|Bid||896.30 x 0|
|Ask||897.40 x 0|
|Day's Range||895.19 - 897.50|
|52 Week Range||8.90 - 926.70|
|Beta (3Y Monthly)||0.09|
|PE Ratio (TTM)||20.15|
|Earnings Date||Nov 14, 2019|
|Forward Dividend & Yield||0.47 (5.31%)|
|1y Target Est||912.93|
The New York Governor has threatened to revoke the National Grid’s license in two weeks if the company can’t convince authorities that it was right to stop connecting new users
National Grid said on Thursday it was confident it would be able to address concerns over gas supplies raised this week by governor of New York who warned he could revoke the British firm's licence to operate in southern parts of the state. The utility, which runs Britain's energy system and operates a gas franchise in New York City and Long Island, also said it expected to avoid being fined by Britain's energy regulator over widespread outages in August. Earlier this week, New York Governor Andrew Cuomo threatened to strip National Grid of its licence to supply gas in the city and Long Island, saying that it had failed to provide "adequate and reliable service".
to operate in certain areas of New York if it failed to resolve a long-running dispute over gas supplies. since National Grid decided in May that it would stop connecting new customers in downstate areas after the Cuomo administration rejected a permit for a proposed $1bn gas supply pipeline. John Pettigrew, chief executive of National Grid, said on Thursday that the company had been “working tirelessly” since May to find “non-pipeline” solutions to meet growing demand, including expanding energy efficiency programmes and sourcing compressed natural gas, which can be transported by road.
The governor, in a statement, cited National Grid's imposition of a moratorium on new customers, failure to address supply issues and the neglect of the needs of customers. In May, National Grid announced a moratorium on new gas customers in New York City and Long Island after New York regulators rejected a pipeline that Williams Cos Inc wants to build that will provide gas to National Grid's downstate customers.
(Bloomberg) -- New York Governor Andrew Cuomo gave National Grid Plc 14 days to figure out how to address natural gas shortages before he moves to revoke its license to operate in the state.The Democrat said in a letter Tuesday that the utility owner’s moratorium for new gas hookups affecting 20,000 homes and businesses in Brooklyn, Queens and Long Island shows that it failed to provide “adequate and reliable” service.“The ‘moratorium’ is either a fabricated device or a lack of competence,” Cuomo wrote. “The very lack of supply you now point to as the reason for your denial of service to thousands of customers exhibits your failure to plan for supply needs.”The 14-day deadline is the latest salvo between the governor and National Grid. They’ve been feuding since New York rejected a $1 billion expansion to a Williams Cos. gas pipeline, which the company says is crucial to meet rising demand. In response, National Grid imposed a freeze on new gas hookups.In a statement, the company said it will respond to the governor by the deadline. “We continue to work with all parties on these critical natural gas supply issues on behalf of all our customers in downstate New York,” National Grid said.Shares dropped 0.4% to an intraday low of $11.36 before rebounding to $11.42 in London. READ MORE: New York’s Cuomo Raises Idea of Revoking National Grid’s LicenseLast month, Cuomo issued an emergency order requiring National Grid to reconnect about 1,100 consumers. Still, the company has a backlog of about 2,600 applications for service on hold. They represent about 20,000 businesses, houses and apartments, according to the firm.In his letter, Cuomo said National Grid was either “grossly negligent in relying exclusively on the speculative construction of a private pipeline” or “deliberately defrauded the people of the state.” He called on the company to come up with “meaningful and immediate remedial actions” by the deadline.Meanwhile, Consolidated Edison, which has imposed a similar moratorium for gas hookups in Westchester County, north of New York City, says there’s plenty of gas for customers in the city.ConEd CEO John McAvoy said he can meet demand for as long as five years, and the company won’t necessarily impose a moratorium on new hookups at the end of that period. However, the utility no longer sees the same growth opportunities in the gas transmission business as it did five years ago, and doesn’t expect to make additional significant investments.(Updates with comment from ConEd in last paragraph.)\--With assistance from Mark Chediak.To contact the reporters on this story: Gerson Freitas Jr. in New York at email@example.com;Will Wade in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Pratish Narayanan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
New York’s governor Andrew Cuomo has warned National Grid it has 14 days before he plans to revoke the British utility’s certificate to operate in certain parts of the city, marking a serious escalation in a months-long row over gas supplies. National Grid imposed the moratorium after the Cuomo administration rejected a permit for a $1bn gas supply pipeline project, which the company had argued was vital to meet rising demand as more buildings switch to gas heating from oil and the city’s economy expands.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Narragansett Electric Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
(Bloomberg) -- A skinny Brooklyn brownstone was ready for occupants in mid-August. The beds in each unit had comforters, the drawers in the kitchens had utensils, and the living rooms had baskets of toys for the children who were about to move in. “It looks like someone just stepped out to the street to go to the bodega,” Scott Stepp, director of development at Providence House, a nonprofit that provides housing for homeless mothers.The homes had one problem: Providence House couldn’t get National Grid Plc, the local utility, to hook up the gas to the buildings. That’s because National Grid and New York state are fighting over an underground pipeline—and the future of energy.National Grid, which provides gas to more than 20 million people, has been at loggerheads with state regulators over a plan to build a new project under the mouth of the Hudson River. New York Governor Andrew Cuomo is backing an ambitious push towards renewable energy sources and has opposed new pipelines for natural gas. Local environmental groups have also mounted an offensive against new fossil fuel infrastructure. National Grid, in response, has resisted turning on the gas for any new customers, including the homeless women and children, without pipeline approvals from the state.This problem has the potential to play out in cities across the U.S., where the need for new and upgraded gas pipelines meets growing environmental pushback that makes it hard, if not impossible, to expand and improve existing systems. Natural gas was once touted as the greener alternative to oil, and a boom in domestic supply that drove prices down has prompted thousands of households to convert from oil heat. But facing an ever-warming planet, environmental groups and policymakers are pushing harder to move people away from gas and into options like electricity-based heating and cooking, which can help lower greenhouse-gas emissions.“It really does illustrate the kind of inflection point that we’re at,” says Jackson Morris, eastern region director of the Climate and Clean Energy Program within the Natural Resources Defense Council.To reach the Paris Climate Agreement goal of limiting global warming to less than 2 degrees Celsius, many companies, states and countries plan to zero-out carbon dioxide emissions by 2050. With gas, Morris says, “you get some incremental reductions” in emissions when compared to oil heat, but not enough to make meaningful progress in slowing the pace of climate change. States like New York, Massachusetts, Illinois and California will need to transition to other energy sources, such as wind and solar, in order to meet aggressive emission goals. That’s why governments don’t want to support pipeline infrastructure for a fuel that they’re moving away from.Planning for a greener tomorrow comes with costs today. In New England, a lack of pipelines now leads to annual winter price spikes. In the last two years, a Boston import terminal has received tankers carrying super-chilled, liquefied natural gas from Russia—a particularly perverse solution since the U.S. is currently a leading global exporter of gas. A lack of infrastructure makes it all but impossible to get enough gas from Appalachia to Boston. In New York, there are plans to transport gas by truck.The situation in New York is underscored by the state’s new climate law, which set the nation’s most aggressive goal for getting nearly all electricity from emission-free sources by 2040. The plan also calls for an 85% reduction in economy-wide emissions from 1990 levels by 2050 and creates incentives to phase out oil and natural gas from home heating systems. Buildings account for 26% of New York’s greenhouse-gas emissions, the second-biggest source behind transportation. But at the moment, New Yorkers are still heavily reliant on gas for energy—40% of statewide electricity comes from gas and 60% of household heat. A lack of good infrastructure is pushing utility companies to import supplies from overseas in a way that makes no economic sense, given it adds transportation costs that consumers ultimately pay. “And it’s bad for the environment,” says National Grid Chief Executive Officer John Pettigrew. His utility would prefer to upgrade pipelines and build new ones. “Lots of people are trying to jump to 2050, but we’ve got 30 years to work these challenges out.”Environmentalists don’t want to wait. Groups like the Sierra Club and 350.org have been fighting new pipelines, and they’ve had a lot of legal success. Armed with experienced lawyers and record funding, the keep-it-in-the-ground movement has turned its attention to pipelines that require various federal and state permits that are easily litigated. But for this pipeline under the mouth of the Hudson, litigation hasn’t been necessary because state regulators are doing the delaying themselves.A spokesman for Williams Cos., the company trying to build the pipeline, said in an email that the project is critical for the New York region’s economic growth and blamed delays in gas hookups on the state’s decision to reject a permit.President Donald Trump has tried to prevent states from being able to block interstate gas lines. The White House announced an executive order in April aimed at short-circuiting state regulators who have held up gas lines by refusing permits. Policy analysts expressed doubt about how effective Trump’s measure would prove to be, and a month later New York rejected the water permit application from Williams.Some state and local governments are forcing the issue. Berkeley, California, became the first city to tackle it head-on with a ban on gas connections to new buildings, and a handful of other cities such as Seattle, Los Angeles and San Francisco are considering similar laws. In New York, chaos erupted as opposition to new gas pipelines confronted rising demand from consumers who still want to cook and heat with natural gas. National Grid projects a 10% increase in demand for natural gas from its customers in downstate New York over the next decade because of economic growth and homes that want to switch to gas from oil heat. Despite Cuomo’s environmental ambitions, the trend toward using electric-based heat and stovetops simply hasn’t taken off yet because it costs more. “We want to connect customers but the system hasn't got the capacity,” Pettigrew says. “Outside the pipeline, there are no long-term solutions.”As it frantically searched for solutions so the homeless women could move in, Providence House looked into electrifying its buildings. But the retrofit would have cost an additional $200,000 and taken at least nine months. The nonprofit took its case to the state’s Public Service Commission, which monitors utilities in New York, and appealed to National Grid in order to get their gas turned on. It looks like the move is paying off: In late September, the agency ordered National Grid to turn on the gas. In one of the two buildings, homeless mothers are now on track to move in six weeks later than expected; the move-in date for the second home remains subject to a final regulatory approval.Other New Yorkers are still waiting for gas, with winter looming. Politicians are pressing National Grid to connect more customers, pipeline or not. Last week, Cuomo demanded the utility start supplying gas to the 1,157 homes and small businesses left waiting, threatening the company with millions of dollars in penalties. National Grid said it planned to comply.That still leaves a backlog of around 20,000 new customers waiting for gas. At Cuomo’s direction, regulators are expanding an inquiry into the utility company, questioning National Grid’s claims that it couldn’t supply gas for customers without access to a pipeline wasn’t scheduled for completion this winter anyway. To contact the authors of this story: Cynthia Koons in New York at firstname.lastname@example.orgRachel Adams-Heard in New York at email@example.comChris Martin in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Emily Biuso at email@example.com, Aaron RutkoffLynn DoanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
National Grid Plc said on Monday it was taking steps to reconnect about 1,000 natural gas customers in New York City and Long Island following a state order after the utility previously refused to reinstate service, citing short supply. On Friday, New York Governor Andrew Cuomo said National Grid is facing millions of dollars in penalties for failing to connect existing gas customers as required by law. National Grid said in May it would not process new applications for gas service in downstate New York until Williams Cos Inc's $1 billion Northeast Supply Enhancement pipeline from Pennsylvania to New York receives the permits it needs to get built.
After several tireless days we have finished crunching the numbers from nearly 750 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of June 28. The results of that effort will be put on display in this article, as […]
Britain will be able to meet energy demand this winter even if it leaves the European Union, but could need regular supplies of liquefied natural gas, National Grid said on Thursday. The United Kingdom is due to leave the EU on Oct. 31 but it is still unclear on what terms it will exit or indeed whether it will become the first sovereign state to depart the bloc. National Grid, which operates the UK power network, expects Britain's power links with Europe, called interconnectors, to continue to flow but in the unlikely event they fall to zero there is sufficient surplus power to meet demand.
Britain will be able to meet power and gas demand this winter, even in the event of a departure from the European Union, National Grid said in its 2019/20 winter outlook report on Thursday. National Grid expects total winter gas demand to be 52.3 billion cubic metres, slightly higher than last year. The so-called de-rated margin, or surplus power margin, is forecast at 7.8 gigawatts (GW), 0.7 GW more than the forecasted margin of winter 2018/19.
WALTHAM, Mass., Sept. 18, 2019 /PRNewswire/ -- National Grid welcomed Gregory Knight to the Company as the new Chief Customer Officer on September 16. Knight brings over 25 years of experience across the customer operations lifecycle after holding leadership roles in sales, billing, supply chain, and customer care management. An accomplished leader, Knight joins National Grid after 10 years at CenterPoint Energy in Houston, Texas where he served as the Senior Vice President and Chief Customer Officer of Sales, Marketing, and Customer Service.
Britain's National Grid Electricity Transmission (NGET) drew heavy demand with its 700 million pounds ($864 million) bond issue on Monday, as investors rushed to grab the low yield despite nationalisation worries. National Grid, parent company for the main national power distributor, is earmarked for nationalisation by the Labour Party led by Jeremy Corbyn if it wins an election expected later this year.
WALTHAM, Mass., Sept. 9, 2019 /PRNewswire/ -- National Grid today announces enhanced bill pay options through a vendor relationship with doxo, the all-in-one web and mobile bill pay service, providing customers with added convenience and security when paying their energy bills. National Grid customers can pay their energy bills along with other household bills from one convenient location – via desktop or mobile phone.