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    NG.   GB00BDR05C01

NATIONAL GRID PLC

(NG.)
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Delayed London Stock Exchange  -  11:38 2022-07-01 am EDT
1073.00 GBX   +2.00%
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The New York PSC Cuts National Grid Rate Hike Request

01/20/2022 | 04:34pm EDT

Jan 20 (Reuters) - THE NEW YORK PUBLIC SERVICE COMMISSION (PSC):

* SAYS PSC ON THURSDAY APPROVED A THREE-YEAR RATE PLAN FOR NATIONAL GRID CUSTOMERS LIVING IN UPSTATE NEW YORK THAT IS SIGNIFICANTLY LOWER THAN WHAT THE CO INITIALLY REQUESTED

* PSC DECISION SLASHES PROPOSED RATE INCREASE BY MORE THAN ONE-THIRD, ALLOWS FOR ANNUAL ELECTRIC AND GAS INCREASES TO BE KEPT BELOW 2% FOR NEXT THREE YEARS

* PSC DECISION ESTABLISHES A THREE-YEAR RATE PLAN FOR ELECTRIC AND GAS SERVICE PROVIDED BY NATIONAL GRID FOR THE PERIOD JULY 1, 2021, THROUGH JUNE 30, 2024, THAT ALLOWS REVENUES, AFTER THE APPLICATION OF CUSTOMER CREDITS, TO INCREASE BY 1.4% FOR ELECTRIC AND 1.8% FOR GAS IN THE FIRST YEAR, AND BY 1.9% FOR ELECTRIC AND GAS IN THE SECOND AND THIRD YEAR

* NATIONAL GRID HAD SOUGHT AN INCREASE OF AROUND $100.4 MLN IN ELECTRIC DELIVERY REVENUES (A 4.9% INCREASE IN BASE DELIVERY REVENUES OR A 3.2% INCREASE IN TOTAL REVENUES), AND AN INCREASE OF AROUND $41.8 MLN IN NATURAL GAS DELIVERY REVENUES (A 9.8% INCREASE IN BASE DELIVERY REVENUES OR A 5.2% INCREASE IN TOTAL REVENUES)

* SAYS THE DECISION PROVIDES AN IMMEDIATE BENEFIT TO RATE PAYERS WHO WOULD OTHERWISE EXPERIENCE HIGHER RATES AT A TIME WHEN THE ECONOMY IS STILL RECOVERING FROM THE COVID-19 PANDEMIC

(Reporting by Ashitha Shivaprasad)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
NATIONAL GRID PLC 2.00% 1073 Delayed Quote.1.25%
S&P GSCI NATURAL GAS INDEX 5.64% 268.2836 Real-time Quote.74.21%
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Financials
Sales 2022 15 753 M 18 951 M 18 951 M
Net income 2022 2 340 M 2 815 M 2 815 M
Net Debt 2022 42 149 M 50 706 M 50 706 M
P/E ratio 2022 16,4x
Yield 2022 4,75%
Capitalization 39 125 M 47 068 M 47 068 M
EV / Sales 2022 5,16x
EV / Sales 2023 4,41x
Nbr of Employees 29 292
Free-Float 93,2%
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Technical analysis trends NATIONAL GRID PLC
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TrendsBearishBearishNeutral
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 1 072,00 GBX
Average target price 1 169,02 GBX
Spread / Average Target 9,05%
EPS Revisions
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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