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National Grid's dividend cover another net-zero issue

The income case for the stock will come under increased scrutiny
November 10, 2023
  • Mounting capital demands and "sunk costs"
  • Passing of the Energy Act 2023 into legislation

John Pettigrew, chief executive of National Grid (NG.), prefaced the group’s half-year figures by announcing that its “financial performance reflects our role at the heart of the energy transition and a new phase of capital delivery that is firmly underway”. Unfortunately, that equated to a 21 per cent fall in underlying pre-tax profits, with all divisions falling short of the previous half-year, albeit largely due to non-recurring items.

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