National Grid Files 3-Year Rate Plan Proposal

TL;DR

National Grid proposing new 3-year rate plan for KEDNY/KEDLI. Watch for impacts.

AI Summary

National Grid plc filed a 6-K report on April 10, 2024, detailing a 3-year rate plan proposal for its subsidiaries KEDNY and KEDLI. The filing indicates the company is incorporated in England and Wales and its principal executive office is located in London.

Why It Matters

This filing is important for investors and regulators as it outlines proposed changes to rates, which could impact the company's revenue and customer costs.

Risk Assessment

Risk Level: low — This is a routine regulatory filing detailing a rate plan proposal, not an event with immediate financial implications.

Key Players & Entities

• NATIONAL GRID PLC (company) — Filer of the report
• KEDNY (company) — Subsidiary for which a rate plan is proposed
• KEDLI (company) — Subsidiary for which a rate plan is proposed
• 001-14958 (dollar_amount) — SEC File Number

FAQ

Key Financial Figures

• $924 million — ludes funding for capital investment of $924 million for KEDNY and $646 million for KEDLI in
• $646 million — nvestment of $924 million for KEDNY and $646 million for KEDLI in the first rate year, and a

Filing Documents

• nationalgridplc-0143k.htm (6-K) — 38KB
• 0001654954-24-004427.txt ( ) — 40KB

From the Filing

RATE PLAN PROPOSAL FILED FOR KEDNY-KEDLI nationalgridplc-0143k         UNITED STATES   SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549     FORM 6-K     REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934   Date: 10 April 2024   Commission File Number: 001-14958       NATIONAL GRID plc   (Translation of registrant’s name into English)   England and Wales   (Jurisdiction of Incorporation)        1-3 Strand, London, WC2N 5EH, United Kingdom (Address of principal executive office)       Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.   ☒   Form 20-F       ☐   Form 40-F   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ☐   Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.   ☐   Yes     ☒   No   If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a                       EXHIBIT INDEX   Exhibit No.   Description   99.1   Exhibit 99.1 Announcement sent to the London Stock Exchange on 10 April 2024 — 3-year rate plan proposal filed for KEDNY-KEDLI     Exhibit 99.1                                                                          10 April 2024   National Grid plc   Three-year rate plan proposal filed for National Grid's downstate New York Gas Businesses   National Grid has filed a Joint Proposal with the New York Public Service Commission for a multi-year rate settlement for its two downstate New York gas distribution businesses (KEDNY and KEDLI).   The proposed settlement is for a three-year rate plan with new rates effective April 2024. A final decision from the New York Public Service Commission is expected in the next few months.   The proposed settlement will fund programmes necessary to modernise the gas network and continue a safe and reliable service for our customers. It will maintain a focus on customer affordability through delivering efficiencies and bill assistance programmes over the duration of the proposed rate plan.   The plan includes funding for capital investment of $924 million for KEDNY and $646 million for KEDLI in the first rate year, and a Return on Equity of 9.35%. It also includes programmes to reduce methane emissions, promote non-gas alternatives, and expand energy efficiency in support of the State's environmental goals.     For additional information on these filings, please follow this   link   to   the factsheet section of our investor's website.   Notes The two utilities with approximately 1.9 million gas customers consist of KeySpan Energy Delivery New York (KEDNY) serving parts of New York City and KeySpan Energy Delivery Long Island (KEDLI) serving Long Island and the Rockaway Peninsula.       Investors and Analysts   Nick Ashworth   Angela Broad   +44 (0) 7814 355 590   +44 (0) 7825 351 918 James Flanagan   +44 (0) 7970 778 952     Media   Molly Neal   Karen Young   +44 (0) 7583 102 727   +1 718 541 8662       CAUTIONARY STATEMENT    This announcement contains certain statements that are neither reported financial results nor other historical information. These Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as 'aims', 'anticipates', 'e

View Full Filing

View this 6-K filing on SEC EDGAR