National grid in investor cash-call

Power provider National Grid has launched a £3.2 billion investor cash-call to help finance major investment to replace its ageing network and infrastructure.

Power provider National Grid has launched a £3.2 billion investor cash-call to help finance major investment to replace its ageing network and infrastructure.

The energy company said it was tapping shareholders to help fund a hike in investment to £22 billion over the next five years and to ensure it maintained its credit rating as spend increases.

National Grid made the announcement as it reported a 12 per cent hike in underlying pre-tax profits to £1.97 billion in the year to March 31.

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