Interim results - making stately progress
National Grid (NG) reported interim (H117) results on Thursday showing performance in line with guidance and maintaining its outlook. As expected, the UK Gas Distribution disposal is on track to complete early next year. Operationally, management continues to focus its energy on filing rate cases in the US with good progress achieved in Massachusetts Electric and KEDNY/KEDLI. In the UK, the company continues to negotiate with the regulator in the future of its role as system operator. RAV growth, capex and interim numbers were all in line with guidance. We reaffirm our fair value range of $55-69/ADR.National Grid is a holding company. Through its subsidiaries, Co. owns and operates regulated electricity and gas infrastructure networks in the U.K. and the U.S. Co. operates through five business segments: U.K. Electricity Transmission, U.K. Gas Transmission, U.K. Gas Distribution, U.S. Regulated, and Other Activities, primarily relating to non-regulated businesses and other commercial operations not included within the above segments, including: the Great Britain-France electricity interconnector; U.K. based gas metering activities; U.K. property management; a U.K. LNG import terminal; U.S. LNG operations; and U.S. unregulated transmission pipelines, together with corporate activities.
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