Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 2

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 2
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#### Regulatory updates
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Responded to Ofgem’s Draft Determination for the RIIO-T3 price control where our investments are expected to avoid £12 billion in constraint costs, equating to £40 per year for consumers.

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NIMO three-year electricity and gas rate case received regulatory approval.

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Received approval for around $600 million investment under the Electric Sector Modernization Plan (ESMP) in Massachusetts.

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Around 75% of the US investment in our five-year frame approved by our regulators.

***See glossary on page 2 0 .**

#### Financial outlook and guidance
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Guidance is based on our continuing businesses, as defined by IFRS and includes the contribution of the ESO, National Grid Renewables and Grain LNG up until disposal. It excludes the minority stake in NationalGas Transmission, which was classified as a discontinued operation until disposal.

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Financial outlook over the five-year period from 2024/25 to 2028/29:

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total cumulative capital investment of around £60 billion;

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Group asset growth CAGR 1of around 10% backed by strong balance sheet;

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driving underlying EPS CAGR 2of 6–8% from the 2024/25 EPS baseline of 73.3p;

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credit metrics consistent with current Group rating; and

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regulatory gearing expected to increase towards the mid-60% range by March 2029 and then trend towards the high 60% range by the end of RIIO-T3.

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For 2025/26, we expect strong operational performance across the Group with underlying EPS expected to be in line with the 6–8% CAGR range from the 2024/25 baseline.

1.

Group asset compound annual growth rate from a FY24 baseline. Forward years based on assumed USD FX rate of 1.25; and long run UK CPIH and US CPI. Assumes sale of ESO, Grain LNG, and National Grid Renewables before 2029. Assumes 20% stake in National Gas Transmission treated as a discontinued operation and therefore does not contribute to Group asset growth.

2.

Underlying EPS compound annual growth rate from FY25 baseline. Forward years based on assumed USD FX rate of 1.25; long run UK CPIH, US CPI and interest rate assumptions and scrip uptake of 25%. Assumed sale of Grain LNG and National