June 18, 2020 / 6:37 AM / 17 days ago

National Grid sees 400 mln pound profit hit due to COVID-19 impact

June 18 (Reuters) - Britain’s National Grid on Thursday forecast a 400 million-pound ($501.80 million) hit to its 2020-21 fiscal underlying operating profit because of COVID-19 costs and higher bad debt charges in its U.S. business.

National Grid, which operates a gas franchise in New York City and Long Island and runs Britain’s energy system, also flagged a potential impact of up to 1 billion pounds on cash flow by the end of this financial year, as it expects lower levels of energy usage during lockdowns.

Reporting by Shanima A in Bengaluru; Editing by Aditya Soni

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