The Narragansett Electric Company PFD 4.50%
NRGSP
Other OTC55.00
USD
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The Narragansett Electric Company PFD 4.50%
NRGSP
(Other OTC)
Recent
price
55.00
P/E
ratio
- -
div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- The Narragansett Electric Company (Narragansett Electric or the Company) operates as a retail electric and natural gas distribution utility serving approximately 770,000 customers across Rhode Island, covering nearly the entire state through an integrated network of transmission and distribution lines, substations, and gas mains; the Company provides essential delivery services for electricity and natural gas to residential, commercial, and industrial customers, including standard distribution, metering, energy efficiency programs, and customer support initiatives such as home energy assessments and payment assistance plans. Headquartered in Providence, Rhode Island, with key facilities at 280 Melrose Street, the Company traces its origins to the early 20th century through predecessor entities like the Narragansett Electric Lighting Company formed in 1884. It functions as a wholly-owned subsidiary of PPL Rhode Island Holdings, LLC, under the broader PPL Corporation (NYSE: PPL) family of utilities focused on reliable energy delivery and clean energy transitions. Narragansett Electric, doing business as Rhode Island Energy, delivers core services encompassing electric distribution and transmission, natural gas distribution, customer metering and billing, outage management, and ancillary offerings such as energy conservation programs, smart meter deployments, and renewable energy support alignment; specific service schedules include transitional sales service, firm and non-firm transportation, natural gas vehicle fueling, gas lamps, and main extension policies for new residential, commercial, and industrial developments. The Company targets all customer classes in its Rhode Island territory, emphasizing safe, reliable service amid state clean energy goals, with operations regulated by the Rhode Island Public Utilities Commission (RIPUC) and the Federal Energy Regulatory Commission (FERC). In a transformative 2022 transaction, PPL Corporation completed the $3.8 billion acquisition of Narragansett Electric from National Grid USA on May 25, 2022, marking a major ownership shift and immediate rebranding to Rhode Island Energy to underscore commitment to local communities and sustainable energy; this strategic repositioning enabled integration into PPL's U.S.-focused model, including establishment of a Rhode Island control center and customer call center. More recently, in March 2024, the Company issued $500 million in senior notes to bolster its capital structure, supporting ongoing infrastructure investments. In November 2025, Narragansett Electric filed for distribution rate increases with the RIPUC, proposing hikes to generate $230 million in additional revenue over two years to address inflation, supply chain costs, and regulatory mandates, following a three-year moratorium tied to the acquisition; the filing coincides with bill credit distributions and scrutiny over smart meter rollouts and past overbilling issues.