United States

National Grid PLC (NG.L)

NG.L on London Stock Exchange

7 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Servelec Group says awarded National Grid gas framework contract
Wednesday, 21 Sep 2016 02:00am EDT 

Servelec Group Plc :Servelec awarded National Grid gas framework.  Full Article

National Grid says disappointed with OFGEM's decision about Drax contract
Tuesday, 23 Aug 2016 02:00am EDT 

National Grid Plc : Result of OFGEM's decision is that National Grid will recover 95 million stg of additional costs, and group's exposure is limited to a maximum of 18 million stg . This reflects full recovery of Fiddler's Ferry contract and recovery of 70 pct of Drax contract, after applying sharing mechanism . National grid is disappointed with OFGEM's decision regarding drax contract as it believes costs could not have been reasonably foreseen .In 2015/16 balancing services incentive scheme (BSIS) contributed 27 million stg in profit before tax, and 18 million stg impact will be set against any BSIS out performance in current year.  Full Article

National Grid says unit gets orders for Niagara Mohawk Electric And Gas businesses
Monday, 23 May 2016 12:43pm EDT 

National Grid Plc : Capital investment and financing orders received for niagara mohawk electric and gas businesses . New york public service commission has issued an order approving a capital investment petition for $1.3bn for its niagara mohawk utility . Also received authority to issue up to $2.07 billion of new long-term debt for: refinancing maturing debt; replacing variable debt with fixed-interest debt . On may 20, received new york department of public service's (dps) intervenor testimony for kedny and kedli rate cases . Is dps staff's opening position and national grid has to respond by 10 june 2016 .Hearings will begin in late june with a decision expected in december 2016 and new rates effective in january 2017..  Full Article

National Grid posts higher pretax profit
Thursday, 19 May 2016 02:18am EDT 

National Grid Plc : Results for the year ended 31 march 2016 . Fy adjusted operating profit of £4.1bn, up 6% . Fy group return on equity of 12.3% (2015: 11.8%) . Recommended full year dividend up 1.1% to 43.34p (2015: 42.87p) . Total investment of £3.9bn, up from £3.5bn, driving regulated asset base growth of 4% . Necessary consultations for sale of majority stake in uk gas distribution business are underway with internal and external stakeholders to enable a smooth separation process . Expects to maintain performance broadly at level seen last year . In us, returns are expected to be maintained, ahead of rate revisions in massachusetts and new york, which are expected to come into effect in late 2016 and early 2017. . Overall group performance is expected to remain in line with group's expectations . Capital investment is expected to be at a similar level to 2015/16 . In uk, national grid expects to maintain performance broadly at level seen last year . Capital investment is expected to be at a similar level to 2015/16 . Overall group total investment for 2016/17 is expected to be at similar levels to 2015/16 . Cash flow before capex and shareholder returns is expected to decrease slightly reflecting large working capital inflows in 2015/16, particularly in us . Fy underlying pretax profit rose 6 percent to 3.117 billion stg . Final dividend 28.34 penceper share.  Full Article

National Grid welcomes UK watchdog decision to launch a mid-period review
Thursday, 12 May 2016 05:30am EDT 

National Grid Plc : Notes ofgem's announcement to launch a mid-period review (MPR) for RIIO-T1 price control . Areas covered by MPR relate to few specific outputs which have an 8-year allowance of under 100 million stg in electricity transmission .Gas distribution business is not included.  Full Article

National Grid plc appoints auditor
Wednesday, 11 Nov 2015 02:01am EST 

National Grid plc:Announces its intention to appoint Deloitte LLP as its auditor for the year ending March 31, 2018.  Full Article

National Grid PLC approved an interim dividend, announces change of CEO
Tuesday, 10 Nov 2015 02:00am EST 

National Grid PLC:Board has approved an interim dividend of 15.00p per ordinary share.Says the interim dividend is expected to be paid on 13 January 2016 to shareholders on the register as at 27 November 2015.Says on 3 November 2015, National Grid announced that Steve Holliday had informed the Board that he wished to retire as Chief Executive Officer (CEO) and leave the Company in 2016.Says he will be succeeded as CEO by John Pettigrew, currently Executive Director of the Group's UK operations.Steve will remain CEO until the end of this financial year (31 March 2016) and will remain on the Board until July 2016, to support John with the transition.  Full Article

Dominion Midstream Partners to buy stake in Iroquois Gas Transmission System for $286.5 mln from National Grid plc and New Jersey Resources Corporation
Monday, 17 Aug 2015 08:35am EDT 

Dominion Midstream Partners:Entered into agreements with affiliates of National Grid plc and New Jersey Resources Corporation to acquire their ownership interests in Iroquois Gas Transmission System, L.P.Deal in exchange for the issuance of about 8.6 million common units in Dominion Midstream having an agreed-upon value of about $286.5 million.Says no public market issuance of units is planned in association with these transactions.Says under agreements, about 6.8 million units would be issued to National Grid.As part of the agreements, National Grid and New Jersey Resources would contribute their combined 25.93 percent ownership interests in Iroquois to Dominion Midstream in exchange for newly issued Dominion Midstream common units.Says under agreements, about 1.8 million units would be issued to New Jersey Resources.Says has no plans to acquire ownership interest in Iroquois currently held by Dominion Gas Holdings.  Full Article

National Grid PLC recommends final dividend
Thursday, 21 May 2015 02:01am EDT 

National Grid PLC:Recommends final dividend of 28.16 pence/share (2013/14: 27.54 pence).Payable on Aug. 8 to shareholders on the register as at June 5.  Full Article

National Grid PLC announces agreement with statnett on new interconnector
Thursday, 26 Mar 2015 06:32am EDT 

National Grid PLC:Signs an ownership agreement with Statnett SF, for proposed NSN link electricity interconnector project.Contracts to build NSN Link are expected to be received during summer with construction phase to begin in 2015.National Grid expects link to be operational early in next decade.Together with new Nemo Link interconnector to Belgium, announced in Feb, NSN link should add 2.4GW of capacity when completed.  Full Article

BRIEF-National Grid Saudi Arabia enters into New Asset Health, Condition Assessment Agreement with Doble Engineering

* National Grid Saudi Arabia enters into New Asset Health and Condition Assessment Agreement with Doble Engineering Company

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