- Associated Press - Monday, May 23, 2016

ALBANY, N.Y. (AP) - Utility regulators say delivery rates for National Grid’s 1.7 million electric and natural gas customers in upstate New York will remain frozen through March 2018.

Public Service Commission Chair Audrey Zibelman says Monday the decision will have a significant economic benefit to National Grid’s commercial and residential customers and preserve base rate stability while allowing the company to borrow more than $2 billion and continue modernizing its systems.

The commission says it will also allow National Grid to use $152 million of credits currently owed to customers to offset related financial requirements, while reducing the company’s return on equity for incremental capital expenditures from 9.3 percent to 9 percent.

National Grid says the commission largely approved the plan it proposed in December, continuing a run of delivery rate stability.

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