National Grid to celebrate increased profits - 01/02/2011
One of the UK's main energy suppliers is set to celebrate a significant increase in full-year operating profit.
National Grid is expected to report profit of £3.5 billion, up from £3.1 billion last year.
"The strong momentum seen in the first half has continued and has further improved, driven by cold winter weather following the hot weather in the US in the summer," the cheap gas and electricity company said in a statement.
The news comes after the UK faced one of its coldest winters in recent memory, which meant more people increasing their spending on heating their homes.
Meanwhile, the energy supplier has announced it is to cut around 1,200 jobs in the US in order to save $200 million a year.
In Britain, there have been suggestions that the energy giant is to reduce its workforce after an email sent to staff in error outlined 400 redundancies.
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