UK: Profits fall for National Grid a week after delaying pylon plans
- Credit: Archant
Power transmission network National Grid has reported a 7% fall in first-half profit before tax, down to £979m.
It comes a week after the utilities company announced it was delaying controversial proposals to install pylons across the Essex and Suffolk countryside.
Electricity bosses said a proposed 400,000 volt connection between Bramford, near Ipswich, and Twinstead is now needed later than originally planned following updated information from power generation companies.
The original plans had caused controversy – with campaigners strongly opposed and the EADT launching its Stop the Pylons campaign to get the proposed structures put underground.
Campaigners claimed they had taken a small step to victory following the disclosure.
National Grid also today said operating profit fell 1% to £1.6bn, in the six months ended September 30.
Steve Holliday, chief executive of National Grid, said he was “pleased with the solid start” the firm had made to the year.
“We continue to invest efficiently in essential regulated assets on both sides of the Atlantic, providing our customers with reliable networks while generating value and driving growth,” he added.
“The new eight-year price controls, covering our principal UK regulated activities, and the recent rate case settlements in the US provide us with the long-term framework and clarity to continue to invest for the future.”