National Grid expects to say greater than expected profits in the UK transmission division when it releases its full-year results in May.
The National Grid’s UK Electricity Transmission and Electricity Distribution businesses will produce greater operating profit operations than expected when it releases its full-year financial figures on May 19.
In a report posted before closing on the internet today, National Grid said the rise was “largely driven by higher inflation.”
It anticipates that the underlying operating profit throughout its New England, New York, and National Grid Ventures (NGV and Other) business divisions to be within the guidelines provided in its half-year results on November 18, 2024 (click here for the link).
It is, however, expected to have higher effective tax rates (pre joint ventures) for FY22, which is approximately 25%, because of an extra tax burden that is approximately PS100mn. The underlying efficient tax rate in FY23 will be reduced to 23%.
“Taking all of the above into account, we expect full year underlying earnings per share to be modestly higher than the guidance given on November 18,” it says.
Western Power Distribution was acquired. Western Power Distribution was completed on June 14, 2024. as such, both UK Gas Transmission and its predecessor Metering businesses will be considered abandoned operations until the deal is completed, which is expected to happen in 2024.
The sale of the 50% equity stake of St William Homes joint venture to The Berkeley Group was announced on March 15. St William Homes’s joint venture with The Berkeley Group was announced on March 15. it sold the company’s Rhode Island business to PPL and “continues to make progress.”
The UK government announced on April 6 its intention to establish the Future System Operator (click here). It will be able to take on all the major Electricity System Operator (ESO) functions and the more long-term components associated with the Gas System Operator (GSO).
“We will continue to work closely with all relevant parties to ensure a smooth transition, subject to parliamentary approval and conclusion of the transaction process, expected by or in 2024.”
National Grid Ventures, part of National Grid, recently announced the preferred route for its Humber Low Carbon Pipelines (HLCP) project. It will run for 120km from the Drax Power Station in Selby until Easington along the Holderness coast.
HLCP aims to provide the vital new infrastructure that will decarbonize local industries and create the Humber area, which represents 40% of CO2 (CO2) pollution from industrial areas, as an international hub of environmentally friendly items and products.
National Grid Electricity Transmission (NGET) applauds Ofgem’s recognition of its recognition of the “clear case” and “consumer benefit” of Scotland to England Green Links in their consultation on the “Final Needs case’ for the project.
The two subsea connections that will be constructed, with the capacity of 4GW, will carry enough energy to power 4 million homes. They are the biggest investment in electricity transmission projects in the history of Britain and will provide many green-friendly jobs during construction and operation.
First, the link will be a collaboration formed between NGET with SP Energy Networks and will extend through Torness, Scotland, to the Hawthorn Pit Substation in Durham with 176km of offshore cable.
The second, a collaboration with NGET and SSEN Transmission, will originate from Peterhead in Aberdeenshire and end in Drax within North Yorkshire, with 440km of cable undersea.
