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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  National Grid plc    NG.   GB00BDR05C01

NATIONAL GRID PLC

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National Grid : Scottish Power Ltd. - POWER FIRMS UNITE TO DELIVER UNDERWATER ENERGY SUPER-HIGHWAY

11/17/2020 | 11:11am EST

Three of the UK's largest energy firms have today confirmed they are developing ambitious plans to deliver an underwater super-highway that will see the North Sea become the hidden power house of Europe.

The electric super-highway will play a vital role in achieving net zero as all three power firms were confirmed today as major partners of the UN'sCOP26 climate change event to be held in Glasgow in 2021.

The Eastern Link will be made up of some of the world's longest subsea HVDC cables with a combined capacity of up to 4GW. The multi-billion pound investment is expected to support hundreds of green jobs throughout construction and operation. The project will be led by SSE, ScottishPower and National Grid, setting off from two separate points in Scotland; Peterhead and Torness.

The cables will significantly increase the UK's capacity for clean, green renewable power, enabling enough electricity for around four million homes to travel up to 440km from the east of Scotland, a hub for offshore renewables, down to two points in the north-east of England, Selby and Hawthorn Point.

The east coast of Scotland is already home to almost 1GW of operational offshore wind farms with a further 4.4GW in the pipeline and up to 10GW predicted following the outcome of the next Scottish offshore wind leasing round, Scotwind.

Survey works along the route have recently commenced with construction works currently expected to take place from 2024.

Keith Anderson, CEO of ScottishPower said: 'COP26 will provide the perfect opportunity for the UK to showcase its innovation, progress and leadership in tackling climate change and we are proud to be major partners in the event

'We firmly believe the UK can achieve its ambitious Net Zero targets but it must be done through investment and innovation in essential projects like the Eastern Link, providing benefits for customers and society in the long term.

'COP's success is, in part, thanks to the collaboration of sectors, industries and countries and we are looking forward to exploring this mammoth opportunity with SSE and National Grid.'

Alistair Phillips-Davies, Chief Executive of SSE, said: 'The development of the East Coast link is one of the most exciting energy developments over recent decades and is essential to delivering the UK's 40GW offshore wind target by 2030 and critical to our own commitment to build a network for net zero emissions.

'With the eyes on the UK ahead of COP26 next year, this project clearly demonstrates how the UK is leading the world in tackling the climate emergency and supporting thousands of jobs and supply chain opportunities.'

Nicola Shaw, UK Executive Director at National Grid, says: 'This project will help transport enough renewable electricity for around 4.5 million homes across the UK and will become part of the backbone of the UK's energy system. It's a great example of companies working together on impressive engineering feats that will help the country hit its net zero carbon target by 2050.'

SSE, ScottishPower and National Grid have been at the forefront of the UK's journey to net zero, investing, building and maintaining the critical national infrastructure required to facilitate the transition from traditional thermal generation to renewable energy.

Contact:

Tel: 0141 614 4582

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 14 995 M 20 590 M 20 590 M
Net income 2021 1 840 M 2 526 M 2 526 M
Net Debt 2021 31 192 M 42 830 M 42 830 M
P/E ratio 2021 16,4x
Yield 2021 5,70%
Capitalization 30 835 M 42 330 M 42 340 M
EV / Sales 2021 4,14x
EV / Sales 2022 4,21x
Nbr of Employees 23 069
Free-Float 92,9%
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Number of Analysts 20
Average target price 1 016,68 GBX
Last Close Price 8,69 GBX
Spread / Highest target 13 712%
Spread / Average Target 11 602%
Spread / Lowest Target 9 108%
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NameTitle
John Mark Pettigrew Chief Executive Officer & Executive Director
Peter Oliver Gershon Chairman
Paula Rosput Reynolds Chairman-Designate
Andrew Jonathan Agg Chief Financial Officer & Executive Director
Adriana Karaboutis Group Chief Information & Digital Officer
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