Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 46

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 46
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 remain on track to commence in the second half of calendar year 2025.

■ National Grid Renewables: In February, we agreed the sale of the National Grid Renewables onshore business to Brookfield Asset Management for an enterprise value of $1.735 billion. Completion of the transaction is subject to certain consents and regulatory approvals. Subject to these clearances, we expect the transaction will complete in the first half of the financial year ending 31 March 2026. Operationally, we reached a Final Investment Decision (FID) on 772 MW of new projects. The total portfolio now stands at 2.7 GW, which includes 1.3 GW operational assets under offtake contract, 0.3 GW uncontracted, and 1.1 GW under construction.

■ Community Offshore Wind: Given current market conditions and increased uncertainty on the development timeline of Community Offshore Wind, during the year in coordination with our joint venture partner, we have reduced the scope of our development activities until there is greater certainty. Our focus remains on delivering efficient and required energy infrastructure that will lead to affordable, reliable energy for our customers. Given the subsequent expected development delays, we have recognised a £303 million impairment in the current year.

■ New York Transmission: We continue to progress the Propel New York transmission project with partners in NY Transco and the New York Power Authority (NYPA). Propel will carry energy from Long Island to the rest of New York state, and was selected by the New York ISO to add six high voltage transmission lines and associated substation upgrades to the transmission system on Long Island and in New York City. The project is expected to complete in 2030.

| National Grid Ventures                         |        |       |                           |                             |
| (£ million)                                    |   2025 |  2024 | 2024 at constant currency | % change at actual currency |
| Revenue                                        |  1,397 | 1,389 |                     1,389 |                           1 |
| Operating costs                                | -1,392 |  -831 |                      -831 |                          68 |
| Statutory operating profit                     |      5 |   558 |                       558 |                         -99 |
| Exceptional items                              |    360 |   -89 |                       -89 |                         n/m |
| Remeasurements                                 |     15 |     - |                         - |                         n/m |
| Underlying/adjusted operating profit           |    380 |