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

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 6
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 achieved return of 8.5% in 2023/24 . The quoted returns for New England and New York represent the weighted average return across operating companies within each jurisdiction.

For further information on RoEs for each of our business entities, please refer to the Business Review section on pages 23 to 37 .

**Key projects and investments: A further step up in growth**

Our financial performance reflects the first year of delivery against our five year financial framework. Capital investment reached a record £9,847 millionin 2024/25, reflecting progress on our ASTI projects in the UK, and progress with a number of major transmission projects to unlock renewable generation and upgrade infrastructure across our jurisdictions in the US, alongside increased investment in our KEDNY and KEDLI gas businesses under new rate agreements.

The progress we have made during the course of the year in both the UK and the US with partners, across supply chains, and on policy measures, gives us increased confidence around the scale and profile of our investment programme through the rest of this decade, and the regulatory frameworks that will sit around this investment. For further information, please refer to the five-year financial framework section on page 9 .

■ In our UK Electricity Transmission business, all six of our wave 1 ASTI projects are now under construction, including our Eastern Green Link (EGL) 1 and EGL2 offshore projects.

■ We connected a further 1.6 GW of renewable energy to our UK Electricity Transmission network in 2024/25, and across our UK Electricity Distribution network we connected 0.6 GW of renewable generation, over 100,000 low carbon connections, and 208 large demand projects over 1 MW.

■ In UK Electricity Distribution, we have seen a step up in asset health and network reinforcement in line with our RIIO-ED2 plans.

■ In the US we have continued to make good progress with our leak-prone pipe replacement programme, with 218 miles of pipeline replaced in New York, and 134 miles replaced in Massachusetts in 2024.

■ In New York, we continued to make strong progress on our Upstate Upgrade Electricity Transmission programme across key projects, including Smart Path Connect, which is on track to energise by December 2025.

#### Strategic initiatives
Following our decision last year to focus on networks, we have made good progress with portfolio activities.

We have:

■ completed our £7 billion Rights Issue, a part of our comprehensive financing plan;

■ completed the divestment of ESO to