US hurricanes hit National Grid’s profits by 6% with 7.8m power cuts affecting 532,000 people

Money

Power supplier National Grid took a hit from the cost of cleaning up after US storms, as profits fell 6 per cent to £2.6billion.

In September its staff faced 7.8m power cuts caused by Hurricane Irma in Florida and Georgia, and October storms affected 532,000 people.

The FTSE 100 firm, which in 2016 sold its UK gas business, said it had invested £4.3billion last year, which was 14 per cent higher than previous year. 

A damaged boat is left lodged into a Florida home in the wake of Hurricane Irma. National Grid took a hit from the cost of cleaning up after US storms, as profits fell 6 per cent to £2.6bn

A damaged boat is left lodged into a Florida home in the wake of Hurricane Irma. National Grid took a hit from the cost of cleaning up after US storms, as profits fell 6 per cent to £2.6bn

A damaged boat is left lodged into a Florida home in the wake of Hurricane Irma. National Grid took a hit from the cost of cleaning up after US storms, as profits fell 6 per cent to £2.6bn

Profits in its UK electricity transmission business fell 24 per cent to £1billion. 

It is rewiring chunks of London, which has already helped it save about £80million, it claimed.

National Grid is recommending a rise in the final dividend to 30.44p per share, bringing the full-year dividend to 45.93p, up 3.75 per cent on last year.

 

 

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