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    NG.   GB00BDR05C01

NATIONAL GRID PLC

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National Grid Files 3-Year Rate Proposal for Upstate New York Business

09/28/2021 | 12:52am EDT

By Jaime Llinares Taboada

National Grid PLC said Tuesday that it has filed a three-year rate proposal for its upstate New York electric and natural gas distribution business.

The U.K. energy infrastructure company said the proposed settlement for the Niagara Mohawk Power Corporation is for a three-year plan, with rates backdated to July 2021. The company serves 1.6 million electricity customers and around 600,000 gas clients.

The proposal requests a cumulative revenue increase of $255 million over the three years for the electric networks, and a $75 million hike for the gas business. Capital expenditure over the period would be $3.3 billion, and the requested cost of equity is 9.0% for both the electric and the gas business.

"The settlement will fund the investments and programs necessary to modernize our energy networks, while advancing metering technology, electric vehicles, energy storage, and transmission investments to unlock cleaner energy for customers," Rudy Wynter, National Grid's president for the New York jurisdiction, said.

The proposed changes will increase power bills by 2.2% and gas bills by 2.0% for the typical residential customer in the first year of the plan, National Grid estimates.

A final decision from the NY Public Service Commission is expected in the next few months, NG said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-28-21 0252ET

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Analyst Recommendations on NATIONAL GRID PLC
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Financials
Sales 2022 15 469 M 21 319 M 21 319 M
Net income 2022 2 235 M 3 081 M 3 081 M
Net Debt 2022 39 554 M 54 513 M 54 513 M
P/E ratio 2022 13,4x
Yield 2022 5,54%
Capitalization 32 824 M 45 320 M 45 238 M
EV / Sales 2022 4,68x
EV / Sales 2023 4,45x
Nbr of Employees 23 683
Free-Float 93,0%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 9,08 GBX
Average target price 1 034,72 GBX
Spread / Average Target 11 302%
EPS Revisions
Managers and Directors
John Mark Pettigrew Chief Executive Officer & Executive Director
Andrew Jonathan Agg Chief Financial Officer & Executive Director
Paula Rosput Reynolds Chairman
Adriana Karaboutis Group Chief Information & Digital Officer
Lisa M. Lambert Chief Technology & Innovation Officer
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED8.75%32 054