Market Overview

Niagara Mohawk Power Corporation Declares Preferred Stock Dividends

SYRACUSE, N.Y.--(BUSINESS WIRE)--

Niagara Mohawk Power Corp.(the “Company”), an indirect subsidiary of National Grid USA (“National Grid”), announced that its Board of Directors has declared dividends for the period Oct. 1, 2012 to Dec. 31, 2012 at the following rates for all outstanding series of its preferred stock:

  • .85% on the $100 par value, 3.40% Series;
  • .90% on the $100 par value, 3.60% Series;
  • .975% on the $100 par value, 3.90% Series.

The preferred stock dividends are payable on Dec. 31, 2012, to holders of record on Dec. 13, 2012.

The Company, doing business as National Grid, provides electricity service to approximately 1.6 million customers and natural gas service to approximately 565,000 customers in upstate New York. The Company is based in Syracuse, N.Y.

National Grid is an indirect subsidiary of National Grid plc (LSE: NG; NYSE:NGG). National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New York, and Rhode Island, and manages the electricity network on Long Island under an agreement with the Long Island Power Authority (LIPA) which agreement is scheduled to expire on December 31, 2013. It is the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in Massachusetts, New York, and Rhode Island. National Grid also owns over 4,000 megawatts of contracted electricity generation that provides power to over one million LIPA customers.

National Grid
Media Contact:
Virginia Limmiatis, 315-428-5029

 

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