We are pleased to announce a joint proposal, signed by many parties reviewing our delivery rate proposals, which will significantly advance the future energy needs of our customers. The plan, developed by us in coordination with the NYS Department of Public Service and many other parties, will establish new rates for gas and electric delivery service for a three-year period starting next year. The proposal represents the first increase in electric delivery rates in nearly five years, and more than four years for gas delivery.
The joint proposal will fund critical infrastructure investments in our gas and electric delivery systems to enhance safety and maintain reliability. Additionally, the plan will support the advancement of smart meters, energy efficiency programs and new technology that will give customers greater control over their energy usage and bills, and help integrate new clean energy technology into the grid.
We remain committed to providing safe and reliable gas and electric service to customers at a reasonable cost, while promoting new customer-sided solutions, energy efficiency and renewables.