Company: NEWEN
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001654954-25-012622
Chunk: 27

Company: NATIONAL GRID PLC
Filing Date: 2025-11-06
Form: 6-K
Chunk 27
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 in the UK  
 are subject to indirect regulation by Ofgem regarding the level of  
 returns they can earn. The Group sold its interest in NG Renewables 
 on 29 May 2025 and Grain LNG was classified as held for sale in the 
 prior period (see note 6).                                          |

Included within the comparative period are the results of the UK Electricity System Operator which also represented a separate operating segment. The Group completed the disposal of the ESO to the UK Government in the year ended 31 March 2025.

The New England and New York segments typically experience seasonal fluctuations in revenue and operating profit due to higher delivery volumes during the second half of the financial year, for example as a result of colder weather over the winter months driving increased heating demand. These seasonal fluctuations have a consequential impact on the working capital balances (primarily trade debtors and accrued income) in the consolidated statement of financial position at 30 September 2025 when compared to 31 March 2025. The majority of UK revenues are derived from the supply of network capacity rather than the supply of commodities and therefore are not subject to the same seasonal fluctuations as in New York and New England.

Other activities that do not form part of any of the segments in the above table primarily relate to our UK property business together with insurance and corporate activities in the UK and US and the Group’s investments in technology and innovation companies through National Grid Partners.

**2. Segmental analysis continued

(a)**

#### Revenue
| Six months ended 30 September               |          2025 |                        |       |             |                    2024 |                |       |
| Total sales                                 | Sales between 
     segments1 | Sales to third parties |       | Total sales | Sales between segments1 | Sales to third 
        parties |       |
| £m                                          |            £m |                     £m |       | £m          |                      £m |             £m |       |
| Operating segments – continuing operations: |               |                        |       |             |                         |                |       |
| UK                                          
 Electricity Transmission                    |         1,443 |                    -37 | 1,406 |             |                   1,274 |            -92 | 1,182 |
| UK                                          
 Electricity Distribution                    |           901 |                     -5 |   896 |             |                   1,166 |             -2 | 1,164 |
| UK                                          
 Electricity System Operator                 |             — |                      — |     — |