Niagara Mohawk Power Corporation Declares Preferred Stock Dividends

(Neutral)

Rhea-AI Summary

Niagara Mohawk Power Corp., an indirect subsidiary of National Grid, announced preferred stock dividends for the period from Sept. 1, 2021, to Dec. 31, 2021. The rates are set at 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series, all based on a $100 par value. Dividends will be payable on Dec. 31, 2021, to holders of record as of Dec. 17, 2021. National Grid serves approximately 1.6 million electricity and 565,000 natural gas customers in upstate New York.

Positive

Declared preferred stock dividends, providing income for shareholders.
Stable dividend rates of 0.85%, 0.90%, and 0.975%

Negative

None.

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+0.86% Session move

In the trading session that priced this news, NGG gained 0.86%, reflecting a mild positive market reaction.

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11/17/2021 - 10:59 AM

SYRACUSE, N.Y., Nov. 17, 2021 /PRNewswire/ -- Niagara Mohawk Power Corp. (the "Company"), an indirect subsidiary of National Grid USA ("National Grid"), announced that its Board of Directors has declared dividends for the period Sept. 1, 2021 to Dec. 31, 2021 at the following rates for all outstanding series of its preferred stock:

.85% on the $100 par value, 3.40% Series;
.90% on the $100 par value, 3.60% Series;
.975% on the $100 par value, 3.90% Series.

The preferred stock dividends are payable on Dec. 31, 2021, to holders of record on Dec. 17, 2021.

The Company, doing business as National Grid, provides electricity service to approximately 1.6 million customers and natural gas service to approximately 565,000 customers in upstate New York. The Company is based in Syracuse, N.Y.

National Grid is an indirect subsidiary of National Grid plc (LSE: NG; NYSE:NGG).National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New York and Rhode Island. It is the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in Massachusetts, New York and Rhode Island.

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SOURCE Niagara Mohawk Power Corp.

FAQ

What is the dividend rate for Niagara Mohawk Power Corp's preferred stock?

The preferred stock dividends are 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series.

When will the preferred stock dividends be paid?

The dividends will be payable on Dec. 31, 2021.

What is the record date for receiving the dividends?

The record date to receive the dividends is Dec. 17, 2021.

How many customers does National Grid serve in New York?

National Grid provides electricity to approximately 1.6 million customers and natural gas service to around 565,000 customers in upstate New York.