National Grid to invest £3.8bn

National Grid expects to invest between £3.5-3.8 billion in its businesses next year with around £1.5bn of that in the UK, the international firm said today in its interim management […]

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By Vicky Ellis

National Grid expects to invest between £3.5-3.8 billion in its businesses next year with around £1.5bn of that in the UK, the international firm said today in its interim management statement for April to the end of July 2012.

Chief Executive Steve Holliday said they were keeping a “positive outlook” for next year and expected another year of “solid operating and financial performance” in the update for investors.

Mr Holliday said: “Our businesses have started the year well. In the UK, our focus has been on strengthening the resources, processes and organisational model needed to deliver future performance improvements. At the same time, we are working with Ofgem to secure appropriate long term financial frameworks for our regulated businesses.”

Estimates suggest the UK’s power network needs around £200billion worth of upgrades to cope with new sources of energy.