(Reuters) - Britain's National Grid (LON:NG) said on Friday its two utility firms in Massachusetts have submitted a clean energy investment plan to authorities in the U.S. state as part of the group's required rate case filing.
Utility companies in the United States use rate case proceedings with the respective regulators to address a revenue shortfall and ask for an increase in rates on the basis of the total cost of providing service.
If approved, the plan filed by Massachusetts Electric Co and Nantucket Electric Co would see a $4.86 increase in monthly bill for a residential customer with the usage of 600 kilowatt hours per month over the five-year investment period, National Grid said in a statement.
The company, which runs Britain's energy systems and operates electricity and gas businesses in New York and Massachusetts, has been trying to transition to more renewable power generation and speed up its clean energy projects as global economies target net-zero emissions.
The company said the plan sets the foundation for investments that are part of its Future Grid project, which aims to transform the electric grid in Massachusetts to provide cleaner energy.
The company expects the rate changes to take effect on Oct. 1, 2024, with new bills being issued from Nov. 1.