National Grid (NGG) said Friday it submitted a joint proposal with regulatory staff, labor unions, and several stakeholder groups outlining a three-year rate plan for electricity and gas delivery in upstate New York.

The agreement would replace the company's May 2024 request, aiming to limit customer bill increases, expand affordability programs, improve grid reliability, and support state renewable energy targets, the company said.

Key measures include $1.4 billion in electric and $351 million in gas system investments in the first year, over $290 million in bill discounts for vulnerable customers, and a shareholder-funded weatherization program, National Grid said.

The company said the plan also includes enhanced storm resiliency, integrated energy planning for climate goals, infrastructure upgrades for clean energy connections, and more than 480 new jobs to support operations and customer programs.

Parties supporting the filing include the New York Department of Public Service Staff, IBEW Local 97, New York Power Authority, Walmart (WMT), and multiple environmental and industry groups, National Grid said.

National Grid said the proposal is now subject to public review and additional feedback before potential regulatory approval.