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National Grid PLC (NG.L)

NG.L on London Stock Exchange

868.60GBp
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

National Grid HY ‍adjusted operating profit up 4 pct to 1.4 bln stg​
Thursday, 9 Nov 2017 02:09am EST 

Nov 9 (Reuters) - National Grid Plc :NATIONAL GRID PLC - ‍OUTLOOK FOR YEAR IS UNCHANGED​.HY ‍ADJUSTED OPERATING PROFIT, EXCLUDING TIMING UP 4% TO £1.4BN​.NATIONAL GRID PLC - ‍FOCUSED ON COMPLETING RATE FILINGS IN US, CONTINUING "PROACTIVE DISCUSSIONS" WITH OFGEM AHEAD OF NEXT REGULATORY SETTLEMENT IN 2021​.HY ‍ADJUSTED EPS OF 18.5P​.NATIONAL GRID PLC - ‍HY INTERIM DIVIDEND OF 15.49P, INCREASED IN LINE WITH POLICY​.NATIONAL GRID PLC - ‍2017/18 INTERIM DIVIDEND OF 15.49P REPRESENTS A 0.32P (2.1%) INCREASE OVER INTERIM DIVIDEND FOR YEAR ENDED 31 MARCH 2017 OF 15.17P​.NATIONAL GRID PLC - FY ‍FINANCIAL PERFORMANCE WILL BE SIGNIFICANTLY WEIGHTED TO SECOND HALF, PRIMARILY DUE TO SEASONALITY OF US REGULATED PROFITS​.HY ‍CAPITAL INVESTMENT OF £2.0 BILLION, UP 7% (4% AT CONSTANT CURRENCY)​.NATIONAL GRID PLC-FOR 2017/2018 ‍NET REVENUE (EXCLUDING TIMING) IS EXPECTED TO DECREASE, WITH APPROXIMATELY A £70M REDUCTION IN REVENUE ALLOWANCES.NATIONAL GRID - FY ‍PERFORMANCE IN US BUSINESS IS EXPECTED TO IMPROVE YOY DRIVEN BY FY OF NEW RATES IN DOWNSTATE NEW YORK GAS,MASSACHUSETTS ELECTRIC UNITS.NATIONAL GRID PLC - FY ‍CAPITAL INVESTMENT IS EXPECTED TO INCREASE TO OVER £4BN​.FOR 2017/2018 ‍TOTEX OUTPERFORMANCE FOR UK ELECTRICITY TRANSMISSION IS EXPECTED TO BE BROADLY IN LINE WITH 2016/17.NATIONAL GRID - ‍IN UK TRANSMISSION, FY TOTEX EXPECTED TO REMAIN CONSISTENT ALTHOUGH INCENTIVE PERFORMANCE, LEGACY ALLOWANCES EXPECTED TO DECLINE​.  Full Article

Drax comments on National Grid's winter outlook report
Thursday, 12 Oct 2017 07:04am EDT 

Oct 12 (Reuters) - DRAX GROUP PLC ::DRAX POWER CEO ANDY KOSS RESPONDS TO NATIONAL GRID'S WINTER OUTLOOK REPORT 2017/18.‍"HAS UPGRADED HALF OF POWER STATION IN NORTH YORKSHIRE TO RUN ON BIOMASS INSTEAD OF COAL - 70 PCT OF OUR OUTPUT IS NOW RENEWABLE" - DRAX POWER CEO​."‍EXPLORING LOW COST OPTIONS FOR UPGRADING A FOURTH GENERATING UNIT FROM COAL TO BIOMASS" - DRAX POWER CEO​.  Full Article

UK's Ofgem removes 277.5 mln stg funding from National Grid
Friday, 4 Aug 2017 02:42am EDT 

Aug 4 (Reuters) - UK's OFGEM::UK'S OFGEM - REMOVING £277.5 MILLION FUNDING FROM NATIONAL GRID’S PRICE CONTROL ALLOWANCE.UK'S OFGEM - ALSO DECIDED TO REDUCE NATIONAL GRID’S OBLIGATION TO PROVIDE CAPACITY AT FLEETWOOD FROM 650 GIGAWATT HOURS (GWH) PER DAY TO 350 GWH/DAY.UK'S OFGEM - FUNDING WAS FOR NEW PIPELINES, NETWORK UPGRADES NEEDED TO PROVIDE CAPACITY AT THE FLEETWOOD ENTRY POINT TO THE NATIONAL TRANSMISSION SYSTEM (NTS).UK'S OFGEM-TO REMOVE £277.5 MILLION FUNDING AS NATIONAL GRID DOESN'T EXPECT TO INCUR FURTHER EXPENDITURE ON PROVIDING CAPACITY DURING CURRENT PRICE CONTROL.  Full Article

National Grid to start 835 mln pounds share buy-back
Friday, 2 Jun 2017 02:00am EDT 

June 2 (Reuters) - National Grid Plc ::To commence its 835 million pounds share buy-back programme.Expected to be carried out in not less than two tranches.  Full Article

National Grid expects to maintain significant levels of capital investment over medium term
Thursday, 18 May 2017 02:00am EDT 

May 18 (Reuters) - National Grid Plc :Final dividend 29.1 penceper share.Total dividend 44.27 penceper share.FY total adjusted EPS of 73.0p.FY total capital investment of £4.5bn, up 5% at constant currency.FY asset growth of 5.1%, compared to 4.8% last year.FY performance of us unit to improve, with 2017/18 benefiting from a FY of new rates in our downstate new york gas and massachusetts electric unit.In UK transmission, totex performance is expected to remain consistent although incentive performance and legacy allowances are expected to decline.Overall contribution from other activities and National Grid ventures is expected to be higher.Continuing CAPEX for continuing business expected to increase to over £4 billion driven by increased workload agreed under new rate agreements in us.We expect to maintain significant levels of capital investment over medium term, reflecting growing investment in US and continued investment in UK.Overall UK timing recoveries are expected to be significantly (c £100m) lower than in 2016/17.Gas transmission timing is expected to be negative in 2017/18 compared to a £62m over-recovery in 2016/17.Roe for overall us operations seen up, reflecting a full year impact of new rate plans and we are targeting 90% of average allowed returns in 2017/18.Net debt is seen rising from £19.3 billion at year end 2016/17 due to return of capital of £4 billion and ongoing business requirements of approximately £2 billion.  Full Article

Spectris appoints Mark Williamson as non-executive chairman
Wednesday, 17 May 2017 02:00am EDT 

May 17 (Reuters) - Spectris Plc ::Announces that Mark Williamson has been appointed to board as non-executive chairman with effect from conclusion of AGM.Agm to be held on 26 May 2017.Mark is currently chairman of Imperial Brands Plc and senior independent director and chairman of audit committee of National Grid Plc.  Full Article

National Grid says Paul Golby to step down as member of remuneration committee
Friday, 21 Apr 2017 11:28am EDT 

April 21 (Reuters) - National Grid Plc :Paul Golby, non-executive director of co will be stepping down as a member of remuneration committee with effect from 16 May 2017.Paul will continue as a member of audit and nominations committees and chairman of safety, environment and health committee.Andrew Bonfield, finance director of co, steps down as member of safety, environment and health committee, will continue as member of finance committee.  Full Article

National Grid says headline FY results to show higher favourable timing in UK,U.S. businesses
Wednesday, 12 Apr 2017 02:10am EDT 

National Grid Plc : Update on timing impacts for fiscal year 2016/17 . Updates its 2016/17 technical guidance for timing impacts ahead of entering closed period on 18 april 2017. . Group expects headline full-year results to reflect higher favourable timing in both its uk and us businesses . Over-Recoveries primarily relate to out-turn electricity and gas volumes being different to anticipated volumes (e.g. Due to weather) . Additionally, us over-recoveries also benefit from mandated state level collections. . Net benefit to earnings per share in 2016/17 from timing is now expected to be approximately 5p higher than previously estimated .Timing has no impact on long-term performance and this incremental benefit will be returned to customers in future years..  Full Article

National Grid says James Harrison takes over as head of London ops
Thursday, 6 Apr 2017 10:37am EDT 

National Grid Plc : James Harrison takes over as national grid gas distribution's head of operations for London .Predecessor Phil Clarke retires after seven years in post and four decades in gas industry.  Full Article

National Grid agrees on potential sale of further 14 pct stake in gas unit
Friday, 31 Mar 2017 06:30am EDT 

National Grid Plc : Entered agreement with consortium for potential sale of a further 14 pct stake in National Grid Gas distribution at option of National Grid or consortium .Expected consideration for further interest is approximately 0.8 bln stg to be paid in cash and is on broadly similar terms to sale of 61 pct equity interest.  Full Article

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India's Wipro faces lawsuit by National Grid US

Wipro Ltd , India's No.3 software exporter, said on Friday that it would challenge a lawsuit filed by National Grid US seeking damages of over $140 million related to a project that dates back to 2009.