National Grid plans to invest £3.5bn to boost business growth
30th July 2012
With a great financial and operational start to the financial year, National Grid has said it plans to invest £3.5 to £3.8 billion this financial year including an investment of over £1.5 billion into its UK Transmission business.
Steve Holliday, Chief Executive of National Grid said the firm has “Our businesses have started the year well” in the firms interim management statement released today. “In the UK, our focus has been on strengthening the resources, processes and organisational model needed to deliver future performance improvements. At the same time, we are working with Ofgem to secure appropriate long term financial frameworks for our regulated businesses”, he added.
On July 3rd July 2012, National Grid sold its New Hampshire, US, energy distribution units, Granite State Electric and Energy North Natural Gas, to Liberty Energy Utilities (New Hampshire) Corp., a subsidiary of Algonquin Power & Utilities Corp., for $309 million, including working capital of $24m.
“There have been no material changes to the financial position of the Company during the period. National Grid has a strong balance sheet, underpinned by regulatory revenues, which is key to our ability to secure the required long-term funding for our businesses in both the UK and the US.” The firm said.