National Grid’s adjusted profit boosted by higher prices

LONDON: Power grid operator National Grid Plc said its full-year adjusted operating profit rose 14 per cent, helped by strong growth in its UK power transmission units as electricity prices rose due to supply shortages.
The company, which favoured Britain to remain in the European Union due to benefits to energy consumers, said its UK transmission business contributed £1.37 billion to the group operating profit.
National Grid’s shares rose as much as 1.6 per cent to a more than seven-month high in morning trading on the London Stock Exchange.
Adjusted operating profit rose to £4.7 billion for the year ended March 31, the company said, adding that “favourable timing” in the UK and US businesses, helped in part by the weather, also boosted the earnings.
Total capital investment across the group rose £504 million to £4.45 billion from the prior year, an increase of 5 per cent at constant currency.
The company would invest £1.3 billion on its UK businesses and sustain capital spending of about £4 billion at the group level, National Grid CEO John Pettigrew said. — Reuters