National Grid PLC - NGG STOCK NEWS

National Grid has announced a new scholarship program aimed at enhancing diversity in engineering within Massachusetts and New York. Starting with the 2022-2023 academic year, six students will receive a scholarship of $10,000 annually along with paid summer internships for up to four years. The program is open to high school seniors and college undergraduates from low-income households who maintain a GPA above 3.0. Applications are accepted until June 30, 2022, with administration by Scholarship America.

National Grid is expanding its Off-Peak Charging Rebate Program in Massachusetts in partnership with ev.energy, allowing customers to earn discounts on EV charging. Participants can receive 3¢ to 5¢ off every kWh charged during off-peak hours through the Charge Smart MA app, directly credited to their electric bill. With over 51,000 registered EVs in Massachusetts and a goal of 300,000 by 2025, this initiative supports grid stability and helps reduce charging costs for EV drivers.

Niagara Mohawk Power Corp., a National Grid USA subsidiary, announced dividend declarations for its preferred stock for the period of April 1, 2022, to June 30, 2022. The dividends include rates of 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series, all based on a $100 par value. These dividends will be payable on June 30, 2022, to shareholders on record as of June 16, 2022. National Grid serves about 3.3 million electricity customers across New York and New England.

Convergent Energy + Power has completed a solar-plus-storage system in Cicero, New York, providing a non-wires-alternative for National Grid customers. This 10 MW/40 MWh energy storage system is designed to deliver sustainable, reliable electricity while utilizing solar energy during non-peak times. Selected through a competitive bidding process, Convergent's system aims to enhance reliability and capacity at the Pine Grove substation. The project benefits from financing by NY Green Bank, which contributed nearly $2.3 million through its NY-Sun Program, promoting renewable energy initiatives in New York State.

Leap and National Grid have launched a pilot project utilizing Leap's distributed energy software platform for Demand Response (DR) in New York City. This initiative aims to lower electricity consumption at four National Grid offices during peak demand times. The partnership will engage in NYISO’s Special Case Resources Program, aiding in grid stabilization and efficiency. Leap's technology will aggregate distributed energy resources to enhance grid services, supporting cleaner energy solutions and fostering energy efficiency aligned with New York's climate targets.

National Grid has unveiled a historic plan to eliminate fossil fuels from its gas networks by 2050, aiming to enhance clean energy access in New York and Massachusetts. The strategy includes transitioning to renewable natural gas (RNG) and green hydrogen while maximizing energy efficiency. Key benefits include avoiding costly equipment upgrades, protecting union jobs, and maintaining energy reliability. This initiative, part of National Grid's Clean Energy Vision, is expected to serve over 20 million customers, aligning with state climate goals and supporting the fight against climate change.

Willdan Group, Inc. (Nasdaq: WLDN) has secured a two-and-a-half year contract with National Grid (NYSE: NGG) to implement an energy efficiency program aimed at low- to moderate-income customers. This initiative will enhance gas-saving improvements across multiple building systems in New York’s downstate service area, including Brooklyn, Queens, Staten Island, and Long Island. The program is part of a broader statewide effort to improve energy access and affordability, targeting at least 35% of benefits to disadvantaged communities in alignment with New York's Climate Leadership and Community Protection Act.

Niagara Mohawk Power Corp., part of National Grid USA, announced dividends for its preferred stock for the period from January 1, 2022, to March 31, 2022. The declared rates are: 0.85% for the 3.40% Series, 0.90% for the 3.60% Series, and 0.975% for the 3.90% Series, payable on March 31, 2022, to holders on record by March 17, 2022. The Company provides electricity to approximately 1.6 million customers and natural gas to about 565,000 in upstate New York, reinforcing its position as a key utility provider in the region.

The V2X pilot project by Electric Frog Company, Fermata Energy, and National Grid showcased the potential of electric vehicles (EVs) to support the New England electric grid. The Nissan LEAF, used in the project, earned over $4,200 by participating in demand response programs, operating for 57 peak hours. This initiative not only helps stabilize the grid but also lowers energy costs. National Grid incentivizes participation with $300/kW for up to 60 peak events. The future of clean transportation looks promising with V2X technology, which enhances both grid resilience and EV affordability.