Pressure mounts on energy giants as National Grid’s profits soar 50%

The National Grid Electricity System Operator has outlined a scenario which could see the need for three-hour outages (PA)

(Picture: PA Archive)

Soaring profits at National Grid and plans for a major payday for shareholders at British Gas owner Centrica today piled pressure on the energy industry is do more to support vulnerable customers and avoid blackouts this winter.

National Grid, which operates the electricity network, pledged to raise spending on critical infrastructure to £40 billion by 2026, up from previous plans for £30 billion to £35 billion. It came as profit soared 50% to £1.6 billion.