Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 41

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 41
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     -7 |                        -6 |                         200 |
| Bad debt expense              |    -62 |    -79 |                       -79 |                         -22 |
| Other operating costs         |   -405 |   -355 |                      -354 |                          14 |
| Depreciation and amortisation |   -469 |   -420 |                      -419 |                          12 |
| Underlying operating profit   |    924 |    802 |                       800 |                          15 |
| Timing                        |     61 |    -69 |                       -69 |                         n/m |
| Major storm costs             |     -3 |    -90 |                       -89 |                         -97 |
| Adjusted operating profit     |    982 |    643 |                       642 |                          53 |

New England's statutory operating profit increased by £367 million, principally as a result of improved underlying operating profit and lower major storm costs, along with the impact of £ 130 million favourable year-on-year timing movements. Timing over-recoveries of £61 million in 2024/25 are mainly due to phasing of energy efficiency programme spend and the collection of previous under-recovery of commodity costs. This compares with a timing under-recovery of £69 million in the prior year. Exceptional items included £7 million of charges related to our major transformation programme and a £4 million gain related to environmental provision movements. In 2023/24, there were £11 million of exceptional items related to the disposal of the Narragansett Electric Company and £6 million related to our cost efficiency programme. Commodity remeasurements were £14 million favourable to the prior year.

New England's underlying operating profit increased by £122 million (15%) or £124 million (16%) on a constant currency basis. Underlying net revenue was £223 million higher driven by the benefits of rate case increases in Massachusetts Gas and Massachusetts Electric, higher capital tracker revenue and higher wholesale network revenues. New England controllable costs increased by £5 million as a result of additional workload and inflation, which were largely offset by efficiency savings. Bad debt expense decreased by £17 million as a result of higher accounts receivable cash recoveries. Depreciation and amortisation increased as a result of higher investment. Other costs (on an underlying basis) were higher due to higher investment-related expenses and higher property taxes, both driven by the growth in asset base.

#### New York

#### Overview
New York is a key part