ALBANY, N.Y. (AP) — New York utility regulators have approved new electricity and natural gas delivery rates for National Grid.

The Public Service Commission says Thursday the company will be allowed to collect a total of $123 million more electric revenue and almost $9 million more gas revenue over three years.

But the PSC says those increases will be offset by the expiration of a $190 million surcharge and the return of deferred customer credits, resulting in a 6.6 percent cut customer's electric delivery bills in the first year, followed by increases of 3.3 percent and 2.1 percent. It says a typical residential gas customer would see a drop of 4 percent the first year and then increases of 3.9 percent and 2.9 percent.