‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
National Grid profits take a battering from stormy weather as UK restructure rolls on November 8, 2018 Utilities provider National Grid reported a six per cent fall in profits for the six months to 30 September today, partially attributed to storm-related costs and the cancellation of a new pipeline in Avonmouth. Underlying operating profit was £1.3bn, down £83m from the same period last year and of which £4m was attributed to foreign exchange [...]
DEBATE: Would the energy market benefit from Corbyn’s proposed wind turbines and renewable subsidies? September 28, 2018 Would the energy market benefit from Corbyn’s proposed wind turbines and renewable subsidies? Alan Lockey, head of research at Demos, says YES. First, let’s dispense with the notion that it’s a choice between unsubsidised fossil fuels and subsidised renewables: the global energy “market” is all subsidised. In fact, research by the International Energy Association [...]
Electricity bills set to climb this winter as National Grid increases capacity to avert blackouts July 15, 2015 Electricity bills are set to rise, after National Grid was forced to fork out £36m to guard against possible power outages across the UK this winter. The company, which manages the UK’s power transmission network, has bought 2.56 gigawatts of extra power, after power station closures left the country at risk of blackouts. Before [...]
Britain might be struggling with tightest power supply in a decade, but there are very good reasons not to bet on a winter of blackouts July 15, 2015 I was fascinated to hear Lord Redesdale say earlier this month that he would put money on blackouts and brownouts by the end of the year. It’s an interesting position to take, but I am very willing to take up his wager. Why has Lord Redesdale taken up his position? We both know that [...]
Britain facing winter of blackouts as National Grid warns of tightest power supply in a decade July 15, 2015 Britain could be facing a winter of blackouts, with National Grid warning of the tightest winter power supplies in a decade. The country now has just 1.2 per cent of spare capacity in the system, down from 4.1 per cent last year, according to the winter review and consultation showed. It is mostly because [...]
National Grid boss Steve Holliday preparing to step down in 2016 June 21, 2015 National Grid boss Steve Holliday is to leave the company in early 2016, after 14 years with the company and nine as chief executive. Holliday previously worked at US oil major Exxon and was a non-executive director of Marks & Spencer until July last year. The FTSE 100 company may be considering a number of [...]
National Grid profit pulled down as price controls helps energy consumers save May 21, 2015 The figures National Grid suffered a four per cent drop in pre-tax profits to £2.6bn, during a year in which it benefited from a new operating model and new business activities. The firm's share price remained relatively flat this morning, after energy regulator Ofgem announced it was launching an investigation to see if generators provided it [...]
Energy networks’ profits under fire as MPs slam Ofgem for failing customers February 23, 2015 MPs will today blast energy regulator Ofgem for failing to control costs charged by the companies running the UK’s gas and electricity networks. The Energy and Climate Change Select Committee has completed its inquiry into energy network costs, and argues that Ofgem “has not yet delivered value for energy customers”. Network costs currently make [...]
National Grid to limit publication of formal interim management statements January 27, 2015 The National Grid is set to axe its publication of formal interim management statements with immediate effect, it said yesterday. The decision follows the removal of the requirement for companies to publish them, announced by the Financial Conduct Authority (FCA) in November 2014. The company board said the firm’s structure and investor relations made the publishing [...]
As National Grid warns of a winter electricity capacity squeeze, is UK energy policy to blame? October 28, 2014 Matthew Sinclair, an economist and author of Let Them Eat Carbon, says Yes. The UK’s energy sector used to do quite a good job of delivering affordable and reliable energy. Politicians then made a number of interventions which increased costs and reduced reliability. First came obstacles to the construction of new coal capacity, then the [...]