National Grid saw its adjusted operating profit down by 12% for the FY20/21 (fiscal year ending in March), especially driven by the adverse timing of recovery movements and COVID-19. These results are well below our (bullish) expectations. However, the network giant provided a promising 5-year guidance in terms of capex (£30-35bn to 2026) and EPS CAGR (5-7%).
WPD / NECO / NGG deals are on track.
Note also a surprising but pleasant JV with RWE to develop US offshore wind.
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