Power grid operator National Network reported that its annual revenue had more than doubled to £ 3.4 billion.

The company, which maintains and invests in infrastructure rather than distributes energy, said pre-tax profit rose 107 percent a year to the end of March.

Much of the increase came from the purchase of the National Grid Western Power Distribution (WPD) for £ 7.8 billion. Earlier this month, WPD was fined £ 15 million for supporting vulnerable customers power outages was declared “completely unacceptable.”

Excluding one-time expenses, the National Grid’s pre-tax base income rose 16 per cent to £ 3.1 billion.

The energy industry is facing close scrutiny as rising gas and electricity bills put increasing pressure on household finances.

The government is urged to announce Fr. income tax on oil and gas producers in the North Sea, which have seen revenue rise as energy prices rise.

Announcing its results on Thursday, the National Grid said it would become the largest investor in the transition to a green economy on the FTSE stock index.

John Pettigrew, CEO of National Grid, said the firm wanted to balance this with maintaining accounts for customers.

This is during a transition period for businesses that have agreed to sell one of their government units to create a new body that will oversee the network system.

Businesses will invest £ 24 billion in green energy grid decarbonisation projects in the UK and other countries over the next five years.

This is part of an investment plan worth up to £ 35 billion.

“This is a record level of investment for the National Grid, I think it makes us the biggest investor in the energy transition to FTSE.

“It just gives you an idea of ​​the scale of the investment we will be making over the next few years.

“Of course, we will try to do this as efficiently as possible to keep customer accounts low.”

У Queen’s speech last week, ministers included plans to create a new body to manage the electricity system.

As a result, the government will buy out the division of the power system operator National Grid.

“In fact, we are very pleased,” Mr Pettigrew said.

“From our point of view, this is a relatively small part of the national network, but, nevertheless, it will play an important role in the energy transition.”

He said the deal is scheduled to be completed by 2024. The sale process is starting now, but until the deputies pass new laws, things will move rather slowly.

https://www.independent.co.uk/news/business/national-grid-profits-energy-network-b2082669.html

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