National Grid commits to £3bn worth of expenditure
MIDLANDS-based utility National Grid has reported profits before tax of close to £1bn.
And it said it is on course to invest £3bn on processes and systems.
Reporting its half year results for the six months ended September 30, the Warwick-based business suggests it is on track for a good full year result.
Profit before tax was £979m, down slightly from last year’s figure of £1,051m.
Steve Holliday, chief executive, said: “I am pleased with the solid start we have made to the year, in line with our expectations overall both operationally and financially.
“We continue to invest efficiently in essential regulated assets on both sides of the Atlantic, providing our customers with reliable networks while generating value and driving growth.
“The new eight-year price controls, covering our principal UK regulated activities, and the recent rate case settlements in the US provide us with the long-term framework and clarity to continue to invest for the future.”
Holliday said that in the US National Grid is taking action to improve internal processes and IT systems to support continued delivery of long-term profitable growth.
“Overall, we again look set to invest well over £3bn, grow our asset base and deliver another year of good operating performance,” he said.