Full story: National Grid profits surge on back of European energy crisis
Europe’s energy crisis has sparked a profit surge for National Grid after its subsea power cables connecting the UK to the continent raked in higher revenues on the back of historic electricity market highs.
National Grid secured higher prices to transmit electricity through its cables running from the UK to Belgium and France, and also benefited from the early startup of the world’s longest subsea power cable linking the UK to Norway’s hydropower in October.
The FTSE 100 energy giant reported an 86% jump in profits for the first half of the year to £1.1bn compared with a slowdown in energy markets during the Covid-19 lockdown a year earlier – sparked by record-high electricity prices in the UK in recent months.
The half-year results were also buoyed up by National Grid’s acquisition of Western Power Distribution, the local power grid company running grids for the Midlands, south Wales and south-west England, for £14.2bn in March.
The group added that its earnings per share over the year as a whole would be “significantly above the top end” of its 5-7% guidance at the beginning of the year.
Former Daily Mail editor Paul Dacre is to receive a payout of almost £2m, as the top executives at parent company DMGT share £33m in pay, bonuses and share awards this year – while staff brace for job cuts.
Dacre, who stood down as editor in 2018 and until earlier this month was chair and editor-in-chief of the paper’s parent company Associated Newspapers, is to receive the payout in December under one of Daily Mail and General Trust’s long-term incentive plans for senior management.
The vesting of the award of 168,851 shares, worth about £1.9m at DMGT’s current share price, relates to the hitting of performance targets in 2019. The award follows a payout of £1.5m given to Dacre last December.
Dacre’s payout is dwarfed by that of the top four directors at DMGT, which is in the process of being taken private by the Rothermere family after 90 years on the London Stock Exchange, who took home a combined £33m in salary and share awards in the year to the end of September….
Many UK pay rises are not keeping pace with inflation, a new report shows.
The average pay deal across the UK is worth just 2%, despite a rise in prices that pushed the retail prices index (RPI) – a widely used measure of inflation in pay bargaining – to 6% this month.
According to the latest figures from the consultancy XpertHR, pay bargaining across some of Britain’s biggest private and public sector employers showed median basic pay increased 2% in the three months to the end of October, unchanged for the seventh consecutive month.
The firm said:
“The data shows that pay awards are at the same level as this time last year and confirms a period of stability after awards dipped in the middle of 2020 and the beginning of 2021.”