National Grid Backs 2013/14 Forecast - Quick Facts

(RTTNews) - National Grid plc (NG.L, NGG) said it expects to invest in the region of 3.6 billion pounds - 3.9 billion pounds in its businesses in 2013/14, which is consistent with its target of growing regulated assets by some 6% per year over the next few years, while maintaining a secure and well financed balance sheet.

In the regulated UK Transmission and Distribution businesses, capital investment for 2013/14 is likely to be in line with 2012/13 levels. Major activities underway include the London Power Tunnels project and further progress on planning for the western high voltage direct current link with Scotland.

The company said the technical guidance is largely unchanged from that included in the annual results statement of May 16, 2013. For 2013/14, implementation costs are now expected to be of a similar order of magnitude to those in 2012/13. The impact of these cost increases are expected to be offset by stronger than expected performance in the UK and US businesses including increased revenues from the French Interconnector in the UK Transmission business driven by higher power price differentials between the UK and the Continent.

National Grid's Chief Executive stated, "In the US, our team continues to focus on improving customer service and returns by securing the benefits of the recent rate filings whilefocusing on resolving issues related to the SAP implementation started last year. As a result, we are maintaining our outlook for 2013/14, reflecting the expected delivery of another year of solid operating and financial performance."