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National Grid PLC (NG.L)

NG.L on London Stock Exchange

879.00GBp
11 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 

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 

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

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

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 

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 

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 

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 

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

UPDATE 1-Companies prepare for disorderly Brexit as talks stall

LONDON, Dec 7 Big companies are stepping up their plans in case Britain crashes out of the European Union without a deal as Prime Minister Theresa May struggles to get talks back on track after a major setback.