Apr 14, 2022
National Grid raises guidance on back of faster UK inflation
National Grid has upgraded its full-year earnings guidance as inflation has helped boost its core UK electricity transmission and distribution unit but warned of a greater-than-expected tax charge. Inflation in the UK is running at a 30-year high of 7 per cent as fuel prices have surged. National Grid's operating profit in its UK transmission and distribution unit will be "Above" that forecast and drive the increase. National Grid unveiled plans last month to sell 60 per cent of its UK gas transmission and metering business to a consortium led by Macquarie, the Australia-based infrastructure investor, for £4.2bn. Shares in the utility group rose 0.7 per cent in early London trading on Thursday. National Grid retains some of the central responsibilities for managing the UK's electricity and parts of its gas distribution system that it inherited when the systems were privatised in the 1990s.
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