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National Grid PLC (NG.L)

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24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

National Grid says European Commission cleared sale of 61 pct stake in UK gas distribution business
Thursday, 16 Mar 2017 12:48pm EDT 

National Grid : European Commission cleared sale of a 61 pct equity interest in its UK gas distribution business to a consortium of long-term infrastructure investors .National Grid expects that transaction will complete on 31 March 2017.  Full Article

UK's Ofgem cuts National Grid's spending allowances by 185 mln stg
Friday, 24 Feb 2017 02:25am EST 

UK's Ofgem: Reduces national grid's spending allowances for its transmission price controls . Will reduce National Grid's spending allowances in its current price controls for running high voltage electricity grid, high pressure gas main by 185 million stg. . Changes to National Grid's revenue will take effect from April 2018 . Final changes - reduction in national grid's allowances for high pressure gas pipeline price control by 168.8 million stg. . Opened a consultation on making further changes to price control allowances of transmission and gas distribution companies . Final changes - reduction in national grid's allowances for high voltage electricity grid price control by 38.1 million stg . Consultation includes proposals to reduce national grid gas distribution's allowances by 54 mln stg Further company coverage: [NG.L] (Bengaluru Newsroom) ((+91 806 749 1136;)).  Full Article

National Grid launches share buy-back programme
Monday, 6 Feb 2017 02:00am EST 

National Grid Plc : Share buy-back programme . Has commenced a new programme to repurchase ordinary shares in capital of company during period running from 6 February 2017 to no later than 17 February 2017 . Sole purpose of share buy-back programme is to reduce share capital of company . Share buy-back programme will be managed by Merrill Lynch International .Maximum pecuniary amount allocated to share buy-back programme is £34,983,170.00 and maximum number of ordinary shares that will be purchased is 3,498,317.  Full Article

ITM Power says National Grid consortium wins 7 mln stg Ofgem funding
Wednesday, 30 Nov 2016 05:32am EST 

ITM Power Plc : National Grid HyDeploy consortium wins 7 mln stg Ofgem funding for UK power-to-gas . As part of HyDeploy consortium, it will be supplying a 0.5MW electrolyser to a programme to demonstrate use of blended hydrogen in UK gas grid .Project which will establish a framework for hydrogen gas-grid injection in UK and open up a new UK power-to-gas market.  Full Article

Costain says gets contract worth 113 mln stg by National Grid
Monday, 21 Nov 2016 02:17am EST 

Costain Group Plc : National Grid awards costain contract to upgrade Peterborough and Huntingdon compressor stations . Programme of work is part of National Grid's emissions reduction project and will conclude in 2021 .Has been awarded a contract worth 113 million pounds by National Grid to upgrade its Peterborough and Huntingdon compressor stations..  Full Article

BRIEF-Li Ka-Shing plots bid for 11 bln stg National Grid arm-FT
Thursday, 22 Sep 2016 06:04am EDT 

Corrects currency to pounds from euros in headline.: Shing is assembling a bid for a majority stake in the gas distribution business of National Grid - FT, citing sources . Cheung Kong Infrastructure is leading group of investors likely to submit initial consortium offer by end of week for National Grid - FT, citing sources Source (http://on.ft.com/2dbrP4r) ((Bangalore.newsroom@thomsonreuters.com;)) Keywords: (CORRECTED).  Full Article

National Grid says disappointed with OFGEM's decision about Drax contract
Tuesday, 23 Aug 2016 02:00am EDT 

National Grid Plc : Result of OFGEM's decision is that National Grid will recover 95 million stg of additional costs, and group's exposure is limited to a maximum of 18 million stg . This reflects full recovery of Fiddler's Ferry contract and recovery of 70 pct of Drax contract, after applying sharing mechanism . National grid is disappointed with OFGEM's decision regarding drax contract as it believes costs could not have been reasonably foreseen .In 2015/16 balancing services incentive scheme (BSIS) contributed 27 million stg in profit before tax, and 18 million stg impact will be set against any BSIS out performance in current year.  Full Article

National Grid says unit gets orders for Niagara Mohawk Electric And Gas businesses
Monday, 23 May 2016 12:43pm EDT 

National Grid Plc : Capital investment and financing orders received for niagara mohawk electric and gas businesses . New york public service commission has issued an order approving a capital investment petition for $1.3bn for its niagara mohawk utility . Also received authority to issue up to $2.07 billion of new long-term debt for: refinancing maturing debt; replacing variable debt with fixed-interest debt . On may 20, received new york department of public service's (dps) intervenor testimony for kedny and kedli rate cases . Is dps staff's opening position and national grid has to respond by 10 june 2016 .Hearings will begin in late june with a decision expected in december 2016 and new rates effective in january 2017..  Full Article

National Grid posts higher pretax profit
Thursday, 19 May 2016 02:18am EDT 

National Grid Plc : Results for the year ended 31 march 2016 . Fy adjusted operating profit of £4.1bn, up 6% . Fy group return on equity of 12.3% (2015: 11.8%) . Recommended full year dividend up 1.1% to 43.34p (2015: 42.87p) . Total investment of £3.9bn, up from £3.5bn, driving regulated asset base growth of 4% . Necessary consultations for sale of majority stake in uk gas distribution business are underway with internal and external stakeholders to enable a smooth separation process . Expects to maintain performance broadly at level seen last year . In us, returns are expected to be maintained, ahead of rate revisions in massachusetts and new york, which are expected to come into effect in late 2016 and early 2017. . Overall group performance is expected to remain in line with group's expectations . Capital investment is expected to be at a similar level to 2015/16 . In uk, national grid expects to maintain performance broadly at level seen last year . Capital investment is expected to be at a similar level to 2015/16 . Overall group total investment for 2016/17 is expected to be at similar levels to 2015/16 . Cash flow before capex and shareholder returns is expected to decrease slightly reflecting large working capital inflows in 2015/16, particularly in us . Fy underlying pretax profit rose 6 percent to 3.117 billion stg . Final dividend 28.34 penceper share.  Full Article

National Grid welcomes UK watchdog decision to launch a mid-period review
Thursday, 12 May 2016 05:30am EDT 

National Grid Plc : Notes ofgem's announcement to launch a mid-period review (MPR) for RIIO-T1 price control . Areas covered by MPR relate to few specific outputs which have an 8-year allowance of under 100 million stg in electricity transmission .Gas distribution business is not included.  Full Article

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BRIEF-International Public Partnerships to complete investment in National Grid's gas distribution network

* Expects to complete investment in National Grid's gas distribution network within next few weeks