Form 6-K NATIONAL GRID PLC For: Oct 03
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 |
Announcement sent to the London Stock Exchange on 3 October 2016:-‘Rate case order issued for Massachusetts Electric Company’
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: 3 October 2016 | 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 3 October 2016:-‘Rate case order issued for Massachusetts Electric Company’ | |
3 October 2016
National Grid plc
Rate case order issued for Massachusetts Electric Company
Following National Grids rate filing in November 2015, on 30 September the Massachusetts Department of Public Utilities (DPU) issued a rate order for the Massachusetts Electric Company which supplies 1.3m electricity distribution customers.
New distribution rates, which will increase for the first time since 2010, are effective 1 October 2016.
Following an initial assessment of the rate order, the key points are:
allowed Return on Equity of 9.9% on a 50.7% equity capital structure
revenue increase of $101m, which compares to our ask of $130m (after adjustments to the
original request of $143m)
annual capital investment of $249m
It is estimated that this order will result in an approximate 7% bill increase for residential customers.
A fact sheet will be made available on the National Grid Investor Relations website later this week following a review of the detailed terms of the order.
Investors and Analysts
Aarti Singhal
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+44 (0)20 7004 3170 | +44 (0)7989 492447 (m) | ||
Michael Ioanilli
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+44 (0)20 7004 3006 | +44 (0)7789 878784 (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 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, including any arising as a result of the United
Kingdoms anticipated exit from the European Union, 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 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 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 the National Grids 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 treats 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 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
the Companys proposed sale of a majority stake in its UK gas distribution business and 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
183 to 186 of National Grids 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.
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