Financial Data and Key Metrics Changes - Underlying operating profit from continuing operations was £2 billion, a 15% increase compared to the prior year at constant currency, driven by good performance across regulated businesses [11][41] - Underlying earnings per share increased by 8% to 28.1p, reflecting improved performance and a slight decline in finance costs [11][42] - Capital investment reached a record £4.6 billion, up 19% year-on-year at constant currency [12][43] Business Line Data and Key Metrics Changes - UK electricity distribution saw underlying operating profit of £573 million, up £10 million year-on-year, with capital investment increasing to £647 million, a rise of 6% [44][46] - UK electricity transmission reported underlying operating profit of £724 million, up £68 million, with capital investment increasing by 43% to £1.3 billion [47][49] - In the US, New York's underlying operating profit was £288 million, reflecting a £173 million increase, with capital investment rising 29% to £1.6 billion [48][28] Market Data and Key Metrics Changes - In New England, capital investment increased by 7% to £814 million, driven by grid modernization and asset health work [33] - Massachusetts Electric business approved a five-year plan with a revenue increase of around $100 million, enhancing recovery mechanisms for capital investment [34] Company Strategy and Development Direction - The company aims to become a preeminent pure play networks business with a £60 billion capital investment plan over the next five years [4][60] - Focus on delivering major capital projects in both the UK and US, with significant investments in ASTI projects and regulatory frameworks to support growth [77][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering high reliability across networks despite severe weather challenges [13][14] - The company anticipates strong operational performance and year-on-year operating profit growth of around 10% [59] Other Important Information - The company completed the sale of its final 20% stake in the UK gas transmission business for £686 million [10] - The establishment of the National Energy System Operator (NESO) is expected to enhance clarity on energy project delivery [7][8] Q&A Session Summary Question: When will the business plan for the RIIO-ED3 period be submitted? - The business plan will be submitted in December this year, with a draft determination expected in June next year and final determination in December 2025 [81] Question: What is the expected impact of the US elections on investment plans? - The company does not expect significant changes to the £60 billion investment plan due to the US elections, as most capital investment is determined at the state level [86] Question: What are the expectations for operational incentives in the ED3 period? - The company aims for the return on equity to be at the upper end of the range, with discussions ongoing regarding operational incentives that could benefit both consumers and shareholders [90]

nationalgrid Half Year Results 2024/25 London, 7 November 2024 National Grid plc Half Year Results 2024/25 2 Cautionary statement This presentation contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Gri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: 07 November 2024 Commission File Number: 001-14958 NATIONAL GRID plc (Translation of registrant's name into English) England and Wales (Jurisdiction of Incorporation) 1-3 Strand, London, WC2N 5EH, United Kingdom (Address of principal executive office) Indicate by check mark whether the registrant files or will file ...

National Grid Transco's (NGG) is poised to benefit from its systematic investment plans. This should further help in the enhancement of its infrastructure. Given its growth opportunities, NGG makes for a solid investment option in the utility sector. Let's focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment. NGG's Growth Projections The Zacks Consensus Estimate for fiscal 2025 earnings per share (EPS) has increased 2.4% to $4.63 in the past 90 days. The Zac ...

Thousands of employees lend time and talent to local causes BROOKLYN, N.Y., Sept. 16, 2024 /PRNewswire/ -- More than 1,500 National Grid employees will step away from their desks to volunteer with community organizations and schools as they celebrate the fourth anniversary of the company's Project C initiative. The annual Week of Service commemorates the kickoff of Project C, which aims to create meaningful, permanent change and strengthen relationships in the communities where the company's employees live ...

National Grid Transco's (NGG) strategic investment plans are likely to further expand its operations and boost its performance. Given its growth opportunities, the company makes for a solid investment option in the Utility sector. The company currently carries a Zacks Rank #2 (Buy). Let's look at the factors that are driving the stock. Growth Projections for NGG The Zacks Consensus Estimate for NGG's 2025 earnings per share (EPS) is pegged at $4.86, which indicates year-over-year growth of 6.2%. The consens ...

FilippoBacci/E+ via Getty Images Dear readers/subscribers, I'll begin with a small apology on my part here because this coverage is about a month or two late. In my last article, I did give National Grid (NYSE:NGG) stock a "Buy" rating, and I stand by and will reiterate this rating in this piece. However, my latest buys and an actual near-doubling of my investment stake in this company were purchased in mid-June, following the crash from the company following funding needs. I was convinced that this funding ...

BROOKLYN, N.Y., Aug. 1, 2024 /PRNewswire/ -- National Grid today announced that Sally Librera will join National Grid as President of its New York business, and sit on the Group Executive Committee, further strengthening National Grid's leadership team and reinforcing its credentials as a leader in the energy transition. Sally will report to National Grid plc CEO John Pettigrew. She joins the company in September. Sally LibreraSally Librera Sally joins from AECOM, where she is currently Senior Vice Presiden ...

t 11:00 n II 100 National Grid Ple (NYSE:NGG)(OTCPK:NGGTF) is past the RIIO-ED1 compensation regime as of March 2023 and is now in ED2, and it's been working on the RIIO- T2 regime since 2021 for the transmission networks. ED2 was appealed and contested by operators, as always, over the fact that its compensation may not be sufficient for the operators of the transmission and distribution concessions. Not just now but also in 2021, lowered regulated cost of equity brings down compensation rates to the point ...

Financial Data and Key Metrics - Underlying effective tax rate for the full year was 15.6%, 170 basis points lower than the prior year, driven by higher capital expenditure qualifying for full expensing in FY '24 [1] - Underlying earnings were GBP2.9 billion, with EPS at 78 pence, up 6% on the prior year [1] - Cash generated from continuing operations was GBP7.3 billion, up 13% compared to the prior year, largely driven by timing items in UK regulated businesses [1] - Group return on equity was 8.9%, in-line with expectations, and the Board recommended a final dividend of 39.12 pence, taking the full year dividend to 58.52 pence per share, a 5.55% increase compared to the prior year [47] Business Line Performance - UK Electricity Transmission saw a 47% increase in capital investment, reflecting early progress on ASTI projects, with underlying operating profit of GBP1.31 billion, up 19% year-on-year [30][41] - New York business achieved an 8.5% return on equity, with underlying operating profit of GBP1.02 billion, up 21% year-on-year, driven by rate increases and early recovery on Smart Path Connect investment [42] - National Grid Ventures reported underlying operating profit of GBP571 million, GBP120 million lower than the prior year, due to lower profitability at BritNed interconnector and lower business interruption recoveries at IFA1 [45] Market Performance - In the US, the company is investing nearly half of the GBP60 billion capital investment, a 60% increase compared to the last five years, with GBP17 billion expected CapEx in New York over the next five years [2] - In the UK, the company has been awarded 17 major projects under Ofgem's Accelerated Strategic Transmission Investment program, with investment expected to be in the mid-to-high teens billions [16] - In New England, the company expects to invest GBP11 billion over the next five years, a 60% increase, including $2 billion in incremental investment as part of the Massachusetts ESMP [53] Strategic Direction and Industry Competition - The company is shifting towards electricity, with 85% of the GBP60 billion investment aligned to the EU taxonomy, making it one of the biggest investors in decarbonizing energy in the FTSE [26] - The company is updating its strategy to become the preeminent pure-play networks business, focusing on growth opportunities in the energy transition, with a pivot towards electricity over the last three years [23][24] - The company is investing in large-scale projects, including the GBP4.4 billion Eastern Green Link 2 project and the $4 billion Upstate Upgrade program in New York, to improve reliability and resilience [2][31] Management Commentary on Operating Environment and Future Outlook - The company sees the energy transition accelerating, with governments on both sides of the Atlantic acting with greater urgency to incentivize renewable generation and transform networks [15] - The company expects to deliver around GBP60 billion of CapEx over the next five years, driving group asset growth of around 10% per annum and an EPS CAGR of 6% to 8% from FY '25 [26][73] - The company is confident in the regulatory frameworks evolving to attract the investment required, with Ofgem indicating its intent to create an investable proposition for future regulation [20] Other Important Information - The company has selected seven suppliers as part of its new GBP9 billion enterprise partnership model to enable delivery of onshore projects [19] - The company plans to sell its National Grid Renewables business and Isle of Grain LNG terminal, expecting significant interest in these assets [37] - The company has announced a GBP7 billion fully underwritten rights issue to support its investment program, with new shares issued at a 34.7% discount to the dividend-adjusted theoretical ex-rights price [51] Q&A Session Summary Question: Why did the company choose to raise equity now, and what other financing options were considered? - The company considered various tools, including hybrids, dividend rebates, and asset sales, but chose to raise equity to maintain a strong balance sheet and support the significant step-up in investment [60][152] - The company wanted to provide clarity to the market on the GBP60 billion CapEx plan and ensure the business plan submitted to Ofgem is fully financeable [84][186] Question: What are the assumptions behind the EPS growth guidance? - The company expects to deliver 6% to 8% EPS CAGR from FY '25, with growth driven by asset base expansion and operational performance, despite dilution from the rights issue [73][155] - The company has taken a conservative view on regulatory outcomes and assumes some hybrid issuance towards the latter part of the five-year plan [87] Question: What is the expected phasing of the GBP60 billion CapEx over the five-year period? - The company expects CapEx to peak at around GBP12-13 billion, with a relatively uniform step-up over the five-year period [146] - The company has good visibility on the timing of large projects, particularly in the UK, with 17 ASTI projects now embedded in license obligations [16][99] Question: How does the company view the attractiveness of its dividend policy in a lower inflation environment? - The company believes its dividend policy remains attractive, with an inflation-protected dividend and a focus on delivering a combination of growth and yield [133][140] - The company has not experienced deflation in the past and would likely honor the dividend rather than reduce it in such a scenario [166]