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National Grid to seek another rate hike in 2012Subscribe to RSS feed

National Grid customers could wind up with a double whammy in 2013. The British utility, which announced a 25 percent increase in its pre-tax profit Thursday, says it will likely seek rate increases for its electric and natural gas customers in upstate New York as soon as possible next year.

Because the process of asking state regulators for a rate hike takes 11 months, any increases wouldn't take effect until 2013.

But National Grid just spent most of last year trying to justify a $360 million electric rate increase, although the state Public Service Commission only allowed $119 million.

And in 2009, the PSC approved a $39 million increase in natural gas rates. (more)