Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 40

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 40
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 restored power to more than 77,000 customers within one minute, avoiding longer outages.

■ We connected 197 MW of distributed energy resources in 2024/25. In October, we made our 'Mass Save' energy efficiency filing (with other utilities), a three-year plan outlining energy efficiency, heat electrification and demand response programmes across our gas and electric customer bases between 2025 and 2027.

■ In the face of affordability challenges, we have continued to support our customers through assistance funding and bill relief, enrolling more customers in the discount rate and implementing the new multi-level tier low and moderate discount rate over the Spring and Summer. We also helped customers by reducing gas bills by 10% in March and April, which will instead be recovered in the summer period to help smooth bills.

#### Regulatory highlights
■ We received a new rate order for MECO in October, with rates set for a 5-year period, an allowed RoE of 9.35% a new mechanism that enables timely recovery of growing capital investment needs up to a cap, and an increase in storm cost recovery of around $60 million per annum.

■ The DPU issued a decision on our Electric Sector Modernization Plan (ESMP) in August, approving the plan as a 'strategic roadmap' with minimal modifications. The ESMP outlines the critical investments of around $2 billion needed over five years in the local electric distribution system to meet Massachusetts' climate goals. The proceeding to determine cost recovery and metrics is expected to conclude by July 2025.

#### Policy developments
■ In November, Governor Healey approved legislation to reform the permitting process for utility infrastructure and clean energy projects. This new approach sets maximum timeframes for approvals, supporting the delivery of capital projects in the State.

■ In April 2025, we submitted our Climate Compliance Plan setting out the strategic roadmap required in our Massachusetts gas network to advance state decarbonisation goals, whilst maintaining safe, reliable and cost-effective service for our customers. The filing details our efforts to reduce greenhouse gas emissions from our existing gas distribution network.

#### Return on Equity
RoE decreased 10bps to 9.1%, principally due to the non-recurrence of 50bps of benefit in the prior year (related to the recovery of historical property tax), mostly offset by improvements from six months of higher revenues from the new rate agreement in our MECO business.

|                                 |     | Return on Equity |      |      |             |     | Rate Base ($m)