1. sovereigntea says:

    Thursday 10 November 2022 8:04 am
    National Grid raises future outlook following soaring £2.2bn profit

    “Between 2022 and 2026, we now expect to invest up to £40 billion in critical infrastructure, of which £29 billion will be directly in the decarbonisation of energy networks,” said chief executive John Pettigrew.

    Underlying earnings per share are also expected to increase between 6 and 8 per cent, up from between 5 and 7 per cent, assuming an average exchange rate of £1 to $1.20.

    In the six months ended 30 September, the group’s earnings per share boomed 193 per cent to 30.8p per share following the £2.7bn sale of NECO in March 2021.

    “The results we’ve announced today reflect the strength and resilience of our business, delivering for all our stakeholders in challenging economic conditions,” Pettigrew added.

    “Against this backdrop, we are focused on playing our part to mitigate the affordability challenges of our customers.”

    The chief executive of National Grid has been criticised after he saw his pay packet swell by more than £1m while Britons battle rising energy bills.

    John Pettigrew landed a £6.5m payday for the year to the end of March 2022, a year which saw the country plunged into an energy crisis.

    His package was up £1.1m on a year earlier and was boosted by nearly £4m handed out as part of a three-year plan to incentivise executives. Pettigrew will see his £1m salary increase by 3.75% from July.

    His total remuneration far outstrips the £3.6m average pay packet recorded for FTSE 100 chief executives in 2021.

    National Grid is a FTSE 100 company charged with transporting the nation’s energy and receives about £20 a year each from consumers through bills as part of an electricity transmission charge.

    sources cityam & guardian