Bigger network lifts NGC
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Your support makes all the difference.EXTENSIONS to the UK electricity network and tight cost control helped the National Grid Company, which transmits electricity throughout England and Wales, to increase historic pre-tax profits by 9.1 per cent to pounds 285.3m in the first half of the year, writes Mary Fagan.
Since April, the NGC, which is owned by the 12 regional electricity supply companies, has had to keep price increases to inflation minus three percentage points. However, new connections fall outside the price control.
David Jeffries, the company's chairman, said that the price control imposed by the watchdog, Offer, was sustainable for four years when it comes up for review. However, he warned that should any future cap continue to keep price increases to less than inflation, the integrity of the electricity infrastructure would be jeopardised.
'Basically if we could not get the revenues we need to maintain the system, we would want a wide public debate - and that would probably involve the Monopolies and Mergers Commission,' he said.
In the six months to 30 September, the NGC's turnover rose 3.1 per cent to pounds 686.9m from pounds 666.3m. The interim dividend increased by 9.5 per cent to pounds 46m, split between the 12 regional companies.
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