Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 47

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 47
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 the planned disposal of National Grid Renewables and £15 million of commodity remeasurement losses all recognised in 2024/25. This compared with £89 million of net exceptional gains in 2023/24, consisting of £92 million of property damage insurance proceeds for the IFA1 fire, net of £3 million of exceptional charges related to our prior cost efficiency programme. Our underlying and adjusted results exclude the impact of these exceptional items and remeasurements.

National Grid Ventures' underlying operating profit was £89 million lower than 2023/24. In the UK, interconnector profits decreased versus the prior year primarily as a result of lower interconnector revenues as market spreads returned to more historically normal conditions. On 30 September 2024, our Grain LNG business in the UK and our National Grid Renewables business in the US were reclassified as 'held for sale' with depreciation ceasing from that date onwards. In the US, profit was lower, primarily as a consequence of fewer renewable projects being sold to our Emerald joint venture.

#### Other activities

#### Highlights
Other activities primarily relate to UK property, insurance and corporate activities, as well as National Grid Partners, the corporate investment and innovation arm of National Grid. In UK Land and Property, we continue to make good progress with the divestment of the surplus property portfolio. In this fiscal year, we completed on the sale of 35 sites, realising approximately £54million profit.

| Other                              |      |      |                           |                             |
| (£ million)                        | 2025 | 2024 | 2024 at constant currency | % change at actual currency |
| Revenue                            |  122 |  244 |                       240 |                         -50 |
| Operating costs                    | -132 | -361 |                      -357 |                         -63 |
| Statutory operating loss           |  -10 | -117 |                      -117 |                         -91 |
| Exceptional items                  |  133 |  -57 |                       -57 |                         n/m |
| Underlying/adjusted operating loss | -143 |  -60 |                       -60 |                         138 |
| Analysed by business:              |      |      |                           |                             |
| Property                           |   54 |   30 |                        30 |                          80 |
| NG Partners                        |  -82 |  -13 |                       -13 |                         531 |
| Corporate and other activities     | -115 |  -77 |