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National Grid says Sandy impact outside LIPA below 100 mln stg

Source: Thomson Reuters Foundation - Thu, 15 Nov 2012 07:27 GMT
Author: Reuters
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Nov 15 (Reuters) - Britain's biggest energy distributor National Grid Plc reported a 21 percent rise in first-half profit and said restoration costs outside The Long Island Power Authority service area are not expected to be more than 100 million pounds (${esc.dollar}158.5 million).

The company, which provides gas and electricity transmission and distribution services in the United Kingdom and the United States, said pretax profit from continuing operations for the six months ended Sept. 30 was 1.15 billion pounds (${esc.dollar}1.82 billion), compared with 953 million pounds a year earlier.

National Grid contracts with The Long Island Power Authority (LIPA)to run the day-to-day operations of its electric utility business and has been in the news in the past few weeks after more than 90 percent of LIPA's 1.1 million customers lost power due to Superstorm Sandy.

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