ALBANY, NY & BUFFALO, NY & SYRACUSE, NY - (Business Wire) National Grid today will submit a comprehensive proposal to establish new electric delivery rates for the former Niagara Mohawk service area in upstate New York for three years while allowing the company to continue its significant investment in the electric transmission and distribution system to meet the growing and changing needs of customers. The plan would have little to no impact on typical customer delivery bills.

The proposal will be filed today with the New York Public Service Commission (PSC) and, if approved, would take effect January 2011.

National Grid today operates under a rate plan that does not recover ongoing operational costs. In the new proposal, the company will file for recovery of out-of-pocket costs it will incur of more than $390 million per year over current rate levels.

To offset this, the company has proposed to delay the full recovery of previously incurred costs and instead will spread those over an additional three years through the end of 2014, resulting in little or no change in bills for the vast majority of customers. Under the current rate plan, National Grid is eligible to collect most of those deferred costs by the end of 2011.

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