National Grid has forecasted a £70m increase in anticipated proceeds from its Electricity System Operator (ESO) sale, with the government finalising the purchase last month, as reported by .
In its latest trading update, the FTSE 100 company projects an uplift to its six-month operating profit attributable to "ownership and held for sale accounting treatment up to 30 September 2024" related to the ESO deal.
Ultimately acquiring the ESO for £630m, the government's move marks the division's return to public hands since privatisation in the '90s.
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Tuesday heralded the introduction of the National Energy System Operator (NESO) by the government, signalling completion of the transaction.
Central to National Grid's operations, the ESO manages real-time balancing of electricity supply and demand.
The divestment follows October 2023's Energy Act enforcement, facilitating the transformation of the ESO into a publicly owned entity tasked with independent system operation and 海角视频 energy planning.
Newly instated NESO CEO Fintan Slye declared the corporation would: "Sit at the heart of the energy industry, ensuring that a holistic, whole system approach is taken in delivering decarbonisation across energy, heating, transport and beyond in order to deliver net-zero".
National Grid continues to manage vital energy infrastructure, with their major income stream being regulated tariffs incorporated in consumer energy bills.
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In their latest update, the company confirmed they are on course to announce half-year results on 7 November that align with their expectations.
National Grid predicted its underlying earnings per share would, as typically, skew towards the second half of the fiscal year due to elevated electricity and gas usage in the winter months.
Earlier in May, National Grid launched a £7bn capital raise to bolster its investment strategy, aiming to double its capital expenditure by March 2029, estimated at £60bn.
This followed full-year results where the business reported an 8% fall in operating profit to £4.5bn, a decline it put down to "non-cash exceptional charges."