National Grid misses annual profit view on US storm costs

NATIONAL GRID PLC missed annual profit expectations after storm-related repair costs in its American business rose 7.4% to 636 million pounds. The utility's adjusted operating profit of 5.68 billion pounds fell short of the 5.75 billion pound consensus estimate for the year ended March 31. Storm damage across U.S. operations weighed on results.

### Storm Costs Offset Portfolio Reshaping Higher maintenance expenses in the United States pressured the bottom line despite a broader pivot toward regulated networks. National Grid has divested its U.S. onshore renewables arm to concentrate capital on core grid infrastructure. The company is ramping up investment in grid infrastructure across both markets.