Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 29

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 29
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 from the prior year. This was primarily due to an adverse timing impact through the return of prior period balances, including lower recovery of inflation true-up, and a lower recovery on volumes, versus the prior year. Underlying operating profit reached £1,428 million , a 9 % increase on the prior year, reflecting higher totex allowances and RAV indexation, partially offset by lower tax allowances than the prior year.

■ Achieved RoE for the year was 8.3 % (including 100bps of totex outperformance), compared to 8.0 % in the prior year. This was driven by improved performance on our capital programmes.

■ Capital investment reached £2,999 million across our UK ET network, up 57% from the prior year. This reflects the ramp up in the first wave of ASTI projects, further customer connections during the year, and early spend on future connections.

#### Operational performance
■ In 2024/25, we achieved a network reliability of 99.99983%. On 8 May 2025 the NESO issued its interim review report investigating the outage following the fire at our North Hyde electrical substation in March 2025. We welcome the report which establishes the timeline and sequence of events, and outlines further steps required ahead of the NESO delivering their final report, expected in June 2025.

■ On safety, our LTIFR in the year was 0.08, compared to 0.16 in the prior year. This is a notable improvement and follows a concerted effort in this area, including embedding minimum contractor training standards in contracts.

■ The first six Wave 1 ASTI projects are under construction, including EGL 1 and EGL 2 comprising 700 kilometres of HVDC subsea cables. We have now secured primary delivery partners for the remaining 11 Wave 2 ASTI projects, with construction to commence once public consultations have completed and consents granted. We also successfully energised the Hurst-Littlebrook circuit on the London Power Tunnels, the first of three circuits being delivered on this project.

■ During 2024/25 we completed works to facilitate 4.0 GW of transmission connections, 2.7 GW of which related to renewables. In total, 2.5 GW of customer projects connected to the transmission network within the year, of which 1.6 GW were renewables.

#### Regulatory highlights
■ In December, we submitted our business plan for the RIIO T3 price control period, which