Business
National Grid 2022/23 Half Year Results Statement
National Grid 2022/23 Half Year Results Statement.
About this update from National Grid Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n London | 10 November 2022:\n \n \n \n National Grid, a leading energy\n \n \n transmission and distribution company,\n \n \n today announces its Half-Year results.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Report for the period ended\n \n \n \n \n \n \n \n 30 September 2022\n \n \n \n \n \n \n \n John Pettigrew\n \n \n \n \n Chief\n \n \n Executive\n \n \n \n \"The results we've announced today reflect the strength and resilience of our business, delivering for all our stakeholders in challenging economic conditions. As we complete our strategic pivot, our investment in clean energy infrastructure has continued at pace, with a record £3.9 billion in the half year. This investment will continue into the future, and today, given changes to the macro-economic outlook, we are updating our five year financial framework that we set out 18 months ago. 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.\n \n \n \n \n \n Against this backdrop, we are focused on playing our part to mitigate the affordability challenges of our customers. We have achieved £225 million of operating cost efficiency savings to date, and this is enabling us to mitigate some inflationary pressures on both the business and our customers. We have also announced funding to help our most vulnerable customers and communities through this winter and next.\n \n \n \n \n \n However, ensuring security of supply and affordability, while delivering net zero goals, can only be achieved with clear and stable regulatory frameworks that incentivise the timely delivery of the investment required. We remain committed to working with governments and regulators to achieve this as we focus on delivering a clean, fair and affordable future for all.\"\n \n \n \n \n \n \n \n \n \n \n \n Financial Summary\n \n \n Six months ended 30 September: continuing operations1\n \n \n \n \n \n \n \n \n \n \n \n \n \n Statutory results\n \n \n \n \n \n \n \n \n \n Underlying2\n \n \n \n \n \n \n \n \n Unaudited\n \n \n \n \n \n \n \n \n \n 2022\n \n \n \n \n \n 2021\n \n \n \n \n % change\n \n \n \n \n \n \n \n \n 2022\n \n \n \n...