National Grid backs full-year outlook despite FERC ruling, storm costs
National Grid PLC on Monday said it is performing in line with expectations despite a taking a minor hit from refund charges related to a recent ruling, and storm costs in the US.
The London-based electricity and gas utility, which operates the UK’s electricity transmission network said performance was consistent with guidance provided at half year results.
However, the FTSE 100 listing now estimates a net impact of around 1 pence per share to underlying earnings per share.
This reflects the recognition of customer refund charges related to the March Federal Energy Regulatory Commission judgement on New England Transmission and slightly higher than expected storm costs in its US businesses, partly offset by slightly lower finance costs.
In the financial year to March 2025, National Grid reported underlying EPS of 73.3p.
In November, the firm said growth in underlying EPS for the current financial year is expected in the 6% to 8% range.
Shares in National Grid were down 0.6% at 1,340.20 pence each in London on Monday. The wider FTSE 100 was down 0.4%.
National Grid said it will report full-year results on May 14.
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