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National Grid to provide temporary credit for bill spikes

ALBANY -- The New York State Public Service Commission announced on Wednesday that it has authorized National Grid to take immediate action to provide $32 million in temporary credit to customers.

The decision allows National Grid to defer the $32 million estimated ratepayer credits and allow future recovery from customers. The way it would be recovered, and the time period in which it would happen has not yet been decided by the Commission.

The move is an effort to offset what they call an unprecedented increase in electric supply costs. "The unusually cold weather that has gripped the region has caused energy supply prices to surge in New York State," says the Commissions Chairman. "Electricity prices could increase by as much as 27 percent in February."

Because of unusual spikes National Grid has been experiencing, the Commission will also review National Grid's hedging practices and retail rate mechanisms to avoid similar problems in the future.
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