opposition. North country Assemblyman Scott A. Gray criticized the increase, calling it "unconscionable" amid New York's affordability crisis. He urged the PSC to reject the proposal, highlighting that 226,000 households in the National Grid system are already behind on their bills, owing a combined $326 million. The New York chapter of the AARP also opposes the hike, expressing concerns about its impact on seniors with fixed incomes.
The PSC meeting is taking place in Albany, and the decision is expected to have significant implications for National Grid customers across New York.