National Grid reports record investment in energy infrastructure

As reported by Energy Live News today, the National Grid has reported a significant increase in the capital investment to grow the UK’s energy infrastructure, with £3.5 billion invested in the first 6 months of the year.

The National Grid published this information in their latest financial results, confirming that the money had been spent on 17 major onshore and offshore transmission projects in the UK.

They also confirmed that they are making several significant transmission initiatives in the US, aimed at unlocking renewable energy sources and upgrading infrastructure.

With this investment, its not surprising that they reported a 21% decrease in underlying profit before tax for the first half of the year.

John Pettigrew, National Grid’s Chief Executive, said: “Today we’ve announced solid results, and reconfirmed our full-year guidance, as we continue to enhance critical energy infrastructure across the communities we serve.

“This financial performance reflects our role at the heart of the energy transition and a new phase of capital delivery that is firmly underway.”

Sustainability and security is the key focus for the UK government as we move towards 2050. The level of investment will need to continue if we are going to hit our 2050 target.