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National Grid and National Grid Foundation Add $1.4 Million to Heating Assistance Funds

1. National Grid contributed $1.4 million for low-income heating assistance programs. 2. Enhanced grants increased from $200 to $500 for eligible customers. 3. Emergency funds support customers during colder winter months in New York. 4. Higher energy needs due to colder temperatures may lead to increased costs. 5. Public Utility Law Project commended National Grid's commitment to affordability.

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FAQ

Why Bullish?

The funding and increased support for low-income customers may improve brand loyalty and customer retention, which historically benefits stock performance, especially during times of energy price volatility.

How important is it?

The article covers significant contributions affecting customer relations and service demand, essential for National Grid's market position.

Why Short Term?

The immediate need for heating assistance and the operational impacts are likely to reflect in the upcoming quarterly results but may not materially affect long-term performance.

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Low-Income Customers Can Apply for Enhanced Emergency Heating Assistance , /PRNewswire/ -- National Grid and the National Grid Foundation today announced a joint $1.4 million contribution to support the company's low-income and emergency heating programs, the Care & Share Energy Fund and the Neighborhood Heating Fund, which opened today. The announcement follows the recent interruption of regular Home Energy Assistance Program, or Regular HEAP, availability in New York State. Regular HEAP funds were exhausted on Jan. 21 due to higher-than-normal enrollment in the federally funded program, which provides grants to low-income customers to help them afford their energy usage. On Jan 25, Gov. Kathy Hochul reallocated unused state funds to extend the program through the spring. It also comes during an Upstate New York winter that is tracking colder than previous years. According to the National Weather Service, December 2024 was 24% colder than December 2023, and January 2025 was 15% colder than the previous year. Some Upstate regions have experienced more than 75 days at or below the freezing temperature mark this winter. New York City and on Long Island customers experienced similar temperatures — January 2025 was 20% colder than January 2024 and December 2024 was 32% colder than the previous year. When outdoor temperatures drop, heating systems work harder to maintain a steady indoor temperature. The result is customers using more energy to heat their homes and businesses, leading to higher bills. National Grid's investments in additional funds and enhanced grants were lauded by the Public Utility Law Project, a consumer advocacy group. "PULP commends National Grid for raising awareness about its Care & Share Energy Fund and Neighborhood Heating Fund – important programs that provide financial assistance to low-income households struggling to afford their winter heating bills," said Laurie Wheelock, PULP's executive director and counsel. "With the Home Energy Assistance Program temporarily closing and reopening in January, protective measures like these are essential to ensuring New York's most vulnerable households can stay safe and warm. We also appreciate National Grid's commitment to supporting the low-income community by increasing the award amount from $200 to $500 during these cold and uncertain times." "Affordability is front-of-mind for all of us, and these programs directly assist customers in managing costs," said Sally Librera, National Grid's New York President. "We are committed to helping our customers stay warm and safe this winter." The contribution is comprised of National Grid shareholder funds and an award from the National Grid Foundation, a registered 501(c)3 organization founded in 2000 to bring change that inspires people and transforms communities. "Core to the foundation's purpose is enhancing the quality of life of those in the communities we serve," said Robert Simmons, National Grid Foundation Executive Director. "Helping National Grid's most vulnerable customers this winter is emblematic of our promise to the community." Funding will allow the company's two emergency heating funds to provide enhanced grants of $500, up from $200, to active National Grid customers in Upstate New York and New York City that have exhausted their HEAP allocations for the year. The Care & Share Energy Fund provides emergency financial assistance to income-eligible individuals and families who are having difficulty paying their heat-related energy bills in National Grid's upstate New York service area. National Grid customers in Brooklyn, Queens, and Staten Island who live in a one- or two-family house or pay for heat in their apartment can qualify for the Neighborhood Heating Fund. Both programs, administered by HeartShare Human Services, opened today and will close when the funds are exhausted. Eligible customers will receive one $500 grant per season. To qualify, applicants must: Have an active National Grid account in their name. Have a household income that meets Home Energy Assistance Program guidelines. Have exhausted all available HEAP assistance at the time of application. Affordability Solutions National Grid has been promoting bill management programs and solutions since October 2024 to ensure customers are aware of available services and tools that can help them save money during the cold weather. Using less and saving more while staying warm is the underlying message of the company's Here For You affordability campaign. The company's dedicated website highlights bill management programs, energy efficiency solutions and more. Customers receiving Regular HEAP are automatically enrolled in National Grid's Energy Affordability Program, or EAP. The program provides monthly bill credits above and beyond what the customer receives from HEAP. Customers may also be eligible for the EAP if they participate in qualifying programs such as the Supplemental Nutrition Assistance Program, Supplemental Security Income, Medicaid, Federal Public Housing Assistance, qualifying veterans' pensions, or Native American benefit programs administered by federal or tribal governments. To learn more about the program and eligibility, or to apply, call 1-866-305-1915 or email [email protected]. Emergency HEAP is available through the spring or until funds are exhausted. Qualification is based on household size, income, and a valid or current utility disconnection notice. Customers must apply by telephone or in person through their HEAP Local District Contact. These funds are limited and available on a first come, first served basis. Eligible customers may also qualify for HEAP's Heating Equipment Repair and Replacement and Clean and Tune Benefits. More information about those programs is available from the NYS Office of Temporary and Disability Assistance, which administers the programs. Bill Payment Programs for All CustomersAll residential customers, regardless of income, qualify for programs to manage energy costs. The Budget Billing Plan spreads payments out more evenly across the year to help better manage energy costs. Budget billing smooths out peaks and valleys in customer bills, by using account history to make bills more predictable. Accounts are reviewed periodically to make minor adjustments and the company reconciles the account with customers annually. Deferred Payment Agreements aid customers who have fallen behind in their payments. Customers with past-due accounts can arrange to have their balance spread over multiple months to create manageable payments and avoid disconnections. Residential customers receiving Supplement Security Income, Social Security Disability Insurance or a retirement pension, and enrolled in an active payment agreement, may qualify for a 10-day extension on their billing due date through the company's Bill Extender Program. Customers can learn about these programs by working with a National Grid Consumer Advocate. Consumer Advocates work one-on-one with customers to meet their home energy needs and can be reached by calling 800-642-4272 or emailing [email protected]. About National Grid National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York and Massachusetts. National Grid is focused on building a smarter, stronger, cleaner energy future — transforming our networks with more reliable and resilient energy solutions to meet state climate goals and reduce greenhouse gas emissions. For more information, please visit our website, follow us on X, watch us on YouTube, like us on Facebook, and find our photos on Instagram. About National Grid Foundation National Grid Foundation was created to enhance the quality of life across its grant making territory. The Foundation's ongoing challenge is to create opportunities for solutions to educational and environmental issues. Its objective is based on the principle that giving people the tools to build hope is an essential ingredient in the development of individuals, families and communities. Since its inception in December of 1998, the Foundation now in its 25th year has granted more than $38 million to local community organizations. 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