N.Y. Okays Higher National Grid Rates

ALBANY, N.Y. (AP) -

New York utility regulators have approved new electricity and natural gas delivery rates for National Grid.

The Public Service Commission said Thursday the company will be allowed to collect a total of $123 million more in electric revenue and almost $9 million more in gas revenue over three years.

But the PSC says those increases will be offset by the expiration of a $190-million surcharge and the return of deferred customer credits, resulting in a 6.6-percent cut in customers’ electric delivery bills in the first year, followed by increases of 3.3 percent and 2.1 percent. It says a typical residential gas customer would see a drop of 4 percent the first year, and then increases of 3.9 percent and 2.9 percent.