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KeySpan Extends EDGAR Discount Plan |
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October 3, 2001 A program designed to boost economic development by offering reduced gas rates has been extended for three years with the approval by the Public Service Commission. KeySpan's EDGAR (Economic Development Gas Rate) was set to expire on September 30, 2001 but will continue until September, 2004. Qualifying businesses receive a discount on the utility transportation portion of the gas rate for ten years. Hoping to encourage companies to expand or relocate to LI, the program has benefited more than 100 companies according to Keyspan since 1999. Companies receive a 35% discount durnig the first seven years which is phased out during the final three years of the program. “This is a wonderful program to help encourage Long Island’s businesses to stay or move to Long Island,” says Wally Parker, President of KeySpan Energy Delivery. “We look forward to working with area companies to keep Long Island’s economy growing and thriving.” In addition, KeySpan also received approval from the PSC to permit EDGAR to accept applications from graduates of the New York State Incubator Program. The New York State Incubator Program supplies emerging high tech industries with flexible, well-configured research facilities near potential private investors and local educational institutions. As a result, many of the biotech or software companies that participate in the incubator program may receive additional incentives to keep their businesses on Long Island. To qualify for EDGAR, applicants must be certified in a state-designated economic development zone (EDZ) and be able to present a certificate of eligibility from New York State Department of Economic Development. Customers outside the EDZ must participate with local municipalities in a loan or grant program for capital improvements. For more information or to learn if your business qualifies, call 516-545-3873. For more information about the company, visit KeySpan’s Web site at: http://www.keyspanenergy.com
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