National Grid to invest $76 billion towards decarbonization, says CEO
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National Grid, an energy company operating in the UK and US, plans to raise $8.7 billion in capital to finance its $76 billion network spending plan over the next five years
According to their annual statement, the company plans to sell its Grain LNG terminal and its US onshore wind business.
The investment plan aims to expand and strengthen Britain’s power grid, connect new renewable energy projects and electric vehicle chargers, and move towards decarbonization.
Read more: Renewable energy growth falls short of climate targets, says leading think tank
The total investment plan is more than double of what the company has spent in the UK over the last five years. It also aims to stimulate substantial economic growth by supporting an additional 55,000 jobs in the UK by the end of this decade.
In its annual statement, National Grid has revealed a financing plan that discusses its investment and growth plan, including a $8.89 billion fully underwritten rights issue.
It has also reported an underlying operating profit of approximately $6 billion, up 4% at actual exchange rates.
The statement reads that the profit “was principally driven by growth in revenues in UK Electricity Transmission and higher rates in New York and New England”.
John Pettigrew, Chief Executive, said in a statement, “Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonization of the energy system for the digital, electrified economies of the future.”
The annual report also stated that the company’s 78% of all group capital expenditures were aligned with EU Taxonomy principles for sustainable investment.
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