Welcome to our dedicated page for National Grid PLC news (Ticker: NGG), a resource for investors and traders seeking the latest updates and insights on National Grid PLC stock.
National Grid plc (NYSE: NGG) is a British multinational electricity and gas utility company headquartered in London, England. The company focuses on the transmission and distribution of electricity and natural gas in the United Kingdom and the Northeastern United States, serving millions of customers in regions like New York, Massachusetts, and Rhode Island.
In the UK, National Grid owns and operates the electric transmission system in England and Wales. The company also manages the Grain liquefied natural gas facility and various merchant transmission lines. In a strategic move to enhance its electricity distribution capabilities, National Grid sold the bulk of its UK gas transmission business in fiscal 2023, using the proceeds to acquire PPL's UK power distribution assets.
In the United States, National Grid serves over 20 million customers, providing electricity and gas in three states. The company's extensive projects include regulated transmission and electricity generation, metering services, and advanced infrastructure investments aimed at grid modernization.
National Grid is committed to sustainability and achieving net-zero emissions. The company is actively involved in numerous projects to enhance its network's resilience and reliability while integrating more renewable energy sources. Notable initiatives include the Future Grid Project, funded by a $50 million grant from the U.S. Department of Energy, aimed at optimizing distributed energy resources (DERs) through digital technology.
National Grid has donated $125,000 to support regional organizations and municipalities in the Mohawk Valley following devastating tornadoes. The funding, provided through National Grid's Project C Community Investment Program, will support local relief services, cleanup efforts, and community enhancements. The donation will be distributed to:
- Community Foundation of Herkimer and Oneida Counties: $50,000
- City of Rome: $25,000 for tree restoration
- American Red Cross: $12,500 for disaster relief services
- Food Bank of Central New York: $12,500
- Village of Canastota: $12,500 for park improvements
- City of Oneida and Oneida Improvement Committee: $12,500 for a new pocket park
National Grid deployed over 3,000 power restoration experts to restore service to 72,000 affected customers after the tornadoes.
National Grid's fourth annual Project C Week of Service is set to begin, with over 1,500 employees volunteering across New York communities from Sept. 16 to Sept. 20, 2024. The initiative, funded by shareholders, aims to create lasting change and strengthen community ties. Volunteers will engage in various activities, including:
- Revitalizing parks and trails
- Discussing clean energy careers in schools
- Supporting food insecurity programs
- Beautifying nonprofit and cultural institutions
- Assisting small businesses and local families
Project C, launched in September 2021, has already made significant impacts, including supporting 183,000 local businesses, creating 1,100 community partnerships, and training 6,000 workers for the clean energy sector. The company aims to achieve 500,000 volunteer hours by 2030 as part of its Responsible Business Charter.
National Grid has announced Sally Librera as the new President of its New York business, effective September 2024. Librera, currently Senior Vice President at AECOM, brings extensive experience in large-scale operations and infrastructure projects. She will join the Group Executive Committee, reporting directly to CEO John Pettigrew.
National Grid plans to invest an estimated $21 billion across its New York service territory over the next five years. Librera's appointment is expected to strengthen the company's leadership in the energy transition and advance its net zero ambitions while delivering safe, reliable, and affordable energy to New York customers.
Librera will succeed Rudy Wynter, who is leaving National Grid after 36 years of service. Wynter led the New York Business Unit through significant growth and strong performance during his tenure.
Community Offshore Wind and the Brooklyn Public Library (BPL) have partnered to distribute 3,200 STEM-focused books to families in the Red Hook and Farragut Houses in Brooklyn. The initiative began on May 4, 2024, and will continue at various community events in the coming weeks. This effort aims to enhance STEM education access in disadvantaged communities, fostering a future workforce adept in clean energy fields. Families can collect book bundles from the BPL Bookmobile at scheduled dates and locations. Community Offshore Wind has a history of engaging New York communities through initiatives like field trips, swim lessons, coat donations, and food distributions.
Leaders from both organizations, including Community Offshore Wind President Doug Perkins and BPL CEO Linda E. Johnson, emphasize the positive impact of home libraries on educational outcomes. This partnership addresses the longstanding barrier of resource access in disadvantaged areas. By providing books on renewable energy, engineering, and inspiring scientist biographies, the project aims to spark a lifelong interest in STEM among young residents, paving the way for educational and career success.
National Grid announced a $35 billion investment in New York and Massachusetts as part of a larger $75 billion plan to improve the energy infrastructure in the UK and US over the next five years. This move will enhance the transmission networks and support the states' decarbonization goals, fostering economic growth and job creation.
The company aims to build a cleaner and more reliable energy grid, with $21 billion allocated to New York and $14 billion to New England. Projects include transmission enhancements, smart meters, and gas main replacements. The initiative is expected to boost grid resilience and accommodate increasing electric demand while promoting renewable energy adoption.
National Grid's efforts will support 127,000 jobs and significantly reduce emissions, with specific targets for gas main replacements in New York City and Long Island.
National Grid's New York President, Rudy Wynter, has been appointed to the inaugural board of directors for the Foundation for Energy Security and Innovation (FESI), the U.S. Department of Energy's (DOE) first agency-related foundation. FESI, authorized by the 2022 CHIPS and Science Act, aims to accelerate the commercialization of energy technologies through public-private partnerships and investments. The board, comprising top leaders in energy, will set priorities, make key hires, establish governance, and fundraise for FESI’s initiatives. The foundation’s goal is to support transformative technological solutions to energy and environmental challenges, contributing to America's energy security and the Biden-Harris Administration's clean energy targets.
National Grid announced a $75 billion investment plan across its UK and US service territories over the next five years, with $35 billion dedicated to energy system improvements in Massachusetts and New York. This represents a 60% increase compared to the last five years. The investment aims to enhance grid reliability, reduce emissions, and meet decarbonization targets. In New York, $21 billion will be allocated to projects like the Upstate Upgrade, comprising over 70 transmission enhancement projects. In New England, $14 billion will be directed towards grid modernization and smart meters. The initiative is expected to support 127,000 jobs and significantly contribute to economic growth.
FAQ
What is the current stock price of National Grid PLC (NGG)?
What is the market cap of National Grid PLC (NGG)?
