‘Electric or bust’ for National Grid as it snaps up Western Power Distribution for £8bn March 18, 2021 National Grid shocked the system this morning when it announced it would buy Western Power Distribution (WPD), the holding company of Britain’s largest electricity distribution business, from US-based company PPL in a £7.8bn deal. Moreover, National Grid agreed to sell The Narragansett Electric Company (NECO) to PPL Energy Holdings, also a subsidiary of PPL, for an [...]
National Grid profit slides as Covid costs increase November 12, 2020 Energy firm National Grid posted a 12 per cent decline in profit for the first half as the coronavirus pandemic increased the network owner’s costs. Underlying profit fell from £1.3bn to £1.15bn in the six month period, which the FTSE 100 company said was down to rising bad debt provisions and a shortfall in revenue. [...]
National Grid faces breakup amid PM’s green push November 8, 2020 Boris Johnson’s push to reshape the energy industry in order to achieve the net zero target could reportedly see the break up of the National Grid. The regulator Ofgem’s recent review into National Grid will soon draw to a close and officials are exploring moves to breakup its current structure, according to the Sunday Telegraph. [...]
National Grid launches £700m subsea power link October 15, 2020 National Grid (NG) will today open its latest energy interconnector, which will provide enough clean power for 1m households. The 149-mile-long power cable, which runs between Portsmouth and Caen in France, allows the two nations to share excess zero carbon power. By the end of its first year in operation, IFA2 will have helped avoid [...]
National Grid names Paula Rosput Reynolds its first female chair September 10, 2020 National Grid has appointed seasoned executive Paula Rosput Reynolds to replace Sir Peter Gershon as chairman when he steps down next year. Rosput Reynolds, 64, currently holds a clutch of other directorships at some of the world’s largest companies, including BP, BAE Systems, and GE. She used to be chair and chief executive of Safeco, [...]
We’ve got the power: Decarbonising our transport on the road to a greener nation February 21, 2020 The government will soon publish its strategy on cutting emissions from cars, trains, boats and planes — and already the transport secretary has suggested that sales of combustion and hybrid vehicles could be banned from 2035. Change comes with questions. For example: how clean is our electricity? And can Britain’s energy infrastructure meet the demand [...]
National Grid reveals contractors for London rewiring project December 16, 2019 National Grid have named its partners for the second phase of its ongoing London Power Tunnels (LPT) project, in a contract worth £400m. The UK power provider has done a deal with a joint venture between Murphy Group and Bavarian construction firm Hochtief, with work scheduled to begin in March. Read more: National Grid pays [...]
National Grid pays $35m penalty but avoids losing New York license November 25, 2019 National Grid has reached an agreement with New York state to end its supply moratorium for customers in Brooklyn, Queens and Long Island, a day before governor Andrew Cuomo’s deadline to do so. The company will also make $7m (£5.4m) available to assist customers affected by the moratorium, as well as committing $28m more for [...]
National Grid and SSE shift to overseas ownership to counter Labour nationalisation plans November 24, 2019 The backlash to Jeremy Corbyn’s sweeping nationalisation plans has begun, as two of the UK’s leading power companies said that they had shifted ownership of their British operations overseas. The Sunday Times revealed that SSE and National Grid had confirmed that they had set up offshore companies in Switzerland and Luxembourg and Hong Kong respectively [...]
National Grid beats half year expectations amid New York dispute November 14, 2019 UK energy supplier National Grid used its half year results to say that it is “confident” it would be able to address issues raised in a letter from New York governor Andrew Cuomo earlier this week. The company is facing the risk of losing its license to operate its gas franchise in New York City [...]