Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 32

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 32
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 — |     344 |      31 |    375 |
| Commodity contract derivatives                         |                 — |      73 |      52 |   125 |     |             — |     102 |       5 |    107 |
|                                                        |             2,635 |   1,277 |     487 | 4,399 |     |         5,156 |     830 |     443 |  6,429 |
| Liabilities                                            |                   |         |         |       |     |               |         |         |        |
| Financing derivatives                                  |                 — |    -755 |     -90 |  -845 |     |             — |  -1,043 |     -95 | -1,138 |
| Commodity contract derivatives                         |                 — |     -56 |     -12 |   -68 |     |             — |     -39 |     -25 |    -64 |
|                                                        |                 — |    -811 |    -102 |  -913 |     |             — |  -1,082 |    -120 | -1,202 |
| Total                                                  |             2,635 |     466 |     385 | 3,486 |     |         5,156 |    -252 |     323 |  5,227 |

1.

Investments held include instruments which meet the criteria of IFRS 9 or IAS 19.

The estimated fair value of total borrowings, excluding lease liabilities, using market values at 30 September 2025 is £42,201 million (31 March 2025: £43,137 million).

Our Level 1 financial investments and liabilities held at fair value are valued using quoted prices from liquid markets and primarily comprise investments in short-term money market funds.

Our Level 2 financial investments held at fair value primarily include bonds with a tenor greater than one year and are valued using quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in inactive markets. Alternatively, they are valued using models where all significant inputs are based directly or indirectly on observable market data.

Our Level 2 financing derivatives include cross-currency, interest rate and foreign exchange derivatives. We value these derivatives by discounting all future cash flows by externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties. These derivatives can be priced using liquidly traded interest rate curves and foreign exchange