Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 22

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 22
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55 |     -23 |      n/m |
| Impact of foreign exchange movements on opening net         
 debt                                                        |     528 |     466 |       13 |
| Other non-cash movements                                    |    -476 |    -206 |      n/m |
| (Increase)/decrease in net debt                             |   2,236 |  -2,634 |      n/m |
| Net debt at start of year                                   | -43,607 | -40,973 |       -6 |
| Net debt at end of year                                     | -41,371 | -43,607 |        5 |

1. Net of disposals and also net of £143 million exceptional insurance recoveries in 2023/24.

2. Cash proceeds of £577 million for ESO (which is net of the balance of cash and cash equivalents disposed) and £686 million (2024: £681 million) for our 20% remaining interest in National Gas Transmission. The total consideration received for the disposal of ESO was £673 million.

Cash flow generated from continuing operations was £7.0 billion, £0.3 billion lower than last year, mainly due to adverse timing movements (primarily in UK Electricity System Operator related to the return of BSUoS revenue over-recoveries which occurred in 2023/24). This impact was substantially offset by higher revenues in our retained regulated businesses compared with 2023/24, along with lower provisions and exceptional outflows. Cash expended on investment activities increased as a result of continued growth in our regulated businesses including a significant step-up of cash capital investment in UK Electricity Transmission which was £1.0 billion higher than the prior year, along with higher investment in New York, New England and UK Electricity Distribution. The £9.7 billion outflow in 2024/25 includes ongoing cash investment in Grain LNG, UK Electricity System Operator and National Grid Renewables, subsequent to these businesses being reclassified as held for sale. The prior year £7.6 billion outflow is net of insurance recoveries related to the rebuild of the IFA1 interconnector in the UK.

Net interest paid increased mainly as a result of the timing of cash interest payments (accrued interest movements), partly offset by a lower average level of net debt which benefited from a net £6.8 billion inflow from the Rights Issue proceeds (net of transaction costs). The Group made net tax payments of £183 million (2024: £342 million) for continuing