National Grid profits jump

National Grid has upped its profit forecasts after reporting a jump in earnings.

Pre-tax profits at National Grid, which runs the UK’s power infrastructure, jumped 86% in the first half of the financial year (to 30th September), to £1.08bn, from £583m a year ago.

It comes as National Grid’s subsea cables that connecting Britain to other countries benefit from high energy prices across Europe.

National Grid said: “Excluding the first time contribution of £257m from Western Power Distribution (WPD), underlying operating profit was up 20% driven by the first six months of operations at IFA2, reduced impact from COVID-19 compared to the prior year, and higher UK Electricity Transmission net revenue as we accelerate our investment for the energy transition at the start of RIIO-T2.”