STOCK TITAN

[6-K] National Grid PLC Current Report (Foreign Issuer)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
6-K
Rhea-AI Filing Summary

National Grid plc (NGG) has filed a Form 6-K disclosing Ofgem’s Draft Determination for the RIIO-ET3 price-control period covering April 2026–March 2031. The draft relates to National Grid Electricity Transmission (NGET) and follows the company’s final business plan submission in December 2024. Ofgem continues to acknowledge the need for "significant levels of investment" in the UK transmission network and has proposed allowance decisions for a subset of projects; the remainder will be assessed through in-period mechanisms.

National Grid reiterates its intention to deploy around £60 billion of group-wide capital expenditure between now and March 2029, underscoring the scale of network expansion required to meet rising electrification and decarbonisation targets. Management will scrutinise the draft package to determine whether it offers an "investable" financial framework, highlighting that further progress on incentive mechanisms is still required to balance consumer value with shareholder returns.

The company will engage with Ofgem through the consultation phase leading to a Final Determination expected in December 2025. Securing an attractive allowed return, incentive upside and timely cost recovery will be critical to funding the planned investments while preserving credit metrics and dividend capacity. The filing contains extensive forward-looking-statement disclaimers but no new earnings guidance.

National Grid plc (NGG) ha presentato un Modulo 6-K divulgando la Bozza di Determinazione di Ofgem per il periodo di controllo tariffario RIIO-ET3, che copre da aprile 2026 a marzo 2031. La bozza riguarda National Grid Electricity Transmission (NGET) e segue la presentazione del piano aziendale finale della società a dicembre 2024. Ofgem continua a riconoscere la necessità di "livelli significativi di investimento" nella rete di trasmissione del Regno Unito e ha proposto decisioni sulle allocazioni per un sottoinsieme di progetti; il resto sarà valutato tramite meccanismi in-periodo.

National Grid ribadisce l'intenzione di investire circa 60 miliardi di sterline di spesa in conto capitale a livello di gruppo tra ora e marzo 2029, sottolineando l'entità dell'espansione della rete necessaria per soddisfare l'aumento dell'elettrificazione e degli obiettivi di decarbonizzazione. Il management esaminerà attentamente il pacchetto della bozza per valutare se offre un quadro finanziario "investibile", evidenziando che sono ancora necessari ulteriori progressi sui meccanismi di incentivazione per bilanciare il valore per i consumatori con i rendimenti per gli azionisti.

La società interagirà con Ofgem durante la fase di consultazione che porterà a una Determinazione Finale prevista per dicembre 2025. Ottenere un ritorno consentito attraente, incentivi positivi e un recupero tempestivo dei costi sarà fondamentale per finanziare gli investimenti pianificati, preservando al contempo i parametri creditizi e la capacità di dividendo. La documentazione contiene ampie clausole di esclusione di responsabilità relative a dichiarazioni previsionali, ma nessuna nuova guida sugli utili.

National Grid plc (NGG) ha presentado un Formulario 6-K divulgando la Determinación Provisional de Ofgem para el periodo de control de precios RIIO-ET3, que abarca de abril de 2026 a marzo de 2031. El borrador se refiere a National Grid Electricity Transmission (NGET) y sigue a la presentación del plan empresarial final de la compañía en diciembre de 2024. Ofgem continúa reconociendo la necesidad de "niveles significativos de inversión" en la red de transmisión del Reino Unido y ha propuesto decisiones de asignación para un subconjunto de proyectos; el resto será evaluado mediante mecanismos en el periodo.

National Grid reitera su intención de desplegar alrededor de 60 mil millones de libras esterlinas en gastos de capital a nivel de grupo entre ahora y marzo de 2029, subrayando la magnitud de la expansión de la red necesaria para cumplir con los crecientes objetivos de electrificación y descarbonización. La dirección examinará detenidamente el paquete del borrador para determinar si ofrece un marco financiero "invertible", destacando que aún se requieren avances adicionales en los mecanismos de incentivos para equilibrar el valor para los consumidores con los retornos para los accionistas.

La compañía se comprometerá con Ofgem durante la fase de consulta que conducirá a una Determinación Final prevista para diciembre de 2025. Asegurar un retorno permitido atractivo, incentivos positivos y una recuperación oportuna de costos será fundamental para financiar las inversiones planificadas, al tiempo que se preservan los indicadores crediticios y la capacidad de dividendos. La presentación contiene amplias cláusulas de exención de responsabilidad sobre declaraciones prospectivas, pero no hay nuevas guías de ganancias.

National Grid plc (NGG)는 2026년 4월부터 2031년 3월까지의 RIIO-ET3 가격 통제 기간에 대한 Ofgem의 초안 결정을 공개하는 Form 6-K를 제출했습니다. 이 초안은 National Grid Electricity Transmission (NGET)에 관한 것으로, 2024년 12월 회사의 최종 사업 계획 제출에 따른 것입니다. Ofgem은 영국 송전망에 "상당한 수준의 투자"가 필요함을 계속 인정하며 일부 프로젝트에 대한 허용 결정을 제안했으며, 나머지는 기간 내 메커니즘을 통해 평가할 예정입니다.

National Grid는 2029년 3월까지 그룹 전체에서 약 600억 파운드의 자본 지출을 계획하고 있다고 재확인하며, 전력화 및 탈탄소화 목표 증가에 대응하기 위한 네트워크 확장의 규모를 강조했습니다. 경영진은 초안 패키지가 "투자 가능한" 재정 프레임워크를 제공하는지 면밀히 검토할 것이며, 소비자 가치와 주주 수익 간 균형을 맞추기 위해 인센티브 메커니즘에 대한 추가 진전이 필요함을 강조했습니다.

회사는 2025년 12월에 예상되는 최종 결정에 이르는 협의 단계에서 Ofgem과 협력할 예정입니다. 매력적인 허용 수익, 인센티브 상승 및 적시 비용 회수가 계획된 투자를 자금 조달하는 데 중요하며, 신용 지표와 배당 능력을 유지하는 데 필수적입니다. 제출 문서에는 광범위한 미래 예측 진술 면책 조항이 포함되어 있으나 새로운 수익 가이던스는 없습니다.

National Grid plc (NGG) a déposé un formulaire 6-K divulguant le projet de décision d'Ofgem pour la période de contrôle des prix RIIO-ET3 couvrant d'avril 2026 à mars 2031. Le projet concerne National Grid Electricity Transmission (NGET) et fait suite à la soumission du plan d'affaires final de la société en décembre 2024. Ofgem continue de reconnaître la nécessité de « niveaux d'investissement significatifs » dans le réseau de transmission britannique et a proposé des décisions d'allocation pour un sous-ensemble de projets ; le reste sera évalué via des mécanismes en cours de période.

National Grid réaffirme son intention de déployer environ 60 milliards de livres sterling de dépenses d'investissement au niveau du groupe d'ici mars 2029, soulignant l'ampleur de l'expansion du réseau nécessaire pour atteindre les objectifs croissants d'électrification et de décarbonation. La direction examinera attentivement le projet pour déterminer s'il offre un cadre financier « investissable », en soulignant que des progrès supplémentaires sur les mécanismes d'incitation sont encore nécessaires pour équilibrer la valeur pour les consommateurs et les rendements pour les actionnaires.

La société s'engagera avec Ofgem lors de la phase de consultation menant à une Décision finale attendue en décembre 2025. Obtenir un rendement autorisé attractif, des incitations positives et un recouvrement rapide des coûts sera crucial pour financer les investissements prévus tout en préservant les ratios de crédit et la capacité de dividende. Le dépôt contient de larges clauses de non-responsabilité concernant les déclarations prospectives, mais aucune nouvelle orientation sur les résultats.

National Grid plc (NGG) hat ein Formular 6-K eingereicht, das den Entwurf der Ofgem-Bestimmung für den RIIO-ET3-Preisregulierungszeitraum von April 2026 bis März 2031 offenlegt. Der Entwurf betrifft National Grid Electricity Transmission (NGET) und folgt auf die endgültige Einreichung des Geschäftsplans des Unternehmens im Dezember 2024. Ofgem erkennt weiterhin den Bedarf an "erheblichen Investitionen" im britischen Übertragungsnetz an und hat Zulassungsentscheidungen für einen Teil der Projekte vorgeschlagen; der Rest wird durch Zwischenzeit-Mechanismen bewertet.

National Grid bekräftigt seine Absicht, bis März 2029 rund 60 Milliarden Pfund gruppenweit an Investitionsausgaben zu tätigen, was das Ausmaß der Netzerweiterung unterstreicht, die erforderlich ist, um die steigenden Elektrifizierungs- und Dekarbonisierungsziele zu erreichen. Das Management wird das Entwurfspaket genau prüfen, um festzustellen, ob es einen "investierbaren" finanziellen Rahmen bietet, und weist darauf hin, dass weitere Fortschritte bei den Anreizmechanismen erforderlich sind, um den Nutzen für Verbraucher und die Renditen für Aktionäre auszubalancieren.

Das Unternehmen wird während der Konsultationsphase mit Ofgem zusammenarbeiten, die zu einer Endgültigen Bestimmung erwartet im Dezember 2025 führt. Die Sicherstellung einer attraktiven zulässigen Rendite, Anreizsteigerungen und einer rechtzeitigen Kostenrückgewinnung ist entscheidend für die Finanzierung der geplanten Investitionen bei gleichzeitiger Erhaltung der Kreditkennzahlen und Dividendenausschüttungsfähigkeit. Die Einreichung enthält umfangreiche Haftungsausschlüsse für zukunftsgerichtete Aussagen, jedoch keine neuen Gewinnprognosen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR – Draft allows capex path but economics still unproven; outcome hinges on December Final Determination.

Ofgem’s draft determination signals policy support for accelerating grid build-out, which is directionally positive for National Grid’s long-term rate-base growth. However, key details—allowed return on equity, cost-of-debt indexation, efficiency targets and incentive mechanics—are only partially addressed. The regulator has approved funding for some projects yet deferred decisions on the rest, creating uncertainty around cash-flow timing and balance-sheet impact. Until the final package is known, investors cannot assess whether the £60 bn programme will be value-accretive or strain leverage. Overall impact is neutral pending clarity.

TL;DR – Big capex story intact; risk-reward unchanged until returns confirmed.

The filing reinforces National Grid’s thesis as a regulated infrastructure grower. A £60 bn spend over five years could drive high-single-digit regulated asset growth if returns match RIIO-ET2 levels. Yet management’s language ("assess whether it delivers an investable package") hints at potential pressure on equity returns or incentive upside. With gearing already elevated post-recent acquisitions, adverse determinations could trigger funding gaps or dividend headwinds. I classify today’s news as informational rather than catalytic.

National Grid plc (NGG) ha presentato un Modulo 6-K divulgando la Bozza di Determinazione di Ofgem per il periodo di controllo tariffario RIIO-ET3, che copre da aprile 2026 a marzo 2031. La bozza riguarda National Grid Electricity Transmission (NGET) e segue la presentazione del piano aziendale finale della società a dicembre 2024. Ofgem continua a riconoscere la necessità di "livelli significativi di investimento" nella rete di trasmissione del Regno Unito e ha proposto decisioni sulle allocazioni per un sottoinsieme di progetti; il resto sarà valutato tramite meccanismi in-periodo.

National Grid ribadisce l'intenzione di investire circa 60 miliardi di sterline di spesa in conto capitale a livello di gruppo tra ora e marzo 2029, sottolineando l'entità dell'espansione della rete necessaria per soddisfare l'aumento dell'elettrificazione e degli obiettivi di decarbonizzazione. Il management esaminerà attentamente il pacchetto della bozza per valutare se offre un quadro finanziario "investibile", evidenziando che sono ancora necessari ulteriori progressi sui meccanismi di incentivazione per bilanciare il valore per i consumatori con i rendimenti per gli azionisti.

La società interagirà con Ofgem durante la fase di consultazione che porterà a una Determinazione Finale prevista per dicembre 2025. Ottenere un ritorno consentito attraente, incentivi positivi e un recupero tempestivo dei costi sarà fondamentale per finanziare gli investimenti pianificati, preservando al contempo i parametri creditizi e la capacità di dividendo. La documentazione contiene ampie clausole di esclusione di responsabilità relative a dichiarazioni previsionali, ma nessuna nuova guida sugli utili.

National Grid plc (NGG) ha presentado un Formulario 6-K divulgando la Determinación Provisional de Ofgem para el periodo de control de precios RIIO-ET3, que abarca de abril de 2026 a marzo de 2031. El borrador se refiere a National Grid Electricity Transmission (NGET) y sigue a la presentación del plan empresarial final de la compañía en diciembre de 2024. Ofgem continúa reconociendo la necesidad de "niveles significativos de inversión" en la red de transmisión del Reino Unido y ha propuesto decisiones de asignación para un subconjunto de proyectos; el resto será evaluado mediante mecanismos en el periodo.

National Grid reitera su intención de desplegar alrededor de 60 mil millones de libras esterlinas en gastos de capital a nivel de grupo entre ahora y marzo de 2029, subrayando la magnitud de la expansión de la red necesaria para cumplir con los crecientes objetivos de electrificación y descarbonización. La dirección examinará detenidamente el paquete del borrador para determinar si ofrece un marco financiero "invertible", destacando que aún se requieren avances adicionales en los mecanismos de incentivos para equilibrar el valor para los consumidores con los retornos para los accionistas.

La compañía se comprometerá con Ofgem durante la fase de consulta que conducirá a una Determinación Final prevista para diciembre de 2025. Asegurar un retorno permitido atractivo, incentivos positivos y una recuperación oportuna de costos será fundamental para financiar las inversiones planificadas, al tiempo que se preservan los indicadores crediticios y la capacidad de dividendos. La presentación contiene amplias cláusulas de exención de responsabilidad sobre declaraciones prospectivas, pero no hay nuevas guías de ganancias.

National Grid plc (NGG)는 2026년 4월부터 2031년 3월까지의 RIIO-ET3 가격 통제 기간에 대한 Ofgem의 초안 결정을 공개하는 Form 6-K를 제출했습니다. 이 초안은 National Grid Electricity Transmission (NGET)에 관한 것으로, 2024년 12월 회사의 최종 사업 계획 제출에 따른 것입니다. Ofgem은 영국 송전망에 "상당한 수준의 투자"가 필요함을 계속 인정하며 일부 프로젝트에 대한 허용 결정을 제안했으며, 나머지는 기간 내 메커니즘을 통해 평가할 예정입니다.

National Grid는 2029년 3월까지 그룹 전체에서 약 600억 파운드의 자본 지출을 계획하고 있다고 재확인하며, 전력화 및 탈탄소화 목표 증가에 대응하기 위한 네트워크 확장의 규모를 강조했습니다. 경영진은 초안 패키지가 "투자 가능한" 재정 프레임워크를 제공하는지 면밀히 검토할 것이며, 소비자 가치와 주주 수익 간 균형을 맞추기 위해 인센티브 메커니즘에 대한 추가 진전이 필요함을 강조했습니다.

회사는 2025년 12월에 예상되는 최종 결정에 이르는 협의 단계에서 Ofgem과 협력할 예정입니다. 매력적인 허용 수익, 인센티브 상승 및 적시 비용 회수가 계획된 투자를 자금 조달하는 데 중요하며, 신용 지표와 배당 능력을 유지하는 데 필수적입니다. 제출 문서에는 광범위한 미래 예측 진술 면책 조항이 포함되어 있으나 새로운 수익 가이던스는 없습니다.

National Grid plc (NGG) a déposé un formulaire 6-K divulguant le projet de décision d'Ofgem pour la période de contrôle des prix RIIO-ET3 couvrant d'avril 2026 à mars 2031. Le projet concerne National Grid Electricity Transmission (NGET) et fait suite à la soumission du plan d'affaires final de la société en décembre 2024. Ofgem continue de reconnaître la nécessité de « niveaux d'investissement significatifs » dans le réseau de transmission britannique et a proposé des décisions d'allocation pour un sous-ensemble de projets ; le reste sera évalué via des mécanismes en cours de période.

National Grid réaffirme son intention de déployer environ 60 milliards de livres sterling de dépenses d'investissement au niveau du groupe d'ici mars 2029, soulignant l'ampleur de l'expansion du réseau nécessaire pour atteindre les objectifs croissants d'électrification et de décarbonation. La direction examinera attentivement le projet pour déterminer s'il offre un cadre financier « investissable », en soulignant que des progrès supplémentaires sur les mécanismes d'incitation sont encore nécessaires pour équilibrer la valeur pour les consommateurs et les rendements pour les actionnaires.

La société s'engagera avec Ofgem lors de la phase de consultation menant à une Décision finale attendue en décembre 2025. Obtenir un rendement autorisé attractif, des incitations positives et un recouvrement rapide des coûts sera crucial pour financer les investissements prévus tout en préservant les ratios de crédit et la capacité de dividende. Le dépôt contient de larges clauses de non-responsabilité concernant les déclarations prospectives, mais aucune nouvelle orientation sur les résultats.

National Grid plc (NGG) hat ein Formular 6-K eingereicht, das den Entwurf der Ofgem-Bestimmung für den RIIO-ET3-Preisregulierungszeitraum von April 2026 bis März 2031 offenlegt. Der Entwurf betrifft National Grid Electricity Transmission (NGET) und folgt auf die endgültige Einreichung des Geschäftsplans des Unternehmens im Dezember 2024. Ofgem erkennt weiterhin den Bedarf an "erheblichen Investitionen" im britischen Übertragungsnetz an und hat Zulassungsentscheidungen für einen Teil der Projekte vorgeschlagen; der Rest wird durch Zwischenzeit-Mechanismen bewertet.

National Grid bekräftigt seine Absicht, bis März 2029 rund 60 Milliarden Pfund gruppenweit an Investitionsausgaben zu tätigen, was das Ausmaß der Netzerweiterung unterstreicht, die erforderlich ist, um die steigenden Elektrifizierungs- und Dekarbonisierungsziele zu erreichen. Das Management wird das Entwurfspaket genau prüfen, um festzustellen, ob es einen "investierbaren" finanziellen Rahmen bietet, und weist darauf hin, dass weitere Fortschritte bei den Anreizmechanismen erforderlich sind, um den Nutzen für Verbraucher und die Renditen für Aktionäre auszubalancieren.

Das Unternehmen wird während der Konsultationsphase mit Ofgem zusammenarbeiten, die zu einer Endgültigen Bestimmung erwartet im Dezember 2025 führt. Die Sicherstellung einer attraktiven zulässigen Rendite, Anreizsteigerungen und einer rechtzeitigen Kostenrückgewinnung ist entscheidend für die Finanzierung der geplanten Investitionen bei gleichzeitiger Erhaltung der Kreditkennzahlen und Dividendenausschüttungsfähigkeit. Die Einreichung enthält umfangreiche Haftungsausschlüsse für zukunftsgerichtete Aussagen, jedoch keine neuen Gewinnprognosen.

 
 
 
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: 01 July 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
 
Exhibit No.
 
Description
 
99.1
 
Exhibit 99.1 Announcement sent to the London Stock Exchange on 01 July 2025— Ofgem’s Draft Determination for RIIO-ET3
 
Exhibit 99.1
 
1 July 2025
 
National Grid plc
 
Ofgem's Draft Determination for RIIO-ET3
 
As part of the ongoing process towards agreeing a settlement for RIIO-ET3, Ofgem has today published its draft determination which covers our National Grid Electricity Transmission business for the period April 2026 to March 2031. This follows the submission of our final business plan in December, which was created through extensive engagement with national, regional and local stakeholders.
 
We are pleased to see Ofgem continuing to recognise the need for significant levels of investment in networks, and the requirement for an investable framework to support its delivery.
 
The Draft Determination covers Ofgem's proposed decisions on awarding allowances for a subset of the projects included in our submission, with the remainder expected to be confirmed through in-period processes. As such, we continue to expect to invest around £60 billion over the 5 years to March 2029 across the Group.
 
We will now review the detail contained within the Draft Determination to assess whether it delivers an investable overall financial package. We note that progress is needed on incentive opportunities which are both good for consumers and support investability, and we will work with Ofgem to provide further information where requested to support our capital investment plans.
 
As we move towards the Final Determination in December, we will continue working closely with Ofgem to agree a price control that ensures the reliable and affordable flow of clean electricity whilst also meeting the ramp-up in demand for power. A resilient, future-proofed network will be critical to economic competitiveness and growth for Britain in the years ahead.
 
Enquiries and contacts                                  
 
Investors and Analysts:
 
Angela Broad
 
+44 (0) 7825 351 918
 
Cerys Reece
 
+44 (0) 7860 382 264
 
 
 
Media:
 
Ben Davies
 
+44 (0) 7914 539 999
 
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 proposed 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 210 to 215 of National Grid's Annual Report and Accounts for the year ended 31 March 2025 published on 29 May 2025. 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. The securities mentioned herein have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No public offering of securities is being made in the United States.
 
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.
 
 
 
 
NATIONAL GRID plc
 
 
 
 
 
By:
 
Beth Melges
 
 
 
Beth Melges
Head of Plc Governance
 
 
 
 
Date: 01 July 2025
National Grid

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