Niagara Mohawk Power Corporation PFD 3.90%
NMK-PC
New York Stock Exchange76.10
USD
-2.84
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Niagara Mohawk Power Corporation PFD 3.90%
NMK-PC
(New York Stock Exchange)
Recent
price
76.10
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Niagara Mohawk Power Corporation, doing business as National Grid, operates as a regulated utility engaged principally in the electric and natural gas delivery business in New York State; it provides electric transmission, distribution, and sales services to approximately 1.7 million customers across eastern, central, northern, and western New York, including major areas such as the Capital District, Syracuse, Buffalo, and Niagara Falls, and sells, distributes, and transports natural gas to approximately 0.6 million customers in central, northern, and eastern New York. The company offers core services encompassing regulated electric delivery through extensive transmission and distribution infrastructure, natural gas distribution networks, renewable energy credits and zero-emissions credits for state compliance obligations, transmission congestion contracts via New York ISO auctions, and derivative instruments for commodity price risk management, with all commodity costs passed through to customers under approved rate mechanisms. Founded through the 1929 incorporation of 59 predecessor companies into Niagara Hudson Power Corporation and renamed Niagara Mohawk Power Corporation in 1950 following antitrust restructuring, it maintains historical headquarters ties to its 1932 Art Deco building in Syracuse, New York, and functions as a wholly-owned subsidiary of Niagara Mohawk Holdings Inc., itself under National Grid USA and ultimately National Grid plc since its 2000 acquisition. Recent developments include the New York Public Service Commission's August 2025 approval of a three-year rate plan through March 2028 establishing electric and gas delivery rates with a 9.5% return on equity, USD1.43 billion in first-year electric capital investment, and USD351 million for gas to support network modernization, reliability enhancements, renewable integration, and pipeline replacements; ongoing capital expenditures reached USD1.86 billion for the year ended March 31, 2025, funding property, plant, and equipment expansion to USD15.14 billion net; and strategic initiatives such as non-wires alternatives like the operational Watertown project and Pine Grove planning, alongside EV fleet electrification partnerships including with Current for medium- and heavy-duty vehicle infrastructure.