Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 43

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 43
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 engineering items in the second phase. The upgrade includes: Smart Path Connect - the rebuild and upgrade of approximately 55 miles of our Adirondack-Porter 230 kV transmission circuits to 345 kV in upstate New York; CLCPA Phase 1 - $800 million for distribution and local transmission upgrades; and CLCPA Phase 2 - $2.1 billion to expand transmission capacity and modernise the electric network.

#### Regulatory highlights
■ In August, the 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. The plan also helps customers manage their energy usage by providing approximately $75 million annually for energy efficiency.

■ In April, we reached a Joint Proposal on new rates for our NIMO business. This includes an improved return on equity of 9.5% that supports an increase in investment to upgrade our transmission network, storm hardening across the network, expansion of EV charging and leak-prone pipe replacement work, and early connections work for large industrial customers. It also includes provisions to mitigate bill impacts for customers including spreading the bill increases over the three years of the plan, and bill assistance programmes for low-income households.

#### Policy development
■ We await a draft of the updated State Energy Plan, New York's roadmap to building a clean, resilient, and affordable energy system. We expect public hearings on the plan, and an opportunity to engage, over the summer.

#### Return on Equity
During the year, we achieved an RoE of 8.7%, 20bps above the 8.5% delivered in 2023/24. This was principally driven by higher allowed returns in KEDNY and KEDLI reflected in the new rate case, partly offset by lower achieved returns in NIMO.

|                  |     | Return on Equity |      |      |             |     | Rate Base ($m) as at 31 March |        |          |
| Regulated Entity |     |             FY25 | FY24 | FY23 |     Allowed 
 most recent 
         (%) |     |                          2025 |   2024 | % change |
| KEDNY            |     |             10.5 |  9.0 |  9.2 |         9.4 |     |                         7,212 |  6,454 |       12 |
|