National Grid says progress continues
Steve Holliday, CEO, said: 'Our businesses made further progress toward delivering our priorities for the year, underpinned by good financial performance. Sustained investment in transmission and distribution infrastructure, combined with a strong focus on efficiency has resulted in another solid operational performance. This was achieved despite our US employees being affected by payroll issues associated with a new system implementation and the impact of 'Superstorm' Sandy on our operations.
'In the UK and US a number of our regulated businesses reached significant milestones in the development of new regulatory frameworks. In December, Ofgem published their final proposals for RIIO which we are reviewing in detail before making any decision on next steps. At the same time, our US team has made good progress advancing regulatory discussions in both Rhode Island and New York, with new rate plans approved in Rhode Island in December.
'We reconfirm our positive outlook for 2012/13 - overall, we are well positioned to deliver another year of good operating and financial performance.'
National Grid said its capital investment this year is expected to be around £3.6bn, reflecting sustained value-adding investment in regulated activities.
In the UK, the focus remains on delivering the essential infrastructure required to ensure the safe, reliable and cost-effective delivery of energy during a period of significant change in the electricity generation and gas supply mix.
In the US, investment continues to target upgrading infrastructure, improving asset reliability and customer service, and expanding our transmission activities while ensuring minimal impact on consumer bills.
At 9:16am: [LON:NG.] share price was -2p at 698.5p
Story provided by StockMarketWire.com