National Grid PLC Rate filing submitted for Massachusetts Gas (6322W)
16 November 2017 - 6:00PM
UK Regulatory
TIDMNG.
RNS Number : 6322W
National Grid PLC
16 November 2017
16 November 2017
National Grid plc
Rate Filing Submitted for Massachusetts Gas
National Grid plc announces that, in line with its programme for
rate filings, it has filed a request with the Massachusetts
Department of Public Utilities (DPU) to update distribution rates
for its Massachusetts gas utilities which serve over 900,000 gas
customers.
This filing represents the first full rate review for these
utilities since 2010. It will allow National Grid to replace ageing
gas infrastructure, modernise the gas networks to enhance
reliability and resilience, and accommodate future customer
growth.
The filing supports annual capital investment of over $550
million, including $257 million which will be recovered by existing
capital investment trackers under the State's Gas System
Enhancement Plan. In order to fund these investments and to cover
increased operating costs relating to inflation, new safety
requirements and other items, this proposal seeks an annual revenue
increase of $87 million.
New rates are expected to be effective October 2018, subject to
the regulatory review process.
For additional information on these filings, please follow the
link to the fact sheet section of the National Grid Investor
Relations website: - Link here
Notes:
National Grid's Massachusetts Gas business comprises Boston Gas
and Colonial Gas companies.
Investors and Analysts
+44 (0)20 7004 +44 (0)7989 492447
Aarti Singhal 3170 (m)
+44 (0)20 7004 +44 (0)7976 962791
Tom Edwards 3460 (m)
CAUTIONARY STATEMENT
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 Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. These forward-looking statements are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, including any arising as a result of the United
Kingdom's exit from the European Union, announcements from and
decisions by governmental bodies or regulators including those
relating to the role of the UK electricity system operator; the
timing of construction and delivery by third parties of new
generation projects requiring connection; breaches of, or changes
in, environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption, the inability to carry out critical non network
operations and damage to infrastructure, due to adverse weather
conditions including the impact of major storms as well as the
results of climate change, due to counterparties being unable to
deliver physical commodities, or due to the failure of or
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including those related to investment
programmes and internal transformation and remediation plans; 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; inflation or deflation; 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, train or retain employees with the
necessary competencies, including leadership skills, and any
significant disputes arising with the National Grid's employees or
the breach of laws or regulations by its employees; and the failure
to respond to market developments, including competition for
onshore transmission, the threats and opportunities presented by
emerging technology, development activities relating to changes in
the energy mix and 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 assumptions in
connection with National Grid's sale of a majority stake in its gas
distribution business and with joint ventures. 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 180 to 183 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 2017 published on 9 November 2017. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBABRTMBMBBTR
(END) Dow Jones Newswires
November 16, 2017 02:00 ET (07:00 GMT)
National Grid (LSE:NG.)
Historical Stock Chart
From Apr 2024 to May 2024
National Grid (LSE:NG.)
Historical Stock Chart
From May 2023 to May 2024