Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 32

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 32
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 (including avg. 2% long-run inflation)1 |  7.3 |  7.0 |
| Totex                                          
 incentive mechanism2                           |  1.1 |  1.1 |
| Other revenue incentives                       | -0.1 | -0.1 |
| Return on Equity                               |  8.3 |  8.0 |

1. Assuming regulatory gearing at 55%.

2. Excludes impact of exceptional restructuring costs (post sharing)

For Regulated Financial Performance, please refer to page 82 .

#### Regulated Financial Position up 13%
In the year, RAV grew by 12% driven by increased investment and RAV indexation of 3.4% (2024: 3.8%).

|                                                      |   2025 |   2024 |
| Opening                                              
 Regulated Asset Value (RAV)1                         | 18,388 | 17,150 |
| Asset additions (slow money) - actual                |  2,586 |  1,660 |
| Performance RAV or assets created                    |     65 |     68 |
| Inflation adjustment (actual CPIH)                   |    646 |    658 |
| Depreciation and amortisation                        | -1,115 | -1,074 |
| Closing RAV                                          | 20,570 | 18,462 |
| Opening                                              
 balance of other regulated assets and (liabilities)1 |   -536 |   -159 |
| Movement                                             |    256 |   -363 |
| Closing balance                                      |   -280 |   -522 |
| Closing Regulated Financial Position                 | 20,290 | 17,940 |

1. Opening RAV and other regulated balances are re-presented to reflect opening balance adjustments following the completion of the UK regulatory reporting pack process and also for the finalisation of calculated over/(under)-recoveries and the regulatory time value of money impact where appropriate.

#### UK Electricity Distribution

#### Overview
The UK Electricity Distribution (UK ED) segment is a key component of National Grid's UK operations, responsible for distribution networks in the South-West, South Wales, and the Midlands.

#### Financial performance
■ Statutory operating profit increased to £ 1,598 million, up 64 % from the prior year. This was primarily due to favourable timing impact through a higher inflation true-up. Underlying operating profit was £ 1,203 million, a