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.
Niagara Mohawk Power Corp., a subsidiary of National Grid, has declared dividends for its preferred stock for the period from April 1, 2021 to June 30, 2021. The rates are as follows: 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series. Dividends will be paid on June 30, 2021, to shareholders of record by June 16, 2021. National Grid serves approximately 1.6 million electricity and 565,000 natural gas customers in upstate New York.
CPower Energy Management has been selected by Con Edison and National Grid for their Term-Dynamic Load Management (DLM) Program in New York. This program incentivizes customers to provide load relief with significant notice, offering fixed pricing for three to five years. Established by the New York Public Service Commission in September 2020, the initiative supports New York's clean energy goals, including 1,500 MW of energy storage by 2025 and 70% electricity from renewables by 2030. CPower aims to enhance energy flexibility and reliability while fostering investment in clean energy technologies.
The Hershey Company (NYSE: HSY) has announced two significant clean energy partnerships aimed at transitioning to renewable energy. The first project, a 20 MW solar farm in Camden, North Carolina, will reduce CO2 emissions by 32,025 metric tons annually. The second project involves a 50 MW solar power agreement with National Grid Renewables for the Noble Project in Texas, projected to lower CO2 emissions by approximately 83,625 metric tons per year. Together, these projects will decrease Hershey's carbon footprint by 115,650 metric tons annually, aligning with their goals to cut greenhouse gas emissions by over 50% by 2030.
National Grid Renewables announced three solar power purchase agreements (PPAs) for the Noble Project in Denton County, Texas, which includes 275 MW of solar and 125 MWh of battery storage. The Home Depot and NRG each signed 100 MW PPAs, while The Hershey Company signed a 50 MW PPA. The project aims to offset 450,000 metric tons of CO2 emissions annually and is expected to create $26 million in tax revenue and 250 construction jobs. Operations are slated to commence in the first half of 2022, enhancing Texas's clean energy landscape.
National Grid Partners (NGP) has announced a new investment allocation of $150 million to bolster its portfolio of innovative startups in energy and technology. This follows a previous investment of $227 million in various companies since its inception. Notably, NGP has invested $7.5 million in two Silicon Valley firms, Pathr and AccuKnox, focusing on enhancing security in physical and cyber infrastructures. Over 70% of NGP's portfolio companies have strategic ties with National Grid, aiming to improve service delivery and sustainability in the energy sector.
Green River Wind Farm has made its first donation of $38,800 to the Green River Community Fund, part of its commitment to local communities in Illinois. The wind farm, which operates under a 194 MW capacity, is associated with Virtual Power Purchase Agreements with major companies like Apple and Akamai Technologies. The total estimated charitable commitment for the fund is approximately $775,000. The project has created 200 construction jobs and 10 full-time positions, contributing to local economies through job creation and anticipated tax revenue.
National Grid plc (LSE: NG, NYSE: NGG) has agreed to acquire Western Power Distribution from PPL Corporation for £7.8 billion. Concurrently, PPL will acquire National Grid’s Narragansett Electric Company in Rhode Island for $3.8 billion (£2.7 billion). This move aims to enhance National Grid's U.K. electricity distribution scale while allowing PPL to broaden its U.S. operations. Both transactions are subject to shareholder and regulatory approvals, expected within 4 months for Western Power and 9-12 months for Narragansett.
National Grid has reached an agreement to acquire Western Power Distribution from PPL Corporation for £7.8 billion. Concurrently, PPL will acquire Narragansett Electric, National Grid's business in Rhode Island, valued at US$3.8 billion (£2.7 billion). This strategic move aims to enhance both companies' growth, enabling National Grid to expand its footprint in the UK electricity distribution sector and PPL to strengthen its presence in the U.S. The acquisition is subject to shareholder and regulatory approvals, expected within 4 to 12 months.
National Grid Renewables has commenced construction on the 200 MW Prairie Wolf Solar Project in Coles County, Illinois. The initiative aims to enhance the electric grid with clean energy while generating substantial economic benefits, including millions in tax revenue and increased landowner income. A Virtual Power Purchase Agreement (VPPA) with Cargill is already in place. Expected to offset 285,000 metric tons of CO2 emissions annually, the project is slated to create local jobs and contribute approximately $800,000 to community funds over 20 years.
Urbint and National Grid have teamed up to enhance worker safety using AI technology. The Urbint Lens for Worker Safety will be deployed across National Grid's U.S. service areas to identify potential hazards, aiming to reduce serious injuries and fatalities in the field. Recent data shows serious worker injuries have not decreased significantly in 14 years, highlighting the urgency of this collaboration. The AI-driven solution analyzes worksite data to provide actionable safety insights, helping utilities protect their essential workers effectively.