Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 36

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 36
---
 headwind and improve performance. We expect outperformance to improve towards 100bps over the remainder of RIIO-ED2.

The principal components of the performance are shown in the table below:

| For the year ended 31 March                        | 2025 | 2024 |
|:---------------------------------------------------|-----:|-----:|
| Base return (including avg. 2% long-run inflation) |  7.7 |  7.4 |
| Totex incentive mechanism                          |    - |  1.1 |
| Other revenue incentives                           |  0.2 |    - |
| Return on Equity                                   |  7.9 |  8.5 |

For Regulated Financial Performance, please refer to page 82 .

#### Regulated Financial Position up 3%
In the year, RAV grew by 6 %driven by ongoing investment coupled with RAV indexation of 3.4% (2024: 3.8%).

|                                                      |   2025 |   2024 |
| Opening                                              
 Regulated Asset Value (RAV)1                         | 11,497 | 10,787 |
| Asset additions (slow money) - actual                |  1,137 |    979 |
| Performance RAV or assets created                    |     -1 |     51 |
| Inflation                                            
 adjustment (actual CPIH)                             |    398 |    430 |
| Depreciation and amortisation                        |   -796 |   -778 |
| Closing RAV                                          | 12,235 | 11,469 |
| Opening                                              
 balance of other regulated assets and (liabilities)1 |    136 |    -32 |
| Movement                                             |   -417 |    174 |
| Closing balance                                      |   -281 |    142 |
| Closing Regulated Financial Position                 | 11,954 | 11,611 |

1. Opening RAV and other regulated balances are re-presented to reflect opening balance adjustments following the completion of the UK regulatory reporting pack process and also for the finalisation of calculated over/(under)-recoveries and the regulatory time value of money impact where appropriate.

#### UK Electricity System Operator (ESO)

#### Overview
The UK Electricity System Operator (ESO) was responsible for system balancing across the electricity transmission network in Great Britain. The ESO was transferred out of National Grid on 1 October 2024 to the UK Government and became part of the