National Grid to invest in renewable cheap energy - 20/05/2010
National Grid has announced plans to invest heavily in the UK's power networks for renewable cheap energy.
The operator of the UK's gas and electricity networks said it will raise £3.2 billion from shareholders and invest some £22 billion in the UK's power networks over the next five years.
Steve Holiday, National Grid's chief executive, said it is important to continue upgrading the UK's networks to allow access to renewable sources of energy and secure the future of Britain's cheap energy supply.
The organisation commented in a statement: "Environmental targets, legislation, age-related power station retirements and the decline of the UK's North Sea gas reserves are expected to result in a significant change in the generation mix between now and 2020."
National Grid also announced yearly profits of £2.2 billion for last year - up from £1.4 billion year before.
The firm said its performance in the first weeks of the current financial year has been encouraging.
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