State regulators have approved higher rates for National Grid customers that will see the typical Rhode Island household pay 3.5 percent more for electricity and an additional 4.9 percent for natural gas.
The three members of the state Public Utilities Commission unanimously voted in favor of a settlement agreement that included the new rates at a public hearing on Thursday. The agreement was filed last month between National Grid, the state Division of Public Utilities and Carriers and the U.S. Department of Navy, which operates Naval Station Newport, a large user of energy.
Michael D. LaFlamme, New England vice president for regulation and pricing for National Grid, described the settlement as a reasonable compromise for all the parties, pointing out that National Grid agreed to lower the rate hikes from what was originally requested.
"It is a fair deal for us," he said. "I also firmly believe that it's a fair deal for our customers."
Under the new rates, which take effect Feb. 1, the typical electric customer, which uses 500 kilowatt-hours a month, will pay $2.56 more on a monthly basis, or $30.72 a year. The typical gas customer, which uses 846 therms per year, will pay $55 more annually.