Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 38

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 38
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 liability was recognised given these amounts were expected to be settled through the planned sale process as opposed to reduced future revenues. The remaining £347 million exceptional provision at the disposal date was reflected in the reported gain on disposal of this business.

During 2024/25, UK Electricity System Operator had a timing under-recovery of £479 million arising from the return of prior period balances (2024: £800 million net over-recovery). The 2023/24 over-recovery was the result of higher revenues collected through the BSUoS fixed price charges compared with total system balancing costs incurred during that year. At the disposal date, the impact of the residual net over-recovered position was assessed when calculating the overall net disposal proceeds.

UK Electricity System Operator underlying operating profit increased by £35 million. Underlying net revenue was £92 million lower, partly offset by lower costs mainly driven by the shorter ownership period in 2024/25. Depreciation and amortisation was £61 million lower, representing depreciation being charged for only the first seven months of the prior year, prior to classification as 'held for sale'.

| UK Electricity System Operator |        |        |          |
| (£ million)                    |   2025 |   2024 | % change |
| Revenue                        |  1,029 |  3,788 |      -73 |
| Operating costs                | -1,242 | -3,406 |      -64 |
| Statutory operating profit     |   -213 |    382 |     -156 |
| Exceptional items              |   -151 |    498 |      n/m |
| Adjusted operating profit      |   -364 |    880 |     -141 |
| Timing                         |    479 |   -800 |     -160 |
| Underlying operating profit    |    115 |     80 |       44 |
| Underlying net revenue         |    291 |    383 |      -24 |
| Controllable costs             |   -159 |   -212 |      -25 |
| Post-retirement benefits       |    -10 |    -21 |      -52 |
| Other operating costs          |     -7 |     -9 |      -22 |
| Depreciation and amortisation  |      - |    -61 |     -100 |
| Underlying operating profit    |    115 |     80 |       44 |
| Timing                         |   -479 |    800 |