Ok is there a mutter from the gutter going about today or what?
Shares are now consolidated, payout deadline gone, no official
news......??????

(scratches head......)

Any clues among us beautiful BB'ers this afternoon?

Morgan Stanley Ugrades to Overweight TP raised from 585p to 725p

Above pre-rights issue level.

Very nice steady long term uptrend now firmly in place from the 2010 low point.

National Grid files for new rates in Rhode Island

National Grid files for new rates in upstate NY

Post rights issue high hit today - 675p.

New high today - 681.5p 682.5p 683p . 684p

Results for the year ended 31 March 2012

Good performance in 2011/12

· Profit before tax1 up 5%
· Operating profit1 up 9% before currency movements, timing and major US storms2
· Continued UK outperformance
· Improved US returns - 2011 regulated return on equity up 50bp to 8.8%
· Earnings per share1 up 1% to 51.3p, up 16% excluding timing and major storm impacts
· Recommended full year dividend up 8% to 39.28p reflecting final year of current policy

Good strategic progress

· £3.4bn of capital investment, contributing to £1.6bn growth in regulated assets
· Submitted new 8 year UK investment plans, including over £31bn of forecast capital investment
· Agreed one year rollover price control for UK transmission activities
· Implemented new US operating model. $200m run rate cost reduction target achieved
· Submitted new rate filings in upstate New York and Rhode Island in April 2012
· Balance sheet benefitted from strong cash generation and small asset disposals. As a result, net debt up only £0.9bn to £19.6bn

Positive outlook for 2012/13

· Sustain focus on improving returns and securing appropriate regulatory outcomes
· Dividend growth of 4% targeted in new one year policy

Ex-divi next wed (30th May) 25.35p

Credit Suisse Reiterates it's Outperform Tp raised from 700 to 730p.

4 July 2012

National Grid plc

National Grid Completes Sale of New Hampshire Distribution Companies

National Grid today confirms that on 3 July 2012 it completed the sale of its New Hampshire electric and gas distribution businesses (Granite State Electric Company and Energy North Natural Gas Inc.) to Liberty Energy Utilities (New Hampshire) Corp., a subsidiary of Algonquin Power & Utilities Corp. The gross proceeds from the transaction totalled $309m, including working capital of $24m and will be used for general funding purposes.

12 month high (689.50p) within reach.

Ex. divi SP. reached in only just over 5 weeks, not bad at all.

New high today (690.50p).

And again 692.50p.

Closing in on £7.00. Could be a good level for a trading sell? August divi already in the bag and the next ex-div is still almost five months away.

I'm of a similar mind and will be putting limit sell orders in on NG,VOD,CNA and BT.

Off topic - I see NWS is going well again.

Press Release

OFGEM CONSULTS ON £22 BILLION INVESTMENT PLANS TO UPGRADE BRITAIN'S GAS AND HIGH VOLTAGE ELECTRICITY NETWORKS

· Around £22 billion allocated to upgrade and renew Britain's gas and high voltage electricity networks. This will ensure that Britain's networks remain among the most reliable in the world

· Investment is integral to secure Britain's future energy supplies and is part of the £200 billion identified as part of Ofgem's Project Discovery regarding security of supply

· Ofgem's close scrutiny of companies' plans secures project investment and ensures value for consumers

What's your view skinney? Are we going to get our £7 or do we sell now expecting to buy back a bit lower down?

..National Grid must 'sing for its supper' says Ofgem, as it cuts spending plans by £5bn

By Emily Gosden | Telegraph – 18 minutes ag

NG.L 682.50 -10.50

......
A row has broken out between National Grid (LSE: NG.L - news) and Ofgem over plans to transform the UK’s electricity and gas networks, after the energy regulator disallowed £5bn of proposed spending.

National Grid accused Ofgem of failing to “appropriately incentivise the essential investments necessary to provide safe, reliable networks for the UK consumer”.

But a defiant Ofgem chief executive, Alistair Buchanan, said National Grid must “sing for its supper”, criticising it for not “doing its homework properly” on the plans.

National Grid had argued for total expenditure of £33.5bn — in 2009-10 prices — over the eight years from 2013.

But Ofgem said the company could only spend up to £28.9bn, insisting parts of the proposals were unnecessary and others must be delivered more efficiently. It set the cost of equity below the level National Grid had requested.

Even to pay for Ofgem’s cut-down expenditure proposals for National Grid, and other regional gas distribution companies, average annual household bills will still rise by £7 next year and £15 by 2021.

The cuts Ofgem imposed included slashing National Grid’s proposed spending on moving electricity cables underground, from £1.1bn to £100m, as its analysis of what consumers were willing to pay was “not good enough”.

A £813m request for 20 new compressors to direct the flow of gas in its network was cut to £120m after the Environment Agency told Ofgem the supposed level of need was “nonsense”, Mr Buchanan said.

Ofgem will dock National Grid Gas £900,000 a year as penalty for shortcomings in its plans.

Some £5bn worth of proposals would only be approved if National Grid proved they were necessary in due course.

If National Grid has been “honest” in its plans, then Ofgem was unlikely to change its proposals before they are finalised in December, Mr Buchanan said.

“If they don’t like what we give them [then], they should go to the Competition Commission,” he said. But if National Grid now provided new information that justified changes, it might be penalised for failing to disclose that sooner, he warned.

National Grid shares fell 10½ to 682½p as City analysts said the proposals from Ofgem were harsher than had been expected.

Analyst Angelos Anastasiou at Investec (Frankfurt: A0J32R - news) said: "While there is still much debate to be had ahead of the Final Proposals, we reiterate our view that National Grid will probably require a capital raise by about 2015, and that a dividend cut next year is also likely."

But analysts at Liberum Capital said they believed the reduction in capital expenditure meant National Grid "should be able to sustain [its] dividend", but that the reduction "knocks off value as every £1 invested is worth £1.15 and therefore... knocks off 20p/share from our [price target

Obviously I wish I'd sold on Friday :-)

I will probably hold for now and see how the news is digested.

BTW - I prefer this take Nomura remains a buyer of National Grid