National Grid has announced robust financial results for the first half of the year, achieving a 14% rise in underlying operating profit to £2 billion.
This growth was largely due to improved revenue from UK Electricity Transmission and new rate structures in the company’s New York operations.
Additional gains came from a reduced environmental provision charge in New York and strong contributions from the UK Electricity System Operator (ESO), though profits were partially offset by lower earnings from National Grid Ventures.
John Pettigrew, Chief Executive, said: “Over the last six months, the exciting momentum within National Grid has continued as we deliver an unprecedented step up in capital investment.
“We successfully completed the £7 billion Rights Issue, underpinning our ability to deliver our five-year, £60 billion investment plan at pace.
“Delivery is well underway with investment increasing to a record £4.6 billion in the first half of this year.
“In the UK, work on our 17 major onshore and offshore transmission projects is moving forward, in consultation with our communities and stakeholders, and we are well progressed in securing the supply chain for all these projects.”
