- Power utility National Grid said it was changing its dividend policy, with growth in the payout from the 2022 financial year onward to be based on the UK consumer price index.

The dividend for the current financial year would still be based on the outgoing policy of growth pegged to the retail price index.

The company said it had made the decision in light of the UK's new regulatory framework for utilities.

National Grid said it was accepting the overall regulatory package for the electricity system operator, and 'broadly accepting' most of the package for its electricity and gas transmission businesses.

'Whilst we welcome the significant movement in total expenditure allowances and greater flexibility around future net zero investment for electricity and gas transmission, we will be submitting a technical appeal to the Competition and Markets Authority regarding Ofgem's proposed cost of equity and outperformance wedge,' National Grid said.

At 8:00am: [LON:NG.] National Grid PLC share price was 0p at 953.6p

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