Good progress reported at National Grid

WARWICK-based power firm National Grid has reported has solid operational performance and says it will be investing around £3.2bn this year.

In its interim statement for the period October 1, 2011 to January 30, 2012, chief executive Steve Holliday, said: “Our businesses continue to make good progress toward their priorities for the year and have delivered further solid operational and financial performance. We remain on track to achieve our efficiency goals in our US businesses this year.
 
“Overall, we reconfirm our positive outlook for 2011/12 – we expect to deliver another year of good operating performance.”
 
National Grid says its US restructuring programme remains on track to deliver targeted annualised cost savings of $200m by the end of its current financial year.

Meanwhile, National Grid has announced the appointment of former E.ON UK chief executive and chairman Dr Paul Golby as a non-executive director. He retired from E.ON in December.