‘Solid’ performance as National Grid continues £3.6bn investment

SOLIHULL-based power utility National Grid said today it was in line to invest around £3.6bn during 2011/21.

In an interim management statement for the period April 1 to July 24, 2011, the plc said it enjoyed a “solid operational and financial performance” and its US restructuring programme was on track to deliver annual savings of £122m by March.

“Our construction programme in the UK, which represents nearly 65% of our planned investment for the year, is proceeding well,” the update said.

“New generation connections are a significant driver of our UK Transmission investment.

“In the period, we have signed a further 1 GW of new connection agreements in relation to offshore wind generation and 1.4 GW of new agreements in relation to an interconnector to Norway.

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“In the US, investment continues at a steady level, focused on the improvement and renewal of our existing infrastructure, the delivery of improved customer service and the addition of new customers.”

Chief executive Steve Holiday added: “In the US, our focus remains on working towards improved returns through enhanced customer service and operating efficiencies.

“In the UK, our investment in regulated capital projects and the implementation of our Gas Distribution Front Office systems are proceeding well.”