Gas recovery aids National Grid

26th Jul 2010 07:10

An improvement by its gas distribution business has kept National Grid on track to hit targets this year."We are well positioned to deliver another year of good performance, which will underpin our targeted 8% dividend growth policy to 2012. In particular we expect a substantial improvement in our gas distribution business this year," chief executive Steve Holliday said.National Grid raised £3.2bn though a rights issue last month. The additional cash will enable the firm to fund a significant increase in UK capital investment to £3.9bn this year, Holliday added. This represents an increase of £0.6bn compared to 2009/10. The step up in UK investment primarily relates to Transmission.