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National Grid forecasts 2022-26 earnings growth at lower end of outlook

Reuters
Updated ·1-min read
Illustration shows Electric power transmission pylon miniatures and National Grid logo

(Reuters) - Britain's National Grid forecast on Friday its earnings growth would be towards the lower end of its outlook range for the 2022-2026 period, due to lower revenues from its electricity transmission and distribution businesses.

The group said the introduction of tax relief for capital expenditure from April 1 this year to the end of March 2026 would result in lower cash tax payable, which it expects to impact its underlying earnings from 2024 to 2026.

National Grid expects its underlying earnings per share to rise at the lower end of its expectations of a 6% to 8% compounded annual growth rate for the 2022-26 period.

London-listed National Grid's shares were down 1% at 1,132 pence, as of 0715 GMT.

(Reporting by Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu)