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National Grid issues profit warning following US storms hit

The group said annual headline group earnings – a measure of profits – would be lower than previously expected.

National Grid, the UK’s power generator, has warned over profits after suffering a £140 million hit from ferocious storms in the United States.

The group said annual headline group earnings – a measure of profits – would be lower than previously expected, with the rough weather conditions hammering the US business.

However, the blow will be “largely offset” by a £60 million boost from changes to finance costs and a lower US tax charge of 24%.

Despite the financial setback, it said underlying group earnings were on track to meet expectations.

Shares were marginally lower in morning trading on the London Stock Exchange.

The update comes after National Grid was forced to issue a “gas deficit warning” in March as extreme weather conditions battered the UK.

Heavy bouts of snow dumped on Britain by the ‘Beast from the East’ caused the firm to issue a warning in response to a series of “significant supply losses resulting in a forecast end-of-day supply deficit”.

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