PROVIDENCE, R.I. (WPRI) — Rhode Island Energy announced Tuesday that it will give its customers more than $170 million worth of bill credits over the next year.
The bill credits stem from a settlement agreement that dates back to when Rhode Island Energy took over National Grid’s statewide operations four years ago. Rhode Island Energy made a commitment back then to hold customers harmless from certain acquisition-related costs.
Instead of continuing to pay that money out incrementally, Rhode Island Energy has agreed to accelerate those bill credits, with the goal of making customers whole by the end of next year.
RELATED: RI Energy customers may see $170M worth of relief
Rhode Island Energy originally considered expediting the bill credits last year and renewed that proposal this year, according to Rhode Island Energy President Greg Cornett…