Friday 20 May 2011

National Grid profits up 25%

National Grid has announced pre-tax profits for 2010-11 are up 25%.

Steve Holliday, National Grid Chief Executive put this down to targeted investment and tight operating costs.

While an average performance from US-based Niagara Mohawk Electric was "disappointing" National Grid made good financial progress in spite of some "challenging headwinds," he said.

The international firm has navigated tricky market changes in the UK, where government policy is reshaping the electricity and gas industry with the Electricity Market Reform and the regulator Ofgem announcing a new set of price controls in the RIIO framework.

Mr Holliday added: "Continued investment in our key regulated markets and sustained focus on improving returns have delivered benefits. During the year we invested a record £3.6bn of new capital and at the same time maintained tight management of controllable operating costs."