National Grid profits surge on back of European energy crisis
Europe’s energy crisis has sparked a profit surge for National Grid after its subsea power cables connecting the UK to the continent raked in higher revenues on the back of historic electricity market highs.
National Grid secured higher prices to transmit electricity through its cables running from the UK to Belgium and France, and also benefited from the early startup of the world’s longest subsea power cable linking the UK to Norway’s hydropower in October.
The FTSE 100 energy giant reported an 86% jump in profits for the first half of the year to £1.1bn compared with a slowdown in energy markets during the Covid-19 lockdown a year earlier – sparked by record-high electricity prices in the UK in recent months.
The half-year results were also
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