Lt. Governor Dan McKee is calling on the Rhode Island Public Utilities Commission (PUC) to recalculate National Grid’s existing and proposed electricity rates to reflect the reduction of the federal corporate tax from 35 to 21 percent.
Earlier this month, Massachusetts’ primary electricity supplier, Eversource, agreed to pass on approximately $31 million in savings from the new federal tax legislation to its customers following a formal Motioned filed with the Division of Public Utilities by the state’s Attorney General.
In a letter sent this afternoon, Lt. Governor McKee urged the PUC to reevaluate National Grid’s most recent request for a six percent electric rate increase and reopen the dockets for all recently approved National Grid rate increases. In the letter, McKee notes that unless the PUC adjusts rates to properly reflect the tax reduction, ratepayers will be substantially overpaying while National Grid receives an unreasonable windfall.
“Our neighbors in Massachusetts will be getting a break on their monthly electricity bills. 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,” said McKee. “This is an opportunity for ratepayer relief that we cannot afford to miss.”
McKee has a record of advocating for Rhode Island ratepayers that includes eliminating National Grid’s “billing adjustment” that left thousands of customers with unexpected charges on their bills after they switched to competitive electricity suppliers. The Lt. Governor also proposed a Ratepayer Protection Legislative Package last year that would increase competition in the electric market and lower costs. Earlier this week, McKee announced new legislation that will hold utility companies to a higher standard for emergency preparedness and response.