Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 64

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 64
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 of the ESO
In October 2023, legislation required to enable the separation of the ESO and the formation of the NESO, which will undertake responsibilities across both the electricity and gas systems, was passed through Parliament. The assets and liabilities of the ESO were consequently presented as held for sale in the consolidated financial statements in the year ended 31 March 2024. The disposal subsequently completed on 1 October 2024 for consideration of £673 million.

Based on the scale and pass-through nature of the ESO, it is not considered a separate major line of business or geographic operation under IFRS 5 for treatment as a discontinued operation, and its disposal is not part of a single coordinated plan being undertaken by the Group. Accordingly, the results have not been separately disclosed on the face of the income statement, and are instead included within the results from continuing operations. Financial information relating to the gain arising on disposal of the ESO is set out below:

|                                                       |     |     £m |
| Intangible assets                                     |     |    485 |
| Property, plant and equipment                         |     |    121 |
| Trade and other receivables                           |     |    375 |
| Pension asset                                         |     |     16 |
| Cash and cash equivalents                             |     |     51 |
| Financial investments                                 |     |    501 |
| Total assets on disposal                              |     |  1,549 |
| Borrowings                                            |     |    -13 |
| Other liabilities                                     |     |   -703 |
| Provision for UK electricity balancing costs (note 4) |     |   -347 |
| Total liabilities on disposal                         |     | -1,063 |
| Net assets on disposal                                |     |    486 |
| Total consideration received¹                         |     |    673 |
| Gain on sale                                          |     |    187 |

1. Included within total consideration is deferred proceeds of £45 million which were settled after 31 March 2025.

Up until its disposal, the ESO generated profit after tax of £103 million for the year ended 31 March 2025 (2024: £178 million profit; 2023: £182 million profit).

9. Assets held for sale and discontinued operations continued

#### NG Renewables and Grain LNG
On 24 February 2025, the Group agreed to sell NG Renewables, its US onshore renewables business, to Brookfield Asset Management. Completion of the transaction will