National Grid reviewing proposed rate hikes amid new tax law
PROVIDENCE, R.I. (AP) — National Grid says it’s reviewing its proposed rate hikes as a result of the new federal tax law.
WPRI-TV reports the state Public Utilities Commission has asked the company to recalculate how much of an increase it needs given that the new law cut corporate taxes. PUC spokesman Thomas Kogut says National Grid’s response is due Thursday.
The utility previously proposed increases of $41 million for Rhode Island electricity customers and $30 million for gas customers.
National Grid spokesman Ted Kresse said the company is reviewing the new law and its “expected benefits” to customers.
Massachusetts electric company Eversource announced last week it would reduce rates for customers in that state.
Rhode Island Democratic Lt. Gov. Dan McKee has asked National Grid to follow Eversource’s example and reduce rates.
Information from: WPRI-TV, http://www.wpri.com