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    NG.   GB00BDR05C01

NATIONAL GRID PLC

(NG.)
  Report
Delayed London Stock Exchange  -  11:35 2022-09-29 am EDT
937.40 GBX   -3.30%
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National Grid : first-of-its-kind renewable energy RFI validates a fossil-free energy strategy for the Northeast

08/16/2022 | 08:04am EDT

WALTHAM, MA, and BROOKLYN, NY - National Grid has located robust stocks of renewable natural gas (RNG) and hydrogen potentially available for its customers in Massachusetts and New York through the Company's first-of-its kind Northeast clean energy request for information (RFI) issued in May. Procurement of RNG and hydrogen are essential to National Grid's plan to deliver a 100% fossil-free gas network for customers who do not electrify their homes or businesses.

Through the RFI responses, the company has determined there will be at least 33 trillion BTUs (TBtus) available in the next three years, more than double the 15 TBtus needed in 2025. National Grid has determined that these fossil-free energy supplies are either immediately available or could be online within two years of contracting the projects, validating the company's vision for fossil-free heat in the Northeast.

"The RFI response alone is nearly double our 2025 need for fossil-free fuel and our analysis indicates that this initial response is not nearly the extent of RNG, hydrogen, and other innovative renewable resources that National Grid can procure," said James Holodak, Vice President, Energy Procurement, National Grid. "These results are an important proof-point that, with the right policy and regulatory support, within two years of contracting these projects, National Grid would be able to deliver an affordable and reliable clean energy transition for our customers."


National Grid is committed to helping both Massachusetts and New York achieve their climate goals. The Company is working to significantly reducing greenhouse gas emissions across the power, transportation, and building heat sectors, the latter being responsible for nearly 40 percent of total emissions in our service territory. Both RNG and hydrogen are key to achieving this net zero energy future.

RNG has proven to be a safe and reliable clean energy source that already heats homes and businesses in the United Kingdom. Further, the U.S. Department of Energy allocated hundreds of millions of dollars to develop a scalable hydrogen economy over the next decade. National Grid will deliver these clean energies via a 100 percent fossil-free gas network, coupled with targeted electrification and enhanced energy efficiency, to provide our customers with reliable and affordable clean energy choices that leave no customer or community behind during the clean energy transition.

Renewable Natural Gas
Renewable natural gas (RNG) is an immediately available resource released into the atmosphere by decomposing materials at farms, landfills, wastewater, and other sources. RNG provides a double benefit as greenhouse gas can be captured before being released and therefore before it impacts our climate. We can then harness and purify it to flow through our existing infrastructure in place of natural gas, which is a fossil-fuel. This fossil-free energy is a double win in our fight against climate change. Nearly twenty states across the country have policies that advance RNG for heating.

Green Hydrogen
National Grid continues to lead our nation in enabling offshore wind development, and these assets can be used to develop hydrogen through the process of electrolysis. Because the only byproduct of this production process is water vapor, the hydrogen produced is carbon-free. Hydrogen is particularly valuable because it can be stored for future use when conditions are such that our wind or solar assets are not producing high levels of power. This is a fossil-free way to decarbonize multiple sectors including heat, power generation, and transportation.

Disclaimer

National Grid plc published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 12:03:02 UTC.


© Publicnow 2022
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Financials
Sales 2023 18 416 M 20 302 M 20 302 M
Net income 2023 3 466 M 3 820 M 3 820 M
Net Debt 2023 41 241 M 45 464 M 45 464 M
P/E ratio 2023 9,30x
Yield 2023 5,77%
Capitalization 34 310 M 37 823 M 37 823 M
EV / Sales 2023 4,10x
EV / Sales 2024 4,00x
Nbr of Employees 29 292
Free-Float 93,3%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 937,40 GBX
Average target price 1 175,95 GBX
Spread / Average Target 25,4%
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Managers and Directors
John Mark Pettigrew Chief Operating Officer-UK Gas Distribution
Andrew Jonathan Agg Chief Financial Officer & Executive Director
Paula Rosput Reynolds Chairman
Adriana Karaboutis Group Chief Information & Digital Officer
Lisa M. Lambert Chief Technology & Innovation Officer
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