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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 Partners has announced an investment of $24 million in six startups aiming to enhance energy technology, coinciding with its role as a principal partner at the COP26 climate conference. The funding supports National Grid's goals of digitalization, decentralization, and decarbonization. Notable investments include AptEdge and Cogniac, focusing on AI-powered solutions for energy sectors. Since its inception in 2018, National Grid Partners has invested $290 million in 35 startups, achieving four exits, including the recent IPO of Copperleaf Technologies.
An electric school bus in Beverly, Massachusetts has successfully delivered power back to the grid for over 50 hours this summer. This initiative, led by National Grid (NYSE:NGG) in collaboration with Highland Electric Fleets, marks a significant milestone as the first instance of an electric school bus supporting the electricity grid via V2G technology in New England and one of the first in the U.S. The bus discharged nearly three megawatt-hours of stored electricity during 30 peak demand events, contributing to local energy efficiency and reducing reliance on fossil fuels.
National Grid and Hitachi ABB Power Grids released a study on Sept. 15, 2021, emphasizing the need for strategic planning to support the electrification of large fleet vehicles, including buses and delivery trucks. The study highlights how electrification can significantly reduce greenhouse gas emissions and local pollution. It recommends collaboration among utilities, fleet operators, and governments to address the charging demands of electric medium- and heavy-duty vehicles (MHDVs). Key findings reveal potential grid overloads without necessary upgrades to accommodate this shift.
National Grid has appointed Stephen Woerner as New England President, effective October 1. Woerner, previously President and COO of Baltimore Gas and Electric, brings 30 years of experience, having overseen improvements in safety and customer satisfaction. In his new role, he will lead gas and electric operations in Massachusetts and Rhode Island. The company is also in the process of selling its Narragansett Electric business to PPL Corporation. Woerner holds degrees from Drexel University and Loyola University Maryland.
Niagara Mohawk Power Corp., under National Grid USA, announced preferred stock dividends for the period July 1, 2021, to September 30, 2021. The declared rates are: 0.85% on the 3.40% Series, 0.90% on the 3.60% Series, and 0.975% on the 3.90% Series. The dividends are payable on September 30, 2021, to shareholders on record as of September 16, 2021. National Grid serves about 1.6 million electricity customers and 565,000 natural gas customers in upstate New York. The company is a significant distributor of natural gas in the northeastern U.S.
On August 9, 2021, Badar Khan, President of National Grid, praised President Biden's executive order targeting 50% electric vehicle sales by 2030. The order aims to address over 40% of Northeast greenhouse gas emissions from transportation. National Grid emphasizes the importance of expanding charging infrastructure to achieve net-zero goals and plans significant investments, including $200 million for 19,000 charging ports and a proposed $277 million for 32,000 more ports in Massachusetts. The company is committed to converting its fleet to 100% electric by 2030.
Sunnova Energy International (NYSE: NOVA) announces a partnership with National Grid (NYSE: NGG) and SolarEdge (NASDAQ: SEDG) to enhance power quality in New England using its solar and storage assets. This collaboration aims to deliver over 150 GWh of clean energy annually, improving grid efficiency and reliability. The initiative supports National Grid’s Net Zero by 2050 goal and demonstrates the value of distributed energy resources (DERs) in reducing costs for consumers while ensuring efficient power delivery.
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