Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 34

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 34
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 — |    — |     |                              — |   10 |     |      — |    — |     |     — |   10 |
| At 30 September                                                  |                   -61 |  -52 |     |                             40 |  -18 |     |    406 |  406 |     |   385 |  336 |

1.

Other comprises our investments in Sunrun Neptune 2016 LLC and the investments made by National Grid Partners, which are accounted for at fair value through profit and loss. Net gains and loss are recognised within revenue in the consolidated income statement.

2.

Gains of £3 million (2024: gains of £12 million) are attributable to derivative financial instruments held at the end of the reporting period and have been recognised in finance costs in the consolidated income statement.

3.

Gains of £72 million (2024: losses of £19 million) are attributable to the commodity contract derivative financial instruments held at the end of the reporting period and have been recognised in other operating costs in the consolidated income statement.

4.

£10 million of US Commodity contract derivatives were reclassified out of Level 3 to Level 2 in the prior period due to improved observability of the fair value of these instruments.

The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. The carrying value of current financial assets at amortised cost approximates their fair values, primarily due to short-dated maturities.

#### 11. Net debt
Net debt is comprised as follows:

|                                               | 30 September 2025 | 31 March 2025 |
|                                               |                £m |            £m |
| Cash and cash equivalents                     |               887 |         1,178 |
| Current financial investments                 |             3,172 |         5,753 |
| Borrowings and bank overdrafts                |           -45,914 |       -47,539 |
| Financing                                     
 derivatives1                                  |                 6 |          -763 |
| Net debt (net of related derivative financial 
 instruments)                                  |           -41,849 |       -41,371 |

1.

Includes £3 million liability (31 March 2025: £45 million liability) in relation to the hedging of capital expenditure. The cash flows related to these derivatives are included within investing activities in the consolidated cash flow statement which gives alignment with the presentation of the hedged item. The financing derivatives balance included