Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 31

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 31
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-repeat of the beneficial tax allowance true-up in 2023/24.

Regulated controllable costs including pensions were £7 million (3%) higher from the impact of inflationary and workload increases mostly offset by efficiency savings. Other costs were higher, mainly relating to increased provision for project delivery risk and increased network innovation allowance costs.

The higher depreciation and amortisation principally reflects a higher asset base as a result of continued investment.

| UK Electricity Transmission   |        |        |          |
| (£ million)                   |   2025 |   2024 | % change |
| Revenue                       |  2,619 |  2,735 |       -4 |
| Operating costs               | -1,342 | -1,061 |       26 |
| Statutory operating profit    |  1,277 |  1,674 |      -24 |
| Exceptional items             |      - |      3 |     -100 |
| Adjusted operating profit     |  1,277 |  1,677 |      -24 |
| Timing                        |    151 |   -363 |      n/m |
| Underlying operating profit   |  1,428 |  1,314 |        9 |
| Underlying net revenue        |  2,315 |  2,147 |        8 |
| Regulated controllable costs  |   -238 |   -248 |       -4 |
| Pensions                      |    -55 |    -38 |       45 |
| Other operating costs         |    -54 |    -26 |      108 |
| Depreciation and amortisation |   -540 |   -521 |        4 |
| Underlying operating profit   |  1,428 |  1,314 |        9 |
| Timing                        |   -151 |    363 |      n/m |
| Adjusted operating profit     |  1,277 |  1,677 |      -24 |

#### Return on Equity
RoE for the year was 8.3%, up 30bps on the prior year. The RoE includes 100bps of totex outperformance, principally reflecting delivery of capital projects in RIIO-T2. The principal components of RoE are shown in the table below:

| Year ended 31 March                            | 2025 | 2024 |
|:-----------------------------------------------|-----:|-----:|
| Base                                           
 return