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National Grid expects to invest up to 40 billion stg through 2026

National Grid expects to invest up to 40 billion stg through 2026

 

Britain's National Grid reported a jump in half-yearly profit on Thursday and said it expects to invest up to 40 billion pounds ($45.55 billion) between 2022 and 2026, with a strong focus on decarbonisation of energy networks.

The company said underlying operating profit from continuing operations rose 50% to 2.1 billion pounds in the six months ended Sept. 30, helped by earnings from its electricity distribution business.

The utility, which runs Britain's energy systems and has businesses in the United States, raised its full-year earnings growth forecast.

It said it now expects full-year underlying earnings per share-growth to be in the middle of its new 6-8% compound annual growth rate forecast.

National Grid's capital investment in energy infrastructure reached a record 3.9 billion pounds in the half-year, driven by its acquisition of UK's largest electricity distribution business last year and its U.S. investments.

Separately, British Gas owner Centrica (CNA.L) also raised its full-year adjusted earnings per share outlook to be at the top end of analysts' expectation ($1 = 0.8781 pounds)

Read the latest issue of the OGV Energy magazine HERE

Published: 10-11-2022

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