We advised the underwriters on the offering

Davis Polk advised the joint book-running managers in connection with a Rule 144A / Regulation S offering of $650 million aggregate principal amount of 5.112% senior notes due 2036 and $350 million aggregate principal amount reopening of 5.996% senior notes due 2055 issued on July 3, 2025, by Niagara Mohawk Power Corporation.

Niagara Mohawk Power Corporation provides electric utility services to approximately 1.7 million customers and natural gas utility services to approximately 600,000 customers in upstate New York. Niagara Mohawk Power Corporation is an indirect wholly owned subsidiary of National Grid USA, which in turn is an indirect wholly owned subsidiary of National Grid plc, an international electricity and natural gas energy delivery company based in the United Kingdom.

The Davis Polk corporate team included partner Reuven B. Young and associate H. Gultekin Can. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Michael Comstock and associate Timothy J. Sullivan provided environmental advice. Members of the Davis Polk team are based in the London and New York offices.

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