The utility group reported a 5 per cent fall in profits in the year to March although the impact from the pandemic was not as damaging as expectedNational Grid has made its first foray into offshore wind through a joint venture with RWE to develop projects off the United States coast. The FTSE 100 utility group said that it had teamed up with the German company to bid in an auction of seabed leases in the New York Bight and explore other opportunities in the nascent American offshore wind market. SponsoredThe move is the latest stage of National Grid’s strategic shift to focus on electricity, following its surprise £7.8 billion swoop on Western Power Distribution, the UK’s largest electricity distribution network, in March. It is also preparing to sell a majority stake in its UK gas transmission networks to help it to fund the WPD acquisition and reduce its focus on gas.

Source: The Times May 20, 2021 11:03 UTC