NGG - National Grid sees 2022-26 earnings growth at lower end of forecast

2023-04-14 08:21:37 ET

National Grid ( NYSE: NGG ) said Friday it sees earnings growth coming in near the lower end of its guidance range for the 2022-26 period, citing lower revenues from its electricity transmission and distribution businesses.

The U.K. electricity transmission network operator said the introduction of tax relief for capital expenditure for three years starting April 1 will result in lower cash tax payable, which it expects to impact underlying earnings during 2024-26.

National Grid ( NGG ) forecast underlying earnings per share will rise at the lower end of guidance for a 6%-8% compounded annual growth rate for the 2022-26 period.

For FY 2023, the company said its performance has been in line with expectations and it continues to see underlying EPS growth for the year in the middle of the 6%-8% forecast.

National Grid ( NGG ) is a utility "with a very appealing set of diverse assets and income bases," Wolf Report writes in an analysis published recently on Seeking Alpha .

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