ALBANY, N.Y (NESTAR) — The New York State Public Service Commission approved new rate hikes for National Grid and Central Hudson on August 14, raising electric and gas bills for millions.

The PSC regulates utility companies and, under current law, has sole discretion to approve rate increase requests from utilities. On Thursday, despite some reductions to the companies' initial requests, the agency OK'd higher rates for customers over the next three years.

National Grid and the PSC agreed to raise annual income generated by sales of electricity—another way of describing a price increase for customers—by $167.3 million, and for gas by $57.4 million in the first fiscal year, starting Monday, September 1. That's about 3.4% more in electric revenue and 5.5% more in gas for the first year. Wh

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