NIAGARA MOHAWK POWER CORPORATION DECLARES PREFERRED STOCK DIVIDENDS

(Neutral)

Rhea-AI Summary

Niagara Mohawk Power Corp., part of National Grid USA, announced dividends for its preferred stock for the period from January 1, 2022, to March 31, 2022. The declared rates are: 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series, payable on March 31, 2022, to holders on record by March 17, 2022. The Company provides electricity to approximately 1.6 million customers and natural gas to about 565,000 in upstate New York, reinforcing its position as a key utility provider in the region.

Positive

Declared dividends on preferred stock contribute to shareholder income.
Dividends reflect the company's financial health and commitment to returning value to investors.

Negative

None.

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In the trading session that priced this news, NGG gained 1.52%, reflecting a mild positive market reaction.

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02/16/2022 - 10:33 AM

SYRACUSE, N.Y., Feb. 16, 2022 /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 Jan. 1, 2022 to March 31, 2022 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 March 31, 2022 to holders of record on March. 17, 2022.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/niagara-mohawk-power-corporation-declares-preferred-stock-dividends-301483812.html

SOURCE Niagara Mohawk Power Corp.

FAQ

What are the preferred stock dividend rates for Niagara Mohawk Power Corp (NGG)?

The declared dividend rates 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 dividends be paid for Niagara Mohawk Power Corp (NGG)?

The dividends are payable on March 31, 2022, to holders on record by March 17, 2022.

How many customers does Niagara Mohawk Power Corp (NGG) serve?

Niagara Mohawk provides electricity to approximately 1.6 million customers and natural gas to about 565,000 customers in upstate New York.

What is the signal of declaring dividends for preferred stock for shareholders of NGG?

Declaring dividends indicates the company's financial stability and prioritization of shareholder returns.