National Grid has had a strong profit increase amid energy market turmoil.
The energy transmission and distribution company has published today its financial results for 2021/22 reporting an underlying operating profit of £4 billion.
Last year, the company acquired Western Power Distribution in a £7.8 billion deal – it also invested £6.7 billion in energy infrastructure, part of its £35 billion programme.
National Grid also spent more than £300 million on interconnector projects across the year.
John Pettigrew, Chief Executive of National Grid, said: “The world has changed dramatically over the last year, with the tragic war in Ukraine, a global economic slowdown and rapidly rising inflation.
“Against this backdrop, National Grid remains focused on positioning our business, through acquisitions and investment to deliver net zero while continuing to safely ensure security of supply at the lowest possible cost to consumers.”