National Grid PLC (LSE:NG.) said trading for the first six months of its financial year was in line with expectations, with profits as usual expected to be weighted to the second half of the year.
In the UK, electricity transmission and distribution operating profits are expected to be broadly evenly split across the year.
The FTSE 100 company, which plans to report half-year results on 6 November, noted that last year’s first half included the contribution from the Electricity System Operator, which was sold last October.
In the US, operating profits are also expected to follow the usual second-half weighting, though both the New York and New England businesses are set to deliver a slightly higher contribution in the first half compared with the prior year.
Fewer storms in New York and new electricity distribution rates in New England helped this.
Profitability at National Grid Ventures, its development arm, would be roughly even across the year.