05/26/2022 | Press release | Distributed by Public on 05/27/2022 00:59
BINGHAMTON, NY - May 26, 2022, 4:15 p.m. -Today, New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E), subsidiaries of AVANGRID, Inc. (NYSE: AGR), announced the companies have filed proposed changes to delivery rates with the New York State Public Service Commission (NYSPSC). The plans, titled "Reliable Energy New York: Investing in Our Future," outline a proposal for each company that include infrastructure investments for a more resilient, sustainable and smart system, more resources to support customers and local communities, energy efficiency programs and investments to enable renewable energy, as well as economic development proposals that will help build cleaner, healthier communities. As inflation and other economic impacts affecting customers here in New York and across the country, the companies recognize the importance of balancing the critical investments our grid requires as well as the needs and expectations of our customers.
Under the "Reliable Energy NY" proposals, NYSEG and RG&E will replace aging infrastructure and make smart investments for a more resilient system that can minimize the impacts of climate change on the energy system. The companies will also further encourage customers, community partners and business clients to adopt sustainable tools and technologies and support them as they make the transition to clean energy. That transition will lower their overall impact on the environment and give them more control over their total energy consumption and costs.
"Reliable Energy NY" proposes a rate structure that would add $10-18 to the average electric or gas residential customer's monthly delivery costs, or a 13-22% increase on each total bill. New delivery rates are proposed to go into effect May 1, 2023. Even with these proposed increases in delivery rates, the companies will continue to have among the lowest electric and gas rates in New York.
Key aspects of the "Reliable Energy NY" plans include investments in:
Under the Public Service Law, the rates proposed in "Reliable Energy NY" are for a one-year period and will not immediately go into effect upon filing; the filing starts an 11-month process. The process includes a review of the filings by the Department of Public Service and other interested parties, questions to NYSEG and RG&E and, as appropriate, responsive testimony. During this process, we will seek to engage in discussions with parties regarding potential multi-year rate recovery of costs to mitigate annual impacts on customers.
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About NYSEG: New York State Electric & Gas Corporation (NYSEG) is a subsidiary of AVANGRID, Inc. Established in 1852, NYSEG operates approximately 35,000 miles of electric distribution lines and 4,500 miles of electric transmission lines across more than 40% of upstate New York. It also operates more than 8,150 miles of natural gas distribution pipelines and 20 miles of gas transmission pipelines. It serves approximately 894,000 electricity customers and 266,000 natural gas customers. For more information, visit nyseg.com.
About RG&E: Rochester Gas and Electric Corporation (RG&E) is a subsidiary of AVANGRID, Inc. Established in 1848, RG&E operates approximately 8,800 miles of electric distribution lines and 1,100 miles of electric transmission lines. It also operates approximately 10,600 miles of natural gas distribution pipelines and 105 miles of gas transmission pipelines. It serves approximately 378,500 electricity customers and 313,000 natural gas customers in a nine-county region in New York surrounding the City of Rochester. For more information, visit rge.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies - a list of America's best corporate citizens - and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.'s Sustainable Development Goals and was named among the World's Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit avangrid.com.
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