National Grid reaffirms outlook

Electricity and gas provider National Grid has confirmed its positive financial and operational performance at the start of the financial year, and said it plans to invest £3.6bn in its businesses before March 2012. Sixty-five per cent of the firm’s investment will be domestically invested in its UK construction programme. The company said its financial position remains strong, and that its US restructure plan is on track to deliver savings of $200m by the end of the year. As part of the restructuring, National Grid will cut 1,150 jobs.