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The company did not put a number on \u201cslightly above\u201d. The upgrade does not come from the regulated networks, which are tracking its expectations. It comes from the non-regulated side of the group, as the company\u2019s statement made clear.<\/p>\n
Overall, the Group\u2019s regulated businesses continue to perform in line with our expectations, but a strong first half performance in National Grid Ventures & Other means we now expect to be slightly above our FY27 EPS growth guidance of 13-15%.<\/p>\n
National Grid plc<\/p>\n
National Grid Ventures & Other, the division that holds interconnectors (subsea power cables linking national grids) and the NG Partners investment portfolio, is expected to deliver about \u00a3130m more in the first half than the company had anticipated.<\/p>\n
Two things drive that. NG Partners completed two successful capital market transactions, producing significant one-off fair value gains, which are paper gains from revaluing investments. Interconnectors also performed more strongly.<\/p>\n
Because part of the uplift is one-off, it should not be read as a permanent step up in earnings. The regulated networks are not being upgraded.<\/p>\n
The company also set out how profit should fall across the year. Underlying earnings per share, which exclude one-offs, are expected to be weighted to the second half, as usual, and the half-year group operating profit profile should be broadly consistent with last year.<\/p>\n
UK electricity transmission and distribution profits are expected to be split broadly evenly across the year, as in FY26. US regulated profits should lean towards the second half.<\/p>\n
In New England, the company expects a return to more typical seasonality after the one-off effect of a ruling by the US Federal Energy Regulatory Commission on allowed return on equity in the second half of FY26.<\/p>\n
Half-year net debt, meaning borrowings minus cash, is expected to be broadly in line with full-year guidance after the Joulent investment and the second-half weighting of operating cash flows. Half-year results are due on the 5th of November.<\/p>\n","protected":false},"excerpt":{"rendered":"National Grid says its regulated networks are on track, but a strong first half in its Ventures division…\n","protected":false},"author":2,"featured_media":792635,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-792634","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/792634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=792634"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/792634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/792635"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=792634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=792634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=792634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}