National Grid pledges £60bn investment after profits rise 20%
The UK's energy networks provider said it would invest £60 billion in infrastructure by March 2029 as its full-year results came in above forecasts, despite it having booked a £303 million impairment on a paused wind project in the United States.
National Grid said pre-tax profits in the year to the end of March were £3.65 billion, up 20 per cent on the £3.05 billion in the previous year. Shares in the company closed up 3 per cent, or 30½p, at £10.46, outperforming the wider market.
The FTSE 100 group recognised an exceptional charge of £303 million due to a pause in development activity in its Community Offshore Wind joint venture in the US, 'in line with the broader slowdown of the US offshore wind
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