Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

National Grid will become the biggest green investor on the FTSE, says boss

National Grid will sell one of its arms to the Government in the next couple of years. (Niall Carson/PA)
National Grid will sell one of its arms to the Government in the next couple of years. (Niall Carson/PA)

National Grid will become the biggest investor in the transition to a green economy on the FTSE, its chief executive said on Thursday.

John Pettigrew, who runs the grid giant, said the firm wants to balance this with keeping bills down for customers.

It comes during a time of transition for the business, which has agreed to sell one of its units to the Government to set up a new authority which will oversee the grid system.

The business will be investing £24 billion into green projects to decarbonise energy networks in the UK and elsewhere over the next five years.

It is part of a £30 billion to £35 billion investment plan.

“It’s a record level of investment for National Grid, I think it makes us the largest investor in the energy transition in the FTSE.

“It just gives you a sense of the scale of investment we’re going to be doing over the next few years.

“Of course we are going to try to do that as efficiently as possible to keep bills down for customers.”

In the Queen’s Speech last week ministers included plans for a new authority which will operate the electricity system.

As a result the Government will buy National Grid’s Electricity System Operator arm from the company.

“We’re really pleased actually,” Mr Pettigrew said.

“From our perspective it’s a relatively small part of National Grid, but nonetheless it will have an important role in the energy transition.”

He said that the deal is planned to be completed by 2024. The sales process is starting at the moment, but things will move fairly slowly until MPs pass new laws.

National Grid on Thursday announced a 107% rise in pre-tax profit to £3.4 billion in the year ending March. Most of this was down to its £7.8 billion purchase of Western Power Distribution.

When mitigating for the impacts of the acquisition and some other things, profit was up 16%.