Electricity and gas provider National Grid says it is on track to invest £3.5 billion in the business this coming year.
National Grid has “started the year well”, Chief Executive Steve Holliday said in an interim management statement. There were no material changes to its financial position in the period, he said.
National Grid, based in London, sold its New Hampshire, US, energy distribution units, Granite State Electric and Energy North Natural Gas, to Liberty Energy Utilities Corp, for $309 million on July 3.
Overall, there was no major changes to its financial position during the period between April 1st and July 29th. The firm says that it has a strong balance sheet, underpinned by regulatory revenue, which is "key to our ability to secure the required long-term funding for our businesses in both the UK and the US."
Chief Executive Steve Holliday said: "We are maintaining our positive outlook for 2012/13, reflecting the expected delivery of another year of solid operating and financial performance."
"In the UK, we are nearing completion of our UK Gas Distribution Front Office systems roll-out which should enable further service improvements and cost savings," the firm said.
