Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 79

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 79
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0/21. The adjustment is being unwound as regulated assets are recognised in respect of the same debts in our US GAAP accounts.

|                                       | New England |       |     | New York |       |
|                                       |        2025 |  2024 |     |     2025 |  2024 |
|                                       |          $m |    $m |     |       $m |    $m |
| US equity base (average for the year) |       6,352 | 5,645 |     |   10,512 | 9,517 |
| US jurisdiction RoE                   |        9.1% |  9.2% |     |     8.7% |  8.5% |

#### Asset growth and regulated asset growth
To help readers' assessment of the financial position of the Group, the table below shows an aggregated position for the Group, as viewed from a regulatory perspective. The asset growth and regulated asset growth measures included in the table below are calculated in part from financial information used to derive measures sent to and used by our regulators in the UK and US, and accordingly inform certain of the Group's regulatory performance measures, but are not derived from, and cannot be reconciled to, IFRS. These alternative performance measures include regulatory assets and liabilities and certain IFRS assets and liabilities of businesses that were classified as held for sale under IFRS 5.

Asset growth is the annual percentage increase in our RAV and US rate base and other non-regulated business balances (including our investments in NGV, UK property and other assets and US other assets) calculated at constant currency.

Regulated asset growth is the annual percentage increase in our RAV and US rate base (calculated at constant currency), but does not include other non-regulated business balances.

|                                               |       2024/25 |             |               |          |              |
| £m constant currency                          | 31 March 2025 | Sale of ESO | 31 March 2024 | Increase | Asset growth |
| UK RAV                                        |        32,805 |        -469 |        30,310 |    2,964 | 9.8%         |
| US rate base                                  |        27,345 |           - |        24,527 |    2,818 | 11.5%        |
| Total RAV and rate base (used to calculate    
 regulated asset growth