New Morningstar Analyst Report for National Grid PLC
U.K. regulator Ofgem has proposed to reduce real baseline return for gas and electricity transmission networks from 7%-8% currently to 4% in the next regulatory period, RIOO-2, due to start in April 2021. This is below our expectation of a cut to 5% and at the bottom of the 4%-6% range laid out by Ofgem in March 2018. Ofgem also proposed to keep the adjusted cost of debt unchanged, in line with our assumptions. These proposals are part of a wide consultation process on the features of RIIO-2 tha...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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