Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 27

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 27
---
 |     | 32,805 |        -469 | 30,310 |    2,964 | 9.8%     |
| US rate base                  |     | 27,345 |           - | 24,527 |    2,818 | 11.5%    |
| Total RAV and rate base       
 ('regulated asset growth')    |     | 60,150 |        -469 | 54,837 |    5,782 | 10.5%    |
| NGV and Other businesses      |     |  7,352 |           - |  7,509 |     -157 | -2.1%    |
| Total assets ('asset growth') |     | 67,502 |        -469 | 62,346 |    5,625 | 9.0%     |

### Business review
In addition to IFRS based profit measures, National Grid calculates a number of additional regulatory performance metrics to aid understanding of the performance of the regulated businesses. These metrics aim to reflect the impact of performance in the current year on future regulatory revenue allowances. This includes the creation of future regulatory revenue adjustment balances and the impact of current year performance on the regulated asset base. These metrics also seek to remove the impacts on current year revenues relating to 'catch up' or 'sharing' of elements of prior year performance, for example the sharing of prior year efficiencies with customers.

These metrics include Return on Equity , Regulated Financial Performance and Regulated Asset Value or Regulated Rate Base . Further detail on these is provided on pages 82 to 88 .

| Year ended 31 March         
 %                           | Regulatory Debt:  
 Equity assumption 
 2025              | 2024 |         Achieved 
 Return on Equity | 2025 | 2024 |  Base or Allowed 
 Return on Equity |     |
|:----------------------------|:------------------|:-----|-----------------:|-----:|:-----|-----------------:|----:|
| UK Electricity Transmission | 55/45             |      |              8.3 |  8.0 |      |              7.3 | 7.0 |
| UK Electricity Distribution | 60/40             |      |              7.9 |  8.5 |      |              7.7 | 7.4 |
| New England                 | Avg. 45/55        |      |              9.1 |