Sandy blows $80m hole in National Grid
National Grid will reveal that superstorm Sandy caused damage worth an estimated $370m (£232m) to its US supply network when announcing its interim results on Thursday.
Société Gé*érale analyst Ashley Thomas estimates the storm costs will knock about $80m off the energy operator's full-year bottom line. Although it can theoretically recoup its costs through price rises, these have to be signed off by regulators. This can take up to three years to complete and could still potentially leave National Grid out of pocket.
Sandy will not have affected this week's results, which are for the six months to September. Profit is expected to be about 6 per cent higher than last year at £1.6bn.
The FTSE 100 utility is in talks with Ofgem over mandatory £30bn capital investment in its plants and transmission network in 2013-21. The proposals will be finalised next month and the spending will prove to be a drag on National Grid's previously aggressive dividend pay-out policy.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 3 Why I'm on the brink of burning my Israeli passport
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Pope Francis: ‘One in 50’ Catholic priests, bishops and cardinals is a paedophile
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: The moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...