National Grid

Ticker NG.

Today's data summary

Market open
% change
+1.23%
Price Pence
804.90
Change
+9.80
As of 08:36 18 Jan 2019
Market cap. Pound sterling
27,459.01 million
As of 08:36 18 Jan 2019

Latest updates

Nemo gets go ahead

light bulb
NEMOLINK

The Nemo Link - the £600m electricity connector between Britain and Belgium - is to become operational at the end of the month.

That's according to the National Grid which has been working on the project with Elia, the Belgian power grid operator Elia.

It can carry one gigawatt of electricity - enough to power one million homes - and operates via subsea cables, allowing the two countries to trade electricity.

The announcement follows a successful testing period, where active power transfers have been taking place between Belgium and the UK.

National Grid reaches union agreement

Power pylon
National Grid

National Grid says it has reached an agreement with unions to end a six-month lockout at its US business that had been costing it as much as £1m a day.

The company said during negotiations with two Massachusetts gas unions it had implemented a work contingency plan to ensure that customers continued to receive a safe and reliable service.

National Grid powers down

Electricity pylon
National Grid

After that news earlier from Ofgem, National Grid has proved to be the biggest loser in the blue-chip index so far today.

It's down 6.3% at 782.70.

NMC Health is down 3.51% at 2,812 while Shire has fallen 3.44% to 4,376.

Leading the winners is Taylor Wimpey, up 3.13% at 1345.1.

Rival housebuilder Barratt Holdings is up a similar 3.04% at 447.05, while GVC Holdings is up 2.99% at 707.

National Grid anger at Ofgem plans

National Grid has responded to this morning's proposals from Ofgem, and it's not happy. In a statement it said:

We are disappointed with the proposed financial package, in particular the cost of equity range, as we do not believe it appropriately reflects the level of risk borne by transmission networks. In order to deliver the major capital programme required across our networks in a rapidly changing energy market, we need to ensure the regulatory framework also provides for fair returns to shareholders.