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: 02 March 2026
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 02 March
2026 —
Upgraded 5-year framework and RIIO-T3 acceptance
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Exhibit
99.1
02 March 2026
National Grid plc
Extended and upgraded 5-year Financial Framework and acceptance of
RIIO-T3
National
Grid today announces an extended and upgraded 5-year Financial
Framework[1] to
FY31, further underpinning our attractive investor proposition of
growth and yield, with:
●
Cumulative capital investment of at least
£70 billion;
●
Group asset growth CAGR of around
10%;
●
Upgraded underlying earnings per share CAGR of
8-10% from an FY26 baseline, more aligned with our asset
growth;
●
A strong balance sheet, with credit metrics
consistent with current Group rating; and
●
Aim to grow the dividend per share in line with
UK CPIH.
We are
also announcing our acceptance of the RIIO-T3 regulatory framework
for our UK Electricity Transmission Business, which along with
constructive recent US regulatory outcomes and our progress in
securing supply chain creates improved visibility and momentum
across the Group over the next five years to FY31.
Zoë
Yujnovich, Chief Executive said: "Today marks a further step in accelerating
investment in Britain and the US Northeast at a time when modern,
resilient networks are fundamental to economic growth. Building on
National Grid's strong track record of delivery, we are expanding
our record levels of investment to at least £70 billion by
FY31, driving around 10% asset growth and an upgraded underlying
EPS CAGR of between 8 and 10%. Our focus is clear: disciplined
execution, at scale, supported by regulatory frameworks that
recognise the critical role of networks. We are delivering
infrastructure that will ensure reliable, cleaner and increasingly
affordable energy - for customers, communities and long-term
investors alike."
National
Grid's new 5-year Financial Framework to FY31 is supported by
multiple investment drivers from decarbonisation and energy
security to accelerating demand growth from data centres and the
rise of AI, alongside the electrification of industrial demand.
This, together with our robust delivery plans and strong balance
sheet allows us to extend and upgrade our financial
framework.
Our
investment plan represents a 70% increase relative to the prior 5
years reflecting a doubling of investment into UK electricity
networks, and an almost 50% increase in investment into our US gas
and electricity networks. Our efficient delivery is
connecting more new generation and demand load faster than ever
before, enabling economic growth, bolstering energy security and
supporting clean, affordable energy for our communities and
customers on both sides of the Atlantic.
The
expected split of the at least £70 billion of capital
investment across the Group is:
●
UK Electricity Transmission
c.£31 billion
●
UK Electricity Distribution
c.£9
billion
●
New York Regulated
c.£17 billion
●
New England Regulated
c.£12
billion
●
National Grid Ventures
c.£1 billion
As a
result, we expect Group assets to reach around £115 billion by
FY31, subject to ongoing cycles of regulatory approval, customer
demand and similar factors. Our balance sheet strength combined
with higher earnings growth will allow us to execute this step up
in investment and deliver attractive levels of long-term growth for
shareholders. This balance sheet strength extends beyond FY31,
complemented by significant hybrid capacity.
For
FY26, the Group's performance remains in line with our expectations
and for FY27 we now expect underlying EPS growth of 13-15%,
reflecting higher allowed revenue as we step up delivery from
RIIO-T2 to RIIO-T3.
RIIO-T3 price control accepted
National
Grid today also confirms that it has accepted all of the RIIO-T3
price control arrangements proposed by Ofgem in its Final
Determination, which covers our UK Electricity Transmission
business for the period April 2026 to March 2031.
We have
engaged in detail with Ofgem on its Final Determination for the
RIIO-T3 price control, which was published on 4 December 2025. We
have made positive progress working with Ofgem in ensuring the new
licence provides clarity on the design of the incentives package
and improvements to the workability of the framework that will
enable transmission owners to recover the efficient cost of their
investments whilst progressing projects at the pace expected by our
stakeholders.
As a
result, Ofgem's Final Determination delivers a price control that
enables networks to invest at the pace and scale needed to meet the
ramp up in power demand, with plans to nearly double the amount of
power that can flow across the country, avoiding constraint costs
and ensuring a resilient, clean, future-proofed network that will
be critical to underpinning economic competitiveness and growth
for Britain in the years ahead.
RIIO-T3 performance
UK
Electricity Transmission has a strong track record of performance
and expects to continue to deliver strong operational and financing
performance over the RIIO-T3 period. We are confident that this
price control enables delivery of an overall return on equity above
9% across the price control.
We
expect that operational performance will be delivered through totex
efficiencies and performance against Output Delivery Incentives
(ODI), with the timing of ODI incentive recognition unevenly phased
across the price control period. Together these incentives will
deliver significant value to consumers including through innovation
in our working methods, timely delivery of major projects as we
deliver these later in the RIIO-T3 period, and optimising our
project plans to minimise constraint costs, whilst achieving
globally competitive overall returns.
[1] Guidance
based on an assumed USD FX rate of $1.35:£1; long-run UK CPIH
and US CPI and interest rate assumptions; and scrip uptake of
25%.
Analyst call with Q&A
Zoë
Yujnovich, CEO and Andy Agg, CFO will host an analyst call today at
9:30 GMT. To register for the webcast please use this
link: https://stream.brrmedia.co.uk/broadcast/698d7f24f12443001290ffba.
To view the slides and listen to the audio please use this
link: https://www.nationalgrid.com/investors/events/events-and-materials-centre.
If you
would like to ask a question:
|
UK-Wide:
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+44 (0)
33 0551 0200
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UK Toll
Free:
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0808
109 0700
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USA
Local:
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+1 786
697 3501
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Password
(if prompted):
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Quote
'National Grid Webcast' when prompted by the operator
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Inside Information
This
announcement is being disclosed in accordance with the UK Market
Abuse Regulation and has been determined to contain inside
information in line with the definition therein.
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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Miranda
Cochrane
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+44 (0)
7745 122 714
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Dan
Roberts, Brunswick
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+44 (0)
7980 959 590
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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 on page
44 of the Company's half year results statement, published on 6
November 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.
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: 02
March 2026

