National Grid has invested £3.5 billion in regulated networks during the first half of this year.
The energy company has today published its financial results and said this capital deployment supports 17 major onshore and offshore transmission projects in the UK.
National Grid is also advancing several significant transmission initiatives in the US, aimed at unlocking renewable energy sources and upgrading infrastructure.
However, the company reported a 21% decrease in underlying profit before tax for the first half of the year.
National Grid anticipates that underlying earnings per share for 2023-24 will be modestly below the previous year due to changes in UK Government legislation regarding capital allowances.
John Pettigrew, National Grid’s Chief Executive, said: “Today we’ve announced solid results, and reconfirmed our full-year guidance, as we continue to enhance critical energy infrastructure across the communities we serve.
“This financial performance reflects our role at the heart of the energy transition and a new phase of capital delivery that is firmly underway.”
