Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
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Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
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SO until it was sold on 1 October 2024 and National Grid Renewables until it was sold on 29 May 2025. The five-year financial framework assumes an exchange rate of £1:$1.25.

#### Capital investment and Group asset growth
We expect to invest around £60 billion across our energy networks and adjacent businesses, in the UK and US, over the five-year period to March 2029, with Group assets trending towards £100 billion by March 2029. Of the £60 billion investment over the five years to March 2029, around £51 billion is considered to be aligned with the principles of the EU Taxonomy legislation as at the date of reporting.

In the UK, we expect around £23 billion of investment in UK Electricity Transmission for asset health and anticipatory system reinforcement to facilitate offshore generation and other new onshore system connections. This also includes the investment across our 17 ASTI projects, as we invest in the critical infrastructure required to enable the energy transition and a decarbonised electricity network in the 2030s. We expect our UK Electricity Distribution network to invest around £8 billion over the five years to 2028/29 in asset replacement, reinforcement and new connections, facilitating the infrastructure for electric vehicles, heat pumps and directly connected generation.

In our US regulated businesses, we expect to invest around £17 billion in New York, and £11 billion in New England, over the five years to 2028/29. We expect to invest nearly 60% in this plan into our electricity networks, as we see a step up in investment for renewable connections, transmission network upgrades, and digital capabilities to enable the energy transition, alongside significant investment in gas mains replacement.

National Grid Ventures (NGV) has committed capex of around £1 billion over the five years to 2028/29, including the necessary maintenance investment across the six operational interconnectors.

With the large step up in investment, we expect to see higher Group asset growth of around 10% CAGR through to 2028/29.

#### Group gearing
We remain committed to a strong, overall investment grade credit rating. We expect to maintain credit metrics above our thresholds for our current Group credit ratings through to at least the end of the RIIO-T3 price control period, with current thresholds of 10% for S&P’s FFO/adjusted net debt, and 7% for Moody’s RCF/adjusted net debt. Having completed the Rights Issue last year, we expect regulatory