Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 51

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 51
---
 delivery of the energy transition and the multiple pathways by which it could be delivered. Our estimates consider anticipated changes in customer behaviour and developments in new technology, the potential to decarbonise fuel through the use of renewable natural gas and green hydrogen, and the feasibility and affordability of increased electrification; and

● the valuation of liabilities for pensions and other post-retirement benefits (see note 10).

1. Basis of preparation and recent accounting developments continued

Disposal of the UK Electricity System Operator (ESO)**

In October 2023, legislation required to enable the separation of the ESO and the formation of the National Energy System Operator (NESO), which is now responsible across both the electricity and gas systems, was passed through Parliament (see note 9. On 1 October 2024, the Group completed the disposal for consideration of £673 million, recognising a gain on disposal of £187 million which has been classified as exceptional (see note 4). The ESO did not meet the criteria for classification as a discontinued operation and therefore its results have not been separately disclosed on the face of the income statement, and are instead included within the results from continuing operations.

#### Disposal of the UK Gas Transmission business
As described in note 9, on 26 September 2024 the Group completed the disposal of its final 20% interest in the UK Gas Transmission business (held through its associate GasT TopCo Limited) that was classified as held for sale. The gain on disposal of GasT TopCo Limited has been recorded within discontinued operations. As an associate held for sale, the Group did not recognise any share of results in the period prior to disposal.

**New accounting standards and interpretations effective for the year ended 31 March 2025**

The Group adopted the following new standards and amendments to standards which have had no material impact on the Group's results or financial statement disclosures:

● amendments to IAS 1 'Non-current Liabilities with Covenants' and 'Classification of Liabilities as Current or Non-current';

● amendments to IFRS 16 'Lease Liability in a Sale and Leaseback'; and

● amendments to IAS 7 and IFRS 7 'Supplier Finance Arrangements'.

#### New accounting standards not yet adopted
The following new accounting standards and amendments to existing standards have been issued but are not yet effective or have not yet been endorsed by the UK:

● amendments to IAS 21 'Lack of exchangeability';

● IFRS 18 'Presentation