National Grid (NG.L) has revealed it is on track to deliver $200 million in annualised cost savings by March 2012, as part of its US restructuring programme.

Steve Holiday, chief executive at National Grid, said all businesses had made good progress towards their prtiorites.

He added, 'In the US, our focus remains on working towards improved returns through enhanced customer service and operating efficiencies.

'In the UK, our investment in regulated capital projects and the implementation of our Gas Distribution Front Office systems are proceeding well.'

Holiday said, 'We reconfirm our positive outlook for 2011/12 - we expect to deliver another year of good operating performance, although, as previously highlighted, comparative financial results will show some impact from the timing differences that benefited 2010/11.'

The energy transmission provider also added that its capital expenditure projects plans will invest around £3.6 billion during 2011/12, with good progress being made in its UK construction programme.

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