UK’s National Grid Plans Huge Capital Raise, Asset Sales
(Bloomberg) -- National Grid Plc is planning raise £6.8 billion ($8.7 billion) of capital to fund its £60 billion network spending plan over the next five years.
As well as issuing new shares, the network company plans to sell it’s Grain LNG terminal and its US onshore wind business, according to a statement Thursday. The company will issues new shares at 645p, the stock closed at 1127.5p on May 22.
The plan will help expand and strengthen Britain’s power grid to connect new renewable energy projects, electric vehicle chargers and shoulder an expected doubling of demand in the push to decarbonize. National Grid is a key player in the UK’s journey to net zero as grid infrastructure continues to hold back the pace of renewable expansion.
To underpin the company’s credit rating, about £750 million of the net proceeds will be used to refinance a portion of outstanding hybrid bonds that have first call dates in the next 15 months.
National Grid reported earnings per share of 78 pence, above the 76 pence expected by analysts compiled by Bloomberg.
(Updates with details from second paragraph.)
©2024 Bloomberg L.P.
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