Higher revenues from subsea cables and acquisition of Western Power Distribution boost half-year results
Europe’s energy crisis has sparked a profit surge for National Grid after its subsea power cables connecting the UK to the continent generated greater revenues on the back of record highs in the electricity market.
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 North Sea Link, the world’s longest subsea power cable, which links the UK to Norway’s hydropower.
