National Grid 'needs profit to make essential investment'

National Grid has announced a 7% fall in pre-tax profits for the first half of the year to £979m.

The National Audit Office has warned that bills could increase as the energy distributor spends billions of pounds improving the UK's pipelines and pylons.

Chief Executive Steve Holliday told BBC business reporter Stephanie McGovern they needed to make a profit to be able to make "essential investment to make sure that our economy has the electricity and gas that it needs".

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