Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 57

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 57
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 and operate those assets. Revenue is recognised as it is earned. NG Renewables, together with Emerald, was classified as held for sale in the year (see note 9).

Other revenue, recognised in accordance with standards other than IFRS 15, primarily comprises adjustments in respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem for certain wholly owned interconnector subsidiaries. Under the cap and floor regime, where an interconnector expects to exceed its total five-year cap, a provision and reduction in revenue is recognised in the current reporting period. Where an interconnector does not expect to reach its five-year floor, either an asset will be recognised where a future inflow of economic benefits is considered virtually certain, or a contingent asset will be disclosed where the future inflow is concluded to be probable. Under the Use of Revenue framework, any revenues in excess of an agreed incentive level must be passed on as savings to consumers. Where the obligation to transfer excess revenues arises, a payable and reduction in revenue is recognised in the current reporting period.

**(g) Other**

Revenue in Other relates to our UK commercial property business. Revenue is predominantly recognised in accordance with standards other than IFRS 15 and comprises property sales by our UK commercial property business. Property sales are recorded when the sale is legally completed.

**3. Revenue continued

(h) Disaggregation of revenue**

In the following tables, revenue is disaggregated by primary geographical market and major service lines. The table below reconciles disaggregated revenue with the Group's reportable segments (see note 2).

| Revenue for the year ended               
 31 March 2025                            | UK Electricity Transmission 
                          £m | UK Electricity Distribution 
                          £m | UK Electricity System Operator 
                             £m |     New 
 England 
      £m |   New 
  York 
    £m | National Grid Ventures 
                     £m | Other 
    £m |  Total 
     £m |
|:-----------------------------------------|----------------------------:|----------------------------:|-------------------------------:|--------:|------:|-----------------------:|------:|-------:|
| Revenue under IFRS 15                    |                             |                             |                                |         |       |                        |       |        |
| Transmission1                            |                       2,265 |                           - |                             46 |      85 |   252 |                    879 |     1 |  3,528 |
| Distribution                             |                           - |                       2,327 |