National Grid (LSE:NG.)
Historical Stock Chart
1 Year : From May 2012 to May 2013
LONDON--National Grid PLC (NG.LN), a owner and operator of regulated electricity and gas infrastructure networks, said Monday it had a solid operational and financial performance during the period April 1 and July 29.
-In the U.K. initial RIIO proposals received for Transmission and Gas Distribution businesses.
-In the U.S. sale of New Hampshire distribution businesses completed.
-Businesses have started the year well.
-Working with Ofgem to secure appropriate long term financial frameworks for our regulated businesses.
-Maintain positive outlook for 2012/13, reflecting the expected delivery of another year of solid operating and financial performance.
-Expect to invest in the region of GBP3.5 billion to GBP3.8 billion in businesses in 2012/13.
-In regulated U.K. Transmission business expected capital investment for 2012/13 remains over GBP1.5 billion.
-In the U.S., investment continues at a steady level, in line with our long term guidance of GBP1 billion to GBP1.2 billion p.a., focused on the improvement and renewal of our existing infrastructure, the delivery of improved customer service and the addition of new customers.
-New "RIIO" price controls will run from April 2013 to March 2021.
-Overall, the proposals outline plans for around GBP35 billion of total expenditure, in nominal terms, over the eight year period, together with uncertainty mechanisms to allow additional revenue if further investment is required.
-The consultation period on these proposals is open until Sep. 21 and final proposals are expected in December 2012.
-Nearing completion of its U.K. Gas Distribution Front Office systems roll-out which should enable further service improvements and cost savings.
-National Grid has a strong balance sheet, underpinned by regulatory revenues, which is key to our ability to secure the required long-term funding for our businesses in both the U.K. and the U.S..
-Interest cover, gearing and other credit metrics remain within comfortable ranges to sustain appropriate credit ratings in the medium term.
-On July 3, completed the sale of its U.S. New Hampshire electric and gas distribution businesses, Granite State Electric Company and Energy North Natural Gas Inc., to Liberty Energy Utilities (New Hampshire) Corp., a subsidiary of Algonquin Power & Utilities Corp.
-The gross proceeds from the transaction totalled $309 million, including working capital of $24 million.
-Write to Mark Shapland at firstname.lastname@example.org