|Bid||842.80 x 0|
|Ask||843.20 x 0|
|Day's Range||835.20 - 849.00|
|52 Week Range||744.50 - 892.00|
|Beta (3Y Monthly)||0.87|
|PE Ratio (TTM)||18.92|
|Forward Dividend & Yield||0.47 (5.67%)|
|1y Target Est||912.93|
(Bloomberg) -- About $400,000. That’s how much two New York City deli owners say National Grid Plc may cost them by refusing to supply natural gas to a new burger restaurant they’re planning in Brooklyn.The men are victims of a complex face-off between the utility that supplies gas to the metropolitan area and state regulators. New York and New Jersey have denied approvals for the $1 billion Williams Cos. pipeline expansion that National Grid has said is needed to boost their gas capacity.Williams Cos. has vowed to reapply for approval but, in the meantime, National Grid is declining to approve any new contracts to supply gas. It’s a decision that could hamstring new businesses and housing, say support groups in New York and on Long Island.The deli owners learned in early July the utility wouldn’t accept their application for gas. Now they say they may have to cancel their plans. “We have already hired employees, who are sitting and waiting, asking ‘When can we come into work?” Muhammad Quereshi, one of the men, said in a telephone interview. The denial, he said, leaves them to pay back $400,000 in business loans they expected would come from the new restaurant’s profits.Nobody knows how many businesses are affected yet, but any business that wants to come in and requires natural gas -- in particular, restaurants -- will face difficulty trying to get it.London-based National Grid won’t say how many applications it hasn’t processed. Annually, the company normally receives around 8,000 applications from commercial, industrial and residential consumers requesting natural gas service, according to Domenick Graziani, a spokesman. The utility declined to discuss The application by Quereshi and Shahbaz Warraich, saying customer information is confidential.In the past, National Grid has said that if the pipeline project isn’t cleared by winter 2020, applications in the region can’t be processed.In May, New York denied a key permit for the Williams Cos. pipeline, with the Department of Environmental Conservation saying it would result in water quality violations, including those caused by kicking up hazardous metals and disturbing seabed habitats. The denial was “without prejudice,” meaning the company can reapply.Pipeline’s Proposed PathEnvironmental groups have argued that the Northeast Supply Enhancement, as the pipeline is named, is unnecessary and would further New York’s reliance on fossil fuels. Williams and National Grid say the project is needed to meet demand during the winter months, when consumption of the heating fuel peaks and prices can spike.Business advocates say that while they understand the need for environmentally-friendly alternatives to gas, the technology for renewables isn’t there yet to meet the energy needs of the region. The decision not to approved the pipeline extension is also thwarting a regional transition from heating oil to cleaner-burning gas."Renewable projects are a long-term play, but they’re not here yet," said Kevin Law, president and CEO of the Long Island Association. "They can’t turn on lights, heat our homes or cool our buildings for many years to come."In notices sent to its customers, National Grid is encouraging ratepayers to sign a pre-written letter in support of the project to be automatically sent to New York Governor Andrew Cuomo, who has been a leading voice opposing pipelines. "To be clear," National Grid’s notice says, “we need this additional supply to support all new requests for natural gas, for residential, multifamily and business purposes."The utility cutoff will “undo a lot of the success we’ve had in growing the Long Island community in the last 10 years,” Law said.New York City and Long Island aren’t the only areas in the state facing the issue. Westchester County was put under a moratorium on new natural gas service by Consolidated Edison Inc. in March. At the time, the County projected that the construction of 16,000 homes could be suspended.The issue has forced some developments to be redesigned to accommodate new methods of heating, said Mitchell Pally, CEO of the Long Island Builders Institute.Pally said he expected several projects to leave the area since “it’s hard enough to develop in Long Island. Without an adequate and sustainable energy source, it will be much more difficult.”“It’s definitely stopping development at a very base level,” said Thomas Grech, president and Chief Executive Officer of the Queens Chamber of Commerce.To contact the reporters on this story: Millicent Dent in New York at email@example.com;Sydney Price in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, ;Debarati Roy at firstname.lastname@example.org, Reg Gale, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Today, National Grid , through its competitive non-regulated unit National Grid Ventures , completed its $100 million acquisition of Geronimo Energy - a leading wind and solar developer in North America.
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...
Every investor in National Grid plc (LON:NG.) should be aware of the most powerful shareholder groups. Large companies...
Britain, the birth place of coal power, is set this year to use more electricity from zero-carbon sources such as wind, solar and nuclear than from fossil fuel plants for the first time, the country's National Grid said on Friday. Britain was home to the world's first coal-fuelled power plant in the 1880s, and coal was its dominant electricity source and a major economic driver for the next century. "The incredible progress that Britain has made in the past 10 years means we can now say 2019 will be the year zero-carbon power beats fossil fuel fired generation for the first time," National Grid CEO John Pettigrew said.
NYSE: NGG), announces the addition of 4 new portfolio companies and 2 new strategic fund investments. NGP has invested in Audio Analytic, Carbon Lighthouse, Copperleaf and GoCardless, and has become a limited partner in IQ Capital Fund III LP (an IQ Capital fund) and JVP VIII, L.P. (a Jerusalem Venture Partners fund). With these investments, NGP expands its portfolio to 12 companies with $90 million invested to-date and 3 strategic fund investments at the intersection of energy and information technology – furthering its provocative vision to define a smarter and more renewable energy future.
Williams Cos Inc said on Thursday it believes it can answer concerns raised by environmental regulators in New York and New Jersey about the company's proposed Northeast Supply Enhancement (NESE) project and get the natural gas pipe built by the winter of 2020/2021. The denials were the latest of many for projects that New York and New Jersey have rejected for environmental reasons in recent years.
U.S. President Donald Trump struck a positive, conciliatory tone with top British and U.S. business leaders at a meeting in London on Tuesday, sources familiar with the talks told Reuters, despite tensions between the two countries over China's Huawei. In a breakfast gathering with 10 executives at St James' Palace, Trump mentioned the strong historical ties between the two countries and praised British investment in the U.S. healthcare sector in particular, the sources said. Trump had earlier promised Britain a substantial post-Brexit trade deal, during a state visit to Britain being cast as a chance to celebrate Britain's "special relationship" with the United States and boost trade links.
British Prime Minister Theresa May will call on U.S. President Donald Trump to deepen transatlantic economic cooperation on Tuesday, saying a bilateral trade deal could make their partnership "greater still". At a meeting with 10 British and U.S. businesses at St James' Palace, the Queen's official residence, May will tell companies such as defence contractor BAE Systems and pharmaceuticals giant GlaxoSmithKline that greater cooperation would boost the two countries' economic partnership. "It is a great partnership, but one I believe we can make greater still," she will say, according to advance extracts from her office.
Aggreko today announces that it has partnered with National Grid U.S. to complete the installation of a 2MW/3.8MWh battery storage system in Pulaski, New York. The system, which is the first of its kind in National Grid’s U.S. service area, will provide supplementary electricity load relief to the utility’s customers at peak times, enhancing grid stability in the upstate New York area. The system has been designed by Aggreko to handle 2MW of customer demand, which is the equivalent of powering approximately 1,600 homes for up to two hours.
National Grid plc's (LON:NG.) most recent earnings announcement in March 2019 revealed that the company endured a...
Britons could see a 6 billion pound cut in energy bills over five years from 2021, saving the average household 40 pounds per year, under plans to curb what gas and electricity network firms can pay shareholders. Regulator Ofgem, which introduced a price cap on standard energy bills in January after lawmakers said customers were being overcharged, is now targeting the operators whose network fees make up around a quarter of British household energy bills. Ofgem said it plans to cut the amount network firms pay their shareholders, known as the "cost of equity range" by almost 50% for the next regulatory period starting in 2021.
British utility stocks are trading at a growing discount to euro zone peers as investors fear the country's deepening political crisis could trigger a general election that ushers in renationalisation of the industry, worth $76 billion (£59.9 billion). The opposition Labour Party has said it wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's Conservatives from power, reversing decades of pro-privatisation policies. Simon Webber, lead portfolio manager on the global and international equities team at Schroders said those fears were "another overhang" for utilities, already subject to a discount like other UK assets because of Brexit uncertainty.
British gas network company Cadent has paid a record penalty of 44 million pounds for failing to properly supply gas to some customers, regulator Ofgem said on Wednesday. The penalty, which will see Cadent pay 24 million pounds for improvements and compensation and set up a 20 million pound community fund, comes a week after Britain's opposition Labour party set out plans to nationalise the sector if it comes into power. Cadent Gas generated an operating profit of 724 million pounds in 2018.
Plans by Britain's opposition Labour Party to nationalise utilities including the country's electricity grid will damage investment as well as hurting many small shareholders, one of the country's main business groups warned on Tuesday. Last week, Labour published plans to renationalise the country's 60-billion-pound energy networks, taking companies such as National Grid, Scottish Power and SSE into public ownership. Utilities warned this would damage investment, and on Tuesday the Confederation of British Industry's president, John Allan, said he feared the impact would spread beyond the businesses directly affected.
Britain's opposition Labour Party wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's ruling Conservatives from power, reversing decades of pro-privatisation public policy. Despite a national election not being due until 2022, the prospect of nationalisation is worrying investors. Analysts have valued the regulated asset values of water and energy networks potentially facing nationalisation at around 125 billion pounds.
With the Labour Party proposing the nationalization of electricity and gas infrastructure, U.K. politics could pose a threat to National Grid's operations.
National Grid Plc said on Friday it will not process new applications for natural gas service in its New York City and Long Island service area until Williams Cos Inc's Northeast Supply Enhancement (NESE) pipeline receives the permits it needs to proceed. On Wednesday, the New York Department of Environmental Conservation (DEC) denied Williams' application for water quality certification, a permit the $1 billion NESE needs, because the project could harm aquatic life.
By Muvija M and Yadarisa Shabong (Reuters) - Rallying banks and mining stocks lifted Britain's FTSE 100 on Thursday, but weak earnings hit luxury brand Burberry (BRBY.L) and Thomas Cook (TCG.L) was floored ...