Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 42

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 42
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 of National Grid's US operations, with electricity and gas distribution networks in upstate New York (Niagara Mohawk, NIMO), and gas distribution in Brooklyn and Long Island (KEDNY and KEDLI).

#### Financial performance
■ New York's statutory operating profit increased to £1,269 million , principally from year-on-year exceptional provision movements (£496 million charge in 2023/24 compared with a £142 million credit in 2024/25). Underlying operating profit increased to £1,450 million (up 43 %) principally through refreshed rates from the first-full year of our updated KEDNY and KEDLI rate agreement.

■ Achieved RoE for the year was 8.7% , compared to 8.5 % in the prior year, reflecting a strong performance in our downstate gas businesses, KEDNY and KEDLI, in the first year of the updated rate plan.

■ Capital investment in our networks continued during the year with capital spend increasing year-on-year by 24% to £3,289 million. This increase was principally through continued investment in leak-prone pipe replacement under our refreshed KEDNY and KEDLI rate plans, and our electric infrastructure where the focus has been on reinforcing our distribution and transmission networks.

#### Operational performance
■ In 2024/25, we achieved an excellent operational performance across our New York regulated business with an electric distribution network availability of 99.94077% and an electric transmission network availability of 99.84345%. We have now hit our key reliability targets continuously for 17 years in New York.

■ Across our New York business, we continued with gas safety and reliability investments including the replacement of a further 218 miles of leak-prone pipe.

■ On safety, we recorded a LTIFR of 0.11 in 2024/25, compared to 0.06 in the prior year.

■ Where our service territories were impacted by storm activity in 2024/25, we restored electricity to 95% of affected customers from the peak within 10 hours, an improvement on 2023/24 where the average time to reconnect 95% of customers was 12 hours. Around 1.4 million customers had interruptions from storms or severe weather in 2024/25.

■ We have continued to progress our Upstate Upgrade, a collection of more than 70 transmission enhancement projects through 2030, where we have awarded contracts for the whole of the first phase as well as