U.S. Markets closed

NY regulators set National Grid rate hearings

ALBANY, N.Y. (AP) -- New York utility regulators are holding hearings on a proposal that would change National Grid's electricity and natural gas delivery rates.

The Public Service Commission and the company have proposed allowing a total of $120 million more electric revenue and almost $9 million more gas revenue to be collected over three years.

But the PSC says those increases will be offset by the expiration of a $190 million surcharge and the proposed use of customer credits, resulting in a 6.2 percent cut in electric revenue in the first year, followed by 1.9 percent increases in the final two years. Gas revenue would drop by 4.3 percent the first year and increase by 2.9 percent in each of the next two years.

The hearings start Tuesday in Schenectady and continue across upstate until Jan. 24.