Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 19

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 19
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, we incurred deferrable storm costs, which are eligible for future recovery of $110 million (2024: $285 million).

#### Deferred tax in UK regulated businesses
We exclude deferred tax in our UK regulated businesses (NGET and NGED) in our underlying earnings measure. Tax is generally considered to be a pass-through cost by our UK regulator, with revenue tax allowances linked to the level of cash tax expected to be paid in the year. In 2024/25, we excluded £401 million (2024: £302 million) of deferred tax charges from our underlying results.

#### Segmental income statement
|                                                 | Statutory results |        |          |     | Underlying results |        |          |
| (£ million)                                     |              2025 |   2024 | change % |     |               2025 |   2024 | change % |
| UK Electricity Transmission                     |             1,277 |  1,674 |      -24 |     |              1,428 |  1,314 |        9 |
| UK Electricity Distribution                     |             1,598 |    975 |       64 |     |              1,203 |  1,152 |        4 |
| UK Electricity System Operator                  |              -213 |    382 |     -156 |     |                115 |     80 |       44 |
| New England                                     |             1,008 |    641 |       57 |     |                924 |    802 |       15 |
| New York                                        |             1,269 |    362 |      250 |     |              1,450 |  1,016 |       43 |
| National Grid Ventures                          |                 5 |    558 |      -99 |     |                380 |    469 |      -19 |
| Other activities                                |               -10 |   -117 |      -92 |     |               -143 |    -60 |      138 |
| Total operating profit - continuing             |             4,934 |  4,475 |       10 |     |              5,357 |  4,773 |       12 |
| Net finance costs                               |            -1,357 | -1,464 |       -7 |     |             -1,361 | -1,479 |       -8 |
| Share of post-tax results of