Investment, revenues and profits surge at Electricty NW

ELECTRICTY North West, the private equity-owned electricity distributor for five million homes and businesses, has reported an increase in revenue and profits.

The Warrington-based group, once part of United Utilities, said profits in the year to the end of March had risen from £171m to £202m as revenues increased from £468m to £508m following permitted price increases by regulator OFGEM to fund investment/

As a result, ENW said it had invested a record amount, £228m, in the region’s power infrastructure during the year as it overhauled the overhead lines and underground cables used to connect premises to the National Grid.

The company said customers should start to see a fall in what they are paying from next year. Currently around £120 from a typpical household’s annual electricity bill is paid to Electricity North West to operate the network. This sum is scheduled to fall to £98 from April 2015.

Chief executive Steve Johnson said: “We’re investing for the future, but we also recognise that energy bills are going up so by reducing our part of the bill next year it will mean customers pay just 27p a day to us.”