National Grid PLC Massachusetts Gas 2021 Rate Case Order (8264N)
04 Oktober 2021 - 08:00AM
UK Regulatory
TIDMNG.
RNS Number : 8264N
National Grid PLC
04 October 2021
04 October 2021
National Grid plc
Massachusetts Gas 2021 Rate Case Order
Following the rate filing in November 2020, National Grid
confirms that the Massachusetts Department of Public Utilities
(DPU) has issued its rate case order for our Massachusetts Gas
business.
The order approves a five-year rate plan with new rates
effective 1 October 2021. It includes an allowed Return on Equity
of 9.7% on an equity ratio of 53% and a revenue increase of $72
million.
The order includes a new Performance Based Rate Mechanism
(PBRM), similar to that agreed for our Massachusetts Electric
business in 2019. The mechanism will fund both capital and
operational expenditure across the duration of the rate plan,
ensuring inflation is factored into the cost base.
For additional information, please follow the link to the fact
sheet section of the National Grid Investor Relations website: Link
here
CONTACTS
Investors and Analysts
+44 (0) 7814 355 590
Nick Ashworth (m)
+44 (0) 7970 778 952
James Flanagan (m)
+44 (0) 7899 928 247
Jon Clay (m)
+44 (0) 7966 200 094
Peter Kennedy (m)
Media
+44 (0) 7812 485 153
Surinder Sian (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 (the
Company) 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, predict or estimate precisely, such as the
impact of COVID-19 on our operations, our employees, our
counterparties, our funding and our regulatory and legal
obligations, but also, more widely, 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 the implementation of
the RIIO-2 price controls as well as increased economic uncertainty
following the COVID-19 pandemic; 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;
failure to adequately forecast and respond to disruptions in energy
supply; performance against regulatory targets and standards and
against National Grid's peers with the aim of delivering
stakeholder expectations regarding costs and efficiency savings;
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; 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,
develop and retain employees with the necessary competencies,
including leadership skills, and any significant disputes arising
with National Grid's employees or the breach of laws or regulations
by its employees; the failure to respond to market developments,
including competition for onshore transmission; the threats and
opportunities presented by emerging technology; the failure by the
Company to respond to, or meet its own commitments as a leader in
relation to, climate change development activities relating to
energy transition, including 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 the
acquisition of WPD, the sale of the Company's Rhode Island gas and
electricity business and the proposed sale of a majority stake in
its UK gas transmission business. 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 236 to 239 of National Grid's most
recent Annual Report and Accounts. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCVXLFBFBLXFBD
(END) Dow Jones Newswires
October 04, 2021 02:00 ET (06:00 GMT)
National Grid (LSE:NG.)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
National Grid (LSE:NG.)
Historical Stock Chart
Von Mär 2023 bis Mär 2024