Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 39

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 39
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 -160 |
| Adjusted operating profit      |   -364 |    880 |     -141 |

#### New England

#### Overview
The New England segment is a key part of National Grid's US operations, responsible for electricity and gas distribution networks in Massachusetts. We also own and operate high voltage electric transmission lines across Massachusetts, New Hampshire and Vermont.

#### Financial performance
■ New England's statutory operating profit increased to £ 1,008 million, up 57 % on the prior year, principally through timing from previously under recovered balances, lower major storm costs, and stronger underlying performance. Underlying operating profit increased to £ 924 million principally driven by refreshed rates from our MECO rate order, and higher capital tracker revenue from our leak-prone pipe replacement programme.

■ Achieved RoE for the year was 9.1%, compared to 9.2% in the prior year. Excluding 0.5% of non-recurring benefits reported last year, the increase was driven principally by six months of the new rate agreement in our MECO business.

■ Capital investment grew by 5% to £ 1,751 million at constant currency. This increase was principally driven by increases in asset condition spend in electric distribution, the roll-out of Advanced Metering Infrastructure (AMI), investments in grid modernisation, and installation of EV charging points.

#### Operational performance
■ In 2024/25, we achieved electric distribution network reliability of 99.97724 % and an electric transmission reliability of 99.98544% . In our Massachusetts Gas business, we achieved a 99.27% response time to leaks within 60 minutes and replaced a further 134 miles of leak-prone pipe (LPP).

■ On safety, we recorded a LTIFR of 0.08 for New England in 2024/25, in line with the prior year.

■ We saw 25 recognised storms across our networks, with 5 qualifying for recovery through the Storm Fund, during the year. Our New England Emergency Response Organization was activated for 15 of these events, mobilising external resources to complement our internal workforce responding to storms. This included an ice storm in February that impacted more than 67,000 customers and resulted in 594 outages. We also continued to expand our Fault Location, Isolation and Service Restoration (FLISR) capability that allows electricity to be re-routed to disconnected networks and improve reliability. During the year, New England had 61 successful FLISR operations, which