National Grid plcNYSE
Thu, Dec. 8, 5:36 AM
- National Grid (NYSE:NGG) has sold a 61% stake in its U.K. gas distribution business to a consortium of investors led by Macquarie and China Investment Corp., in a deal valuing the business at £13.8B, including debt.
- Meanwhile, Glencore and Qatar's sovereign wealth fund have taken a near 20% stake in Rosneft for around $11.3B, as Russia tries to privatize some state assets to help bolster its finances.
Mon, Nov. 28, 11:34 AM
- U.K. ministers have backed away from threats to break up National Grid (NGG +0.6%) and instead will order the company to establish stricter controls to prevent conflicts of interest in its role operating Britain’s electricity system, Financial Times reports.
- New independent directors will be appointed to a separate board overseeing system operations but the operating unit will not be split off, under a compromise deal to be announced in coming weeks, according to the report.
- Concerns about conflicts of interest have focused on NGG's interconnector business, which imports electricity from France and is building a further link with Norway, potentially causing competition with domestic sources of power generation vying for access to the transmission system.
Tue, Nov. 22, 2:08 PM
Fri, Nov. 18, 12:34 PM
- In no surprise given the market's one-way street upwards for some time, the list of 52-week highs in large- and mid-cap stocks is too long to list. Suffice it to say, if you own a financial name and it's not at a 52-week high, call management.
- Of far more interest given the major bull run, which names are making 52-week lows?
- Anheuser-Busch (BUD -1.6%)
- Fomento Economico Mexicano (FMX -2.8%)
- National Grid (NGG -0.8%)
- Novo Nordisk (NVO -1%)
- Grupo Televisa (TV -3.3%)
- Unilever (UL -1%)
- CubeSmart (CUBE -1.4%)
- Extra Space Storage (EXR -0.4%)
Mon, Nov. 14, 3:50 PM
Thu, Nov. 10, 9:28 AM
Thu, Nov. 10, 9:17 AM
- Gainers: TUBE +82%. SODA +18%. AHT +11%. AEG +10%. ZLTQ +10%. NAT +9%. TASR +9%. MTL +9%. SHAK +8%. KSS +8%. EBIO +8%. UBS +8%. PUK +7%. FCEL +8%. ARIA +6%. FCX +6%. RBS +6%. ENDP +6%. BCS +6%. CS +5%.
- Losers: SUNW -31%. ANTH -19%. BVX -14%. NVAX -11%. WUBA -11%. BBD -8%. SEDG -7%. RRR -6%. AZN -6%. VIV -6%. SBS -5%. NGG -5%.
Mon, Oct. 17, 5:51 PM
- National Grid (NYSE:NGG) has selected a consortium of investors that includes Allianz and the infrastructure arm of Australian investment bank Macquarie as potential bidders for its U.K. gas distribution business, Bloomberg reports.
- Two separate groups of Chinese investors also have been invited to make final bids for the assets by the November deadline, and a band of investors that included Canada Pension Plan Investment Board and Middle Eastern wealth funds has dropped out, according to the report.
- NGG is selling at least 51% of its U.K. gas distribution unit, made up of four regional networks, which RBC Capital estimates could be worth as much as £12.6B ($15.4B).
Thu, Sep. 8, 9:14 AM
- National Grid (NYSE:NGG) says it has agreed to a three-year rate plan settlement for the KeySpan Energy Delivery New York and KeySpan Energy Delivery Long Island gas distribution utilities.
- NGG says the new proposal includes revenue increases over each of the three years, an allowed 9% return on equity for both utilities, and a $3B capital program.
- NGG says a final decision from the New York Public Service Commission is expected in late 2016 with new rates effective January 2017.
Wed, Aug. 24, 8:45 AM
- Spectra Energy's (SE, SEP) Access Northeast pipeline expansion project faces a setback after major customers National Grid (NYSE:NGG) and Eversource Energy (NYSE:ES) say they will not buy capacity on the pipeline in Massachusetts.
- The electric utilities had filed petitions with the Massachusetts Department of Public Utilities for 20-year agreements to take gas.
- The withdrawals come after the Supreme Judicial Court of Massachusetts last week blocked a plan that would have allowed the companies to pass along the costs of signing up to the pipeline to consumers.
- SE says the project is still moving forward, and that NGG and ES still are co-developers; SE could find other customers for the capacity, in Massachusetts or in other states.
Wed, Aug. 3, 9:16 AM
- U.K. electricity and natural gas network operator National Grid (NYSE:NGG) has started an auction to sell a controlling stake in its domestic gas business that could value the whole unit at more than £10B ($13.4B), Bloomberg reports.
- NGG, which is selling 51% of its four regional gas distribution networks, has sent information on the business to potential buyers and has asked for first-round bids by late September, according to the report.
- Canada Pension Plan Investment Board is said to be considering joining a consortium of Canadian investors and Middle Eastern sovereign wealth funds interested in the assets; another interested group may include Allianz and the infrastructure arm of Australian investment bank Macquarie.
Fri, Jun. 17, 3:57 PM
- National Grid (NGG +0.7%) should be broken up and stripped of its role managing the U.K.’s power system because of “intractable and growing” conflicts of interest, according to a report from the Energy and Climate Change Committee.
- The House of Commons committee report calls for the government to set out its intentions regarding creating an independent operator as soon as possible.
- National Grid has been the operator of the U.K.'s power network for most of the country for 26 years, although an RBC Capital report says EPS may be reduced by slightly more than 1% if the company loses its role.
Thu, May 19, 8:56 AM
- National Grid (NYSE:NGG): FQ4 EPS of 63.5p.
- Revenue of £1.95B (+1.0% Y/Y).
Nov. 30, 2015, 6:47 PM
- ITC Holdings (NYSE:ITC) confirms it is exploring strategic options, including a sale of the company.
- ITC could fetch as much as $45/share, Citigroup analyst Praful Mehta says, reflecting a premium of as much as 37% over the 50-day average stock price.
- Utilities including the U.K.’s National Grid (NYSE:NGG) and Spain’s Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) reportedly may consider bidding for the company.
- ITC closed 9% higher in today's trade after Bloomberg reported earlier that the company was exploring a sale.
Nov. 10, 2015, 9:47 AM
- U.K. power operator National Grid (NGG +1.6%) confirms that it plans to sell a majority stake in its £8.5B ($12.8B) gas distribution, as it shifts focus to better performing assets such as its U.S. networks.
- NGG says it expects the sale to complete in late 2016 and increase its annual asset growth rate to 7% from 5%; the British gas distribution business is growing at a rate of ~2%.
- Barclays analysts estimate the unit's enterprise value at about £10.6B-£11.5B, based on a 25%-35% premium to its regulated asset value of £8.5B.
- NGG also reports a 21% rise in H1 adjusted pretax profit to £1.37B, supported by a strong performance of its U.S. business.
- Earlier: Bloomberg: National Grid to look for buyers for gas distribution unit (Nov. 9)
Nov. 9, 2015, 12:59 PM
- National Grid (NGG +0.1%) plans to seek buyers for its regional gas distribution business, which could fetch as much as £10B ($15B) if disposed as a whole, Bloomberg reports.
- Depending on the scale of such a disposal, a special dividend or an acquisition are both options for proceeds, Citigroup says.
- NGG’s four regional gas distribution networks connect customers in the West Midlands, eastern England and the country's northwest as well as parts of London; NGG’s national grid of long-distance, high-pressure transmission pipelines would not be part of any sale, according to the report.