National Grid has reported a 47% increase in underlying operating profit in its half year results, compared with the same period in the previous financial year.
Underlying profit was £1.4bn and statutory operating profit increased 55% to £1.5bn compared to the same period in the previous financial year.
National Grid’s UK Electricity System Operator (ESO) unit reported an underlying operating profit of £49m, up 32%.
National Grid chief executive John Pettigrew said: “I’m very pleased with the group’s financial, strategic and regulatory progress in the last six months.
“In the UK, we have made a strong start to the new RIIO-T2 period in electricity transmission, and we are preparing our business plan submission for WPD.
“In the US, we have completed a full refresh of rates across our distribution businesses. In National Grid Ventures, we commissioned the North Sea Link, our new interconnector to Norway.”
In the reporting period National Grid completed the acquisition of WPD, launched the process to sell a majority stake in National Grid Gas and has been progressing the sale of its Rhode Island business to be finalised by the end of the financial year.
Pettigrew added: “Looking ahead, the new organisational structure that we have implemented, alongside a major cost efficiency programme, will ensure we are in a strong position to capitalise on the significant growth opportunities ahead.
“Our focus will be on delivering critical and green investment to enable the decarbonisation of power, transport and heat, and lead a clean, fair and affordable energy transition across the jurisdictions we serve.”