National Grid profits jump amid row over delays to net-zero wind and solar projects

NATIONAL GRID has posted a 15pc jump in profits amid a row over delays connecting wind and solar farms to the electricity network.

The FTSE 100 company, which owns and operates Britain’s electricity transmission system, said underlying profits rose from £4bn to £4.6bn in the year to March 31.

National Grid is under pressure to ramp up investment in Britain’s electricity network and speed up connections. Renewable energy developers complain they face waits of up to a decade to be connected to the grid, delays that are slowing Britain’s net-zero push.

Jonathan Brearley, chief executive of industry regulator Ofgem, warned on Tuesday that “unacceptable” waiting times were putting at risk Britain’s ambition to make the electricity network carbon-free by 2035.

John Pettigrew, National Grid’s chief executive, said the operator was committed to net zero but argued regulatory changes were needed to resolve the connection issues.

He said the switch to greener power could result in “security of supply, lower energy bills and job creation”. Mr Pettigrew added: “As a network, we rec- ognise that we’re a key enabler to that. But from our perspective, we think fundamental regulatory reform is needed.”

National Grid has promised to spend £40bn on upgrades from 2021 to 2026.

However, he said more could be spent if rules were changed to allow the company to invest proactively, rather than waiting for demand to materialise.

Ofgem has also pledged to clear any regulatory barriers getting in the way.

On Monday, the Grid published plans to reach a net-zero electricity network by 2035, which will include overhauling the current system for connecting.