ALBANY — The New York State Public Service Commission Thursday adopted a joint proposal establishing three-year electric and gas rate plans for National Grid signed by 15 parties.

The action reduces the company’s request for total electric delivery revenues by over $340 million and total gas delivery revenues by nearly $100 million in the first year. The adopted joint proposal delivers $110 million in annual efficiency savings, defers non-essential capital projects, and supports energy affordability programs and protections for vulnerable customers.

“The adopted joint proposal meets the legal requirement that the company continue to provide safe and adequate service at just and reasonable rates,” said Commission Chair Rory M. Christian. “The three-year rate plan is in the public interest. It is a forward-looking plan that benefits customers and includes provisions that further important state and Commission objectives, while keeping customer affordability first and foremost in mind.”

The joint proposal was submitted by 15 parties, including the company, Department staff, Multiple Intervenors, New York Solar Energy Industries Association, and Alliance for a Green Economy. Other parties who signed onto the joint proposal include the Independent Power Producers of New York, NYGEO, Turning Stone Enterprises, the U.S. Department of Defense, Fedrigoni Special Papers North America, Empire Natural Gas Corporation, New Yorkers for Clean Power, the New York Power Authority, and IBEW Local 97. Additional active parties, including the Environmental Defense Fund, did not oppose the joint proposal.

State Gov. Kathy Hochul made it clear the original rate proposal was too high. At Hochul’s direction, the Department of Public Service, the staff arm of the Commission, scrutinized National Grid’s rate case to prioritize affordability. It’s the Commission’s responsibility to find the right balance between the resources needed to ensure system reliability and minimize costs to ratepayers. The Commission believes these agreements found the best possible path forward in this case.

That does not mean there will be less pain. Rob Ortt, state Senate Republican leader, said the “hikes will make it even harder for hardworking New Yorkers to make ends meet.

“Make no mistake, these rising energy costs are not happening in a vacuum. They’re a direct consequence of the New York Democrats’ Green New Scam,” he said. “By imposing unrealistic energy mandates and banning reliable energy sources, Albany Democrats have driven residential electricity prices nearly 40% higher than in neighboring Pennsylvania.

The adopted joint proposal continues or enhances numerous provisions in the prior rate order such as customer service performance metrics, gas safety metrics, low-income and energy affordability provisions. The adopted joint proposal also encourages the company to pursue non-pipeline alternatives.

The adopted joint proposal will result in a total electric revenue increase, on a levelized basis, of 3.4 percent in the first year, 5.6 percent in the second year, and 4.6 percent in the third year.

As part of the rate-setting process, Department staff reviewed and considered the almost 9,000 public comments submitted in the proceeding. The Commission also held three in-person public statement hearings, a virtual public statement hearing, as well as an evidentiary hearing, a procedural hearing, and a technical conference.