National Grid PLC Agreement reached with the State of New York (5883U)
25 Novembre 2019 - 04:49PM
UK Regulatory
TIDMNG.
RNS Number : 5883U
National Grid PLC
25 November 2019
25 November 2019
National Grid reaches agreement with the State of New York
National Grid has reached an agreement with the State of New
York to immediately lift its natural gas moratorium for all
customers in Brooklyn, Queens and Long Island for approximately the
next two years. National Grid will therefore proceed to connect
those customer applications put on hold due to the moratorium and
start processing all new applications.
This agreement also provides the necessary framework for
resolving the longer-term energy supply issues. Within three
months, National Grid has committed to present options to meet New
York's long-term gas supply needs. Following a consultation process
through a series of public meetings, final long-term options will
be identified, that reflect the public input, and should be agreed
with the State by June 2020. This will allow for safe and adequate
construction of long-term options.
As part of this agreement, National Grid will offer $7 million
in customer assistance to address hardships arising from the
moratorium, invest $8 million in demand response and energy
efficiency programs and make an additional $20 million investment
in clean energy projects and clean tech business investments.
With this agreement, National Grid is released from claims that
the Company's franchise or license should be revoked in connection
with the moratorium and the matter opened by the Public Service
Commission is resolved.
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Investors and Analysts (d) (m)
Aarti Singhal +44 (0) 20 7004 3166 +44 (0) 7814 355 590
(d) (m)
Nick Ashworth
+44 (0) 20 7004 3129 +44 (0) 7970 778 952
James Flanagan (d) (m)
Media
+44 (0) 7583 102 727
Molly Neal (m)
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. These forward-looking statements are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, including any arising as a result of the United
Kingdom's exit from the European Union; announcements from and
decisions by governmental bodies or regulators, including proposals
relating to the RIIO-T2 price controls as well as increased
political and economic uncertainty; the timing of construction and
delivery by third parties of new generation projects requiring
connection; breaches of, or changes in, environmental, climate
change and health and safety laws or regulations, including
breaches or other incidents arising from the potentially harmful
nature of its activities; network failure or interruption, the
inability to carry out critical non network operations and damage
to infrastructure, due to adverse weather conditions including the
impact of major storms as well as the results of climate change,
due to counterparties being unable to deliver physical commodities,
or due to the failure of or unauthorised access to or deliberate
breaches of National Grid's IT systems and supporting technology;
failure to adequately forecast and respond to disruptions in energy
supplies; performance against regulatory targets and standards and
against National Grid's peers with the aim of delivering
stakeholder expectations regarding costs and efficiency savings;
and customers and counterparties (including financial institutions)
failing to perform their obligations to the Company. Other factors
that could cause actual results to differ materially from those
described in this announcement include fluctuations in exchange
rates, interest rates and commodity price indices; restrictions and
conditions (including filing requirements) in National Grid's
borrowing and debt arrangements, funding costs and access to
financing; regulatory requirements for the Company to maintain
financial resources in certain parts of its business and
restrictions on some subsidiaries' transactions such as paying
dividends, lending or levying charges; the delayed timing of
recoveries and payments in National Grid's regulated businesses and
whether aspects of its activities are contestable; the funding
requirements and performance of National Grid's pension schemes and
other post-retirement benefit schemes; the failure to attract,
develop and retain employees with the necessary competencies,
including leadership and business capabilities, and any significant
disputes arising with National Grid's employees or the breach of
laws or regulations by its employees; and the failure to respond to
market developments, including competition for onshore
transmission, the threats and opportunities presented by emerging
technology, development activities relating to changes in the
energy mix and the integration of distributed energy resources, and
the need to grow the Company's business to deliver its strategy, as
well as incorrect or unforeseen assumptions or conclusions
(including unanticipated costs and liabilities) relating to
business development activity. For further details regarding these
and other assumptions, risks and uncertainties that may impact
National Grid, please read the Strategic Report section and the
'Risk factors' on pages 212 to 225 of National Grid's most recent
Annual Report and Accounts. In addition, new factors emerge from
time to time and National Grid cannot assess the potential impact
of any such factor on its activities or the extent to which any
factor, or combination of factors, may cause actual future results
to differ materially from those contained in any forward-looking
statement. Except as may be required by law or regulation, the
Company undertakes no obligation to update any of its
forward-looking statements, which speak only as of the date of this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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