National Grid and the New York Public Service Commission have filed a joint proposal for a three-year rate plan settlement for the Niagara Mohawk Power Corporation electric and gas distribution utility.
The final decision from the commission was expected in the spring of 2018 with new rates effective as of April 2018, National Grid said.
The proposal, which covers fiscal years 2018/19 to 2020/21, includes revenue increases over each of the three years, an allowed 9% return on equity for both utilities, a capital programme of $2.5bn and incorporates estimated customer savings of $76m related to the potential impact of US tax reform.
It also included the use of deferred credits to mitigate the impact on the customer bills.
"The settlement will contribute to the improving financial performance of our US operations and allow us to continue to meet our customer needs and support the local communities we serve, while managing the customer bill impact over three years," the company said.