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National Grid (NG.)

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Arborbridge
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Re: National Grid (NG.)

#401110

Postby Arborbridge » April 2nd, 2021, 1:29 pm

Dod101 wrote:
Not one to get excited about.

Dod


That's good1

NG never was exciting and I rather like the fact that from my POV it has never asked ugly questions or jumped up and down demanding my attention unlike, say, Centrica.

CPIH may not be so good as RPI, but with around 6% yield on my money, I can't see anything to worry about particularly.


Arb.

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Re: National Grid (NG.)

#412608

Postby idpickering » May 17th, 2021, 7:19 am

3 yr rate proposal filed:National Grid KEDNY KEDLI

National Grid, the Department of Public Service Staff, and other settling parties have filed a Joint Proposal for a multi-year rate settlement for National Grid's Downstate New York natural gas distribution businesses, the Brooklyn Union Gas Company and KeySpan Gas East Corporation. These gas companies serve 1.9 million gas customers in New York City and Long Island and represent almost 30% of the Company's US rate base.

The proposed settlement is for a three-year rate plan with new rates back-dated to April 2020. A final decision from the New York Public Service Commission is expected later this summer.

The settlement maintains focus on managing customer affordability in response to the economic downturn caused by COVID-19, while funding programmes necessary to maintain safe and reliable service, modernise the gas networks, and promote economic growth in the State. It includes investment to address the long-term gas supply constraint in Downstate New York, as well as programmes to reduce methane emissions and support clean gas to help the State's environmental goals.

https://www.investegate.co.uk/national- ... 00107493Y/

idpickering
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Re: National Grid (NG.)

#413394

Postby idpickering » May 20th, 2021, 7:11 am

Finals here; https://www.nationalgrid.com/document/141786/download

Also posted on HYPP.

Ian.

Dod101
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Re: National Grid (NG.)

#413396

Postby Dod101 » May 20th, 2021, 7:29 am

Thanks again Ian.

Obviously Covid has not helped the business but it is good to see that the dividend for the year has been increased by 1.2%. Amongst the welter of figures I must say I find it difficult to make much of them but there is nothing alarmist that I can see and it all looks fine.

I see that they as previously mentioned, are changing their dividend increases from RPI to CPI next year and so that they may produce a modest reduction in dividend increases. We'll see.

Dod

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Re: National Grid (NG.)

#413419

Postby idpickering » May 20th, 2021, 8:47 am

Dod101 wrote:Thanks again Ian.

Obviously Covid has not helped the business but it is good to see that the dividend for the year has been increased by 1.2%. Amongst the welter of figures I must say I find it difficult to make much of them but there is nothing alarmist that I can see and it all looks fine.

I see that they as previously mentioned, are changing their dividend increases from RPI to CPI next year and so that they may produce a modest reduction in dividend increases. We'll see.

Dod


You're welcome Dod. I noted the points you've mentioned. NG. nearly got the nod for my choice as my monthly top up for this month, which is happening today. In the end I went with VOD, as I mentioned over on HYPP yesterday. As to whether I got it right, we'll see. Either way, I'm not stressing about it.

Ian.

Itsallaguess
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Re: National Grid (NG.)

#413494

Postby Itsallaguess » May 20th, 2021, 11:46 am

Just another cool £1Bn+ added to net debt....

Image

Source - https://www.nationalgrid.com/document/141786/download

Still, I'm sure it'll all be fine....

Cheers,

Itsallaguess

monabri
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Re: National Grid (NG.)

#413502

Postby monabri » May 20th, 2021, 12:00 pm

Itsallaguess wrote:Just another cool £1Bn+ added to net debt....

Image

Source - https://www.nationalgrid.com/document/141786/download

Still, I'm sure it'll all be fine....

Cheers,

Itsallaguess


Maybe there is something different about the utilities but I don't understand how they pay the dividend from the free cash flow.

http://financials.morningstar.com/ratio ... region=GBR

(£0.48 x 3478 million shares).

Dod101
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Re: National Grid (NG.)

#413508

Postby Dod101 » May 20th, 2021, 12:13 pm

monabri wrote:
Itsallaguess wrote:Just another cool £1Bn+ added to net debt....

Image

Source - https://www.nationalgrid.com/document/141786/download

Still, I'm sure it'll all be fine....

Cheers,

Itsallaguess


Maybe there is something different about the utilities but I don't understand how they pay the dividend from the free cash flow.

http://financials.morningstar.com/ratio ... region=GBR

(£0.48 x 3478 million shares).


I do not think that anyone claimed that they do. The dividend is truly just the cost of equity, not in their case, particularly a share of the net profit, although I guess they need to have distributable reserves somewhere to make it legal. In the case oif national Grid however, they have buys and sells of significant assets currently in the pipeline so cash flow is all over the place anyway. We shareholders only need to start worrying if they begin to run out of distributable reserves.

Dod

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Re: National Grid (NG.)

#413544

Postby Dod101 » May 20th, 2021, 1:42 pm

Well that is my take anyway. I hope if anyone more technically minded than me can tell us differently I would be happy to know.

Dod

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Re: National Grid (NG.)

#413606

Postby TUK020 » May 20th, 2021, 4:24 pm

Bouleversee wrote:
Dod101 wrote:Hope you sleep well. But the share price and the dividend is what determines the 6% yield so it is not a question of their being 'allowed' to pay 6%.
The increases that is referred to is in the return on regulated UK assets I assume (I am writing this not having fully researched the earlier posts)

I hold National Grid and am happy to continue to do so. That is no reason for you to do so of course, but I feel happy enough with the way things are going.

Dod


I see the link I provided didn't work; sorry about that. Here is the actual text; I think the date was March 11:

Ofgem has cut returns for shareholders of UK local electricity networks by a third to keep prices low while requiring higher investment in greener energy.

National Grid

Source: Sharecast

The UK energy regulator said it would boost investment in local electricity grids to power electric cars, small-scale renewables, storage and cleaner forms of heating. Surface transport and domestic heating account for 34% of the UK's greenhouse gas emissions.

Under the new price control regime shareholders' return on equity from local electricity networks will be a maximum of 4.4% - a third lower than the previous price control. Ofgem said it had set the rates of return consistent with the average for EU regulators to keep the UK as an attractive investment.

Jonathan Brearley, Ofgem's chief executive, said: "We're driving local electricity networks to help make sure that every watt of energy produced from plant to plug is better used, for example by ramping up their use of battery storage, saving bills and the planet.

"At the same time, these financial arrangements will significantly cut investor returns to make sure consumers pay a fair price for energy whilst networks attract the investment they need to be safe and green."

I probably misunderstood it. Perhaps it means that NG and others can't make more than 4.4% profit, though that would be reflected in dividends presumably. Maybe, though it was on my NG page, it doesn't even apply to NG. Perhaps someone could translate for Grandma.

I have a (for me) quite large holding in SSE and don't have much of an urge to add to that, whereas my NG ISA holding is relatively small but I'm still dithering as to whether I want any more of this type of share at all. (Also have UU & Pennon). It does depend on the level of dividend and whether that is likely to come out of my capital. I seem to be making a small loss on my ISA NG though I did make a profit on the non-ISA holding I have just sold.


Apologies for the late response to this item, only just read it.

NG does not operate "local electricity networks", which the statement here concerning ROE ceiling refers to.

Structure of the electricity business in the UK is a bit more complicated.

Electricity Generators 'manufacture' the electricity in bulk, and sell it.
Electricity Suppliers buy from the Generators and sell it to end users, both domestic and business (this is who you get your bill from). They also pay middlemen to transport it.
The main grid is run and maintained by National Grid (in England and Wales) and SSE (in Scotland). NI is run as part of the Irish system. This grid connects generators to 14 regional Distribution Network Operators (DNOs). It is also responsible for balancing supply and demand and a host of other things. NG charges Suppliers for its services.
Distribution Network Operators (6 companies running a mix of 14 different regions) run the primary distribution, transformers and local cabling to connect supplies to your house/factory. They charge the suppliers for their services.

SSE are Generators, Grid operators (in Scotland), DNO for a couple of regions, and used to be a Supplier, but sold this bit off.

The announcement about 4.4% ROE limit applies to 'local electricity networks' which I interpret to be the DNOs - nothing to do with NG.

Dod101
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Re: National Grid (NG.)

#413614

Postby Dod101 » May 20th, 2021, 4:41 pm

I will not copy Tuk's post but these points I think have been more or less covered and he may like to know that SSE covers mostly the North of Scotland, Scottish Power performing the same role in the South of Scotland (more or less the Central belt and south of it. No idea if they still do retail or not.

Dod

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Re: National Grid (NG.)

#413813

Postby TUK020 » May 21st, 2021, 10:47 am

Dod101 wrote:I will not copy Tuk's post but these points I think have been more or less covered and he may like to know that SSE covers mostly the North of Scotland, Scottish Power performing the same role in the South of Scotland (more or less the Central belt and south of it. No idea if they still do retail or not.

Dod


These are the 'local electricity grids' - DNO regions.

SSE cover North Scotland + South Central England
Scottish Power cover South Scotland + Merseyside/North Wales
Western Power Division cover 4 regions
etc UK Power Networks, Electicity Northwest, Northern Power Grid etc

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Re: National Grid (NG.)

#419467

Postby idpickering » June 14th, 2021, 1:47 pm

Completion of acquisition of Western Power Distribution

National Grid plc ("National Grid") is pleased to announce that it has today completed the acquisition of PPL WPD Investments Limited (together with its subsidiary undertakings, (the "WPD Group")), the holding company of Western Power Distribution, the UK's largest electricity distribution business, from PPL WPD Limited, a subsidiary of PPL Corporation (the "WPD Acquisition").

Following National Grid's voluntary notification of the WPD Acquisition to the Competition and Markets Authority ("CMA"), the CMA is undertaking its merger review which has not yet concluded. As a result, and as is customary in such circumstances, the CMA has issued an Initial Enforcement Order, requiring the WPD Group to continue to be run independently from National Grid and under its existing management until the CMA review has completed.


https://www.investegate.co.uk/national- ... 06238047B/

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Re: National Grid (NG.)

#428896

Postby spiderbill » July 19th, 2021, 9:03 pm

UK's National Grid to lose electricity role to independent body -The Times

https://uk.finance.yahoo.com/news/uks-national-grid-lose-electricity-234033638.html

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Re: National Grid (NG.)

#445773

Postby idpickering » September 28th, 2021, 7:10 am

3-yr rate plan proposal: NG's Upstate NY business

National Grid, Department of Public Service Staff, and other settling parties have filed a Joint Proposal for a multi-year rate settlement for National Grid's Upstate New York electric and natural gas distribution business, the Niagara Mohawk Power Corporation (NIMO). The company serves 1.6 million electric and 0.6 million gas customers and represents almost 30% of the Group's US rate base.

The proposed settlement is for a three-year rate plan with new rates back-dated to July 2021. A final decision from the New York Public Service Commission is expected in the next few months.

The settlement maintains a focus on managing customer affordability in response to the economic downturn caused by COVID-19, while funding programmes necessary to maintain safe and reliable service, modernise the electric and gas networks, and promote economic growth in the state. It also includes investment in programmes to reduce methane emissions and support clean gas to help the State's environmental goals.

For further information on this filing, please follow this link to the fact sheet section of our investor website.


https://www.investegate.co.uk/national- ... 00031361N/

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Re: National Grid (NG.)

#450918

Postby idpickering » October 18th, 2021, 7:17 am

Pre-Close Update ahead of 2021/22 HY Results

National Grid today issues a pre-close update in respect of the half year ending 30 September 2021. Half year results will be announced on 18 November 2021.

With the acquisition of Western Power Distribution completing on 14 June 2021, its contribution will now be included for the first time. UK Gas Transmission, including our legacy UK gas metering business, is now held as a discontinued operation, with the proposed sale of a majority stake to complete within the next twelve months, and as such, will not be included in the underlying earnings of the continuing business.

US regulated operations will continue to include a contribution from Rhode Island, with closure of the sale to PPL Corporation still expected by the end of our financial year. We expect 1H earnings weighting to be in line with the prior year.

In UK Electricity Transmission, depreciation is now expected to increase by around £50m in the full year.

Net finance costs are expected to be weighted more towards 2H 2022 as a result of non-treasury interest benefits in the first half.

Overall, the group continues to perform in line with expectations, however 1H underlying earnings per share is expected to see a marginally greater weighting this year versus prior years.


https://www.investegate.co.uk/national- ... 00063073P/

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Re: National Grid (NG.)

#458991

Postby idpickering » November 18th, 2021, 7:27 am

National Grid - Doing Right Now: Investor Day


John Pettigrew, National Grid CEO, will today be joined by leaders and experts from across our businesses to host an investor day in London.

The event will provide an in-depth view on evolving areas of our business, to strengthen your understanding of our market position today, and our exciting plans for the future.

We will also be providing further insight into the vital role that National Grid is playing to lead the ongoing energy transition, sharing more detail on the longer-term opportunities for future growth and our 5-year financial outlook.

Please register here to join us virtually or in person for today's event, which will begin at 13.00 GMT.


https://www.investegate.co.uk/national- ... 05007516S/

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Re: National Grid (NG.)

#474073

Postby idpickering » January 18th, 2022, 1:28 pm

National Grid plc Scrip Dividend

National Grid confirms that an application has been made to the Financial Conduct Authority for ordinary shares to be admitted to the Official List, and to the London Stock Exchange for 27,794,999 ordinary shares to be admitted to trading, in relation to the operation of the Scrip Dividend Scheme for the 2021/22 interim dividend, payable on 19 January 2022. Dealings are expected to commence on 19 January 2022 and the shares will rank pari passu with the existing issued ordinary shares of the Company.

In accordance with the terms of the scrip dividend, 27,794,999 ordinary shares are to be issued at a price of 1015 .80 pence per share. In accordance with the terms of the scrip dividend for US holders of American Depositary Receipts ('ADRs'), 73,873 ADRs (each representing 5 ordinary shares) are to be issued at a price of US$67.3374, representing 369,365ordinary shares (including fractional entitlements).

The current terms and conditions of the scrip dividend scheme are available in the Investors section on the Company's website and from Equiniti on 0800 169 7775 or help.shareview.co.uk .


https://www.investegate.co.uk/national- ... 00077251Y/

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Re: National Grid (NG.)

#486688

Postby idpickering » March 15th, 2022, 11:27 am

Sale of interest in St William Homes LLP joint venture

National Grid plc ("National Grid") announces the sale of its entire 50% equity interest in the St William Homes LLP ("St William") joint venture to The Berkeley Group plc ("Berkeley Group") for cash consideration of £412.5 million.

Alongside the joint venture sale, National Grid and Berkeley Group have entered into a series of sale and purchase agreements for a number of additional sites owned by National Grid which are expected to complete over the period to 2025 for a total consideration of approximately £270 million. In addition, deferred consideration of £230 million in respect of sites previously sold to St William is payable by Berkeley Group to National Grid over the period to 2031.

St William was formed in 2014 as a joint venture between National Grid and the Berkeley Group to develop previously industrial sites into residential developments in London and the South East UK. As these sites are now largely transitioned, it is the natural time for National Grid to crystalise its investment, whilst allowing Berkeley Group to focus on the delivery of these sites.


https://www.investegate.co.uk/national- ... 00258300E/

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Re: National Grid (NG.)

#489673

Postby idpickering » March 28th, 2022, 7:14 am

Sale of majority interest in NGGT and Metering

National Grid plc ("National Grid") today announces that it has agreed to sell a 60% equity interest in its UK gas transmission and metering business ("NGG") to a consortium (the "Consortium") of long-term infrastructure investors (the "Transaction"). The Consortium is comprised of Macquarie Asset Management, a global asset manager and the world's largest infrastructure manager, and British Columbia Investment Management Corporation ("BCI"), one of Canada's largest institutional investors. As announced in March 2021, the Transaction forms part of National Grid's strategic pivot towards electricity and follows last year's acquisition of Western Power Distribution ("WPD"), the UK's largest electricity distribution business, and announced sale of The Narragansett Electric Company ("NECO") in the US.

The terms of the Transaction imply an enterprise value for NGG of approximately £9.6 billion[1]. On completion, National Grid will receive approximately £2.2 billion in cash consideration (subject to customary completion adjustments)[2]. Following the Transaction, National Grid will own a 40% minority equity interest in NGG via a new holding company called "GasT TopCo". In addition, National Grid will also receive approximately £2.0 billion from additional debt financing at completion. As at March 2022, NGG's regulated asset value is estimated to be approximately £6.6 billion and its net debt is estimated to be approximately £3.8 billion.

National Grid has also entered into an option agreement with the Consortium for the potential sale of the remaining 40% of equity in GasT TopCo (the "Further Interest"). The option may be exercised by the Consortium between 1 January 2023 and 30 June 2023 (subject to change depending on the timing of the closing of the Transaction). If the option is exercised, the consideration for the Further Interest is expected to be paid in cash to National Grid on broadly similar terms to the Transaction, subject to adjustment for dividends paid in the business at the time of exercise. Further details will be announced if the option is exercised.

Completion of the Transaction will be subject to certain antitrust and regulatory conditions. Subject to these clearances, National Grid expects that the Transaction will complete in the second half of calendar year 2022.

On completion, the Transaction together with the proposed sale of NECO, will:

Increase the balance of National Grid's portfolio towards electricity, with the proportion of the Group's assets in electricity growing from c.60% to c.70%;

Significantly enhance National Grid's central role in the delivery of the UK's net zero targets;

Underpin National Grid's 6 to 8% asset growth target for longer;

Enable National Grid to maintain a strong balance sheet with its strong investment grade credit rating, supporting its sustainable dividend policy.



https://www.investegate.co.uk/national- ... 00061479G/


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