Welcome to our dedicated page for National Grid news (Ticker: NGG), a resource for investors and traders seeking the latest updates and insights on National Grid stock.
National Grid PLC reports news as a regulated electricity and gas utility group with an ADR traded under NGG. The company owns and operates the high-voltage electricity transmission network in England and Wales, the U.K.'s largest electricity distribution network, and utility operations serving customers in New York and Massachusetts.
Recurring developments include grid modernization, resilience planning, wildfire-risk analytics, energy efficiency programs, virtual power plant participation, large-load interconnection capacity, customer-service and billing technology, and venture activity through National Grid Partners. Updates also cover community programs and operating initiatives tied to electricity transmission, distribution, gas service, and the energy transition.
National Grid has unveiled a historic plan to eliminate fossil fuels from its gas networks by 2050, aiming to enhance clean energy access in New York and Massachusetts. The strategy includes transitioning to renewable natural gas (RNG) and green hydrogen while maximizing energy efficiency. Key benefits include avoiding costly equipment upgrades, protecting union jobs, and maintaining energy reliability. This initiative, part of National Grid's Clean Energy Vision, is expected to serve over 20 million customers, aligning with state climate goals and supporting the fight against climate change.
Willdan Group, Inc. (Nasdaq: WLDN) has secured a two-and-a-half year contract with National Grid (NYSE: NGG) to implement an energy efficiency program aimed at low- to moderate-income customers. This initiative will enhance gas-saving improvements across multiple building systems in New York’s downstate service area, including Brooklyn, Queens, Staten Island, and Long Island. The program is part of a broader statewide effort to improve energy access and affordability, targeting at least 35% of benefits to disadvantaged communities in alignment with New York's Climate Leadership and Community Protection Act.
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.
The V2X pilot project by Electric Frog Company, Fermata Energy, and National Grid showcased the potential of electric vehicles (EVs) to support the New England electric grid. The Nissan LEAF, used in the project, earned over $4,200 by participating in demand response programs, operating for 57 peak hours. This initiative not only helps stabilize the grid but also lowers energy costs. National Grid incentivizes participation with $300/kW for up to 60 peak events. The future of clean transportation looks promising with V2X technology, which enhances both grid resilience and EV affordability.
National Grid Renewables has commenced commercial operations of its 200 MW Prairie Wolf Solar Project in Coles County, Illinois. This solar power initiative is contracted through a Virtual Power Purchase Agreement with Cargill and utilizes First Solar's advanced Series 6 thin-film modules. The project is expected to create onsite operations and maintenance jobs, generate significant tax revenue, and offset 285,000 metric tons of CO2 emissions annually. Additionally, funding for a local education fund will provide community and educational support.
National Grid and the Town of Hempstead announced a collaboration to develop one of the largest clean hydrogen projects in the U.S., named the HyGrid Project. Located in Point Lookout, Long Island, it aims to blend green hydrogen into the existing distribution system, heating around 800 homes and fueling 10 municipal vehicles. The facility expansion, initially established in 2009, showcases a successful venture into decarbonized transportation. The project aligns with New York State's Climate Leadership and Community Protection Act goals and emphasizes zero-carbon hydrogen as a key energy source.
National Grid Renewables has successfully secured $98 million in tax equity financing from Bank of America for the Prairie Wolf Solar Project, a 200 MW solar energy initiative in Coles County, Illinois. This financing aims to enhance the growth of renewable energy projects, contributing to local economic benefits and decarbonization efforts. The project is expected to offset 285,000 metric tons of CO2 emissions annually. Since 2021, the company has raised over $550 million in tax equity investments, highlighting its commitment to sustainable energy solutions.
National Grid has been honored with the 2021 ReliabilityOne® Award for Outstanding Reliability Performance in the Northeast Region Suburban/Rural service area, recognizing its superior service among U.S. utilities. The utility has consistently met or surpassed reliability targets from the New York State Department of Public Service for 13 years. Significant investments in infrastructure and storm restoration efforts have contributed to its top performance, underscoring reliability as a key company priority. This award highlights National Grid's commitment to providing safe and reliable electricity to over 20 million customers.
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.
Kevala Inc., a leader in energy data analytics, has partnered with National Grid (NYSE: NGG) and Exelon Corporation (Nasdaq: EXC) to release a White Paper on a new carbon accounting framework. The 'Total Carbon Accounting' (TCA) method aims to enhance the precision of carbon intensity data for grid electricity, allowing better evaluations for decarbonization efforts. This innovative approach is currently being piloted by major utilities in North America and Europe. Kevala recently secured $21 million in Series A funding to further develop its platform and services.