Sep 7, 2020

National Grid/Ofgem: unhappy amperes

Not National Grid, the business that runs wholesale power distribution, but Ofgem. It is true share prices of National Grid and Scottish counterpart SSE have done well relative to the FTSE All-Share index over three years, beating it by 10 percentage points including plenty of dividends. Without batteries, solar and wind power can only offer intermittent power, putting the onus on grid companies to keep the juice flowing. A blackout a year ago was not National Grid's fault. In defending its rate decision, Ofgem rejected investment projects by National Grid and SSE. Worryingly, asset maintenance would have been one mission of these projects.

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