Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 5

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 5
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 our Community Offshore Wind joint venture paused development activity in line with the broader slowdown of the US offshore wind industry. Whilst there are longer term trends that give us confidence in the need for offshore wind generation in the north east, significant nearer term policy uncertainty has led us to recognise an accounting impairment of £303 million as an exceptional charge.

Capital investment and RAV indexation helped drive regulated asset growth of 10.5%, but lower investment and asset write-downs in our non-regulated businesses resulted in an overall asset growth of 9.0%.

Net debt was £41.4 billion at 31 March 2025, more than £2.2 billion lower than the prior year. This reduction reflected the £6.8 billion net proceeds from the Rights Issue, and £1.3 billion from divestments of the UK Electricity System Operator (ESO) and our remaining 20% interest in National Gas Transmission, partially offset by the increased capital investment in the year.

#### Return on Equity (RoE)
W e achieved a Group RoE of 9.0% [2] in 2024/25 , down on the prior year by 150 basis points (bps). This decrease was principally due to an increase in the equity denominator as a result of lower gearing following the Rights Issue proceeds .

In 2024/25, UK Electricity Transmission achieved operational returns of 8.3%, delivering 100bps of outperformance under RIIO-T2, mainly from totex performance related to savings on capital delivery (2024: 8.0% achieved return, or 100bps above the allowed base return). UK Electricity Distribution achieved an operational return of 7.9% in 2024/25, including 20bps outperformance, mostly consisting of non-totex performance incentives. Outperformance was impacted by the costs associated with Storm Darragh and the adverse impact of the RIIO-ED2 Real Price Effect (RPE) mechanism, where lower than anticipated allowances due to reductions in commodity indices have not tracked actual costs incurred (2024: 8.5% achieved return, or 110bps above the allowed base return).

New England's achieved return of 9.1% was 92% of the allowed return in 2024/25 compared with an achieved return of 9.2% in 2023/24. New York's achieved return of 8.7% was 94% of the allowed return in 2024/25 compared with an