Niagara Mohawk Power Corporation Declares Preferred Stock Dividends

Rhea-AI Summary

Niagara Mohawk Power Corp., a subsidiary of National Grid, declared dividends for preferred stock for the period from July 1, 2020, to September 30, 2020. The rates are: 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. The dividends will be payable on September 30, 2020, to shareholders of record as of September 16, 2020. National Grid serves 1.6 million electricity and 565,000 natural gas customers in upstate New York.

Positive

• Declaration of dividends enhances income for preferred shareholders.
• Stable customer base with approximately 1.6 million electricity and 565,000 natural gas customers.

Negative

• None.

SYRACUSE, N.Y., July 23, 2020 /PRNewswire/ -- Niagara Mohawk Power Corp. (the "Company"), an indirect subsidiary of National Grid USA ("National Grid"), announced that its Board of Directors has declared dividends for the period July 1, 2020 to September 30, 2020 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 September 30, 2020, to holders of record on September 16, 2020.

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 Massachusetts, New York, and Rhode Island. It is the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in Massachusetts, New York, and Rhode Island.

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SOURCE National Grid

FAQ

What are the dividend rates for Niagara Mohawk Power Corp. preferred stock for July to September 2020?

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.

When will the dividends for Niagara Mohawk Power Corp. be paid?

The dividends will be paid on September 30, 2020.

What is the record date for the preferred stock dividends of Niagara Mohawk Power Corp.?

The record date for the dividends is September 16, 2020.

How many customers does National Grid serve in upstate New York?

National Grid serves approximately 1.6 million electricity customers and 565,000 natural gas customers in upstate New York.