National Grid reports ‘solid’ first half profits of £1 billion

National Grid made a pre-tax profit of £979 million in the six months to 30 September 2012, it announced on Thursday.

This was down 7 per cent from £1,051 million in the same period last year, attributed to the temporary cost of pre-financing asset growth “at attractive interest rates”.

The company expects to grow its regulated asset base, which includes US as well as UK networks, by around 6 per cent by the end of the 2013/14 financial year.

Steve Holliday, chief executive of National Grid, said it was a “solid start” in line with expectations.

He added: “We continue to invest efficiently in essential regulated assets on both sides of the Atlantic, providing our customers with reliable networks while generating value and driving growth. The new eight-year price controls, covering our principal UK regulated activities, and the recent rate case settlements in the US provide us with the long-term framework and clarity to continue to invest for the future.”