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    Robert Pulleyn

    Research Analyst at Morgan Stanley

    Robert Pulleyn is Head of European Utilities and Clean Energy Research at Morgan Stanley, where he specializes in the coverage of major companies such as Iberdrola and leads innovative research projects like the Global Best Business Models framework. His analyst performance includes a 50% success rate and an average return of -10.53%, with historical recognition such as ranking No. 3 in Institutional Investor's All-Europe Research Team for Oil Services. Pulleyn has been with Morgan Stanley for over a decade, managing teams and research initiatives, and is noted for his long experience in energy and utilities. He holds professional credentials relevant to research in equity analysis and has been involved in award-winning research acknowledged by industry platforms and fund managers.

    Robert Pulleyn's questions to NATIONAL GRID (NGG) leadership

    Robert Pulleyn's questions to NATIONAL GRID (NGG) leadership • Q2 2024

    Question

    Asked about the impact of inflation on the ASTI CapEx estimate, questioning what the 'mid-to-high teens' figure was a year ago, and whether high inflation on infrastructure projects could force difficult capital allocation decisions between the company's various business segments.

    Answer

    The CEO explained the previous comparable figure for ASTI CapEx was around £12 billion from a 2021/22 consultation, and the increase to 'mid-to-high teens' reflects inflation and better cost clarity. The CFO added that capital allocation prioritizes meeting regulatory obligations in all regulated businesses and that the current business mix is comfortable, with discretionary venture investments being the main area for allocation decisions.

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