- Underlying earnings per share were in line with expectations, with higher operating costs in its US business offset by lower finance costs, National Grid said in an update to its technical guidance for 2018/2019.

The higher costs in its US business were associated with its significant gas pipe replacement programme, the costs of safely restoring service to customers in Rhode Island following low gas supply into its distribution system in January, and increased minor storm costs.

However, it said the higher-than-anticipated operating costs were offset by approximately £100m lower interest costs, which benefited from non-recurring items and lower-than-anticipated RPI-driven costs of index-linked debt.

Meanwhile, headline earnings per share included timing and major storm impacts, which were expected to be equal and offsetting. The results would reflect US timing over-recoveries of around $290m. On a Group basis, the utility said timing was a net benefit to headline earnings per share of approximately 2p. The remediation costs associated with major storms, however, amounted to around 2p on headline earnings.

National Grid would publish its full-year results for 2018/19 on 16 May.

At 8:38am: [LON:NG.] National Grid PLC share price was -8.15p at 825.85p

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