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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 (NYSE: NGG) announced the successful acquisition of a $150 million Portfolio Revolving facility to enhance its renewable energy projects in the U.S. This facility has an accordion feature allowing an increase to $250 million by mid-2022. The funding aims to support the construction of solar, wind, and battery storage projects, generating an estimated 1.05 GW of clean energy and avoiding over 1.6 million metric tons of CO2 emissions annually. This financing reflects National Grid's commitment to a cleaner energy future and economic growth through green jobs.
National Grid Renewables announced the operation of its MiSolar Portfolio, comprising two solar projects in Michigan—Bingham Solar and Temperance Solar—that generate 40 MW of clean energy. The projects are expected to create approximately $6 million in tax revenue over 20 years and offset over 50,000 metric tons of carbon dioxide emissions annually. Constructed by local contractor J. Ranck Electric, the project employed 160 workers during peak construction, 95% of whom were from nearby communities. The projects support Consumers Energy's commitment to a net-zero carbon future.
On June 3, 2021, National Grid launched its EV Road Trip, aimed at promoting electric vehicle adoption across New York, Massachusetts, and Rhode Island. The initiative coincides with rising summer travel, providing an online guide to over 40 destinations accessible via EVs, supported by $200 million investment in charging infrastructure. National Grid, a Principal Partner of COP-26, emphasizes sustainability and aims to reduce range anxiety for potential EV users.
National Grid (NYSE: NGG) and RWE Renewables have formed a partnership to develop offshore wind projects in the Northeast U.S. The collaboration aims to participate in the upcoming New York Bight seabed lease auction. This strategic alliance seeks to enhance the renewable energy landscape, reduce emissions, and create local jobs. National Grid will utilize its local expertise and infrastructure experience, while RWE brings extensive offshore wind project capabilities. Together, they will drive economic development and contribute to the clean energy transition.
Niagara Mohawk Power Corp., a subsidiary of National Grid, has declared dividends for its preferred stock for the period from April 1, 2021 to June 30, 2021. The rates are as follows: 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series. Dividends will be paid on June 30, 2021, to shareholders of record by June 16, 2021. National Grid serves approximately 1.6 million electricity and 565,000 natural gas customers in upstate New York.
CPower Energy Management has been selected by Con Edison and National Grid for their Term-Dynamic Load Management (DLM) Program in New York. This program incentivizes customers to provide load relief with significant notice, offering fixed pricing for three to five years. Established by the New York Public Service Commission in September 2020, the initiative supports New York's clean energy goals, including 1,500 MW of energy storage by 2025 and 70% electricity from renewables by 2030. CPower aims to enhance energy flexibility and reliability while fostering investment in clean energy technologies.
The Hershey Company (NYSE: HSY) has announced two significant clean energy partnerships aimed at transitioning to renewable energy. The first project, a 20 MW solar farm in Camden, North Carolina, will reduce CO2 emissions by 32,025 metric tons annually. The second project involves a 50 MW solar power agreement with National Grid Renewables for the Noble Project in Texas, projected to lower CO2 emissions by approximately 83,625 metric tons per year. Together, these projects will decrease Hershey's carbon footprint by 115,650 metric tons annually, aligning with their goals to cut greenhouse gas emissions by over 50% by 2030.
National Grid Renewables announced three solar power purchase agreements (PPAs) for the Noble Project in Denton County, Texas, which includes 275 MW of solar and 125 MWh of battery storage. The Home Depot and NRG each signed 100 MW PPAs, while The Hershey Company signed a 50 MW PPA. The project aims to offset 450,000 metric tons of CO2 emissions annually and is expected to create $26 million in tax revenue and 250 construction jobs. Operations are slated to commence in the first half of 2022, enhancing Texas's clean energy landscape.
National Grid Partners (NGP) has announced a new investment allocation of $150 million to bolster its portfolio of innovative startups in energy and technology. This follows a previous investment of $227 million in various companies since its inception. Notably, NGP has invested $7.5 million in two Silicon Valley firms, Pathr and AccuKnox, focusing on enhancing security in physical and cyber infrastructures. Over 70% of NGP's portfolio companies have strategic ties with National Grid, aiming to improve service delivery and sustainability in the energy sector.
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