NIAGARA MOHAWK POWER CORPORATION DECLARES CORRECTION TO ISSUANCE OF PREFERRED STOCK DIVIDENDS

Rhea-AI Summary

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.

Positive

• Revised dividend rates reflect a commitment to shareholder returns.
• Dividends payable soon, providing immediate income for shareholders.

Negative

• Rescinding previously reported dividends may signal potential instability.

SYRACUSE, N.Y., Dec. 6, 2022 /PRNewswire/ -- Niagara Mohawk Power Corp. (the "Company"), an indirect subsidiary of National Grid USA ("National Grid"), announced that its Board of Directors has issued a revised declaration of preferred dividends for the period Oct. 1, 2022 through Dec. 31, 2022 at the following rates for all outstanding series of its preferred stock:

• .85% on the $100 par value, 3.40% Series;
• .90% on the $100 par value, 3.60% Series;
• .975% on the $100 par value, 3.90% Series.

The preferred stock dividends are payable on Dec. 30, 2022, to holders of record on Dec. 19, 2022. The previously reported issuance of preferred dividends voted upon at the Nov. 17, 2022 meeting has been rescinded and replaced in its entirety with vote reported today.

The Company, doing business as National Grid, provides electricity service to approximately 1.6 million customers and natural gas service to approximately 565,000 customers in upstate New York. The Company is based in Syracuse, N.Y.

National Grid is an indirect subsidiary of National Grid plc (LSE: NG; NYSE:NGG). National Grid delivers electricity to approximately 3.3 million customers in New York and New England. It is the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in New York and New England.

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SOURCE National Grid

FAQ

What are the new preferred dividend rates for NGG?

The new rates are 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series.

When is the dividend payment date for Niagara Mohawk Power Corp.?

Dividends are payable on Dec. 30, 2022.

What is the record date for the preferred dividends?

The record date is Dec. 19, 2022.

How does the revised dividend declaration affect National Grid shareholders?

The revised declaration shows a commitment to shareholder returns but rescinding the prior dividend issuance may raise concerns.