Rhode Island Lt. Governor Dan McKee is calling on the Rhode Island Public Utilities Commission (PUC) to rollback National Grid’s electricity rates, after Congressional approval of a federal corporate tax rate cut from 35 percent to 21 percent.
In August, National Grid received permission from the PUC to raise winter electricity rates from 6.3 cents per kilowatt hour to 9.5 cents, meaning an average increase of $17 a month. The utility also asked for a six percent increase in electric rates and 5 percent on gas prices. If approved those hikes would not go into effect until September.
Meanwhile, McKee said that Massachusetts’ primary electric supplier, Eversource, agreed to pass on some $31 million in savings from the new federal tax legislation to customers. That action filed a formal motion filed by the Attorney General with the state Division of Public Utilities.
McKee sent a letter today (Friday) urging the PUC to reevaluate National Grid’s most recent request for a 6 percent electric rate increase, along with all recently approved National Grid rate increases.
“Unless the PUC adjusts rates to properly reflect the tax reduction, ratepayers will be substantially overpaying while National Grid receives an unreasonable windfall,” McKee said.
“Our neighbors in Massachusetts will be getting a break on their monthly electricity bills,” McKee said. “It’s time for Rhode Island to ask National Grid to use its corporate savings to lower rates in our state and provide much needed relief for local families and small businesses. This is an opportunity for ratepayer relief that we cannot afford to miss.”