Revenue at electricity distributor Northern Powergrid has topped £1bn on the back of new gas and renewables activity, as well as acquisitions in Australia.
Newcastle-based Northern Powergrid group, which distributes power to millions of customers in the North East and Yorkshire, reported revenues of £1.14bn in 2022, a rise of £230.5m. Operating profits were boosted by more than £40m to £422.6m as the business pointed to higher smart metering payments, high contract volumes, gas coming on stream and revenue attached to its £143.9m purchase of two solar farms in New South Wales, Australia.
The firm, a subsidiary of US conglomerate Berkshire Hathaway, is responsible for 17,000 miles of overhead wires, 43,400 miles of underground cables and more than 800 substations which deliver electricity from the national grid. During the year it said investment in its network - which included refurbishment of transformers, rebuilding of overhead lines, and changing of deteriorated poles, among other things - was £442.9m, down on the previous year's £455.8m.
