Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 18

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 18
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-on-period timing swing (at constant currency), mainly due to higher recoveries of prior period commodity costs that benefited last year’s results and lower recovery of energy efficiency programme costs and incentives this year. Underlying operating profit was £292 million (2024: £237 million, or £227 million at constant currency), due to higher underlying net revenues from higher rates, higher revenues from capital trackers and storm recoveries. Controllable costs were £20 million lower compared to the prior period (including £16 million from favourable exchange rate movements) with increases from inflation and workload being offset by efficiency savings and higher capitalisation due to workload mix. Depreciation increased from the higher asset base due to ongoing investment. Other costs were higher compared to the prior period principally from increased cost of removal, capital-related O&M costs and property taxes, partly offset by lower storm costs incurred.

New York statutory operating profit of £78 million was improved from a statutory operating loss of £50 million in the prior period. The current period includes a £2 million exceptional charge as part of our broader major transformation programme (2024: £8 million) and a £25 million exceptional credit on environmental provisions (2024: £1 million net charge); and also includes commodity derivative remeasurement losses of £18 million (2024: £11 million losses). New York’s adjusted operating profit of £73 million was £103 million favourable to the prior period. In-year timing under-recoveries were £370 million (2024: £318 million, or £304 million at constant currency), resulting in a £52 million adverse period-on-period timing swing, primarily from an under-collection of new rates in KEDNY and KEDLI and the return of prior year balances, partly offset by an over-collection of pass-through costs. Underlying operating profit was £443 million, £155 million higher than the prior period (£167 million higher at constant currency). Underlying net revenues were £201 million higher (£276 million higher at constant currency) driven by increased rates in NIMO (£189 million), KEDNY (£40 million) and KEDLI (£23 million) along with other regulatory asset recoveries and customer-funded work increases. Controllable costs were £18 million lower compared to the prior period (including favourable exchange rate movements), with inflationary and workload increases partly offset by efficiency savings and higher capitalisation related to workload mix. Other costs were higher compared to the prior period, driven by no repeat of the environmental credits in the comparative period, higher property taxes and an increase