National Grid generates 5% full-year profits increase
WARWICK-based power firm National Grid, Britain’s biggest energy distributor, has reported a 5% increase in full-year profits and said it remains confident its outlook for the year.
The company said the performance was in line with expectations and it now looked to further develop the business.
Steve Holliday, National Grid Chief Executive, said: “We delivered another year of good underlying financial and operating performance despite the impact of some exceptional weather in the US.
“At the same time we made further progress developing the business consistent with our strategic priorities, maintaining an appropriate spread and balance of activities to support both long-term growth and dividends.”
He added that in the UK, the group had submitted comprehensive business plans for the essential infrastructure investment needed in its Transmission and Distribution businesses.
While in the US, the group’s new operating model, with its regional structure and strong regulatory and consumer focus, had helped deliver cost savings while ensuring essential improvements were carried out ahead of the new rate filings in upstate New York and Rhode Island.
“On the back of a solid all round performance in 2011/12, and reflecting the revenue growth that our regulatory arrangements provide, we maintain a positive outlook for 2012/13, and expect to deliver another year of good operating and financial performance,” he said.
