Capital expenditure increased by £346 million (23 per cent) to £1,825 million from in 2011, which the company said was principally due to a 34 per cent increase in its UK Transmission business.
In the UK, National Grid said it was preparing for Ofgem’s new RIIO regulatory regime for gas and electricity transporters.
CEO, Steve Holliday said: “This good first half year performance reflects increased net regulated revenues driven by our growing asset base and tight control over operating cost growth. Increased investment in both our UK and US operations is in line with our forecast.
“In the UK, as we work through the final stages of Ofgem’s RIIO process, our focus is on successfully implementing a number of RIIO readiness initiatives, led by the ongoing development of our new UK operating model.”