Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 7

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 7
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 the UK Government for proceeds of £673 million;

■ completed the divestment of the final 20% equity interest in National Gas Transmission to a consortium of long-term infrastructure investors led by Macquarie Asset Management for proceeds of £686 million;

■ agreed the sale of our National Grid Renewables onshore business in the US to Brookfield Asset Management and its institutional partners;

■ launched the divestment process on Grain LNG in April 2025 and expect to announce a transaction later this year; and

■ in UK Electricity Distribution, we have continued to make progress with £88 million of synergies achieved since the acquisition, with synergies through procurement strategy, reviewing how we run and operate shared sites, operational delivery, and aligning with wider Group functions.

We have made significant progress on ensuring supply chain availability for our investment programmes, prioritising those areas with tightest market capacity, longest lead times and highest supply chain risks:

■ We have agreed a Great Grid Partnership supply chain framework with seven partners. This £9 billion framework covers the design and construction of the onshore ASTI projects as well as projects that deliver beyond 2030.

■ We have agreed a HVDC framework to secure supply for HVDC cables and converter systems. This framework covers up to £21 billion of HVDC cable supply across six suppliers, and up to £26 billion of converter systems supply over four suppliers. This supply is sufficient to cover cable and converter systems requirements for our ASTI wave 2 projects and beyond.

■ Since signing the HVDC framework, we have moved to the preferred bidder stage for our Sea Link project selecting Siemens Energy as the supplier of converter stations for this project.

■ In New York, we have awarded the first phase of our CLCPA projects and the engineering for the second phase. Procurement for the construction elements of phase 2 is in its final stages with awards expected in the coming months.

■ In Massachusetts, our Electric Sector Modernization Plan (ESMP) was approved in August as a 'strategic roadmap' outlining critical investments of up to $2 billion over five years in the local electric distribution system to meet Massachusetts' climate goals.

#### Regulatory, policy and market environment
During the year we have made good progress with our rate cases for our New York businesses and Massachusetts Electric. These rate plans balance necessary improvements for asset health, resilience, growth and clean energy, with affordability and low-income customer programmes.

■ In New England, in October 2024 we received a rate case order for our Massachusetts Electric business (ME