National Grid Reports Higher Than Expected Profits, Shares Rise

On Thursday, National Grid, a company responsible for managing the UK’s energy network and operating gas and electricity businesses in the US, announced its annual profits were higher than forecasted. The company’s British electricity transmission and New York businesses performed strongly, contributing significantly to its bottom line.

National Grid remains on track to invest £60 billion in energy networks by March 2029, showing its commitment to growth and development. Despite this positive news, the company did report a £303 million impairment charge due to a pause in the development of a New York offshore wind project, in collaboration with Germany’s RWE. This pause was a result of the US government’s actions against the wind industry under the Trump administration.

Outgoing CEO John Pettigrew also addressed recent power outages in London and at Heathrow Airport, stating that they were not indicative of a decline in the reliability of the electricity network. These outages were quickly resolved, with 9,000 incidents resolved and power restored to 700,000 customers during Storm Darragh. Pettigrew reassured shareholders that the company’s performance remains strong and stable.

Following this positive announcement, National Grid’s shares rose by 1.97%, reaching a near three-year high. The company also reported an underlying adjusted operating profit of £5.36 billion, higher than the forecasted £5.29 billion by industry analysts.

National Grid has also declared a total dividend of