National Grid‘s underlying operating profit reached £4.6 billion.

The company has said this profit represents a 15% increase at actual exchange rates (10% at constant currency).

It added that this growth could be attributed to several factors, including a full-year contribution from UK Electricity Distribution, solid operational performance in their US-regulated businesses, a higher contribution from National Grid Ventures and increased property sales.

National Grid’s Chief Executive, John Pettigrew emphasised the record-breaking investment of £7.7 billion in clean and smart energy infrastructure, along with a commitment to maintaining world-class reliability across their networks.

Mr Pettigrew said: “As we look to the future, there has never been a more exciting time to be at the heart of the energy industry.

“The strategic pivot we announced in 2021 is now complete, enhancing our critical role at the heart of the energy transition.

“The visibility of growth has been strengthened by the new five-year RIIO-ED2 price control, $3.8 billion (£3bn) of additional longer-term investment for our US business to drive greater connection and delivery of clean power and Ofgem’s recent decision to award us 17 major transmission projects to enable greater levels of offshore wind connection in the UK.”