Money: National Grid profit falls as U.S. storm costs bite - PressFrom - United Kingdom
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MoneyNational Grid profit falls as U.S. storm costs bite

13:40  16 may  2019
13:40  16 may  2019 Source:   reuters.com

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Welcome to National Grid , providing New York, Rhode Island and Massachusetts with natural gas and electricity for homes and businesses. Welcome to National Grid . Massachusetts. Electricity.

Electricity and gas utility company National Grid Plc reported a 6 percent fall in half-yearly underlying operating profit on Thursday, hurt in part by lower profit from its U . S . units where a string of storms The company also said it implemented a cost -savings and restructuring programme in its UK business.

National Grid profit falls as U.S. storm costs bite © Reuters/Phil Noble Workers paint an electricity pylon near Lymm, northern England

National Grid Plc, which runs Britain's energy systems, on Thursday reported an 18% fall in its annual operating profit on costs related to storms in the United States, while it faces plans of re-nationalisation of energy utilities back home.

The company's earnings have been hurt by a string of snow storms that lashed the U.S. East Coast last year at the time when it battles regulatory changes in its home market while pushing to streamline operations and invest more.

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National Grid Ventures. Invests in energy businesses in competitive markets across the US and UK, delivering stable, long-term value. National Grid Partners. Makes and manages strategically and financially attractive investments and leads company-wide innovation efforts.

National Grid does not make money or profit from Basic Service. As a result, our regulator allows us to recoup any amount we have under-billed and requires us to refund any amount we have over-billed. This takes place over a 12-month period after our regulator has reviewed our comparison of Basic

National Grid profit falls as U.S. storm costs bite © TebNad/Getty Electric power lines over sunrise

National Grid on Thursday said it expected to spend nearly 5 billion pounds in the current year in investments, nearly 500 million pounds more than in 2018/19 and forecast asset growth at the higher end of its 5-7% target range in the medium term.

Compounding worries, several UK media outlets reported this week that a leaked Labour Party document showed plans to re-nationalise the country's energy networks at a price decided by Parliament.

National Grid profit falls as U.S. storm costs bite © Getty

"Looking ahead, we will continue to contribute to the important regulatory agenda in the UK and the US, to create value for shareholders, and play a central role in driving decarbonisation," Chief Executive Officer John Pettigrew said in the earnings statement.

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(Note: National Grid changed its reporting from adjusted operating profit in 2017 to underlying National grid results are reported in british pounds, and were converted to u . s . dollars National Grid also announced a full refresh of rates for its distribution businesses

National Grid does not make money or profit from Basic Service. As a result, our regulator allows us to recoup any amount we have under-billed and requires us to refund any amount we have over-billed. This takes place over a 12-month period after our regulator has reviewed our comparison of Basic

National Grid, which has operations in New York, Rhode Island and Massachusetts, all of which are along the U.S. East Coast, said operating profit for the 12 months ended March 31 fell to 2.87 billion pounds from 3.49 billion pounds a year earlier.

However, on an underlying basis which exclude the storm costs, operating profit was 2% lower.

U.S. operations account for over 60% of the company's revenue, with UK revenue accounting for the rest.

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National Grid profit falls as U.S. storm costs bite

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