Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 5

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 5
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 our ASTI projects in the UK, and our major transmission projects to upgrade infrastructure across our jurisdictions in the US. During the half-year, we have:

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progressed construction on all six of our Wave 1 ASTI projects in our UK Electricity Transmission business, including our Eastern Green Links (EGL) 1 and 2 offshore projects (HVDC cable production is underway for EGL1 and EGL2, and the converter station platform and groundworks for EGL2 have been completed ahead of schedule);

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energised the Hurst-Crayford 275 kV circuit as part of the London Power Tunnels 2 project in our UK Electricity Transmission business;

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stepped up UK Electricity Distribution investment in asset health and network reinforcement in line with our RIIO-ED2 plans;

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madegood progress with our US leak-prone pipe replacement programme, with 159 miles of pipeline replaced in New York, and 49 miles replaced in Massachusetts over the last six months;

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continued to make good progress on our Upstate Upgrade Electricity Transmission programme, including Smart Path Connect, where we have completed the installation of 644 transmission towers and we are on track to be ready to energise in December 2025;

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progressed AMI installations in the US, with over 360,000 meters installed in New York and around 220,000 in New England during the half year; and

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stepped up investment in asset condition projects across our New England distribution and transmission networks to support grid resilience.

#### Strategic initiatives
We have made good progress with portfolio activities, following our decision last year to streamline our business by focusing on regulated networks. During the half-year, we:

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completed the sale of our National Grid Renewables onshore business in the US to Brookfield Asset Management and its institutional partners, for cash proceeds of $2.1 billionreflecting an enterprise value of $1.7 billion, and including around $300 million invested prior to completion; and

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agreed the sale of our Grain LNG business to a consortium of Centrica plc and Energy Capital Partners, for cash proceeds of £1.66 billion, including a pre-completion dividend. We expect to complete the transaction later this year.

We also reached an important milestone having delivered our three-year target of £100 million of synergy savings, six months ahead of target, following the acquisition of UK Electricity Distribution in 2021. These synergies have been achieved