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NG Partners
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National Grid lifts EPS outlook as debt climbs to £48.6bn on record investment
National Grid has upgraded its annual underlying earnings-per-share growth guidance to 15% to 16% after reporting a strong first half and record capital investment. The results support its long-term growth strategy, but £48.6 billion of net debt, substantial new infrastructure spending and favourable non-recurring contributions complicate the assessment of underlying earnings quality.