- 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.