UPDATE 2-UK National Grid attacks Labour's renationalisation plan as profit dips [Reuters]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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Source: Reuters
UPDATE 2-UK National Grid attacks Labour's renationalisation plan as profit dips - Reuters 5 Min Read * National Grid investors could legally challenge Labour plan: CEO * CEO says Labour’s plan could boost costs for consumers * Says UK’s duty to give fair value to energy utilities * Concerns over nationalisation overshadow firm’s earnings By Pushkala Aripaka and Muvija M May 16 (Reuters) - The head of Britain’s National Grid criticised the opposition Labour Party’s plans to renationalise energy networks, saying it would increase costs for consumers and could prompt legal challenges, as the firm’s profit fell slightly. “The proposals that Labour have set are very complex and from our perspective would be a massive distraction for the industry and would certainly slow down the progress in terms of things like infrastructure investments,” Chief Executive John Pettigrew told Reuters on Thursday. “It (the proposals) would ultimately increase the cost for customers ... we’ve set out quite c
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