Form 6-K NATIONAL GRID PLC For: Nov 09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
National Grid plc |
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(Translation of registrants name into English) | ||||
1-3 Strand London WC2N 5EH, England |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
Please see Exhibit 99.1 - Announcement sent to the London Stock Exchange on 9 November 2015:-‘Massachusetts electric rate filing submitted’
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
National Grid plc | ||
Date: 9 November 2015 | By: |
/s/ David Whincup |
Name: | David Whincup | |
Title: | Assistant Company Secretary | |
Exhibit No. | Description | |
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99.1 | Announcement sent to the London Stock Exchange on 9 November 2015:-‘Massachusetts electric rate filing submitted’ | |
9 November 2015
National Grid plc
Massachusetts electric rate filing submitted
On 6 November 2015, National Grid filed a request with the Massachusetts Department of Public Utilities (DPU) to update its electricity distribution rates for its Massachusetts Electric companies. This is the first time since 2009 that the Company has filed a request to update its electricity distribution rates.
In the filing, National Grid describes its unwavering commitment to the delivery of a safe, reliable and cost effective electric service for its customers. The requirements for system investment have been increasing as customers require a more resilient, modernized and responsive electric grid, with quicker storm restoration. In addition, the need to accommodate growing levels of distributed energy resources is leading to ever increasing needs.
National Grid is requesting an approximate $143 million per annum increase in electricity delivery revenue to cover increased operating costs and investments made in its electric delivery network. Since the last rate case was approved, which was based on calendar year 2008 costs and rate base, National Grid has invested approximately $1.3bn in system improvements. This investment is $178 million in excess of the aggregate annual cap of $170 million currently included in rates. In addition, operating expenses have increased since 2009, including items such as property taxes.
As part of the revenue increase request, which is based on operating costs and rate base for the twelve months ended June 30, 2015; National Grid is asking that the current capex tracker with the annual cap of $170 million be increased to $285m in order to continue to compensate National Grid for needed enhancements to the electric system. National Grid is also proposing to maintain the operation of its current Storm Fund mechanism and to implement a limited property tax tracker mechanism.
The filing is expected to take up to 11 months to review and to conclude in September 2016, with new rates effective 1 October 2016.
Investors and Analysts
George Laskaris
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+1 917 375 0989 (m) | |
Tom Hull
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+1 917 524 4099 (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 Grids
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 Grids 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 Grids ability to control or
estimate precisely, such as changes in laws or regulations, announcements from and decisions by
governmental bodies or regulators (including the timeliness of consents for construction projects);
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 seasonal and 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 unauthorised access to or deliberate breaches of
National Grids IT systems and supporting technology; performance against regulatory targets and
standards and against National Grids peers with the aim of delivering stakeholder expectations
regarding costs and efficiency savings, including those related to investment programmes and
internal transformation and remediation plans; 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 Grids 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; inflation or deflation; the
delayed timing of recoveries and payments in National Grids regulated businesses and whether
aspects of its activities are contestable; the funding requirements and performance of National
Grids pension schemes and other post-retirement benefit schemes; the failure to attract, train or
retain employees with the necessary competencies, including leadership skills, and any significant
disputes arising with National Grids employees or the breach of laws or regulations by its
employees; and the failure to respond to market developments, including competition from onshore
transmission, and grow the Companys business to deliver its strategy, as well as incorrect or
unforeseen assumptions or conclusions (including unanticipated costs and liabilities) relating to
business development activity, including assumptions in connection with joint ventures. 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 167 to 169 of
National Grids most recent Annual Report and Accounts, as updated by National Grids unaudited
half-year financial information for the six months ended 30 September 2014 published on 7 November
2014. 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.
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