National Grid
National Grid shareholders listening to its top brass recently might well be worried (Emily Gosden writes). The utility group has painted a dire picture of the “unacceptable” regulatory settlement it faces in the UK, in which Ofgem proposes steep curbs on both the amount it can invest at consumers’ expense, and the profits it can earn for doing so. National Grid claims that the proposals offer an “inadequate return for investors”. “The message to investors will be to invest overseas or in the UK water rather than energy sector,” it said. So are things as bad as the company claims — and if so, should investors indeed take fright?
National Grid operates the national networks of electricity cables in England and Wales, and