National Grid profits slide amid lock-out

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  • Energy
  • Economics
  • United States
National Grid said redundancy costs, storms and US tax reforms had been factors in its drop in its pre-tax profits National Grid said redundancy costs, storms and US tax reforms had been factors in its drop in its pre-tax profitsGARETH FULLER/PA

Hundreds of jobs are to go at National Grid as the utility giant attempts to cut costs before a squeeze on its profits.

The FTSE 100 energy network company yesterday booked a £127 million charge for restructuring its UK operations, saying most of that was to pay voluntary redundancies as it attempted to become more cost-efficient.

The group also booked a £97 million charge for costs linked to a protracted industrial dispute that has seen 1,250 of its American staff locked out of work since June and triggered criticism of its safety record.

National Grid said the one-off costs were among factors including storms, US tax reforms and a cancelled UK gas pipeline project that had contributed to a 33 per cent drop in its…

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  • Energy
  • Economics
  • United States