Zapped: National Grid earnings hit by storms and nuclear write-offs

National Grid has reported as lump in annual profits as it felt the impact of two abandoned nuclear projects and storms throughout the year. The firm, which owns and operates the UK’S energy infrastructure, made the announcement amid calls from the Labour Party to bring it under public ownership. Pre-tax profits sank by 31 per cent to £1.8 billion for the year to March, as it was also impacted by labour disputes in the US. National Grid said it was forced to write off around £137 million in costs.