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: 04 December 2025
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 annual
reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3- 2(b) under the Securities
Exchange Act of 1934. ☐ Yes ☒ No
If
“Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):
n/a
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Exhibit
99.1 Announcement sent to the London Stock Exchange on 04 December
2025 —
Ofgem's RIIO-T3 Final Determination published
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Exhibit
99.1
4 December 2025
National Grid plc
Ofgem's RIIO-T3 Final Determination published
Ofgem has today published its Final Determination for the RIIO-T3
framework covering our National Grid Electricity Transmission
business for the period April 2026 to March 2031. The proposals
include a real allowed cost of equity of 6.12% at 60%
gearing.
We welcome Ofgem's recognition of the need for significant
investment into the electricity transmission sector to continue to
deliver world leading reliability whilst nearly doubling the amount
of power we can transfer around the country.
We will now review in detail the full package contained within the
Final Determination, to assess how Ofgem have addressed the
critical points we raised in our Draft Determination response, and
therefore whether it delivers an overall framework that is both
investable and workable. This includes an incentive framework that
allows high performing networks to achieve a globally competitive
overall return and totex mechanisms that enable transmission owners
to recover the efficient cost of their investments whilst
progressing projects at the pace expected by our
stakeholders.
We expect Ofgem to publish the proposed licence modifications for
consultation soon. These important documents will inform our
assessment of the incentive opportunities and overall workability
of the framework. Throughout this period we will continue to work
closely with Ofgem ahead of publication of its decision on the
licence in February. Relevant parties will then have 20 working
days to assess the licence modifications. We anticipate announcing
our response in early March 2026.
Enquiries and contacts
Investors and Analysts
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Angela
Broad
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+44 (0)
7825 351 918
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Tom
Edwards
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+44 (0)
7976 962 791
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Cerys
Reece
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+44 (0)
7860 382 264
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Media
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Alex
Roache
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+44 (0)
7843 802 006
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Ben
Davis
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+44 (0)
7914 539 999
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Dan
Roberts, Brunswick
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+44 (0)
207 404 5959
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Cautionary statement
This announcement 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 Grid's (the
Company) financial condition, its results of operations and
businesses, strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. This document also references climate-related targets
and climate-related risks which differ from conventional financial
risks in that they are complex, novel and tend to involve
projection over long-term scenarios which are subject to
significant uncertainty and change. These forward-looking
statements and targets are not guarantees of National Grid's future
performance and are subject to assumptions, risks and uncertainties
that could cause actual future results to differ materially from
those expressed in or implied by such forward-looking statements
and targets. Many of these assumptions, risks and uncertainties
relate to factors that are beyond National Grid's ability to
control or estimate precisely, such as changes in laws or
regulations and decisions by governmental bodies or regulators,
including those relating to current and upcoming price controls in
the UK and rate cases in the US. the timing of construction and
delivery by third parties of new generation projects requiring
connection. breaches of, or changes in, environmental, climate
change and health and safety laws or regulations, including
breaches or other incidents arising from the potentially harmful
nature of its activities. network failure or interruption, the
inability to carry out critical non-network operations and damage
to infrastructure, due to adverse weather conditions including the
impact of major storms as well as the results of climate change,
due to counterparties being unable to deliver physical commodities.
reliability of and access to IT systems, including due to the
failure of or unauthorised access to or deliberate breaches of
National Grid's systems and supporting technology. failure to
adequately forecast and respond to disruptions in energy supply.
performance against regulatory targets and standards and against
National Grid's peers with the aim of delivering stakeholder
expectations regarding costs and efficiency savings, as well as
against targets and standards designed to support its role in the
energy transition. and customers and counterparties (including
financial institutions) failing to perform their obligations to the
Company. Other factors that could cause actual results to differ
materially from those described in this announcement include
fluctuations in exchange rates, interest rates and commodity price
indices. restrictions and conditions (including filing
requirements) in National Grid's borrowing and debt arrangements,
funding costs and access to financing. regulatory requirements for
the Company to maintain financial resources in certain parts of its
business and restrictions on some subsidiaries' transactions such
as paying dividends, lending or levying charges. the delayed timing
of recoveries and payments in National Grid's regulated businesses,
and whether aspects of its activities are contestable. the funding
requirements and performance of National Grid's pension schemes and
other post-retirement benefit schemes. the failure to attract,
develop and retain employees with the necessary competencies,
including leadership and business capabilities, and any significant
disputes arising with National Grid's employees or breaches of laws
or regulations by its employees. the failure to respond to market
developments, including competition for onshore transmission. the
threats and opportunities presented by emerging technology. the
failure by the Company to respond to, or meet its own commitments
as a leader in relation to, climate change development activities
relating to energy transition, including the integration of
distributed energy resources. and the need to grow the Company's
business to deliver its strategy, as well as incorrect or
unforeseen assumptions or conclusions (including unanticipated
costs and liabilities) relating to business development activity,
including the sale of certain of its businesses, its strategic
infrastructure projects and joint ventures. For further details
regarding these and other assumptions, risks and uncertainties that
may affect National Grid, please read the Strategic Report section
and the 'Risk factors' on pages 262 to 268 of National Grid's
Annual Report and Accounts for the year ended 31 March 2025, as
updated by the principal risks and uncertainties
statement in its most recent half year
results statement. In addition, new factors emerge from time to
time and National Grid cannot assess the potential impact of any
such factor on its activities or the extent to which any factor, or
combination of factors, may cause actual future results to differ
materially from those contained in any forward-looking statement.
Except as may be required by law or regulation, the Company
undertakes no obligation to update any of its forward-looking
statements, which speak only as of the date of this announcement.
This announcement is for informational purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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NATIONAL GRID
plc
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By:
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Beth Melges
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Beth Melges
Head of Plc Governance
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Date:
04 December
2025
