National Grid is training the focus of its multi-billion pound investment effort on the US as political scrutiny in the UK mounts. The FTSE 100 operator of Britain’s pipes and wires is pouring more than half of its spending into projects in the North East of the US where regulators are encouraging billions of dollars in low carbon investments. National Grid invested £2bn in the last six months, of which 55pc was ploughed into the US market where profits are on the rise. Meanwhile in the UK, the group faces increasing political scrutiny over its role at the heart of the energy industry. This has forced the company to defend itself against calls to replace National Grid with a Government-owned body.
Telegraph 9th Nov 2017 read more »
National Grid used its first-half results to make the case for its success as a private company after Labour called for the grid operator to be nationalised. The FTSE 100 company, which also operates in North America, was accused of “daylight robbery” by John McDonnell, the shadow chancellor, before the general election. As the group reported profits of £847 million for the six months to September 30, down from £965 million, it claimed to have cut transmission costs by a third in real terms since the transmission network was privatised in 1990.
Times 10th Nov 2017 read more »