Niagara Mohawk Power Corporation PFD 3.90%
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- Niagara Mohawk Power Corporation (Niagara Mohawk), a wholly-owned subsidiary of National Grid USA, operates as a regulated electric and natural gas utility serving approximately 1.7 million electric customers and 0.6 million natural gas customers across eastern, central, northern, and western New York State. The company provides electric transmission and distribution services through its extensive network of power lines and substations; natural gas sales, distribution, and transportation; and related services including renewable energy credits compliance, transmission congestion contracts via the New York Independent System Operator auctions, and derivative instruments for commodity price risk management. Headquartered in Syracuse, New York, Niagara Mohawk traces its origins to 1929 as Niagara Hudson Power Corporation, adopting its current name in 1950 following antitrust restructuring. In recent years, Niagara Mohawk has pursued significant infrastructure modernization and regulatory initiatives as part of National Grid's broader strategy. In March 2024, it announced the Upstate Upgrade, a multi-year $4 billion investment program to rebuild over 1,000 miles of transmission lines, construct or upgrade 45 substations, and deploy advanced technologies for grid reliability, renewable integration, and resilience against extreme weather, marking the largest such upgrade since the system's inception over a century ago. In April 2025, National Grid filed a three-year rate plan proposal with the New York Public Service Commission for Niagara Mohawk's operations spanning May 2025 to March 2028, seeking a 9.5% return on equity and $1.43 billion in electric capital investments plus $351 million for gas infrastructure in the first year to support reliability enhancements, renewable energy delivery, and pipeline replacements. These efforts align with ongoing capital expenditures, which reached $1.86 billion in the fiscal year ended March 31, 2025, alongside a $1.4 billion advance from its affiliate to fund growth.