National Grid networks resilient in harsh winter weather

30th Jan 2014 07:43

- UK, US networks perform well despite winter weather- Full-year outlook unchangedElectricity and gas utility giant National Grid said that its networks performed well in the third quarter despite 'challenging' weather conditions in the US and UK, as it reiterated its positive outlook for the full year.In the UK, the company expects a "good outcome" this year both from efficiencies against regulatory 'totex' cost allowances and its wider operating performance.Meanwhile, it said that the investment in flood defences for critical sites over recent years has helped to minimise any cost or reliability impact on operations from adverse weather conditions.In the States, an ice storm in December in upstate New York and Massachusetts resulted in 150,000 National Grid customers being temporarily left without power. The company said it responded quickly to the damage to local electricity distribution systems and extreme weather-related disruptions and costs have been much lower than the previous two years.Chief Executive Steve Holliday said National Grid's businesses made "further progress through to the end of January toward achieving our priorities for the year. "We are investing in our networks for the benefit of customers and maintaining a strong focus on efficiency and incentive performance," he said.The company said that a capital investment of around £3.5bn this year is expected to drive "continued healthy growth in regulated asset value".National Grid said that the outlook is unchanged from that given at its half-year results in November 2013 with a "good full-year result" expected with "sustainable dividend growth".BC