National Grid is expecting underlying operating profits to take a £400 million hit from the COVID-19 pandemic. The majority of this will be because of the impact on the company’s operations in the US, with higher bad debt charges expected in that market. Cash flow could be effected by as much as a £1 billion by the end of the 2021 financial year, the company has said in its full year 2019/2020 results today.
Current 18th June 2020 read more »
Low demand for electricity will take a chunk out of National Grid’s cashflow and profits this year, as the energy sector is rocked by the fallout from Covid-19. National Grid, which manages Britain’s energy networks, said that it would recover less money from customers next year due to Covid-19, which would in turn hit its underlying operating profit by around £400m. Cashflow will be up to £1bn lower. John Pettigrew, chief executive, said that because the economic cycle would probably “be tougher than originally anticipated, it’s likely that we’ll recover less of our revenues next year, and that’s true in the UK and the US, and that impacts the cash balance”.
Telegraph 18th June 2020 read more »
Times 19th June 2020 read more »