National Grid Stock Price, News & Analysis

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.

Niagara Mohawk Power Corp., a subsidiary of National Grid, has declared preferred stock dividends for the period from October 1, 2022 to December 31, 2022. The 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, all based on a $100 par value. These dividends are payable on January 2, 2023, to shareholders on record as of December 19, 2022. National Grid serves approximately 1.6 million electricity and 565,000 natural gas customers in upstate New York.

National Grid released a groundbreaking study outlining the future of electric vehicle (EV) charging needs along major highways in New York and Massachusetts. The Electric Highways Study projects a significant increase in charging demand, necessitating connections to high-capacity transmission lines within the next decade. The study also indicates that over 25% of surveyed sites will require power equivalent to that of an outdoor sports stadium within ten years. This strategic planning aims to prevent duplicate infrastructure investments and ensure a smooth transition to electric mobility.

National Grid commits $17 million in funding to support local non-profits in Massachusetts and New York, aimed at assisting customers affected by rising winter energy prices amid the global energy crisis and inflation. The funding will be distributed through community partners to provide immediate relief to vulnerable populations. Additionally, National Grid has launched the Winter Customer Savings Initiative, offering programs to help customers reduce energy use and manage costs effectively. The company's efforts reflect its commitment to community welfare and energy efficiency.

National Grid Renewables has pledged over $1 million to support the Yellowbud Community Fund in Ohio, benefiting Ross and Pickaway Counties. This initiative is part of the 274 MW Yellowbud Solar Project, which will provide annual donations of approximately $54,800 over twenty years. The funds will be managed by the Chillicothe-Ross Community Foundation, aimed at enhancing local nonprofits and schools. The project, currently under construction, is expected to commence operations in 2023, with the first donation slated for 2024. National Grid has now committed over $8 million in charitable funding across its renewable energy projects.

On September 21, 2022, National Grid announced the Winter Customer Savings Initiative to support customers during the challenging heating season. The initiative aims to help manage rising energy costs, driven by global conflicts and inflation, through various resources including payment assistance programs and energy efficiency incentives. Starting November 1, residential electric bills are expected to rise 64%, from $179 to $293 for typical usage. National Grid emphasizes providing transparency in energy costs, as they do not profit from energy supply expenses.