National Grid profits double to £3.4bn amid cost of living crisis

Power community operator Nationwide Grid has reported its annual pre-tax income have jumped 16 per cent to £3.1bn.

The corporate, which maintains and invests in infrastructure slightly than distributing vitality, mentioned statutory pre-tax income have been up even greater, rising 107 per cent within the yr to the top of March.

Nevertheless, it mentioned a lot of the rise stemmed from Nationwide Grid’s £7.8bn buy of Western Energy Distribution (WPD). Earlier this month, WPD was fined £15m after its help for susceptible clients throughout energy cuts was deemed “completely unacceptable”.