FOR IMMEDIATE RELEASE

Corning, NY(July 31, 2024)-- Corning Natural Gas Corporation ("CNGC", "Company") plans to file with the New York Public Service Commission ("PSC") for increased natural gas delivery rates on July 31, 2024. The Company proposes a four-year rate plan. The levelized customer impact that CNGC proposes would be $5,794,132 per year for four years. These rates would increase customer bills 13.76% per year.

The three most significant drivers underlying the need for additional revenues are mandated capital expenditures for the replacement of older pipe, higher interest expense, and additional depreciation expense resulting from the shortening of service lives of Corning's system to reflect the impact of the Climate Leadership and Community Protection Act. These factors are out of Corning's control. Other components of the increases include inflation related increases due to wage increases, and the increased cost of insurance, and increased IT costs.

The Public Service Law permits the PSC to extend the "suspension period" during which the case will be litigated by up to a total of approximately 11 months after the filing, or to approximately June 30, 2025. During the pendency of the case, the typical steps following the Company's filing are: discovery during which other parties submit interrogatories to the Company; filing of the PSC Staff and other interested parties' cases; discovery by the Company; filing of rebuttal testimony by the Company; hearings during which the parties' evidence is cross-examined; filing of post-hearing briefs; and a decision by the
PSC. The Commission can approve, modify, or reject the Company's rate proposal.

Michael German
President
Email: mgerman@corninggas.com
Website: www.corninggas.com