July 25 (Bloomberg) -- National Grid Plc, operator of the U.K.’s power and natural gas networks, will spend 3.6 billion pounds ($5.9 billion) in the year to March 2012 to connect offshore wind farms and replace networks.
The U.K. will account for almost 65 percent of capital expenditure for the year, the London-based company said in a statement today.
The utility has signed an additional 1,000 megawatts of offshore wind and 1,400 megawatts of Norwegian inter-connection agreements over the past three months. A review of U.S. operations, which led to it slashing 1,150 jobs earlier this year, has been completed and the company is “on track” to achieve $200 million of annualized savings, National Grid said.
“In the U.S., our focus remains on working towards improved returns through enhanced customer service and operating efficiencies,” Chief Executive Officer Steve Holliday said in the statement.
To contact the reporter on this story: Kari Lundgren in London at email@example.com
To contact the editor responsible for this story: Will Kennedy at firstname.lastname@example.org