The Jamestown Board of Public Utilities has applied for a nearly 10% electric rate increase.
BPU General Manager David Leathers said the utility filed for a 9.96% increase with the State Public Service Commission in July. He said they anticipate receiving word back by the end of 2025 on whether the rate has been approved.
The last BPU electric rate increase was in March 2015.
Meanwhile, National Grid has received approval from the PSC for a 31% electric rate increase over three years.
The company said increase is necessary to maintain safe and reliable service. National Grid plans to hire at least 480 new employees and will spend roughly $4.3 billion on capital improvements to its electric system and $1 billion on the gas system.
To pay for the increased spending, National Grid will hike the delivery charges on customer bills, which are regulated by the state and account for nearly two-thirds of an average residential customer’s bill. Delivery charges also include the utility’s profit, which the PSC calculated at 9.5%.
The remainder of the bill is the supply charge, which reimburses National Grid, without a markup, for the cost of electricity and gas it buys from suppliers. Those costs are expected to remain flat, contributing almost nothing to the increases in customer bills, according to forecasts by the PSC staff.
National Grid said residential electricity customers using an average of 625 kilowatt-hours per month would see an estimated total monthly bill increase of $14.32 in the first year, $6.44 in the second year and $4.34 in the third year.
Governor Kathy Hochul denounced the rate increase, saying, “While I appreciate that the New York Public Service Commission worked to significantly lower the outrageously high initial rate proposals, it’s still not enough. I have been crystal clear that utilities must make ratepayer affordability the priority. Since taking office, my administration has prioritized energy affordability, particularly for our most vulnerable, and we need the utilities to take it seriously as well. That means at a time when worried New Yorkers are being forced to tighten their budgets, all utilities must follow suit. This is no time for bonuses and big raises for executives, especially if they are going to be looking to raise rates on their customers.”
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