posteriori/E+ via Getty Images
National Grid (NYSE:NGG) +0.5% in Thursday’s trading as the company raised its planned spending outlook for the next five years by £2B to £42B (~$51.6B), as it steps up spending in U.K. onshore and offshore transmission projects.
The company said it expects the spending boost will accelerate growth in asset and earnings per share.
National Grid (NGG), which runs the U.K.’s energy systems and operates utilities in New York and Massachusetts, reported a 15% drop in H1 underlying operating profit to £1.8B, but was in line with analyst consensus estimates; the company said the drop reflected one-off benefits in the year-earlier period such as property sales and insurance proceeds.
For the six months ended September 30, pre-tax profit fell to £1.25B from £1.67B in the prior-year period, and revenues fell to £8.49B from £9.44B.
The company said the U.K.’s legislation for new capital allowances will impact adjusted earnings by 6-7 pence/share for 2023-24, but it does not expect an economic impact over the long term.