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National Grid looks to benefit from Trump infrastructure plan National Grid looks to benefit from Trump infrastructure plan
(35 minutes later)
Donald Trump’s presidency could be a shot in the arm for National Grid, the operator of Britain’s electricity network of cables and pylons has said.Donald Trump’s presidency could be a shot in the arm for National Grid, the operator of Britain’s electricity network of cables and pylons has said.
The president-elect has set his stall out for increased investment in energy infrastructure, a position that could benefit the Grid, which owns gas pipelines and electricity cables in the US. The president-elect has set out his stall for increased investment in energy infrastructure, a position that could benefit the Grid, which owns gas pipelines and electricity cables in the US.
“The position in terms of Trump is that it’s early days,” said Grid chief executive John Pettigrew. “What we did see [on Thursday] from the Trump administration is positive statements on the need for investing in infrastructure. “The position in terms of Trump is that it’s early days,” said the chief executive, John Pettigrew. “What we did see [on Thursday] from the Trump administration is positive statements on the need for investing in infrastructure. If that flows through into policy, that could be good for the energy sector.”
“If that flows through into policy, that could be good for the energy sector.” Pettigrew said while gas and electricity distribution were regulated at state level in the US, the Grid was likely to benefit from a “positive atmosphere” around energy infrastructure.
Pettigrew said that while gas and electricity distribution are regulated at state level in the US, the Grid stood to benefit from a “positive atmosphere” around energy infrastructure.
Pettigrew was speaking as the company reported a 64% slump in pre-tax profit to £485m, largely due to the £700m cost of buying back debt to smooth the sale of a controlling stake in its gas distribution business.Pettigrew was speaking as the company reported a 64% slump in pre-tax profit to £485m, largely due to the £700m cost of buying back debt to smooth the sale of a controlling stake in its gas distribution business.
The firm repurchased £1.9bn of debt with a high interest rate, a move Pettigrew said would benefit the firm through lower interest payments and boost the sale price of its gas network. The firm repurchased £1.9bn of debt with a high interest rate, a move Pettigrew said would benefit the firm through lower interest payments and bolster the sale price of its gas network.
Separating the gas pipelines division from the rest of the business is now largely complete, said Pettigrew, adding that the winning bidder could be announced “by the turn of the year”. Separating the gas pipelines division from the rest of the business was largely complete, said Pettigrew, adding that the winning bidder could be announced by the turn of the year. A consortium led by China Investment Corporation is understood to be among the leading bidders.
A consortium led by China Investment Corporation is understood to be among the leading bidders. Pettigrew also welcomed a consultation launched by the energy regulator Ofgem to make the UK’s power networks more flexible, including the use of technology such as battery storage and demand response – where firms shift their energy usage to low-demand periods. “As we move forward, energy markets will be more dynamic and there’s real value for customers if demand side is as active as supply,” he said.
Pettigrew also welcomed a consultation launched by energy regulator Ofgem to make the UK’s power networks more flexible, including the use of technology such as battery storage and demand response – where firms shift their energy usage to low-demand periods. The firm recently signed agreements with battery storage firms to provide 200MW of capacity, amid a growing belief that the technology can reduce the need to build new power plants.
“As we move forward, energy markets will be more dynamic and there’s real value for customers if demand side is as active as supply,” he said.
The firm recently signed agreements with battery storage firms to provide 200 megawatts of capacity, amid a growing belief that the technology can reduce the need to build new power plants.
National Grid won support from Ofgem over criticism of its “monster profits” from switching website Energyhelpline, which hailed the US regulatory regime as tougher.National Grid won support from Ofgem over criticism of its “monster profits” from switching website Energyhelpline, which hailed the US regulatory regime as tougher.
The website’s co-founder Mark Todd said the Grid was “exploiting a broken regulatory system that serves them and not the British people to make billions of pounds of obscene profits”. The website’s co-founder, Mark Todd, said the Grid was “exploiting a broken regulatory system that serves them and not the British people to make billions of pounds of obscene profits”.
Ofgem said the regime that governs what the Grid can charge for use of its network had brought down its charges by 17% and improved customer satisfaction. Ofgem said the regime that governs what the Grid could charge for use of its network had brought down its charges by 17% and improved customer satisfaction. “Comparisons between the GB and US regulatory regimes can be misleading,” the regulator said. “We believe our approach is more effective at encouraging cost efficiency.”
“Comparisons between the GB and US regulatory regimes can be misleading,” said Ofgem. “We believe our approach is more effective at encouraging cost efficiency.”