National Grid pledges £3bn investment
National Grid is set to invest up to £3.3bn into the business' growth over the next year, the company told the Stock Exchange this morning.
In a trading update for the three months to 1 January, the Warwick-based company said it had given a "solid operational and financial" performance.
The power giant said it would invest between £3.2bn and £3.3bn in the business over the year, which is said to reflect the "sustained investment" in its regulated activities.
However the company, which also has operations in Solihull, said comparative progress in 2011/12 would be impacted by the timing differences that benefited 2010/11.
Chief executive Steve Holliday said National Grid's businesses "continued to make good progress" toward their priorities for the year.
"We remain on track to achieve our efficiency goals in our US businesses this year. In addition, our UK regulated businesses all reached significant milestones in the development of new business plans to run from April 2013 as part of the [recently signed] RIIO process," he said.
"Overall, we reconfirm our positive outlook for 2011/12 - we expect to deliver another year of good operating performance, although, as previously highlighted, comparative progress will be impacted by the timing differences that benefited 2010/11."
