UK’s biggest utility National Grid said on Monday that profit for the year may be significantly higher on the back of growth in the US operations and favourable weather conditions.
In a statement issued by the electricity and gas distribution and transmission company said: “The strong momentum seen in the first half has continued and has further improved, driven by cold winter weather following the hot weather in the U.S. in the summer”.
The board of the company has already recommended a eight percent higher dividend because of higher profits.
In a separate statement, National Grid announced that it’s planning to reduce its workforce in the US and will shed around 1,200 or 7 percent of its workforce in the country. The company hopes to save around $200 million annually from downsizing.
The shares of the company are currently trading at around 557p, valuing the company at about £19 billion.