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 opened applications for its "Charging Our Future" DEI Engineering Scholarship Program, targeting high school seniors and college students pursuing engineering degrees. The program, now in its second year, will grant scholarships of up to $10,000 and offer paid summer internships to twelve candidates from low- and moderate-income backgrounds for the 2023-2024 academic year. With a commitment to diversity, equity, and inclusion, the program aims to enhance workforce representation in energy sectors while advancing the company’s goals for a clean energy future. Applications are accepted from April 25 to May 22, 2023, and recipients will have opportunities for renewal based on academic performance. This initiative supports National Grid's objective of achieving 50% diversity in senior leadership by 2025.
National Grid has been approved by the U.S. Department of Defense for its SkillBridge program, aimed at providing transitioning service members with internship opportunities. This initiative allows service members nearing discharge to gain civilian work experience, with the potential for employment at National Grid afterward. Interns will receive hands-on training, retain military pay and benefits, and their internships are funded by the program.
National Grid plans to offer positions such as Civil and Substation Supervisor and Customer Meter Service Supervisor in New York. The company is dedicated to leveraging the skills of veterans, currently employing around 700 veterans and 100 reservists. National Grid emphasizes its commitment to transforming energy solutions while maintaining a strong workforce of highly trained individuals.
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On February 15, 2023, Niagara Mohawk Power Corp., a subsidiary of National Grid USA, declared dividends for its preferred stock for the period from January 1, 2023, to March 31, 2023. The dividends are as follows:
- .85% for the 3.40% Series
- .90% for the 3.60% Series
- .975% for the 3.90% Series
These dividends will be payable on March 31, 2023, to shareholders of record as of March 17, 2023. National Grid serves around 1.6 million electricity customers and 565,000 natural gas customers in upstate New York.
National Grid has pledged an additional $500,000 to support recovery efforts in western New York following the devastating blizzard in December. This funding matches an earlier contribution from shareholders, totaling $1 million. Four organizations will utilize these funds to aid those affected and bolster community resilience: FeedMore WNY, Back to Basics Ministries, United Way of Buffalo and Erie County, and the American Red Cross. Additionally, late payment fees will be waived for customers impacted by the storm, and a $6 million initiative has been launched to help low- to moderate-income households manage winter bills.
National Grid has announced a $500,000 donation to support recovery efforts in western New York following the devastating December blizzard. The funds will assist local charities to provide essential services to affected individuals and families, emphasizing community resilience for future emergencies. Key initiatives include replenishing food supplies, supporting emergency response teams, and addressing immediate needs of economically vulnerable families through the establishment of a Community Resilience Fund. This initiative reflects National Grid's ongoing commitment to community support and recovery.
National Grid Renewables has commenced construction on the Wild Springs Solar Project in South Dakota, which will be the state's largest solar facility at 128 MWac. This project includes a 114 MW Power Purchase Agreement with Basin Electric and is expected to initiate commercial operations in 2023. It aims to avoid 190,000 metric tons of carbon dioxide emissions annually and generate $12 million in tax revenues over 20 years. Additionally, over $500,000 will be donated to the local community. Ames Construction is the chosen EPC partner for the project.
On December 15, 2022, National Grid's New York President, Rudy Wynter, participated in the White House Electrification Summit. The summit focused on how electrification can support U.S. climate and equity objectives. Wynter emphasized the utility's role in creating a cleaner energy future through strategic infrastructure planning. National Grid is committed to reaching net zero emissions by 2050 and is implementing technologies to modernize the electric grid, improve reliability, and enhance customer interaction with energy use via advanced metering infrastructure.
Niagara Mohawk Power Corp., a subsidiary of National Grid, announced a revised declaration of preferred dividends for the period of Oct. 1, 2022, to Dec. 31, 2022. The new rates are as follows: 0.85% on the $100 par value, 3.40% Series; 0.90% on the $100 par value, 3.60% Series; and 0.975% on the $100 par value, 3.90% Series. These dividends are payable on Dec. 30, 2022, to holders of record on Dec. 19, 2022. This announcement rescinds prior dividend issuance reported on Nov. 17, 2022.
National Grid has partnered with encoord to implement the SAInt software, which allows for integrated planning of electric and gas networks. This innovative approach enables National Grid to address the operational and economic challenges associated with decarbonization goals. The SAInt platform facilitates data-driven decisions, allowing the company to plan for various scenarios, including electrifying gas customers and enhancing reliability through non-wire alternatives. This collaboration represents a significant step in achieving a cleaner, more efficient energy future.