© Reuters
By Scott Kanowsky
Investing.com — National Grid PLC (LON:) has raised its income guidance for its 2022/23 fiscal year and unveiled plans to spend more on its transition to a renewable energy infrastructure, as the British utility service posted better than expected half-year operating profit.
In a statement, the London-based group said it now expects to see full-year underlying earnings per share grow “in the middle” of its new 6% – 8% range, assuming an average sterling-to-dollar exchange rate of £1 to $1.20. It previously anticipated a jump in the 5% – 7% band.
National Grid is also now aiming to spend £40 billion (£1 = $1.1370) in total cumulative capital investment in critical infrastructure over the five-year period to 2025/26, up from its prior outlook of £30B – £35B. The company said this decision stemmed from “macroeconomic moves” over the past six…