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UPDATE 1-National Grid outlook unchanged, networks do well in cold weather
January 30, 2014 / 8:06 AM / in 4 years

UPDATE 1-National Grid outlook unchanged, networks do well in cold weather

LONDON, Jan 30 (Reuters) - Energy network operator National Grid said on Thursday its outlook for the full year remained positive and it maintained its 2013/14 capital investment of around 3.5 billion pounds ($5.79 billion).

“We reconfirm our positive outlook for 2013/14 - overall, we are well positioned to deliver another year of good operating performance and sustainable dividend growth,” National Grid chief executive Steve Holliday said in statement.

The firm, which operates power cables and gas pipelines in Britain and the U.S., said its assets have performed well in recent weeks in tough weather conditions.

An ice storm in the U.S. resulted in 150,000 customers losing power supply due to damage to the electricity distribution system. In Britain, flooding and storms caused energy supply outages.

“Disruption and costs related to extreme weather to date have been much lower than in the previous two years,” National Grid said, without providing financial details.

In 2012/13, major storms shaved 136 million pounds off the company’s operating profit.

National Grid also said it will offer, if required, two new mechanisms to reduce energy demand and provide additional power supply in Britain from the winter of 2014/15, after they were approved by regulator Ofgem in December.

Britain is facing a potential electricity supply crunch from next winter as old and polluting power plants are closing more quickly than new ones are being built to replace them.

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