National Grid calls for regulation changes as profits jump to £4.6bn

Many renewable energy projects have been told they will need to wait until the late 2030s to deliver clean power to the grid. Photograph: Gareth Fuller/PA

National Grid has called for a bold overhaul of the UK’s electricity grid regulation to shorten the decade-long delays in connecting green projects to the energy system after reporting a jump in annual profits to almost £4.6bn.

The FTSE 100 monopoly, charged with running most of the UK’s power grids, said its underlying operating profits climbed by 15% to £4.58bn for the financial year ending in March compared with the 12 months before.