National Grid beats profit view, takes $402 million hit from New York wind project

May 15 (Reuters) - National Grid NG.L beat annual profit estimates on Thursday, driven by strong earnings from its UK electricity transmission and New York businesses, and said it remains on track to invest 60 billion pounds($79.74 billion) in energy networks through March 2029.

However, it booked a 303 million pound ($402.7 million) impairment charge as the company and Germany's RWE RWEG.DE paused development of a New York offshore wind project after moves against the industry by U.S. President Donald Trump's administration.

"Given current market conditions and increased uncertainty on the development timeline of Community Offshore Wind... we have reduced the scope of our development activities until there is greater certainty," the company said in a statement.

National Grid reported adjusted operating profit of 5.36 billion pounds for the year ended March 31, compared with 5.29 billion pounds expected by 12 analysts in a company-compiled poll.

($1 = 0.7524 pounds)