Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 70

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 70
---
 -            |  -505 |
| Disposal                         |                        - |                        - |                        -462 |       - |    - |       -462 | -            |  -462 |
| 31 March 2025 closing balance to 
 (recover)/return2                |                        9 |                      125 |                           - |    -391 |  319 |         62 | -            |    62 |

|                                  |                       UK 
 Electricity Transmission 
                       £m |                       UK 
 Electricity Distribution 
                       £m |                          UK 
 Electricity System Operator 
                          £m |     New 
 England 
      £m |  New 
 York 
   £m | Continuing 
         £m | Discontinued 
 £m           | Total 
    £m |
| 1 April 2023 opening balance1    |                     -213 |                     -124 |                          77 |    -383 |  682 |         39 | -            |    39 |
| (Under)/over-recovery            |                      363 |                     -159 |                         800 |     -69 |  -20 |        915 | -            |   915 |
| 31 March 2024 closing balance to 
 (recover)/return2                |                      150 |                     -283 |                         877 |    -452 |  662 |        954 | -            |   954 |

1. Opening balances have been restated to reflect the finalisation of calculated over/(under)-recoveries in both the UK and the US and also adjusted for the regulatory time value of money impact on opening balances, where appropriate, in the UK.

2. The closing balance at 31 March 2025 was £65 million over-recovered (translated at the closing rate of $1.29:£1). 31 March 2024 was £954 million over-recovered (including discontinued operations and translated at the closing rate of $1.26:£1).

#### Capital investment
Capital investment measures are presented at actual exchange rates, but are also shown on a constant currency basis to show the year-on-year comparisons excluding any impact of foreign currency translation movements.

|                                         | At actual exchange rates 
      Year ended 31 March |   2025 | 2024 | %  | At constant currency |   2025 | 2024 |
|:----------------------------------------|-------------------------:|-------:|-----:|:---|---------------------:|-------:|-----: