National Grid booked a multi-million impairment charge on a paused U.S. wind project, but said on Thursday it was on track to invest 60 billion pounds ($79.74 billion)…
National Grid booked a multi-million impairment charge on a paused U.S. wind project, but said on Thursday it was on track to invest 60 billion pounds ($79.74 billion) in energy networks through March 2029 and its results beat estimates.
Its shares rose 2% to 1,038 pence by 0725 GMT, outperforming the wider market, which traded 0.5% lower.
The renewable energy sector has been shaken by U.S. President Donald Trump's hostility to wind power.
On the first day of his second term in office in January, he ordered a suspension of offshore wind leasing in a reversal of his predecessor Joe Biden's support for renewable energy to help decarbonise generation.
National Grid, together with Germany's RWE, as a result paused development of a New York offshore wind project.
RWE owns 73% of the project, with the rest owned by National Grid, which on Thursday said it had booked a 303 million pounds ($402.7 million) impairment charge.
"We've taken the view from an accounting perspective that there's no immediate prospect of that project developing," CEO John Pettigrew said in an interview with Reuters. "Long term,
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