Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 17

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 17
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ence)                                  |              12.6 |  12.6 | —%       |     |               29.8 |  28.1 | 6%       |

UK Electricity Transmission statutory operating profit of £810 million was up from £642 million in the prior period. The current period includes £3 million of exceptional charges related to our major transformation programme. Timing movements were £49 million favourable to the comparative period (mainly the return of over-collected balances in the prior period). Underlying operating profit was £846 million compared to £724 million in the prior period. This increase was driven by £129 million higher underlying net revenues and a net £12 million reduction in controllable costs, partially offset by higher depreciation resulting from the higher asset base.

UK Electricity Distribution statutory operating profit of £488 million was down from £759 million in the prior period. Timing movements were £254 million adverse to the prior period mainly related to volumes and inflation true-ups, partly offset by recovery of pass-through costs. In the prior period we incurred exceptional charges of £5 million as part of our major transformation programme. Underlying operating profit decreased by £22 million to £551 million (2024: £573 million). Underlying net revenues decreased by £14 million with higher allowed returns offset by an adverse impact from the ‘real price effect’ (index-linked inflation) adjustment. In addition there were higher controllable costs driven by increased workload and higher depreciation due to the higher asset base.

National Grid ESO was sold to the UK Government on 1 October 2024 for an agreed enterprise value of £630 million. This business comprised the entire UK Electricity System Operator segment, which made a statutory operating loss of £213 million in the prior period, principally driven by the return of an over-collection of allowed revenues (related to BSUoS fixed price tariffs) that arose during 2023/24, partly offset by an exceptional credit of £151 million representing the element of the over-recovery that would be settled through the sale process.

New England statutory operating profit of £61 million was down from a statutory operating profit of £87 million in the prior period. This included a £1 million exceptional charge in relation to our broader major transformation programme (2024: £6 million), along with commodity derivative remeasurement losses of £19 million (2024: £4 million gains). New England’s adjusted operating profit of £81 million, was £8 million lower than the prior period. This included a £69 million adverse period