NIAGARA MOHAWK POWER CORPORATION DECLARES PREFERRED STOCK DIVIDENDS

Rhea-AI Summary

Niagara Mohawk Power Corp., a subsidiary of National Grid, has declared preferred stock dividends for the period July 1, 2022, to September 30, 2022. The dividends are set at 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series, payable on September 30, 2022. Record date for these payments is September 16, 2022. The company serves approximately 1.6 million electricity and 565,000 natural gas customers in upstate New York.

Positive

• Preferred stock dividends declared, providing income for shareholders.
• Company serves a large customer base, indicating stable demand.

Negative

• None.

SYRACUSE, N.Y., Aug. 22, 2022 /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, 2022 through Sept. 30, 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 Sept. 30, 2022, to holders of record on Sept. 16, 2022.

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 dividend rates declared by Niagara Mohawk Power Corp. for preferred stock?

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 preferred stock dividends be paid?

The dividends will be payable on September 30, 2022.

What is the record date for the preferred stock dividends?

The record date for the dividends is September 16, 2022.

How many customers does Niagara Mohawk Power Corp. serve?

Niagara Mohawk Power Corp. provides electricity to approximately 1.6 million customers and natural gas to about 565,000 customers.

What is the significance of the dividends declared by Niagara Mohawk Power Corp. for investors?

The declared dividends indicate a steady return on investment for shareholders.