National Grid calls for 53% electric rate hike

PROVIDENCE, R.I. (AP) — Most Rhode Island residents will see a considerable increase in their electric bills around October under new National Grid rate proposals.

The state’s largest utility called for a 53 percent hike in the standard service rate, from 6.3 cents a kilowatt hour to 9.5 cents. The Providence Journal reports the increase would mean an average customer’s monthly bill would jump from about $89 to about $106.

The increase only covers the cost of power, which National Grid is not allowed to profit from under state law. The company is not proposing an increase in delivery fees.

A National Grid spokesman says high prices in the regional energy market means the company needed to secure capacity.

The hike is subject to state approval.