Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 8

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 8
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CO) with rates set for a five-year period, including an allowed RoE of 9.35%, a new mechanism that enables timely recovery of growing capital investment needs up to a cap, and an increase in storm cost recovery of around $60 million per annum.

■ In New York, in August 2024, the New York Public Service Commission (PSC) adopted the terms of the Joint Proposal for KEDNY and KEDLI for a three-year rate plan with 9.35% allowed RoE and around $5 billion capital allowances to modernise infrastructure.

■ Also in New York in April 2025, we filed a joint proposal with the New York PSC for a three-year rate plan for our upstate New York electric and gas distribution business Niagara Mohawk Power Corporation (NIMO). This includes funding for around $1.8 billion of capital investment in the first year, and a 9.5% allowed RoE.

■ From a regulatory perspective, in Massachusetts in November, Governor Healey approved legislation to reform the permitting process for utility infrastructure and clean energy projects. This new approach sets maximum timeframes for approvals, supporting the delivery of capital projects in the State.

■ In April 2025, we submitted our Climate Compliance Plan setting out the strategic roadmap required in our Massachusetts gas network to advance state decarbonisation goals, whilst maintaining safe, reliable and cost-effective service for our customers. The filing details our efforts to reduce greenhouse gas emissions from our existing gas distribution network.

In our UK Electricity Transmission business we have submitted our business plan for the RIIO-T3 price control period, which will run for five years from April 2026. The plan includes up to £35 billion of totex over the five years to March 2031, and, amongst other outcomes, will nearly double the power that can flow across the country, avoid £12 billion of constraint costs, directly connect 35 GW of generation and 19 GVA of demand to our network and create optionality for a further 26 GW, all while delivering 99.9999% reliability.

In the UK more broadly, we welcome the policy progress we have seen across a number of critical areas:

■ The UK Government published its Clean Power Action Plan in December 2024, following the National Energy System Operator's advice in October to achieve clean power by 2030. The report reaffirmed the need for our 17 ASTI electricity transmission projects in order to address current system constraints and enable the connection of Offshore Wind projects