May 20, 2021

National Grid joins forces with RWE to target US offshore wind

National Grid is targeting a move into the burgeoning US offshore wind industry, further increasing the UK utility's exposure to electricity generation. The FTSE 100 company on Thursday announced a partnership with Germany's RWE to bid in offshore wind auctions off America's north-east coast, including an upcoming seabed leasing round for rights to develop projects in waters in the New York Bight area, between Long Island and the New Jersey coast. A move into US offshore wind would deepen National Grid's exposure to electricity markets over gas, after its announcement in March of a £14.2bn deal for Western Power Distribution, Britain's biggest local electricity network company. John Pettigrew, chief executive, said National Grid had a "Strong" understanding of onshore power networks in the US and of developing offshore cables in Europe so "Bringing it together is just a natural extension". National Grid announced the US plan as it reported a 19 per cent improvement in full-year pre-tax profit to £2.1bn after its results the previous year were adversely affected by exceptional provisions.

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