Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 26

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 26
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 spend in customer connections, increased overhead line work, asset operations investment and IT - related capital projects.

UK Electricity Distribution increased by £179 million primarily due to additional asset replacement and refurbishment, growth in connections and higher reinforcement works.

New England, capital investment increased by £78 million primarily due to higher electric capital investment driven by asset conditioning and Advanced Metering Infrastructure (AMI) spend.

New York, capital investment wa s £635 million higher primarily due to a step up in gas capital investment in KEDNY and KEDLI following increases approved in the rate case (mains replacement and other mandated works) and along with higher electric investment in NIMO driven by the Climate Leadership and Community Protection Act programme spend, in addition to higher AMI investment.

Capital investment in National Grid Ventures was £284 million lower after completing the build of Viking Link in 2023/24 and with lower contributions from NG Renewables and Grain LNG (spend post reclassification to 'held for sale' is not included within capital investment).

**Achieved asset growth of 9.0% and regulated asset growth of 10.5%**

During 2024/25, UK RAV increased by 9.8% (2024: 7.3%) including the impact of CPIH inflation on RAV indexation, partly offset by RAV depreciation. The US rate base grew strongly by 11.5%during the year ( 2024: 11.5%). This resulted in an overall 'regulated asset growth' (i.e. UK RAV and US rate base) of 10.5%( 2024: 9.1%). This is partly offset by 2.1% negative asset growth in NGV and Other primarily as a result of recognising an impairment of our Community Offshore Wind investment.

For 2024/25, asset growth and regulated asset growth are calculated excluding the reduction in RAV as a result of the sale of the UK Electricity System Operator business, based on an estimated RAV value as at 1 October 2024 (the date of disposal).

For detailed calculations of asset growth and regulated asset growth see page 88 .

#### Policy developments
| Assets                        
 Year ended 31 March(£         
 million at constant currency) |     |   2025 | Sale of ESO |   2024 | increase | % change |
|:------------------------------|:----|-------:|------------:|-------:|---------:|:---------|
| UK                            
 RAV