National Grid’s profits rise to £3.4bn as cost of living crisis pushes bills higher
Energy network operator sees profits rise while households face big bill increases
Energy network operator National Grid has reported its annual pre-tax profits have jumped 16 per cent to £3.1bn.
The company, which maintains and invests in infrastructure rather than distributing energy, said statutory pre-tax profits were up even higher, rising 107 per cent in the year to the end of March.
However, it said much of the increase stemmed from National Grid’s £7.8bn purchase of Western Power Distribution (WPD). Earlier this month, WPD was fined £15m after its support for vulnerable customers during power cuts was deemed “totally unacceptable”.
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