National Grid will invest £16 billion in power networks in the US and the UK over the next five years, the company revealed today.

The UK's biggest energy group, which has the vital job of making sure that the lights stay on, is now also the second-biggest energy delivery company in the US, only seven years after it entered that market.

About £10 billion will be spent in the UK over the next five years on gas networks, transmission pipelines and electricity networks.

In the US, it is expected that about £4 billion will be invested, with a further £2 billion being invested in other areas.

The company, which completed an $11.8 bilion acquisition of the US business KeySpan in August, has already invested £3.8 billion since April last year.

KeySpan provides electricity to customers in Massachusetts, New Hampshire, New York and Rhode Island.

"We have in place a strong management team that is developing a unique global operating model," Steve Holliday, the chief executive, said.

"Our growth prospects are positive, given the diversity of our regulatory settlements and our plans for investment in our current business."

Pre-tax profit was £757 million in the six months to September 30, compared with £625 million a year earlier, mainly because of an expected increase in revenue from its regulated UK transmission business.

Operating profit was up 19 per cent at £1.04 billion, in line with market expectations.

The group said that it expected to sign a deal to sell its Ravenswood power station in New York by the end of the first quarter of 2008.

Selling the 2,400-megawatt power plant was one of the conditions of the KeySpan purchase.

The group also expects to have made a decision on the sale of its UK property arm later this year, which it is considering selling.

The 800-site portfolio of non-operational sites is generating a lot of interest in the property market because it is a large and unusual asset that includes many brownfield sites in urban areas that are ideal for regeneration.

The property portfolio generates between £60 million and £80 million a year for the company but could be worth much more to a developer.

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