National Grid PLC - NGG STOCK NEWS

National Grid commits $17 million in funding to support local non-profits in Massachusetts and New York, aimed at assisting customers affected by rising winter energy prices amid the global energy crisis and inflation. The funding will be distributed through community partners to provide immediate relief to vulnerable populations. Additionally, National Grid has launched the Winter Customer Savings Initiative, offering programs to help customers reduce energy use and manage costs effectively. The company's efforts reflect its commitment to community welfare and energy efficiency.

National Grid Renewables has pledged over $1 million to support the Yellowbud Community Fund in Ohio, benefiting Ross and Pickaway Counties. This initiative is part of the 274 MW Yellowbud Solar Project, which will provide annual donations of approximately $54,800 over twenty years. The funds will be managed by the Chillicothe-Ross Community Foundation, aimed at enhancing local nonprofits and schools. The project, currently under construction, is expected to commence operations in 2023, with the first donation slated for 2024. National Grid has now committed over $8 million in charitable funding across its renewable energy projects.

On September 21, 2022, National Grid announced the Winter Customer Savings Initiative to support customers during the challenging heating season. The initiative aims to help manage rising energy costs, driven by global conflicts and inflation, through various resources including payment assistance programs and energy efficiency incentives. Starting November 1, residential electric bills are expected to rise 64%, from $179 to $293 for typical usage. National Grid emphasizes providing transparency in energy costs, as they do not profit from energy supply expenses.

National Grid has launched its Northeast Clean Energy Vision during Climate Week NYC 2022, setting the stage for a large-scale clean energy hub on Long Island. This initiative aims to enhance energy efficiency by integrating clean energy sources like offshore wind and solar power, along with hydrogen production and battery storage. The company is concurrently working on modernizing transmission networks to support this vision. National Grid targets a fossil-free future by 2050, with specific projects already underway for improved infrastructure.

Nexamp and National Grid are collaborating on a solar + storage facility at the Coffeen substation in Watertown, New York. This project utilizes a Non-Wires Alternative (NWA) approach to meet increased energy demand while avoiding costly infrastructure upgrades. The facility will feature over 20,000 solar panels capable of generating 8.4 megawatts (MW) and 10 Tesla Megapacks for 31 megawatt hours (MWh) of storage. It aims to provide renewable energy savings for over 1,000 local residents through Nexamp's Community Solar program.

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.

National Grid has identified significant stocks of renewable natural gas (RNG) and hydrogen available for customers in Massachusetts and New York through its innovative Northeast clean energy request for information (RFI). Over 33 trillion BTUs (TBtus) are projected to be available in three years, surpassing the 15 TBtus needed by 2025. RNG and hydrogen are vital to National Grid's strategy for a fossil-free gas network. The commitment aligns with the goal of significantly reducing greenhouse gas emissions across various sectors.