National Grid PLC Rate filing submitted for Massachusetts Gas (3481F)
16 Noviembre 2020 - 01:00AM
UK Regulatory
TIDMNG.
RNS Number : 3481F
National Grid PLC
16 November 2020
16 November 2020
National Grid plc
Rate filing submitted for Massachusetts Gas
National Grid has filed a request with the Massachusetts
Department of Public Utilities (DPU) to update gas distribution
rates for its Massachusetts Gas business.
To ensure the safety and reliability of the gas network, the
rate filing requests a $138 million increase in revenue to cover
increased operating costs and core investments, and a Return on
Equity of 10.5%. National Grid is also proposing a new Performance
Based Rate Mechanism (PBRM) that will link annual revenue increases
to inflation.
As part of the filing, the capital tracker that recovers
investment associated with leak prone pipe replacement would
continue.
The filing also includes a request for significant investments
of up to $50 million in innovative proposals to decarbonise our
natural gas networks, including hydrogen blending, shared
geothermal loops, renewable natural gas, and demand-side response
measures. These proposals would be recovered through existing
regulatory mechanisms outside the requested revenue increase.
This rate filing is expected to conclude in September 2021, with
new rates effective 1 October 2021.
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
Nick Ashworth +44 (0) 7814 355 590
James Flanagan +44 (0) 7970 778 952
Jonathan Clay +44 (0) 7899 928 247
US Media
Michael West +1 781 227 0398
UK Media
Molly Neal +44 (0) 7583 102 727
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 its operations, employees, counterparties,
funding and legal and regulatory obligations, but also more widely
in terms of 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 proposals relating to the RIIO-T2 price
control, as well as increased political and economic uncertainty
resulting from COVID-19; 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 and business capabilities, 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.
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 227 to 230
of National Grid's most recent Annual Report and Accounts for the
year ended 31 March 2020, as updated by National Grid's unaudited
half-year financial information for the six months ended 30
September 2020, published on 12 November 2020. 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.
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