30th Jan 2014 11:12
LONDON (Alliance News) - National Grid PLC Thursday said it has made good progress since October 1 2013 as its networks performed well, demonstrating strong resilience during some difficult weather conditions in both the US and UK.
The company, which owns the electricity transmission system in England and Wales, said recent investment in UK flood defences for critical sites over the past few years helped to minimise any cost or reliability impact on its operations from recent bad weather.
In the US, where there has been some extremely cold weather due to an ice storm, the company said it responded well to customer needs with disruption and costs related to extreme weather came in much lower than in the previous two years.
Last month, the US business successfully separated its Long Island electricity transmission and distribution activities, where National Grid previously managed Long Island Power Authority's assets under a management services contract.
As a result over 2,000 National Grid employees transferred on December 31 2013 to the new business operators, together with associated financial systems and other equipment.
National Grid said its outlook remains unchanged from that stated in its half-year results while it is well positioned to deliver another year of good operating performance and sustainable dividend growth.
There have been no material changes to the financial position of the company, it said.
The stock was trading at 778.50 pence Thursday, up 1.00 pence or 0.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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