Form 6-K NATIONAL GRID PLC For: May 23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
National Grid plc |
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(Translation of registrants name into English) | ||||
1-3 Strand London WC2N 5EH, England |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
Please see Exhibit 99.1 Announcement sent to the London Stock Exchange on 23 May 2016 — 'Capital Investment and Financing Orders received for Niagara Mohawk Electric and Gas businesses’
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
National Grid plc | ||
Date: 23 May 2016 | By: |
/s/ Mark Noble |
Name: | Mark Noble | |
Title: | Deputy Group General Counsel | |
Exhibit No. | Description | |
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99.1 | Announcement sent to the London Stock Exchange on 23 May 2016 — ‘Capital Investment and Financing Orders received for Niagara Mohawk Electric and Gas businesses’ | |
23 May 2016
National Grid plc
Capital Investment and Financing Orders received for Niagara Mohawk Electric and Gas businesses
National Grid announces that the New York Public Service Commission has issued an order approving a capital investment petition for $1.3bn for its Niagara Mohawk utility, resulting in two additional years at current rates for customers.
This order will facilitate significant investments to increase the safety and reliability of the electric and gas distribution systems, modernize networks, promote gas growth and enhance storm resilience.
The petition provides incremental revenues of approximately $50m in FY17 and $90m in FY18, with no increase to customer bills through the use of deferred credits.
National Grid also received authority to issue up to $2.07 billion of new long-term debt for: refinancing maturing debt; replacing variable debt with fixed-interest debt; financing the capital needs of the business and for general corporate purposes.
Separately, on 20 May, National Grid received the New York Department of Public Services (DPS) intervenor testimony for the KEDNY and KEDLI rate cases. This is the DPS Staffs opening position and National Grid has to respond by 10 June 2016. Hearings will begin in late June with a decision expected in December 2016 and new rates effective in January 2017.
CONTACTS
Investors:
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Aarti Singhal
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+44 (0)20 7004 3170 | |
David Brining
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+44 (0)20 7004 3166 | |
Michael Ioanilli
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+44 (0)20 7004 3006 |
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither reported financial results nor
other historical information. These statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements include information with respect to National Grids
financial condition, its results of operations and businesses, strategy, plans and objectives.
Words such as anticipates, expects, should, intends, plans, believes, outlook,
seeks, estimates, targets, may, will, continue, project and similar expressions, as
well as statements in the future tense, identify forward-looking statements. These forward-looking
statements are not guarantees of National Grids future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to differ materially from those
expressed in or implied by such forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grids ability to control or estimate
precisely, such as changes in laws or regulations, announcements from and decisions by governmental
bodies or regulators (including the timeliness of consents for construction projects); the timing
of construction and delivery by third parties of new generation projects requiring connection;
breaches of, or changes in, environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the potentially harmful nature of
its activities; network failure or interruption, the inability to carry out critical non network
operations and damage to infrastructure, due to adverse weather conditions including the impact of
major storms as well as the results of climate change, due to counterparties being unable to
deliver physical commodities, or due to the failure of or unauthorised access to or deliberate
breaches of National Grids IT systems and supporting technology; performance against regulatory
targets and standards and against National Grids peers with the aim of delivering stakeholder
expectations regarding costs and efficiency savings, including those related to investment
programmes and internal transformation and remediation plans; and customers and counterparties
(including financial institutions) failing to perform their obligations to the Company. Other
factors that could cause actual results to differ materially from those described in this
announcement include fluctuations in exchange rates, interest rates and commodity price indices;
restrictions and conditions (including filing requirements) in National Grids borrowing and debt
arrangements, funding costs and access to financing; regulatory requirements for the Company to
maintain financial resources in certain parts of its business and restrictions on some
subsidiaries transactions such as paying dividends, lending or levying charges; inflation or
deflation; the delayed timing of recoveries and payments in National Grids regulated businesses
and whether aspects of its activities are contestable; the funding requirements and performance of
National Grids pension schemes and other post-retirement benefit schemes; the failure to attract,
train or retain employees with the necessary competencies, including leadership skills, and any
significant disputes arising with the National Grids employees or the breach of laws or
regulations by its employees; and the failure to respond to market developments, including
competition for onshore transmission, and grow the Companys business to deliver its strategy, as
well as incorrect or unforeseen assumptions or conclusions (including unanticipated costs and
liabilities) relating to business development activity, including assumptions in connection with
joint ventures. For further details regarding these and other assumptions, risks and uncertainties
that may impact National Grid, please read the Strategic Report section and the Risk factors on
pages 173 to 176 of National Grids most recent Annual Report and Accounts. In addition, new
factors emerge from time to time and National Grid cannot assess the potential impact of any such
factor on its activities or the extent to which any factor, or combination of factors, may cause
actual future results to differ materially from those contained in any forward-looking statement.
Except as may be required by law or regulation, the Company undertakes no obligation to update any
of its forward-looking statements, which speak only as of the date of this announcement.
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