NATIONAL GRID PLC [NMPWP] Filings

20-F 1 nggtf-20240331.htm 20-F nggtf-20240331

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)


£			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

R			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the fiscal year ended 31 March 2024

OR

£			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

£			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			Date of event requiring this shell company report

			For the transition period from to

Commission file number: 001-14958

NATIONAL GRID PLC

(Exact name of Registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

1-3 Strand, London WC2N 5EH, England

(Address of principal executive offices)

Justine Campbell

011 44 20 7004 3000

Facsimile No. 011 44 20 7004 3004

Group General Counsel and Company Secretary

National Grid plc

1-3 Strand London WC2N 5EH, England

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares of 12 204/473 pence each	NG	The New York Stock Exchange*
American Depositary Shares, each representing five	NGG	The New York Stock Exchange
5.602% Notes due 2028	NGG28	The New York Stock Exchange
5.809% Notes due 2033	NGG33	The New York Stock Exchange
5.418% Notes due 2034	NGG34	The New York Stock Exchange

____________

* Not for trading, but only in connection with the registration of American Depositary Shares representing Ordinary Shares pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: None.

Securities for which there is a reporting obligation pursuant to Section15(d) of the Securities Exchange Act of 1934: None.

The number of outstanding shares of each of the issuer’s classes of capital or common stock as of 31 March 2024 was

Ordinary Shares of 12 204/473 pence each 3,967,138,214

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes R No £

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes £ No R

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes R No £

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).: Yes R No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer R Non-accelerated filer £						Accelerated filer £ Emerging growth company £

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. R

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP £

International Financial Reporting Standards as issued by the International Accounting Standards Board R

Other £

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 £ Item 18 £

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No R

This constitutes the annual report on Form 20-F of National Grid plc (the “Company”) in accordance with the requirements of the US Securities and Exchange Commission (the “SEC”) for the year ended 31 March 2024 and is dated 23 May 2024. Details of events occurring subsequent to the approval of the annual report on 22 May 2024 are summarised in section “Further Information” which forms a part of this Form 20-F. The content of the Group’s website (www.nationalgrid.com/uk) should not be considered to form part of this annual report on Form 20-F.

Form 20-F Cross Reference Table


Item	Form 20-F caption		Location in the document		Page(s)
1	Identity of directors, senior management and advisors		Not applicable		—
2	Offer statistics and expected timetable		Not applicable		—
3	Key Information
	3A [Reserved]				—
	3B Capitalization and indebtedness		Not applicable		—
	3C Reasons for the offer and use of proceeds		Not applicable		—
	3D Risk Factors		“Additional Information—Internal control and risk factors—Risk factors”		226-231
4	Information on the company
	4A History and development of the company		“Strategic Report—National Grid at a glance”; “—Where we operate”; “—Our business model: “What we do” “—How we create value”		2-5
			“Strategic Report—Chair’s statement”		6
			“Strategic Report—Chief Executive’s review”		7-9
			“Strategic Report—Our business environment”		12-15
			“Strategic Report—Succeeding with our strategy”		16-17
			“Strategic Report—Our key performance indicators (KPI)”		18-21
			“Strategic Report—Our business units “—UK Electricity Transmission (UK ET)”; “—UK Electricity System Operator (ESO)”; “—UK Electricity Distribution (UK ED)”; —New England”; —New York”; “—National Grid Ventures (NGV)”; “—Other activities”		32-36
			“Strategic Report—Financial review—Summary of Group financial performance for the year ended 31 March 2024”		61-73
			“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis—(c) Capital investment”		139
			“Financial Statements—Notes to the consolidated financial statements—10. Assets held for sale and discontinued operations”		156-158
			“Additional Information—The business in detail—UK Regulation”; “—US Regulation” and “—Summary of US price controls and rate plans”		220-225
			“Additional Information—Shareholder information—Articles of Association—General”		232
			“Additional Information—Shareholder Information— Documents on display”		233
			“Additional Information—Other unaudited financial information—Alternative performance measures/non-IFRS reconciliations—Capital investment at constant currency”		248
			“Additional Information—Want more information or help?”		263
	4B Business overview		“Strategic Report—National Grid at a glance”; “—Where we operate”; “—Our business model: “What we do” “—How we create value”		2-5
			“Strategic Report—Chair’s statement”		6
		“Strategic Report—Our Business environment”				12-15
		“Strategic Report—Succeeding with our strategy”		16-17


		“Strategic Report—Our business units “—UK Electricity Transmission (UK ET)”; “—UK Electricity System Operator (ESO)”; “—UK Electricity Distribution (UK ED)”; —New England”; —New York”; “—National Grid Ventures (NGV)”; “—Other activities”			32-36
		“Strategic Report—Financial review—Segmental operating profit”			63-66
			“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis”	137-139
			“Financial Statements—Notes to the consolidated financial statements—3. Revenue”	140-143
			“Financial Statements—Notes to the consolidated financial statements—10. Assets held for sale and discontinued operations”	156-158
			“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments—(b) Commodity contract derivatives”	171-172
			“Additional Information—The business in detail—UK Regulation”; “—US Regulation” and “—Summary of US price controls and rate plans”			220-225
			“Additional Information—Internal control and risk factors—Risk factors”			226-231
	4C Organizational structure		“Financial Statements—Notes to the consolidated financial statements—34. Subsidiary undertakings, joint ventures and associates”	206-209
	4D Property, plants and equipment		“National Grid at a glance—Where we operate”	3
			“Strategic Report—Task Force on Climate-related Financial Disclosures (TCFD)”	44-58
			“Strategic Report—Financial review—Financial Position”	70
			“Financial Statements—Consolidated statement of financial position”			131
			“Financial Statements—Notes to the consolidated financial statements—5. Exceptional items and remeasurements—“—2023—Changes in environmental provisions”	148
			“Financial Statements—Notes to the consolidated financial statements—13. Property, plant and equipment”	162-165
			“Financial Statements—Notes to the consolidated financial statements—21. Borrowings”	175-176
			“Additional Information—Other disclosures—Property, plant, equipment and borrowings”			240
4A	Unresolved staff comments		“Additional Information—Other disclosures—Unresolved SEC staff comments”	239
5	Operating and financial review and prospects
	5A Operating results		“Strategic Report—Our business model”	4-5
			“Strategic Report—Our business environment”	12-15
			“Strategic Report—Our business units “—UK Electricity Transmission (UK ET)”; “—UK Electricity System Operator (ESO)”; “—UK Electricity Distribution (UK ED)”; —New England”; —New York”; “—National Grid Ventures (NGV)”; “—Other activities”	32-36
			“Strategic Report—Financial review”	60-73
			“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis”	137-139
			“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management—(c) Currency risk”	196
			“Additional Information—The business in detail—UK Regulation”; “—US Regulation” and “—Summary of US price controls and rate plans”	220-225


		“Additional Information—Internal control and risk factors—Risk factors—Law, regulation and political and economic uncertainty”	229
		“Additional Information—Commentary on consolidated financial statements”	257-258
	5B Liquidity and capital resources	“Strategic Report—Financial review”	60-73
		“Financial Statements—Consolidated cash flow statement”	132
		“Financial Statements—Notes to the consolidated financial statements—1.A Going concern”	133
		“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments”	170-172
		“Financial Statements—Notes to the consolidated financial statements—20. Cash and cash equivalents”	174
		“Financial Statements—Notes to the consolidated financial statements—21. Borrowings”	175-176
		“Financial Statements—Notes to the consolidated financial statements—29. Net debt”	189-190
		“Financial Statements—Notes to the consolidated financial statements—30. Commitments and contingencies”	191
		“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management”	192-204
		“Financial Statements—Notes to the consolidated financial statements—33. Borrowing facilities”	205
		“Additional Information—Internal control and risk factors—Risk factors—Financing and liquidity”	231
	5C Research and development, patents and licenses, etc.	“Additional Information—Other disclosures—Research, development and innovation activity”	241
	5D Trend information	“Strategic Report—Financial review”	60-73
	5E Critical Accounting Estimates	Not applicable	—
6	Directors, senior management and employees
	6A Directors and senior management	“Corporate Governance Report—Our Board”	78-79
	6B Compensation	“Corporate Governance Report—Directors’ Remuneration report”	98-114
		“Corporate Governance Report—Directors’ Remuneration report—Summary of Policy table and approach taken for 2023/24 with intended approach for 2024/25”	100-114
		“Corporate Governance Report—Directors’ Remuneration report—Statement of implementation of Policy in 2023/24”	103-105
		“Corporate Governance Report—Directors’ Remuneration report—Statement of implementation of Policy in 2023/24—Single total figure of remuneration–Executive Directors”	103
		“Corporate Governance Report—Directors’ Remuneration report—Statement of implementation of Policy in 2023/24—Single total figure of remuneration—Non-executive Directors”	109
		“Financial Statements—Notes to the consolidated financial statements—4. Other operating costs—(c) Key management compensation”	145
		“Financial Statements—Notes to the consolidated financial statements—25. Pensions and other post-retirement benefits”	178-184
	6C Board practices	“Corporate Governance Report—Our Board”	78-79
		“Corporate Governance Report—Corporate Governance overview”	76-77
		“Corporate Governance Report—Audit & Risk Committee report”	90-95

iii

“Corporate Governance Report—Directors’ Remuneration report”

98-114

“Additional Information—Shareholder Information—Articles of Association—Directors”

232

6D Employees

“Strategic Report—Our business model”

4-5

“Strategic Report—Our commitment to being a responsible business —Our People” —Gender demographic as at 31 March 2024”

“Financial Statements—Notes to the consolidated financial statements—4. Other operating costs—(b) Number of employees”

144

6E Share ownership

“Corporate Governance Report—Directors’ Remuneration report—Summary of Policy table and approach take for 2023/24 with intended approach for 2024/25”

100-102

“Additional Information—Other disclosures—All-employee share plans”

238

“Share ownership”

“Further Information”

6F Disclosure of a registrant’s action to cover erroneously awarded compensation

Not applicable

—

Major shareholders and related party transactions

7A Major shareholders

“Additional Information—Shareholder information—Material interests in shares”

234

“Material interests in shares”; and “Material interest in American Depositary Shares”

“Further Information”

7B Related party transactions

“Financial Statements—Notes to the consolidated financial statements—30. Commitments and contingencies”

191

“Financial Statements—Notes to the consolidated financial statements—31. Related party transactions”

192

“Material interests in shares”

“Further Information”

7C Interests of experts and counsel

Not applicable

—

Financial information

8A Consolidated statements and other financial information

“Strategic Report—Chair’s statement”

“Strategic Report—Financial review”

60-73

“Strategic Report—Corporate governance overview—Board focus during the year”

80-81

“Corporate Governance—Audit & Risk Committee report—Significant issues/judgments relating to the financial statements—Application of the Group’s exceptional items framework”

Financial Statements—“Financial Statements”

127-218

“Financial Statements—Notes to the consolidated financial statements—5. Exceptional items and remeasurements”

146-149

“Financial Statements—Notes to the consolidated financial statements—9. Dividends”

156

“Reports of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”

“Further Information”

8B Significant changes

“Strategic Report—Financial Review—Post balance sheet events”

“Financial Statements—Notes to the consolidated financial statements—36. Post balance sheet events”

211

“Additional Information—Shareholder Information—Events after the reporting period”

233

“Subsequent Events”

“Further Information”

The offer and listing

9A Offer and listing details

“Additional Information—Shareholder Information—Share information”

234

9B Plan of distribution

Not applicable

—

9C Markets

“Additional Information—Shareholder information—Share Information”

234

9D Selling shareholders

Not applicable

—

9E Dilution

Not applicable

—

9F Expenses of the issue

Not applicable

—

Additional information

10A Share capital

Not applicable

—

10B Memorandum and articles of association

“Additional Information—Shareholder information—Articles of Association”

232

“Additional Information—Other disclosures—Change of control provisions”

238

“Additional Information—Other disclosures—Corporate governance practices: differences from NYSE listing standards”

238

10C Material contracts

“Additional Information—Other disclosures—Material contracts”

240

10D Exchange controls

“Additional Information—Shareholder information—Exchange controls”

233

10E Taxation

“Additional Information——Shareholder information—Taxation”

236-237

10F Dividends and paying agents

Not applicable

—

10G Statement by experts

Not applicable

—

10H Documents on display

“Additional Information—Shareholder information—Documents on display”

233

10I Subsidiary information

“Financial Statements—Notes to the consolidated financial statements—34. Subsidiary undertakings, joint ventures and associates”

206-209

Quantitative and qualitative disclosures about market risk

11(a) Quantitative information about market risk

“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments”

170-172

“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management”

192-204

“Additional Information—Internal Control and Risk factors—Risk Factors”

226-231

11(b) Qualitative information about market risk

“Financial Statements—Notes to the consolidated financial statements—35. Sensitivities”

210-211

11(c) Interim Periods

Not Applicable

—

11(d) Forward looking statement safe harbor

“Additional Information—Cautionary statement”

264

Description of securities other than equity securities

12A Debt securities

Not applicable

—

12B Warrants and rights

Not applicable

—

12C Other securities

Not applicable

—–

12D American depositary shares

“Additional Information—Shareholder information—Depositary payments to the Company”

233

“Additional Information—Definitions and glossary of terms”

259-262

“Material interest in American Depositary Shares”

“Further Information”

Defaults, dividend arrearages and delinquencies

Not applicable

—

Material modifications to the rights of security holders and use of proceeds

Not applicable

—

Controls and procedures

15(a) Disclosure controls and procedures

“Additional information —Internal control and risk factors—Disclosure controls”

226

15(b) Management’s annual report on internal control over financial reporting

“Additional Information—Internal control and risk factors——Internal control over financial reporting”

226

“Corporate Governance Report—Audit & Risk Committee report”

90-95

15(c) Attestation report of the registered public accounting firm

“Report of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”

“Further Information”

16A Audit committee financial expert

“Corporate Governance Report—Our Board”

78-79

“Corporate Governance—Audit & Risk Committee report—Committee financial experience”

16B Code of ethics

“Additional Information—Other disclosures—Code of Ethics”

238

16C Principal accountant fees and services

“Corporate Governance Report—Audit & Risk Committee report—External audit—External Auditor fees”

“Corporate Governance Report—Audit & Risk Committee report—External audit—Non-audit services”

“Financial Statements—Notes to the consolidated financial statements—Note 4. Other operating costs—(e) Auditors’ remuneration”

145

16D Exemptions from the listing standards for audit committees

Not applicable

—

16E Purchases of equity securities by the issuer and affiliated purchasers

“Additional Information—Shareholder information—Material interests in shares—Authority to purchase shares”

235

16F Change in registrant’s certifying accountant

Not applicable

—

16G Corporate governance

“Additional Information—Other disclosures—Corporate governance practices: differences from NYSE listing standards”

238

16H Mine safety disclosure

Not applicable

—

16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable

—

16J Insider Trading Policies

“Insider Trading Policy”

“Further Information” and Exhibit 11(b)

16K Cybersecurity Disclosures

16K(b) Risk management and strategy

“Strategic Report—Our principal risks and uncertainties—Catastrophic cyber security incident”

“Strategic Report—Our principal risks and uncertainties—Cyber security risk management and strategy”

“Additional Information—Internal control and risk factors—Risk factors—Cyber or physical security breaches”

226

16K(c) Governance

“Strategic Report—Our principal risks and uncertainties—Catastrophic cyber security incident”

“Strategic Report—Cybersecurity governance”

Financial statements

Not applicable

—

Financial statements

Financial Statements—“Financial Statements”

127-218

“Financial Statements—Reports of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”

“Further Information”

Exhibits

Filed with the SEC

—

NG plc Annual Report and Accounts 2023/24

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2024	Notes	Total £m
2024	Notes	Total £m
Continuing operations
Revenue	2(a),3	19,850
Provision for bad and doubtful debts	4	(179)
Other operating costs	4	(15,208)
Other operating income		12
Operating profit	2(b)	4,475
Finance income	6	248
Finance costs	6	(1,712)
Share of post-tax results of joint ventures and associates	16	37
Profit before tax	2(b)	3,048
Tax	7	(831)
Profit after tax from continuing operations		2,217
Profit after tax from discontinued operations	10	74
Total profit for the year (continuing and discontinued)		2,291
Attributable to:
Equity shareholders of the parent		2,290
Non-controlling interests from continuing operations		1
Earnings per share (pence)
Basic earnings per share (continuing)	8	60.0
Diluted earnings per share (continuing)	8	59.7
Basic earnings per share (continuing and discontinued)	8	62.0
Diluted earnings per share (continuing and discontinued)	8	61.7


2023	Notes	Total £m
2023	Notes	Total £m
Continuing operations
Revenue	2(a),3	21,659
Provision for bad and doubtful debts	4	(220)
Other operating costs	4	(17,549)
Other operating income		989
Operating profit	2(b)	4,879
Finance income	6	138
Finance costs	6	(1,598)
Share of post-tax results of joint ventures and associates	16	171
Profit before tax	2(b)	3,590
Tax	7	(876)
Profit after tax from continuing operations		2,714
Profit after tax from discontinued operations	10	5,083
Total profit for the year (continuing and discontinued)		7,797
Attributable to:
Equity shareholders of the parent		7,797
Non-controlling interests from continuing operations		—
Earnings per share (pence)
Basic earnings per share (continuing)	8	74.2
Diluted earnings per share (continuing)	8	73.8
Basic earnings per share (continuing and discontinued)	8	213.1
Diluted earnings per share (continuing and discontinued)	8	212.1



	Financial Statements

Consolidated income statement

for the years ended 31 March


	127	National Grid plc	Annual Report and Accounts 2023/24


2022	Notes	Total £m
2022	Notes	Total £m
Continuing operations
Revenue	2(a),3	18,449
Provision for bad and doubtful debts	4	(167)
Other operating costs	4	(14,139)
Other operating income		228
Operating profit	2(b)	4,371
Finance income	6	50
Finance costs	6	(1,072)
Share of post-tax results of joint ventures and associates		92
Profit before tax	2(b)	3,441
Tax	7	(1,258)
Profit after tax from continuing operations		2,183
Profit after tax from discontinued operations	10	171
Total profit for the year (continuing and discontinued)		2,354
Attributable to:
Equity shareholders of the parent		2,353
Non-controlling interests from continuing operations		1
Earnings per share (pence)
Basic earnings per share (continuing)	8	60.6
Diluted earnings per share (continuing)	8	60.3
Basic earnings per share (continuing and discontinued)	8	65.4
Diluted earnings per share (continuing and discontinued)	8	65.0

Consolidated income statement

for the years ended 31 March continued


	128	National Grid plc	Annual Report and Accounts 2023/24


		2024	2023	2022
	Notes	£m	£m	£m
Profit after tax from continuing operations		2,217	2,714	2,183
Profit after tax from discontinued operations		74	5,083	171
Other comprehensive income from continuing operations
Items from continuing operations that will never be reclassified to profit or loss:
Remeasurement (losses)/gains on pension assets and post-retirement benefit obligations	25	(218)	(1,362)	2,172
Net gains on equity instruments designated at fair value through other comprehensive income		—	—	12
Net (losses)/gains in respect of cash flow hedging of capital expenditure		(37)	10	(1)
Tax on items that will never be reclassified to profit or loss	7	59	341	(496)
Total items from continuing operations that will never be reclassified to profit or loss		(196)	(1,011)	1,687
Items from continuing operations that may be reclassified subsequently to profit or loss:
Retranslation of net assets offset by net investment hedge		(335)	883	630
Exchange differences reclassified to the consolidated income statement on disposal		—	(170)	—
Net gains/(losses) in respect of cash flow hedges		240	—	(57)
Net gains/(losses) in respect of cost of hedging		26	(16)	1
Net gains/(losses) on investment in debt instruments measured at fair value through other comprehensive income		21	(25)	(11)
Share of other comprehensive income of associates, net of tax		—	1	1
Tax on items that may be reclassified subsequently to profit or loss	7	(66)	11	15
Total items from continuing operations that may be reclassified subsequently to profit or loss		(114)	684	579
Other comprehensive (loss)/income for the year, net of tax from continuing operations		(310)	(327)	2,266
Other comprehensive income/(loss) for the year, net of tax from discontinued operations	10	10	(227)	211
Other comprehensive (loss)/income for the year, net of tax		(300)	(554)	2,477
Total comprehensive income for the year from continuing operations		1,907	2,387	4,449
Total comprehensive income for the year from discontinued operations	10	84	4,856	382
Total comprehensive income for the year		1,991	7,243	4,831
Attributable to:
Equity shareholders of the parent
From continuing operations		1,906	2,386	4,447
From discontinued operations		84	4,856	382
		1,990	7,242	4,829
Non-controlling interests
From continuing operations		1	1	2



	Financial Statements

Consolidated statement of comprehensive income

for the years ended 31 March


	129	National Grid plc	Annual Report and Accounts 2023/24


	Share capital £m	Share premium account £m	Retained earnings £m	Other equity reserves1 £m	Total shareholders’ equity £m	Non- controlling interests £m	Total equity £m
At 31 March 2021	474	1,296	23,163	(5,094)	19,839	21	19,860
Profit for the year	—	—	2,353	—	2,353	1	2,354
Other comprehensive income for the year	—	—	1,871	605	2,476	1	2,477
Total comprehensive income for the year	—	—	4,224	605	4,829	2	4,831
Equity dividends	—	—	(922)	—	(922)	—	(922)
Scrip dividend-related share issue2	11	(12)	—	—	(1)	—	(1)
Issue of treasury shares	—	—	17	—	17	—	17
Transactions in own shares	—	16	(3)	—	13	—	13
Share-based payments	—	—	43	—	43	—	43
Tax on share-based payments	—	—	7	—	7	—	7
Transfer of accumulated gains and losses on sale of equity investments3	—	—	82	(82)	—	—	—
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	8	8	—	8
At 1 April 2022	485	1,300	26,611	(4,563)	23,833	23	23,856
Profit for the year	—	—	7,797	—	7,797	—	7,797
Other comprehensive (loss)/income for the year	—	—	(1,253)	698	(555)	1	(554)
Total comprehensive income for the year	—	—	6,544	698	7,242	1	7,243
Equity dividends	—	—	(1,607)	—	(1,607)	—	(1,607)
Scrip dividend-related share issue2	3	(3)	—	—	—	—	—
Issue of treasury shares	—	—	16	—	16	—	16
Transactions in own shares	—	5	(4)	—	1	—	1
Share-based payments	—	—	48	—	48	—	48
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	5	5	—	5
At 1 April 2023	488	1,302	31,608	(3,860)	29,538	24	29,562
Profit for the year	—	—	2,290	—	2,290	1	2,291
Other comprehensive loss for the year	—	—	(168)	(132)	(300)	—	(300)
Total comprehensive income/(loss) for the year	—	—	2,122	(132)	1,990	1	1,991
Equity dividends	—	—	(1,718)	—	(1,718)	—	(1,718)
Scrip dividend-related share issue2	5	(6)	—	—	(1)	—	(1)
Issue of treasury shares	—	—	21	—	21	—	21
Transactions in own shares	—	2	(6)	—	(4)	—	(4)
Share-based payments	—	—	37	—	37	—	37
Tax on share-based payments	—	—	2	—	2	—	2
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	2	2	—	2
At 31 March 2024	493	1,298	32,066	(3,990)	29,867	25	29,892

1.For further details of other equity reserves, see note 28.

2.Included within the share premium account are costs associated with scrip dividends.

3.In the year ended 31 March 2022, the Group disposed of its equity instruments related to shares held as part of a portfolio of financial instruments which back some long‑term employee

liabilities. The equity instruments were previously measured at fair value through other comprehensive income and prior to the disposal the Group recognised a gain of £12 million.

The accumulated gain of £82 million recognised in other comprehensive income was transferred to retained earnings on disposal.

Consolidated statement of changes in equity

for the years ended 31 March


	130	National Grid plc	Annual Report and Accounts 2023/24


		2024	2023
	Notes	£m	£m
Non-current assets
Goodwill	11	9,729	9,847
Other intangible assets	12	3,431	3,604
Property, plant and equipment	13	68,907	64,433
Other non-current assets1	14	848	620
Pension assets	25	2,407	2,645
Financial and other investments	15	880	859
Investments in joint ventures and associates	16	1,420	1,300
Derivative financial assets	17	324	276
Total non-current assets		87,946	83,584
Current assets
Inventories and current intangible assets	18	828	876
Trade and other receivables1	19	3,415	3,830
Current tax assets		11	43
Financial and other investments	15	3,699	2,605
Derivative financial assets	17	44	153
Cash and cash equivalents	20	559	163
Assets held for sale	10	1,823	1,443
Total current assets		10,379	9,113
Total assets		98,325	92,697
Current liabilities
Borrowings	21	(4,859)	(2,955)
Derivative financial liabilities	17	(335)	(222)
Trade and other payables	22	(4,076)	(5,068)
Contract liabilities	23	(127)	(252)
Current tax liabilities		(220)	(236)
Provisions	26	(298)	(288)
Liabilities held for sale	10	(1,474)	(109)
Total current liabilities		(11,389)	(9,130)
Non-current liabilities
Borrowings	21	(42,213)	(40,030)
Derivative financial liabilities	17	(909)	(1,071)
Other non-current liabilities	24	(880)	(921)
Contract liabilities	23	(2,119)	(1,754)
Deferred tax liabilities	7	(7,519)	(7,181)
Pensions and other post-retirement benefit obligations	25	(593)	(694)
Provisions	26	(2,811)	(2,354)
Total non-current liabilities		(57,044)	(54,005)
Total liabilities		(68,433)	(63,135)
Net assets		29,892	29,562
Equity
Share capital	27	493	488
Share premium account		1,298	1,302
Retained earnings		32,066	31,608
Other equity reserves	28	(3,990)	(3,860)
Total shareholders’ equity		29,867	29,538
Non-controlling interests		25	24
Total equity		29,892	29,562

1.In the year, we have revised our policy in relation to the classification of capital expenditure prepayments between current and non-current in order to align these to the operating cycles

of the underlying assets to which they relate. Accordingly, comparative amounts have been re-presented to reflect this change (see notes 14 and 19).

The consolidated financial statements set out on pages 127 – 211 were approved by the Board of Directors on 22 May 2024 and were signed

on its behalf by:

John Pettigrew Chief Executive

Andy Agg Chief Financial Officer

National Grid plc

Registered number: 4031152



	Financial Statements

Consolidated statement of financial position

as at 31 March


	131	National Grid plc	Annual Report and Accounts 2023/24


		2024	2023	2022
	Notes	£m	£m	£m
Cash flows from operating activities
Total operating profit from continuing operations	2(b)	4,475	4,879	4,371
Adjustments for:
Gain on sale of investments		—	(846)	(228)
Other fair value movements		(16)	21	(65)
Depreciation, amortisation and impairment		2,061	1,984	1,830
Share-based payments		37	48	38
Changes in working capital		(147)	547	(223)
Changes in provisions		840	(155)	149
Changes in pensions and other post-retirement benefit obligations		31	(46)	(84)
Cash generated from operations – continuing operations		7,281	6,432	5,788
Tax paid		(342)	(89)	(298)
Net cash inflow from operating activities – continuing operations		6,939	6,343	5,490
Net cash inflow from operating activities – discontinued operations		—	555	782
Cash flows from investing activities
Purchases of intangible assets		(549)	(567)	(446)
Purchases of property, plant and equipment		(6,904)	(6,325)	(5,098)
Disposals of property, plant and equipment		52	87	26
Investments in joint ventures and associates		(332)	(443)	(265)
Dividends received from joint ventures, associates and other investments		176	190	166
Acquisition of National Grid Electricity Distribution¹		—	—	(7,837)
Disposal of interest in the UK Gas Transmission business2	10	681	4,027	—
Disposal of interest in The Narragansett Electric Company2		—	2,968	—
Disposal of interest in Millennium Pipeline Company LLC		—	497	—
Disposal of interest in St William Homes LLP		—	—	413
Disposal of financial and other investments		102	116	215
Acquisition of financial investments		(81)	(95)	(197)
Contributions to National Grid Renewables and Emerald Energy Venture LLC		(19)	(19)	(16)
Net movements in short-term financial investments		(1,141)	586	(781)
Interest received	29(b)	148	65	40
Cash inflows on derivatives	29(b)	123	—	17
Cash outflows on derivatives	29(b)	—	(362)	(122)
Insurance claim from loss of property, plant and equipment		143	79	—
Net cash flow (used in)/from investing activities – continuing operations		(7,601)	804	(13,885)
Net cash flow from/(used in) investing activities – discontinued operations		102	(564)	(125)
Cash flows from financing activities
Proceeds from issue of treasury shares		20	16	33
Transactions in own shares		(4)	1	(3)
Proceeds received from loans	29(b)	5,563	11,908	12,347
Repayment of loans	29(b)	(1,701)	(15,260)	(1,261)
Payments of lease liabilities	29(b)	(118)	(155)	(117)
Net movements in short-term borrowings	29(b)	544	(511)	(11)
Cash inflows on derivatives	29(b)	86	190	20
Cash outflows on derivatives	29(b)	(58)	(118)	(114)
Interest paid	29(b)	(1,627)	(1,430)	(1,053)
Dividends paid to shareholders	9	(1,718)	(1,607)	(922)
Net cash flow from/(used in) financing activities – continuing operations		987	(6,966)	8,919
Net cash flow used in financing activities – discontinued operations		—	(207)	(1,150)
Net increase/(decrease) in cash and cash equivalents	29(b)	427	(35)	31
Reclassification to held for sale	10,29(b)	(30)	9	(11)
Exchange movements	29(b)	(1)	7	5
Cash and cash equivalents at start of year		163	182	157
Cash and cash equivalents at end of year	20	559	163	182

1.Balance consists of cash consideration paid and cash acquired from National Grid Electricity Distribution (NGED).

2.The balance for the year ended 31 March 2023 consists of cash proceeds received, net of cash disposed.

Consolidated cash flow statement

for the years ended 31 March


	132	National Grid plc	Annual Report and Accounts 2023/24

1. Basis of preparation and recent accounting developments

Accounting policies describe our approach to recognising and measuring transactions and balances in the year. The accounting policies

applicable across the financial statements are shown below, whereas accounting policies that are specific to a component of the financial

statements have been incorporated into the relevant note.

This section also shows areas of judgement and key sources of estimation uncertainty in these financial statements. In addition, we have

summarised new International Accounting Standards Board (IASB) accounting standards, amendments and interpretations and whether these

are effective for this year end or in later years, explaining how significant changes are expected to affect our reported results.

National Grid’s principal activities involve the transmission and

distribution of electricity in Great Britain and of electricity and gas in

northeastern US. The Company is a public limited liability company

incorporated and domiciled in England and Wales, with its registered

office at 1–3 Strand, London, WC2N 5EH.

The Company, National Grid plc, which is the ultimate parent of the

Group, has its primary listing on the London Stock Exchange and is

also quoted on the New York Stock Exchange.

These consolidated financial statements were approved for issue

by the Board on 22 May 2024.

These consolidated financial statements have been prepared in

accordance with International Accounting Standards (IAS) and

International Financial Reporting Standards (IFRS) and related

interpretations as issued by the IASB. They are prepared on the basis

of all IFRS accounting standards and interpretations that are

mandatory for the period ended 31 March 2024 and in accordance

with the Companies Act 2006. The comparative financial information

has also been prepared on this basis.

The consolidated financial statements have been prepared on

a historical cost basis, except for the recording of pension assets

and liabilities, the revaluation of derivative financial instruments and

certain commodity contracts and certain financial assets and liabilities

measured at fair value.

These consolidated financial statements are presented in pounds

sterling, which is also the functional currency of the Company.

The notes to the financial statements have been prepared on a

continuing basis unless otherwise stated.

A. Going concern

As part of the Directors’ consideration of the appropriateness of

adopting the going concern basis of accounting in preparing these

financial statements, the Directors have assessed the principal risks

alongside potential downside business cash flow scenarios impacting

the Group’s operations. The Directors specifically considered both a

base case and reasonable worst-case scenario for business cash flows.

As part of the assessment the Directors have included the expected

receipt of the fully underwritten Rights Issue. The assessment is

prepared on the conservative assumption that the Group has no access

to the debt capital markets.

The main cash flow impacts identified in the reasonable worst-case

scenario are:

•the timing of the sale of assets classified as held for sale (see note 10);

•adverse impacts of inflation and incremental spend on our capital

expenditure programme;

•adverse impact from timing across the Group (i.e. a net under-

recovery of allowed revenues or reductions in over-collections)

and slower collections of outstanding receivables;

•higher operating and financing costs than expected, including

non‑delivery of planned efficiencies across the Group; and

•the potential impact of further significant storms in the US.

As part of their analysis, the Board also considered the following

potential levers at their discretion to improve the position identified

by the analysis if the debt capital markets are not accessible:

•the payment of dividends to shareholders;

•significant changes in the phasing of the Group’s capital expenditure

programme, with elements of non-essential works and programmes

delayed; and

•a number of further reductions in operating expenditure across

the Group.

Having considered the reasonable worst-case scenario and the further

levers at the Board’s discretion, the Group continues to have headroom

against the Group’s committed facilities identified in note 33 to the

financial statements.

In addition to the above, the ability to raise new and extend existing

financing was separately included in the analysis, and the Directors

noted £5.6 billion of new long-term senior debt issued in the period

from 1 April 2023 to 31 March 2024 as evidence of the Group’s ability

to continue to have access to the debt capital markets if needed.

Based on the above, the Directors have concluded the Group is well

placed to manage its financing and other business risks satisfactorily

and have a reasonable expectation that the Group will have adequate

resources to continue in operation for at least 12 months from the

signing date of these consolidated financial statements. They therefore

consider it appropriate to adopt the going concern basis of accounting

in preparing the financial statements.



	Financial Statements

Notes to the consolidated financial statements


	133	National Grid plc	Annual Report and Accounts 2023/24

1. Basis of preparation and recent accounting developments continued

B. Basis of consolidation

The consolidated financial statements incorporate the results, assets

and liabilities of the Company and its subsidiaries, together with a share

of the results, assets and liabilities of joint operations.

A subsidiary is defined as an entity controlled by the Group. Control is

achieved where the Group is exposed to, or has the rights to, variable

returns from its involvement with the entity and has the ability to affect

those returns through its power over the entity.

The Group accounts for joint ventures and associates using the equity

method of accounting, where the investment is carried at cost plus

post‑acquisition changes in the share of net assets of the joint venture

or associate, less any provision for impairment. Losses in excess of the

consolidated interest in joint ventures and associates are not recognised,

except where the Company or its subsidiaries have made a commitment

to make good those losses.

Where necessary, adjustments are made to bring the accounting policies

used in the individual financial statements of the Company, subsidiaries,

joint operations, joint ventures and associates into line with those used

by the Group in its consolidated financial statements under IFRS.

Intercompany transactions are eliminated.

The results of subsidiaries, joint operations, joint ventures and associates

acquired or disposed of during the year are included in the consolidated

income statement from the effective date of acquisition or up to the

effective date of disposal, as appropriate.

Acquisitions are accounted for using the acquisition method, where

the purchase price is allocated to the identifiable assets acquired and

liabilities assumed on a fair value basis and the remainder recognised

as goodwill.

C. Foreign currencies

Transactions in currencies other than the functional currency of the

Company or subsidiary concerned are recorded at the rates of exchange

prevailing on the date of the transactions. At each reporting date,

monetary assets and liabilities that are denominated in foreign currencies

are retranslated at closing exchange rates. Non-monetary assets are not

retranslated unless they are carried at fair value.

Gains and losses arising on the retranslation of monetary assets and

liabilities are included in the income statement, except where

the application of hedge accounting requires inclusion in other

comprehensive income (see note 32(e)).

On consolidation, the assets and liabilities of operations that have a

functional currency different from the Company’s functional currency

of pounds sterling, principally our US operations that have a functional

currency of US dollars, are translated at exchange rates prevailing at

the reporting date. Income and expense items are translated at the

average exchange rates for the period where these do not differ

materially from rates at the date of the transaction. Exchange differences

arising are recognised in other comprehensive income and transferred

to the consolidated translation reserve within other equity reserves

(see note 28).

D. Disposal of the UK Electricity System Operator

(ESO)

As described further in note 10, at the end of October 2023, the

legislation required to enable the separation of the ESO and the

formation of the National Energy System Operator (NESO) was passed

through Parliament. The NESO is expected to be established as an

independent Public Corporation this calendar year, with responsibilities

across both the electricity and gas systems. As a result, the Group took

the judgement to classify the associated assets and liabilities of the ESO

as held for sale in the consolidated statement of financial position at the

end of October 2023. The ESO has not met the criteria for classification

as a discontinued operation and therefore its results have not been

separately disclosed on the face of the income statement, and are

instead included within the results from continuing operations.

E. Disposal of the UK Gas Transmission business

Following the Group’s disposal of a 60% controlling stake in the UK Gas

Transmission business in the year ended 31 March 2023, the Group

completed the sale of a further 20% of its retained interest in the

business (held through GasT TopCo Limited) on 11 March 2024. The

other 80% of GasT TopCo Limited is owned by Macquarie Infrastructure

and Real Assets (MIRA) and British Columbia Investment Management

Corporation (BCI) (together, the Consortium). The Group’s remaining

20% interest in GasT TopCo Limited is classified as an investment in

an associate on the basis that the Group has a significant influence

over the business.

The remaining 20% interest is subject to an option agreement with the

Consortium, the Remaining Acquisition Agreement (RAA), which on

9 July 2023 replaced the previous Further Acquisition Agreement (FAA)

under which the 20% disposal in the year was executed. The RAA option

is exercisable, at the Consortium’s option, between 1 May 2024 and

31 July 2024. If the RAA option is partially exercised by the Consortium,

the Group will have the right to put the remainder of its interests in

GasT TopCo Limited to the Consortium, which can be exercised by the

Group between 1 December 2024 and 31 December 2024. Taking into

consideration the timing of the RAA exercise window, the Group has

continued to classify its remaining interest in GasT TopCo Limited as

held for sale and has not equity accounted for its share of the

associate’s results.

The loss on the 20% disposal of GasT TopCo Limited and the

remeasurements in relation to the FAA option and the RAA option have

been recorded within discontinued operations. As an associate held for

sale, the Group has not recognised any share of results in the year

ended 31 March 2024. The classification impacts on the consolidated

income statement, the consolidated statement of comprehensive income

and the consolidated cash flow statement, as well as earnings per share

(EPS) split between continuing and discontinued operations.

Notes to the consolidated financial statements continued


	134	National Grid plc	Annual Report and Accounts 2023/24

1. Basis of preparation and recent accounting developments continued

F. Areas of judgement and key sources

of estimation uncertainty

The preparation of financial statements requires management to make

estimates and assumptions that affect the reported amounts of assets

and liabilities, disclosures of contingent assets and liabilities, and the

reported amounts of revenue and expenses during the reporting period.

Actual results could differ from these estimates. Information about such

judgements and estimations is in the notes to the financial statements,

and the key areas are summarised below.

Areas of judgement that have the most significant effect on the amounts

recognised in the financial statements are:

•the judgement that it is appropriate to classify our 20% equity

investment in GasT TopCo Limited, together with the RAA option,

as held for sale, as detailed in note 10; and

•the judgement that, notwithstanding legislation enacted and targets

committing the states of New York and Massachusetts to achieving

net zero greenhouse gas emissions by 2050, these do not shorten the

remaining useful economic lives (UELs) of our US gas network assets,

which we consider will have an expected use and utility beyond 2050

(see key sources of estimation uncertainty below and note 13).

Key sources of estimation uncertainty that have a significant risk

of causing a material adjustment to the carrying amounts of assets

and liabilities within the next financial year are:

•the cash flows and real discount rates applied in determining the

US environmental provisions, in particular relating to three Superfund

sites and certain other legacy Manufacturing Gas Plant (MGP) sites

(see note 26);

•the estimates made regarding the UELs of our gas network assets

due to uncertainty over the pace of delivery of the energy transition

and the multiple pathways by which it could be delivered. Our

estimates consider anticipated changes in customer behaviour and

developments in new technology, the potential to decarbonise fuel

through the use of renewable natural gas and green hydrogen, and

the feasibility and affordability of increased electrification (see note 13

for details and sensitivity analysis); and

•the valuation of liabilities for pensions and other post-retirement

benefits (see note 25).

In order to illustrate the impact that changes in assumptions for

the valuation of pension assets and liabilities and cash flows for

environmental provisions could have on our results and financial

position, we have included sensitivity analysis in note 35.

G. Impact of climate change and the transition

to net zero – areas of judgement and key sources

of estimation uncertainty

In preparing these financial statements for the year ended 31 March

2024, management has taken into account the Group’s commitments

regarding its transition to net zero and the impact of climate change.

The Group has a published climate transition plan which sets out its

targets to achieve this commitment by 2050, in line with the Paris

Agreement. Management has also identified a number of significant

climate-related risks and opportunities. Changes to the Group’s

commitments and the impact of climate change may have a material

impact on the currently reported amounts of the Group’s assets and

liabilities and on similar assets and liabilities that may be recognised

in future reporting periods, as set out above with respect to the

judgement and key source of estimation uncertainty regarding the UELs

of our US gas network assets, and as further detailed below.

Repairs to property, plant and equipment and climate

adaptation activities

The Group’s network assets recorded within property, plant and

equipment (PP&E) are at risk of physical impacts from extreme weather

events such as major storms which may be accentuated by increased

frequency of weather incidents and changing long-term climate trends,

thereby leading to asset damage. Major storm costs, net of deductibles

and disallowances, incurred by the Group are recoverable as revenue in

future periods under our rate plans but the associated repair costs are

expensed as incurred as other operating costs under IFRS.

Impairment of property, plant and equipment and goodwill

Included within the Group’s plant and machinery (see note 13) are

£325 million of oil- and gas-fired electricity generation units with

approximately 3,800 MW of electric generation capacity located in

Long Island, New York. Whilst the Group retains ownership of these

assets, it sells all of the capacity, energy in response to dispatch

requests, and any related ancillary services provided by the generating

facilities to the Long Island Power Authority (LIPA) via a Power Supply

Agreement running until 2028.

The maximum UEL for these units ends in 2040, which aligns to the

target set by the state of New York to achieve decarbonised power

generation by 2040. However, there is a risk that the UEL of certain,

or all, of the units may be shortened, depending on the progress of

decarbonisation activities in Long Island. The Group believes there are

no material accounting judgements in respect of the generation assets

and the UELs have not been accelerated in the year.

The assets related to the Group’s liquefied natural gas (LNG) storage

facility at the Isle of Grain in the UK have a maximum UEL to 2045,

which is in line with the current commercial contracts. The UELs of

our assets related to our commercial operations in LNG at Providence,

Rhode Island are informed by the recovery periods used for ratemaking

purposes and the majority of the UELs are covered by fixed price

service contracts. The net book value of these assets will be immaterial

by 2050. Accordingly, the Group believes there are no material

accounting judgements in respect of the UELs of the LNG assets

as of 31 March 2024.



	Financial Statements


	135	National Grid plc	Annual Report and Accounts 2023/24

1. Basis of preparation and recent accounting developments continued

G. Impact of climate change and the transition

to net zero – areas of judgement and key sources

of estimation uncertainty continued

The net zero pathway may also impact our US gas networks which

in turn may affect the recoverable amount of our New York and New

England cash-generating units (CGUs). In assessing the recoverability

of our CGUs (see note 11), we calculate the value-in-use based on

projections that incorporate our best estimates of future cash flows and

assumptions pertaining to the net zero plans of the jurisdictions that we

operate in. In respect of our New York and New England CGUs, our

forecast cash flow duration used in our impairment testing is five years.

We apply a terminal growth rate informed by expected long-term

economic inflation and the discount rate used takes into consideration

the potential impact of net zero plans on our gas business. Accordingly,

the impact of certain variables that will play out in the medium to long

term as a result of the anticipated transition to decarbonised power

generation are not anticipated to have an impact on the recoverable

amount of our New York and New England CGUs.

Decommissioning provisions

Provisions to decommission significant portions of our regulated

transmission and distribution assets are not recognised where no legal

obligations exist, and a realistic alternative exists to incurring costs to

decommission assets at the end of their life. Included within the Group’s

decommissioning provisions as at 31 March 2024 (see note 26) is

£57 million relating to legal requirements to remove asbestos upon

major renovation or demolition of our oil- and gas-fired electricity

generation structures and facilities located in Long Island, New York.

As noted above, the progress of decarbonisation activities in Long

Island may bring forward the decommissioning of these assets, thereby

increasing the present value of associated decommissioning provisions.

In the current year, there have been no material changes to the

expected timing of decommissioning expenditures. Currently, the

expected timing of decommissioning expenditures has not materially

been brought forward but management will continue to review the

facts and circumstances.

Sensitivity to commodity contract derivatives

The Group has contracts associated with the forward purchase of

gas and enters into derivative financial instruments linked to commodity

prices, including gas options and swaps which are used to manage

market price volatility (see note 17(b)). As at 31 March 2024, the Group’s

gas commodity contract derivatives are primarily short-term and

accordingly we do not anticipate a risk as a result of the transition

to net zero.

H. Accounting policy choices

IFRS provides certain options available within accounting standards.

Choices we have made, and continue to make, include the following:

•Presentational formats: we use the nature of expense method for our

income statement and aggregate our statement of financial position

to net assets and total equity.

•Financial instruments: we normally opt to apply hedge accounting

in most circumstances where this is permitted (see note 32(e)).

I. New IFRS accounting standards and

interpretations effective for the year ended

31 March 2024

The Group adopted the following new standards and amendments

to standards which have had no material impact on the Group’s results

or financial statement disclosures:

•IFRS 17 ‘Insurance Contracts’;

•amendments to IAS 1 and IFRS Practice Statement 2 – ‘Making

Materiality Judgements’;

•amendments to IAS 12 ‘International Tax Reform — Pillar Two Model

Rules’; and

•amendments to IAS 8 ‘Accounting Policies, Changes in Accounting

Estimates and Errors’.

In May 2021, the IASB issued amendments to IAS 12 ‘Income Taxes’

in order to narrow the scope of the initial recognition exemption to

exclude transactions that give rise to equal and offsetting temporary

differences. Following the amendments, the Group recognised separate

deferred tax assets in relation to its lease liabilities and decommissioning

obligations, and deferred tax liabilities in relation to its right-of-use assets

(see note 7). As the balances qualify for offset, there is no impact on the

consolidated statement of financial position and the opening retained

earnings as at 1 April 2023.

J. New IFRS accounting standards and

interpretations not yet adopted

The following new accounting standards and amendments to existing

standards have been issued but are not yet effective:

•amendments to IFRS 10 and IAS 28 ‘Sale or Contribution of Assets

between an Investor and its Associate or Joint Venture’;

•amendments to IAS 1 ‘Classification of Liabilities as Current or

Non‑current’;

•amendments to IAS 1 ‘Non-current Liabilities with Covenants’;

•amendments to IAS 7 and IFRS 7 ‘Supplier Finance Arrangements’;

•amendments to IFRS 16 ‘Lease Liability in a Sale and Leaseback’; and

•amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange

Rates’.

The Group is currently assessing the impact of the above standards,

but they are not expected to have a material impact.

The Group has not adopted any other standard, amendment or

interpretation that has been issued but is not yet effective.

Notes to the consolidated financial statements continued


	136	National Grid plc	Annual Report and Accounts 2023/24

2. Segmental analysis

This note sets out the financial performance for the year split into the different parts of the business (operating segments). The performance of

these operating segments is monitored and managed on a day-to-day basis. Revenue and the results of the business are analysed by operating

segment, based on the information the Board of Directors uses internally for the purposes of evaluating the performance of each operating

segment and determining resource allocation between them. The Board is National Grid’s chief operating decision maker (as defined by IFRS 8

‘Operating Segments’) and assesses the profitability of operations principally on the basis of a profit measure that excludes certain income and

expenses. We call that measure ‘adjusted profit’. Adjusted profit excludes exceptional items and remeasurements (as defined in note 5) and is

used by management to monitor financial performance as it is considered that it aids the comparability of our reported financial performance

from year to year. As a matter of course, the Board also considers profitability by segment, excluding the effects of timing, major storm costs

and deferred tax in our UK Electricity Transmission and UK Electricity Distribution businesses. However, the measure of profit disclosed in this

note is operating profit before exceptional items and remeasurements, as this is the measure that is most consistent with the IFRS results

reported within these financial statements.

The results of our six principal businesses are reported to the Board of Directors and are accordingly treated as reportable operating segments.

All other operating segments are reported to the Board of Directors on an aggregated basis. The following table describes the main activities for

each reportable operating segment:


UK Electricity Transmission	The high-voltage electricity transmission networks in England and Wales. This includes our Accelerated Strategic Transmission Investment projects to connect more clean, low-carbon power to the transmission network in England and Wales.
UK Electricity Distribution	The electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and South Wales.
UK Electricity System Operator	The Great Britain system operator. The ESO met the criteria to be classified as held for sale at the end of October 2023 (see note 10).
New England	Gas distribution networks, electricity distribution networks and high-voltage electricity transmission networks in New England.
New York	Gas distribution networks, electricity distribution networks and high-voltage electricity transmission networks in New York.
National Grid Ventures	Comprises all commercial operations in LNG at the Isle of Grain in the UK and Providence, Rhode Island in the US, our electricity generation business in the US, our electricity interconnectors in the UK and our investment in National Grid Renewables Development LLC, our renewables business in the US. Whilst NGV operates outside our regulated core business, the electricity interconnectors in the UK are subject to indirect regulation by Ofgem regarding the level of returns they can earn. Our US LNG operations were reclassified from the New England segment following an internal reorganisation in the year.

Other activities that do not form part of any of the segments in the above table primarily relate to our UK property business together with insurance

and corporate activities in the UK and US and the Group’s investments in technology and innovation companies through National Grid Partners.

(a) Revenue

Revenue primarily represents the sales value derived from the generation, transmission and distribution of energy, together with the sales value

derived from the provision of other services to customers. Refer to note 3 for further details.

Sales between operating segments are priced considering the regulatory and legal requirements to which the businesses are subject. The analysis

of revenue by geographical area is on the basis of destination. There are no material sales between the UK and US geographical areas.


	2024			2023			2022
	Total sales £m	Sales between segments £m	Sales to third parties £m	Total sales £m	Sales between segments £m	Sales to third parties £m	Total sales £m	Sales between segments £m	Sales to third parties £m
Operating segments – continuing operations:
UK Electricity Transmission	2,735	(40)	2,695	1,987	(41)	1,946	2,035	(7)	2,028
UK Electricity Distribution	1,795	(5)	1,790	2,045	(12)	2,033	1,482	(14)	1,468
UK Electricity System Operator	3,788	(35)	3,753	4,690	(31)	4,659	3,455	(18)	3,437
New England	3,948	—	3,948	4,427	—	4,427	4,550	—	4,550
New York	6,094	—	6,094	6,994	—	6,994	5,561	—	5,561
National Grid Ventures	1,389	(57)	1,332	1,341	(58)	1,283	1,024	—	1,024
Other	244	(6)	238	317	—	317	381	—	381
Total revenue from continuing operations	19,993	(143)	19,850	21,801	(142)	21,659	18,488	(39)	18,449

Split by geographical areas – continuing operations:
UK			9,063			9,611			7,803
US			10,787			12,048			10,646
Total revenue from continuing operations			19,850			21,659			18,449



	Financial Statements


	137	National Grid plc	Annual Report and Accounts 2023/24

2. Segmental analysis continued

(b) Operating profit

A reconciliation of the operating segments’ measure of profit to profit before tax from continuing operations is provided below. Further details of the

exceptional items and remeasurements are provided in note 5.


	Before exceptional items and remeasurements			Exceptional items and remeasurements (see note 5)			After exceptional items and remeasurements
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Operating segments – continuing operations:
UK Electricity Transmission	1,677	995	1,067	(3)	(2)	(12)	1,674	993	1,055
UK Electricity Distribution	993	1,091	909	(18)	(22)	—	975	1,069	909
UK Electricity System Operator	880	238	7	(498)	(1)	(2)	382	237	5
New England	643	708	743	(2)	424	21	641	1,132	764
New York	860	741	780	(498)	(200)	315	362	541	1,095
National Grid Ventures	469	490	286	89	467	(3)	558	957	283
Other	(60)	31	21	(57)	(81)	239	(117)	(50)	260
Total operating profit from continuing operations	5,462	4,294	3,813	(987)	585	558	4,475	4,879	4,371

Split by geographical area – continuing operations:
UK	3,923	2,825	2,234	(487)	26	224	3,436	2,851	2,458
US	1,539	1,469	1,579	(500)	559	334	1,039	2,028	1,913
Total operating profit from continuing operations	5,462	4,294	3,813	(987)	585	558	4,475	4,879	4,371


	Before exceptional items and remeasurements			Exceptional items and remeasurements (see note 5)			After exceptional items and remeasurements
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Reconciliation to profit before tax:
Operating profit from continuing operations	5,462	4,294	3,813	(987)	585	558	4,475	4,879	4,371
Share of post-tax results of joint ventures and associates	101	190	148	(64)	(19)	(56)	37	171	92
Finance income	244	166	65	4	(28)	(15)	248	138	50
Finance costs	(1,723)	(1,680)	(1,146)	11	82	74	(1,712)	(1,598)	(1,072)
Profit before tax from continuing operations	4,084	2,970	2,880	(1,036)	620	561	3,048	3,590	3,441

The following items are included in the total operating profit by segment:


Depreciation, amortisation and impairment	2024	2023	2022
Depreciation, amortisation and impairment	£m	£m	£m
Operating segments:
UK Electricity Transmission	(521)	(484)	(508)
UK Electricity Distribution	(223)	(223)	(158)
UK Electricity System Operator	(61)	(101)	(83)
New England	(420)	(393)	(364)
New York	(658)	(620)	(537)
National Grid Ventures	(166)	(149)	(156)
Other	(12)	(14)	(24)
Total	(2,061)	(1,984)	(1,830)

Asset type:
Property, plant and equipment	(1,769)	(1,700)	(1,544)
Non-current intangible assets	(292)	(284)	(286)
Total	(2,061)	(1,984)	(1,830)

Notes to the consolidated financial statements continued


	138	National Grid plc	Annual Report and Accounts 2023/24

2. Segmental analysis continued

Capital investment represents additions to property, plant and equipment, prepayments to suppliers to secure production capacity in relation to our

capital projects, non-current intangibles and additional equity investments in joint ventures and associates. Segmental information used for internal

decision making was revised in the year to include the capital expenditure prepayments and additional equity investments in joint ventures and

associates. Accordingly, comparative information for the years ended 31 March 2023 and 2022 has been re-presented to reflect the change in the

Group’s segmental measure in the year.


	2024	20231	20221
	£m	£m	£m
Operating segments:
UK Electricity Transmission	1,912	1,301	1,179
UK Electricity Distribution	1,247	1,220	899
UK Electricity System Operator	85	108	108
New England	1,673	1,527	1,478
New York	2,654	2,454	1,960
National Grid Ventures	662	970	989
Other	2	13	10
Total	8,235	7,593	6,623

Asset type:
Property, plant and equipment	7,124	6,783	5,622
Non-current intangible assets	481	578	471
Equity investments in joint ventures and associates2	332	197	461
Capital expenditure prepayments	298	35	69
Total	8,235	7,593	6,623

1.Comparative amounts have been represented to reflect the reclassification of our US LNG operations from New England to NGV following an internal reorganisation in the year and

the change in presentation for capital investments.

2.Excludes £nil (2023: £nil, 2022: £25 million) equity contribution to the St William Homes LLP joint venture. This was excluded based on the nature of the joint venture arrangement.

We typically contributed property assets to the joint venture in exchange for cash and accordingly did not consider these transactions to be in the nature of capital investment.

(d) Geographical analysis of non-current assets

Non-current assets by geography comprise goodwill, other intangible assets, property, plant and equipment, investments in joint ventures and

associates and other non-current assets.


	2024	2023	2022
	£m	£m	£m
Split by geographical area:
UK	40,065	38,043	35,466
US	44,270	41,761	36,411
	84,335	79,804	71,877

Reconciliation to total non-current assets:
Pension assets	2,407	2,645	3,885
Financial and other investments	880	859	830
Derivative financial assets	324	276	305
Non-current assets	87,946	83,584	76,897



	Financial Statements


	139	National Grid plc	Annual Report and Accounts 2023/24

3. Revenue

Revenue arises in the course of ordinary activities and principally comprises:

• transmission services;

• distribution services; and

• generation services.

Transmission services, distribution services and certain other services (excluding rental income) fall within the scope of IFRS 15 ‘Revenue from

Contracts with Customers’, whereas generation services (which solely relate to the contract with LIPA in the US) are accounted for under IFRS 16

‘Leases’ as rental income, also presented within revenue. Revenue is recognised to reflect the transfer of goods or services to customers at an

amount that reflects the consideration to which the Group expects to be entitled to in exchange for those goods or services and excludes

amounts collected on behalf of third parties and value added tax. The Group recognises revenue when it transfers control over a product or

service to a customer.

Revenue in respect of regulated activities is determined by regulatory agreements that set the price to be charged for services in a given period

based on pre-determined allowed revenues. Variances in service usage can result in actual revenue collected exceeding (over-recoveries) or

falling short (under-recoveries) of allowed revenues. Where regulatory agreements allow the recovery of under-recoveries or require the return

of over-recoveries, the allowed revenue for future periods is typically adjusted. In these instances, no assets or liabilities are recognised for

under- or over-recoveries respectively, because the adjustment relates to future customers and services that have not yet been delivered.

Revenue in respect of non-regulated activities primarily relates to the sale of capacity on our interconnectors, which is determined at auctions.

Capacity is sold in either day, month, quarter or year-ahead tranches. The price charged is determined by market fundamentals rather than

regulatory agreement. The interconnectors are subject to indirect regulation with regard to the levels of returns they are allowed to earn. Where

amounts fall below this range they receive top-up revenues and where amounts exceed this range they must pass back the excess. In these

instances, assets or liabilities are recognised for the top-up or pass-back respectively.

Below, we include a description of principal activities, by reportable segment, from which the Group generates its revenue. For more detailed

information about our segments, see note 2.

(a) UK Electricity Transmission

The UK Electricity Transmission segment principally generates revenue by providing electricity transmission services in England and Wales. Our

business operates as a monopoly regulated by Ofgem, which has established price control mechanisms that set the amount of annual allowed

returns our business can earn (along with the Scottish and Offshore transmission operators amongst others).

The transmission of electricity encompasses the following principal services:

•the supply of high-voltage electricity – revenue is recognised based on usage. Our performance obligation is satisfied over time as our customers

make use of our network. We bill monthly in arrears and our payment terms are up to 60 days. Price is determined prior to our financial year end

with reference to the regulated allowed returns and estimated annual volumes; and

•construction work (principally for connections) – revenue is recognised over time, as we provide access to our network. Customers can either pay

over the useful life of the connection or upfront. Where the customer pays upfront, revenues are deferred as a contract liability and released over

the life of the asset.

For other construction where there is no consideration for any future services (for example diversions), revenues are recognised as the construction

work is completed.

(b) UK Electricity Distribution

The UK Electricity Distribution segment principally generates revenue by providing electricity distribution services in the Midlands and South West

of England and South Wales. Similar to UK Electricity Transmission, UK Electricity Distribution operates as a monopoly in the jurisdictions that it

operates in and is regulated by Ofgem.

The distribution of electricity encompasses the following principal services:

•electricity distribution – revenue is recognised based on usage by customers (over time), based upon volumes and price. The price control

mechanism that determines our annual allowances is similar to UK Electricity Transmission. Revenues are billed monthly and payment terms are

typically within 14 days; and

•construction work (principally for connections) – revenue is recognised over time as we provide access to our network. Where the customer pays

upfront, revenues are deferred as a contract liability and released over the life of the asset.

For other construction where there is no consideration for any future services, revenues are recognised as the construction work is completed.

The UK Electricity System Operator earns revenue for balancing supply and demand of electricity on Great Britain’s electricity transmission system,

where it acts as principal. Balancing services are regulated by Ofgem and revenue, which is payable by generators and suppliers of electricity, is

recognised as the service is provided.

The UK Electricity System Operator also collects revenues on behalf of transmission operators, principally National Grid Electricity Transmission plc

and the Scottish and Offshore transmission operators, from users (electricity suppliers) who connect to or use the transmission system. As the UK

Electricity System Operator acts as an agent in this capacity, it records transmission network revenues net of payments to transmission operators.

Notes to the consolidated financial statements continued


	140	National Grid plc	Annual Report and Accounts 2023/24

3. Revenue continued

(d) New England

The New England segment principally generates revenue by providing electricity and gas supply and distribution services and high-voltage electricity

transmission services in New England. Supply and distribution services are regulated by the Massachusetts Department of Public Utilities (MADPU)

and transmission services are regulated by the Federal Energy Regulatory Commission (FERC), both of whom regulate the rates that can be charged

to customers.

The supply and distribution of electricity and gas and the provision of electricity transmission facilities encompasses the following principal services:

•electricity and gas supply and distribution and electricity transmission – revenue is recognised based on usage by customers (over time). Revenues

are billed monthly and payment terms are 30 days; and

•construction work (principally for connections) – revenue is recognised over time as we provide access to our network. Where the customer pays

upfront, revenues are deferred as a contract liability or customer contributions (where they relate to government entities) and released over the life

of the connection.

(e) New York

The New York segment principally generates revenue by providing electricity and gas supply and distribution services and high-voltage electricity

transmission services in New York. Supply and distribution services are regulated by the New York Public Service Commission (NYPSC) and

transmission services are regulated by the FERC, both of which regulate the rates that can be charged to customers.

The supply and distribution of electricity and gas and the provision of electricity transmission facilities encompasses the following principal services:

•electricity and gas supply and distribution and electricity transmission – revenue is recognised based on usage by customers (over time). Revenues

are billed monthly and payment terms are 30 days; and

•construction work (principally for connections) – revenue is recognised over time as we provide access to our network. Where the customer pays

upfront, revenues are deferred as a contract liability or customer contributions (where they relate to government entities) and released over the life

of the connection.

(f) National Grid Ventures

National Grid Ventures generates revenue from electricity interconnectors, LNG at the Isle of Grain in the UK and Providence, Rhode Island in the US,

National Grid Renewables and rental income.

The Group recognises revenue from transmission services through interconnectors and LNG importation at the Isle of Grain and Providence by

means of customers’ use of capacity and volumes. Revenue is recognised over time and is billed monthly. Payment terms are up to 60 days.

Electricity generation revenue is earned from the provision of energy services and supply capacity to produce energy for the use of customers of

LIPA through a power supply agreement, where LIPA receives all of the energy and capacity from the asset until at least 2028. The arrangement is

treated as an operating lease within the scope of the leasing standard where we act as lessor, with rental income being recorded as other revenue,

which forms part of total revenue. Lease payments (capacity payments) are recognised on a straight-line basis and variable lease payments are

recognised as the energy is generated.

Other revenue in the scope of IFRS 15 principally includes sales of renewables projects from National Grid Renewables to Emerald Energy Venture

LLC (Emerald), which is jointly controlled by National Grid and Washington State Investment Board (WSIB) (see note 16). National Grid Renewables

develops wind and solar generation assets in the US, whilst Emerald has a right of first refusal to buy, build and operate those assets. Revenue is

recognised as it is earned.

Other revenue, recognised in accordance with standards other than IFRS 15, primarily comprises adjustments in respect of the interconnector cap

and floor and Use of Revenue regimes constructed by Ofgem for certain wholly owned interconnector subsidiaries. Under the cap and floor regime,

where an interconnector expects to exceed its total five-year cap, a provision and reduction in revenue is recognised in the current reporting period

(see note 26). Where an interconnector does not expect to reach its five-year floor, either an asset will be recognised where a future inflow of

economic benefits is considered virtually certain, or a contingent asset will be disclosed where the future inflow is concluded to be probable. Under

the Use of Revenue framework, any revenues in excess of an agreed incentive level must be passed on as savings to consumers. Where the

obligation to transfer excess revenues arises, a payable and reduction in revenue is recognised in the current reporting period.

(g) Other

Revenue in Other relates to our UK commercial property business and insurance. Revenue is predominantly recognised in accordance with standards

other than IFRS 15 and comprises property sales by our UK commercial property business (including sales to the St William joint venture, which was

disposed of in the year ended 31 March 2022). Property sales are recorded when the sale is legally completed.



	Financial Statements


	141	National Grid plc	Annual Report and Accounts 2023/24

3. Revenue continued

(h) Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical market and major service lines. The table below reconciles disaggregated

revenue with the Group’s reportable segments (see note 2).


Revenue for the year ended 31 March 2024	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
Transmission1	2,591	—	(10)	73	493	869	—	4,016
Distribution	—	1,712	—	3,786	5,500	—	—	10,998
System Operator	—	—	3,763	—	—	—	—	3,763
Other2	25	73	—	8	15	168	4	293
Total IFRS 15 revenue	2,616	1,785	3,753	3,867	6,008	1,037	4	19,070
Other revenue
Generation	—	—	—	—	—	360	—	360
Other3	79	5	—	81	86	(65)	234	420
Total other revenue	79	5	—	81	86	295	234	780
Total revenue from continuing operations	2,695	1,790	3,753	3,948	6,094	1,332	238	19,850

1.The UK Electricity System Operator transmission revenue in the year represents transmission revenues collected, net of payments made to transmission owners.

2.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for

construction work requested by customers, such as the rerouting of existing network assets. Within NGV, the other IFRS 15 revenue principally relates to revenue generated from

our National Grid Renewables business.

3.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes property sales by our UK commercial property business, rental income, income arising

in connection with the Transition Services Agreements following the sales of NECO and the UK Gas Transmission business in the prior year, and an adjustment to NGV revenue in

respect of the interconnector cap and floor and Use of Revenue regimes constructed by Ofgem.


Geographical split for the year ended 31 March 2024	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
UK	2,616	1,785	3,753	—	—	878	1	9,033
US	—	—	—	3,867	6,008	159	3	10,037
Total IFRS 15 revenue	2,616	1,785	3,753	3,867	6,008	1,037	4	19,070
Other revenue
UK	79	5	—	—	—	(76)	22	30
US	—	—	—	81	86	371	212	750
Total other revenue	79	5	—	81	86	295	234	780
Total revenue from continuing operations	2,695	1,790	3,753	3,948	6,094	1,332	238	19,850


Revenue for the year ended 31 March 2023	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
Transmission	1,868	—	126	52	567	791	—	3,404
Distribution	—	1,951	—	4,314	6,373	—	—	12,638
System Operator	—	—	4,533	—	—	—	—	4,533
Other1	31	77	—	8	13	131	—	260
Total IFRS 15 revenue	1,899	2,028	4,659	4,374	6,953	922	—	20,835
Other revenue
Generation	—	—	—	—	—	394	—	394
Other2	47	5	—	53	41	(33)	317	430
Total other revenue	47	5	—	53	41	361	317	824
Total revenue from continuing operations	1,946	2,033	4,659	4,427	6,994	1,283	317	21,659

1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for

construction work requested by customers, such as the rerouting of existing network assets. Within NGV, the other IFRS 15 revenue principally relates to revenue generated from

our National Grid Renewables business.

2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes property sales by our UK commercial property business, rental income, income arising

in connection with the Transition Services Agreements following the sales of NECO and the UK Gas Transmission business, and a provision and adjustment to NGV revenue in respect

of the interconnector cap and floor regime constructed by Ofgem. In the year ended 31 March 2023, the Group also recognised other income relating to an insurance claim.

Notes to the consolidated financial statements continued


	142	National Grid plc	Annual Report and Accounts 2023/24

3. Revenue continued

(h) Disaggregation of revenue continued


Geographical split for the year ended 31 March 2023	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
UK	1,899	2,028	4,659	—	—	799	—	9,385
US	—	—	—	4,374	6,953	123	—	11,450
Total IFRS 15 revenue	1,899	2,028	4,659	4,374	6,953	922	—	20,835
Other revenue
UK	47	5	—	—	—	(31)	205	226
US	—	—	—	53	41	392	112	598
Total other revenue	47	5	—	53	41	361	317	824
Total revenue from continuing operations	1,946	2,033	4,659	4,427	6,994	1,283	317	21,659


Revenue for the year ended 31 March 2022	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
Transmission	1,983	—	—	52	405	627	—	3,067
Distribution	—	1,375	—	4,434	5,110	—	—	10,919
System Operator	—	—	3,418	—	—	—	—	3,418
Other¹	35	89	19	10	10	147	—	310
Total IFRS 15 revenue	2,018	1,464	3,437	4,496	5,525	774	—	17,714
Other revenue
Generation	—	—	—	—	—	373	—	373
Other2	10	4	—	54	36	(123)	381	362
Total other revenue	10	4	—	54	36	250	381	735
Total revenue from continuing operations	2,028	1,468	3,437	4,550	5,561	1,024	381	18,449

1.The UK Electricity Transmission and UK Electricity Distribution other IFRS 15 revenue principally relates to engineering recharges, which are the recovery of costs incurred for

construction work requested by customers, such as the rerouting of existing network assets. UK Electricity System Operator other IFRS 15 revenue reflects the net income from its

role as agent in respect of transmission network revenues. Within NGV, the other IFRS 15 revenue principally relates to revenue generated from our National Grid Renewables business.

2.Other revenue, recognised in accordance with accounting standards other than IFRS 15, includes property sales by our UK commercial property business and rental income.

Included within NGV is a provision and adjustment to NGV revenue in respect of the interconnector cap and floor regime constructed by Ofgem.


Geographical split for the year ended 31 March 2022	UK Electricity Transmission £m	UK Electricity Distribution £m	UK Electricity System Operator £m	New England £m	New York £m	National Grid Ventures £m	Other £m	Total £m
Revenue under IFRS 15
UK	2,018	1,464	3,437	—	—	646	—	7,565
US	—	—	—	4,496	5,525	128	—	10,149
Total IFRS 15 revenue	2,018	1,464	3,437	4,496	5,525	774	—	17,714
Other revenue
UK	10	4	—	—	—	(132)	356	238
US	—	—	—	54	36	382	25	497
Total other revenue	10	4	—	54	36	250	381	735
Total revenue from continuing operations	2,028	1,468	3,437	4,550	5,561	1,024	381	18,449

Contract liabilities (see note 23) represent revenue to be recognised in future periods relating to contributions in aid of construction of £2,246 million

(2023: £2,006 million; 2022: £1,472 million). Revenue is recognised over the life of the asset. The asset lives for connections in UK Electricity

Transmission, UK Electricity Distribution, New England and New York are 40 years, 69 years, 51 years and up to 51 years respectively. The weighted

average amortisation period is 32 years.

Future revenues in relation to unfulfilled performance obligations not yet received in cash amount to £6.1 billion (2023: £5.0 billion; 2022: £5.2 billion).

£1.9 billion (2023: £1.8 billion; 2022: £1.7 billion) relates to connection contracts in UK Electricity Transmission which will be recognised as revenue

over 24 years and £3.8 billion (2023: £2.7 billion; 2022: £3.0 billion) relates to revenues to be earned under Grain LNG contracts until 2045. The

remaining amount will be recognised as revenue over two years.

The amount of revenue recognised for the year ended 31 March 2024 from performance obligations satisfied (or partially satisfied) in previous

periods, mainly due to changes in the estimate of the stage of completion, is £nil (2023: £nil; 2022: £nil).



	Financial Statements


	143	National Grid plc	Annual Report and Accounts 2023/24

4. Other operating costs

Below we have presented separately certain items included in our operating costs from continuing operations. These include a breakdown

of payroll costs (including disclosure of amounts paid to key management personnel) and fees paid to our auditors.


	Total
	2024	2023	2022
	£m	£m	£m
Depreciation, amortisation and impairment	2,061	1,984	1,830
Payroll costs	2,043	1,958	1,794
Purchases of electricity	1,497	2,055	1,280
Purchases of gas	1,289	2,516	1,666
Property and other taxes	1,279	1,302	1,202
UK electricity balancing costs	2,486	4,052	3,152
Other	4,553	3,682	3,215
Other operating costs	15,208	17,549	14,139
Provision for bad and doubtful debts	179	220	167
Total operating costs from continuing operations	15,387	17,769	14,306
Operating costs from continuing operations include:
Inventory consumed	408	723	436
Research and development expenditure	32	23	11

(a) Payroll costs


	2024	2023	2022
	£m	£m	£m
Wages and salaries1	3,206	2,971	2,563
Social security costs	256	244	201
Defined contribution scheme costs	129	98	81
Defined benefit pension costs	96	121	185
Share-based payments	37	46	38
Severance costs (excluding pension costs)	12	3	5
	3,736	3,483	3,073
Less: payroll costs capitalised	(1,693)	(1,525)	(1,279)
Total payroll costs from continuing operations	2,043	1,958	1,794

1.Included within wages and salaries are US other post-retirement benefit costs of £26 million (2023: £37 million; 2022: £39 million). For further information, refer to note 25.

(b) Number of employees


	31 March 2024	Monthly average 2024	31 March 2023	Monthly average 2023	31 March 2022	Monthly average 2022
UK	13,956	13,439	12,572	12,024	11,960	11,393
US	17,469	17,406	16,878	16,539	17,332	17,314
Total number of employees (continuing operations)	31,425	30,845	29,450	28,563	29,292	28,707

Notes to the consolidated financial statements continued


	144	National Grid plc	Annual Report and Accounts 2023/24

4. Other operating costs continued


	2024	2023	2022
	£m	£m	£m
Short-term employee benefits	7	7	7
Post-employment benefits	—	—	1
Share-based payments	5	6	5
Total key management compensation	12	13	13

Key management compensation relates to the Board, including the Executive Directors and Non-executive Directors, for the years presented.

(d) Auditor’s remuneration

Auditor’s remuneration is presented below in accordance with the requirements of the Companies Act 2006 and the principal accountant fees

and services disclosure requirements of Item 16C of Form 20-F:


	2024	2023	2022
	£m	£m	£m
Audit fees payable to the Parent Company’s auditor and their associates in respect of:
Audit of the Parent Company’s individual and consolidated financial statements1	2.8	2.9	2.7
The auditing of accounts of any associate of the Company	8.8	9.0	8.9
Other services supplied2	7.3	7.4	7.3
	18.9	19.3	18.9
Total other services3
All other fees:
Other assurance services4	4.0	1.4	0.9
Other non-audit services not covered above	—	0.2	0.1
	4.0	1.6	1.0
Total auditor’s remuneration	22.9	20.9	19.9

1.Audit fees in each year represent fees for the audit of the Company’s financial statements for the years ended 31 March 2024, 2023 and 2022.

2.Other services supplied represent fees payable for services in relation to other statutory filings or engagements that are required to be carried out by the auditor. In particular, this

includes fees for reports under section 404 of the US Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley Act), audit reports on regulatory returns

and the review of interim financial statements for the six-month periods ended 30 September 2023, 2022 and 2021 respectively.

3.There were no tax compliance or tax advisory fees and no audit-related fees as described in Item 16C(b) of Form 20-F.

4.In all years, principally relates to assurance services provided in relation to comfort letters for debt issuances and reporting accountant services.

The Audit & Risk Committee considers and makes recommendations to the Board, to be put to shareholders for approval at each AGM, in relation

to the appointment, reappointment, removal and oversight of the Company’s independent auditor. The Committee, under authority granted at the

AGM, also considers and approves the audit fees on behalf of the Board in accordance with the Competition and Markets Authority Audit Order

2014.

Certain services are prohibited from being performed by the external auditor under the Sarbanes-Oxley Act and the FRC’s 2019 Revised Ethical

Standard. Of the above services, none were prohibited.



	Financial Statements


	145	National Grid plc	Annual Report and Accounts 2023/24

5. Exceptional items and remeasurements

To monitor our segmental financial performance, we use an adjusted consolidated profit measure that excludes certain income and expenses. We

exclude items from adjusted profit because, if included, these items could distort understanding of our performance for the year and the

comparability between periods. This note analyses these items, which are included in our results for the year but are excluded from adjusted

profit.

Exceptional items and remeasurements from continuing operations


	2024	2023	2022
	£m	£m	£m
Included within operating profit
Exceptional items:
Transaction, separation and integration costs1	(44)	(117)	(223)
Cost efficiency programme	(65)	(100)	(42)
IFA fire	92	130	—
Changes in environmental provisions	(496)	176	—
Provision for UK electricity balancing costs	(498)	—	—
Net gain on disposal of NECO	—	511	—
Net gain on disposal of Millennium Pipeline Company LLC	—	335	—
New operating model implementation costs	—	—	(24)
Release of St William Homes LLP deferred income	—	—	189
Net gain on disposal of St William Homes LLP	—	—	228
Environmental insurance recovery	—	—	38
	(1,011)	935	166
Remeasurements – commodity contract derivatives	24	(350)	392
	(987)	585	558

1.Transaction, separation and integration costs represent the aggregate of distinct activities undertaken by the Group in the years presented.

Details of remeasurements, tax exceptional items and the tax effect of exceptional items and remeasurements are also provided in this note.


	2024	2023	2022
	£m	£m	£m
Included within operating profit from continuing operations	(987)	585	558
Included within finance income and costs
Remeasurements:
Net gains/(losses) on financial assets at fair value through profit and loss	4	(28)	(15)
Net gains on financing derivatives	11	82	74
	15	54	59
Included within share of post-tax results of joint ventures and associates
Remeasurements:
Net losses on financial instruments	(64)	(19)	(56)
Total included within profit before tax	(1,036)	620	561
Included within tax
Exceptional items – movements arising on items not included in profit before tax:
Deferred tax charge arising as a result of UK tax rate change	—	—	(458)
Tax on exceptional items	159	(316)	(28)
Tax on remeasurements	(7)	75	(103)
	152	(241)	(589)
Total exceptional items and remeasurements after tax	(884)	379	(28)
Analysis of total exceptional items and remeasurements after tax
Exceptional items after tax	(852)	619	(320)
Remeasurements after tax	(32)	(240)	292
Total exceptional items and remeasurements after tax	(884)	379	(28)

Notes to the consolidated financial statements continued


	146	National Grid plc	Annual Report and Accounts 2023/24

5. Exceptional items and remeasurements continued

Exceptional items

Management uses an exceptional items framework that has been discussed and approved by the Audit & Risk Committee. This follows a three-step

process which considers the nature of the event, the financial materiality involved and any particular facts and circumstances. In considering the

nature of the event, management focuses on whether the event is within the Group’s control and how frequently such an event typically occurs.

With respect to restructuring costs, these represent additional expenses incurred that are not related to the normal business and day-to-day

activities. These can take place over multiple reporting periods given the scale of the Group, the nature and complexity of the transformation

initiatives and due to the impact of strategic transactions. In determining the facts and circumstances, management considers factors such as

ensuring consistent treatment between favourable and unfavourable transactions, the precedent for similar items, the number of periods over which

costs will be spread or gains earned, and the commercial context for the particular transaction. The exceptional items framework was last updated

in March 2022.

Items of income or expense that are considered by management for designation as exceptional items include significant restructurings, write-downs

or impairments of non-current assets, significant changes in environmental or decommissioning provisions, integration of acquired businesses, gains

or losses on disposals of businesses or investments and significant debt redemption costs as a consequence of transactions such as significant

disposals or issues of equity, and the related tax, as well as deferred tax arising on changes to corporation tax rates.

Costs arising from efficiency and transformation programmes include redundancy costs. Redundancy costs are charged to the consolidated income

statement in the year in which a commitment is made to incur the costs and the main features of the restructuring plan have been announced to

affected employees.

Set out below are details of the transactions against which we have considered the application of our exceptional items framework in each of the

years for which results are presented.

2024

Transaction, separation and integration costs

During the year, separation costs of £11 million were incurred in relation to the disposal of NECO, £6 million in relation to the disposal of the UK Gas

Transmission business and £27 million in connection with the integration of NGED. The costs incurred primarily relate to professional fees, relocation

costs and employee costs. The costs have been classified as exceptional in accordance with our exceptional items policy. Whilst the transaction,

separation and integration costs incurred during the period do not meet the quantitative threshold to be classified as exceptional on a standalone

basis, when taken in aggregate with the £340 million of costs in previous periods, the costs qualify for exceptional treatment in line with our exceptional

items policy. The total cash outflow for the period was £33 million. The Group is entitled to cost recovery in relation to the separation of the ESO.

Accordingly, these costs have not been classified as exceptional.

Cost efficiency programme

During the period, the Group incurred a further £65 million of costs in relation to the major cost efficiency programme announced in November 2021,

that targeted at least £400 million savings per annum across the Group by the end of three years. The costs recognised in the period primarily relate

to redundancy provisions, employee costs and professional fees incurred in delivering the programme. Whilst the costs incurred during the period

do not meet the quantitative threshold to be classified as exceptional on a standalone basis, when taken in aggregate with the £142 million of costs

incurred since the announcement of the programme, the costs qualify for exceptional treatment in line with our exceptional items policy. The total

cash outflow for the period was £53 million. The cost efficiency programme completed in the year.

Fire at IFA converter station

In September 2021, a fire at the IFA1 converter station in Sellindge, Kent caused significant damage to infrastructure on site. In the period, the Group

recognised net insurance claims of £92 million, which were recognised as exceptional in line with our exceptional items policy and consistent with

related claims in the prior year. The total cash inflow in the period in relation to the insurance proceeds was £92 million.

Changes in environmental provisions

In the US, we recognise environmental provisions related to the remediation of the Gowanus Canal and the former manufacturing gas plant facilities

previously owned or operated by the Group or its predecessor companies. The sites are subject to both state and federal environmental remediation

laws in the US. Potential liability for the historical contamination may be imposed on responsible parties jointly and severally, without regard to fault,

even if the activities were lawful when they occurred. The provisions and the Group’s share of estimated costs are re-evaluated at each reporting

period. During the second half of the financial year, following discussions with the New York State Department of Environmental Conservation and the

Environmental Protection Agency on the scope and design of remediation activities related to certain of our responsible sites, we have re-evaluated

our estimates of total costs and increased our provision by £496 million (see note 26). Under the terms of our rate plans, we are entitled to recovery

of environmental clean-up costs from rate payers in future reporting periods. Such recoveries through overall allowed revenues are not classified as

exceptional in the future periods that they occur due to the extended duration over which such costs are recovered and the immateriality of the

recoveries in any given year.

Provision for UK electricity balancing costs

During the year, the ESO’s operating profit increased due to a substantial over-recovery of allowed revenues received under its regulatory framework.

As described in note 3, under IFRS a corresponding liability is not recognised for the return of over-recoveries as this relates to future customers

and services that have not yet been delivered. At the end of October 2023, legislation required to enable the separation of the ESO and the formation

of the NESO was passed through Parliament and accordingly, the Group took the judgement to classify the assets and liabilities of the ESO as held

for sale (see note 10). An element of the over-recoveries will now be settled through the sale process and it no longer represents an unrecognised

regulatory liability for the Group. Accordingly, a liability has been recognised for the over-recovered revenues which are forecasted to transfer through

the disposal.



	Financial Statements


	147	National Grid plc	Annual Report and Accounts 2023/24

5. Exceptional items and remeasurements continued

Exceptional items continued

2023

Transaction, separation and integration costs

Separation costs of £39 million were incurred in relation to the disposal of NECO, £38 million in relation to the disposal of a majority stake in our

UK Gas Transmission business and £40 million in connection with the integration of NGED. The costs incurred primarily relate to legal fees, bankers’

fees, professional fees and employee costs. The costs have been classified as exceptional, consistent with similar costs for the years ended

31 March 2022 and 2021, and in line with the exceptional items policy. The total cash outflow for the period was £84 million.

Cost efficiency programme

The Group incurred a further £100 million of costs in relation to the major cost efficiency programme announced in November 2021. The costs

recognised primarily related to property costs, employee costs and professional fees incurred in delivering the programme. Whilst the costs incurred

during the period did not meet the quantitative threshold to be classified as exceptional on a standalone basis, when taken in aggregate with the

£42 million of costs incurred in the year ended 31 March 2022, the costs qualified for exceptional treatment in line with our exceptional items policy.

The total cash outflow for the period was £85 million.

Fire at IFA converter station

In September 2021, a fire at the IFA1 converter station in Sellindge, Kent caused significant damage to infrastructure on site. In the year, the Group

recognised £130 million of insurance claims (net of asset write-offs), which have been recognised as exceptional in line with our exceptional items

policy. The total cash inflow for the period was £79 million.

Changes in environmental provisions

The real discount rate applied to the Group’s environmental provisions was revised to 1.5% (2022: 0.5%) to reflect the substantial and sustained

change in US government bond yield curves (see note 26). The principal impact of this rate increase was a £165 million decrease in our US

environmental provisions and a £11 million decrease in our UK environmental provision. The weighted average remaining duration of our cash

flows was around 10.5 years.

Net gain on disposal of NECO

On 25 May 2022, the Group completed the sale of a wholly owned subsidiary, NECO, to PPL Rhode Island Holdings, LLC for cash consideration

of £3.1 billion. As a result, the Group derecognised net assets of £2.7 billion, resulting in a pre-tax gain of £511 million. The receipt of cash was

recognised within net cash used in investing activities within the consolidated cash flow statement.

Net gain on disposal of Millennium Pipeline Company LLC

The Group recognised a gain of £335 million on the disposal of its entire 26.25% equity interest in the Millennium Pipeline Company LLC associate

to DT Midstream for cash consideration of £497 million. The receipt of cash was recognised within net cash used in investing activities within the

consolidated cash flow statement.

2022

Transaction and separation costs

£223 million of transaction and separation costs were incurred in relation to the acquisition of NGED, the disposal of NECO and the disposal of our

UK Gas Transmission business. The costs related to legal fees, bankers’ fees and other professional fees. The costs were classified as exceptional,

consistent with similar costs for the year ended 31 March 2021. The total cash outflow for the year was £196 million.

New operating model implementation costs and cost efficiency programme

The Group incurred a further £24 million of costs in relation to the design and implementation of our new operating model and £42 million in relation

to the major cost efficiency programme announced in November 2021. The costs recognised primarily related to professional fees incurred and

redundancy provisions.

Whilst the costs incurred did not meet the quantitative threshold to be classified as exceptional on a standalone basis, when taken in aggregate

with the costs expected to be incurred over the duration of the cost efficiency programme, we concluded that the costs should be classified as

exceptional in line with our exceptional items policy. The total cash outflow for the period was £48 million.

Net gain on disposal of St William Homes LLP and release of deferred income

The Group recognised a gain of £228 million on the disposal of its entire 50% equity interest in the St William Homes LLP joint venture to The

Berkeley Group plc for cash consideration of £413 million. In connection with the disposal, the Group also released deferred income of £189 million

which related to deferred profits from previous property sales to St William Homes LLP. We concluded that the release of the deferred income should

be classified as exceptional given the crystallisation event for the release is the sale of the Group’s equity interest in St William Homes LLP.

Environmental insurance recovery

In the US, the most significant component of our £2.4 billion environmental provision relates to several Superfund sites, and arose from former

manufacturing gas plant facilities, previously owned or operated by the Group or its predecessor companies. Under federal and state Superfund

laws, potential liability for the historical contamination may be imposed on responsible parties jointly and severally, without regard to fault, even if

the activities were lawful when they occurred. In the year ended 31 March 2022, we recognised an exceptional gain of £38 million relating to an

insurance receivable for site remediation costs included in our Superfund sites environmental provision. The insurance receipts were recorded as

an exceptional item in line with the treatment of the related costs.

Notes to the consolidated financial statements continued


	148	National Grid plc	Annual Report and Accounts 2023/24

5. Exceptional items and remeasurements continued

Remeasurements

Remeasurements comprise unrealised gains or losses recorded in the consolidated income statement arising from changes in the fair value of certain

of our financial assets and liabilities accounted for at fair value through profit and loss (FVTPL). Once the fair value movements are realised (for

example, when the derivative matures), the previously recognised fair value movements are then reversed through remeasurements and recognised

within earnings before exceptional items and remeasurements. These assets and liabilities include commodity contract derivatives and financing

derivatives to the extent that hedge accounting is not available or is not fully effective.

The unrealised gains or losses reported in profit and loss on certain additional assets and liabilities treated at FVTPL are also classified within

remeasurements. These relate to financial assets (which fail the ‘solely payments of principal and interest test’ under IFRS 9), the money market fund

investments used by Group Treasury for cash management purposes and the net foreign exchange gains and losses on borrowing activities. These

are offset by foreign exchange gains and losses on financing derivatives measured at fair value. In all cases, these fair values increase or decrease

because of changes in foreign exchange, commodity or other financial indices over which we have no control.

We report unrealised gains or losses relating to certain discrete classes of financial assets accounted for at FVTPL within adjusted profit. These

comprise our portfolio of investments made by National Grid Partners, our investment in Sunrun Neptune 2016 LLC and the contingent consideration

arising on the acquisition of National Grid Renewables (all within NGV). The performance of these assets (including changes in fair value) is included in

our assessment of adjusted profit for the relevant business units.

Remeasurements excluded from adjusted profit are made up of the following categories:

i.Net gains/(losses) on commodity contract derivatives represent mark-to-market movements on certain physical and financial commodity contract

obligations in the US. These contracts primarily relate to the forward purchase of energy for supply to customers, or to the economic hedging

thereof, that are required to be measured at fair value and that do not qualify for hedge accounting. Under the existing rate plans in the US,

commodity costs are recoverable from customers although the timing of recovery may differ from the pattern of costs incurred;

ii.Net gains/(losses) on financing derivatives comprise gains and losses arising on derivative financial instruments, net of interest accrued, used for

the risk management of interest rate and foreign exchange exposures and the offsetting foreign exchange losses and gains on the associated

borrowing activities. These exclude gains and losses for which hedge accounting has been effective and have been recognised directly in the

consolidated statement of other comprehensive income or are offset by adjustments to the carrying value of debt (see notes 17 and 32). Net

foreign exchange gains and losses on financing derivatives used for the risk management of foreign exchange exposures are offset by foreign

exchange losses and gains on borrowing activities;

iii.Net gains/(losses) on financial assets measured at FVTPL comprise gains and losses on the investment funds held by our insurance captives

which are categorised as FVTPL (see note 15); and

iv.Unrealised net gains/(losses) on derivatives and other financial instruments within our joint ventures and associates.

Items included within tax

2022

Change in UK corporation tax rate

In the Spring Budget 2021, the UK government announced that from 1 April 2023 the UK corporation tax rate would increase to 25%, and this was

substantively enacted on 24 May 2021. Deferred tax balances at 31 March 2022 were remeasured at the enacted rate, with £458 million recognised

as exceptional, in line with previous periods.



	Financial Statements


	149	National Grid plc	Annual Report and Accounts 2023/24

6. Finance income and costs

This note details the interest income generated by our financial assets and interest expense incurred on our financial liabilities, primarily our

financing portfolio (including our financing derivatives). It also includes the net interest on our pensions and other post-retirement assets.

Finance income and costs remeasurements include unrealised gains and losses on certain assets and liabilities treated at FVTPL. The effective

interest income and interest expense and dividends on these items are included in finance income and finance costs before remeasurements

respectively.


		2024	2023	2022
	Notes	£m	£m	£m
Finance income
Net interest income on pensions and other post-retirement benefit obligations	25	100	85	—
Interest income on financial instruments:
Bank deposits and other financial assets		139	80	32
Dividends received on equities held at fair value through other comprehensive income (FVOCI)		1	1	3
Net gains/(losses) on FVTPL financial assets		4	(28)	(15)
Other income		4	—	30
		248	138	50
Finance costs
Interest expense on financial liabilities held at amortised cost:
Bank loans and overdrafts		(140)	(328)	(216)
Other borrowings1		(1,424)	(1,330)	(961)
Interest on derivatives		(277)	(170)	(59)
Unwinding of discount on provisions	26	(102)	(88)	(73)
Other interest		(31)	(13)	11
Derivatives designated as hedges for hedge accounting²		13	22	45
Derivatives not designated as hedges for hedge accounting²		(2)	60	29
Less: interest capitalised³		251	249	152
		(1,712)	(1,598)	(1,072)

Finance income		248	138	50
Finance costs4		(1,712)	(1,598)	(1,072)

Net finance costs from continuing operations		(1,464)	(1,460)	(1,022)

1.Includes interest expense on lease liabilities (see note 13 for details).

2.Includes a net foreign exchange gain on borrowing and investment activities of £271 million (2023: £86 million loss; 2022: £110 million gain) offset by foreign exchange gains and losses

on financing derivatives measured at fair value and the impacts of hedge accounting.

3.Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 4.7% (2023: 4.7%; 2022: 3.2%). In the UK, capitalised interest

qualifies for a current year tax deduction with tax relief claimed of £39 million (2023: £30 million; 2022: £16 million). In the US, capitalised interest is added to the cost of property, plant

and equipment, and qualifies for tax depreciation allowances.

4.Finance costs include principal accretion on inflation-linked liabilities of £208 million (2023: £483 million; 2022: £241 million).

Notes to the consolidated financial statements continued


	150	National Grid plc	Annual Report and Accounts 2023/24

7. Tax

Tax is payable in the territories where we operate, mainly the UK and the US. This note gives further details of the total tax charge and tax

liabilities, including current and deferred tax. Current tax charge is the tax payable on this year’s taxable profits. Deferred tax is an accounting

adjustment to provide for tax that is expected to arise in the future due to differences in the accounting and tax bases.

The tax charge for the period is recognised in the income statement, the statement of comprehensive income or directly in the statement of

changes in equity, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax.

Current tax assets and liabilities are measured at the amounts expected to be recovered from or paid to the tax authorities. The tax rates and

tax laws used to compute the amounts are those that have been enacted or substantively enacted by the reporting date.

The Group operates internationally in territories with different and complex tax codes. Management exercises judgement in relation to the level

of provision required for uncertain tax outcomes. Where there are tax positions not yet agreed with the tax authorities, different interpretations of

legislation could lead to a range of outcomes. Judgements are made for each position having regard to particular circumstances and advice obtained.

Deferred tax is provided for, using the balance sheet liability method and is recognised on temporary differences between the carrying amount

of assets and liabilities in the financial statements and the corresponding tax bases.

Deferred tax liabilities are generally recognised on all taxable temporary differences and deferred tax assets are recognised to the extent that it

is probable that taxable profits will be available against which deductible temporary differences can be utilised. However, deferred tax assets and

liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition of other assets

and liabilities in a transaction (other than a business combination) that affects neither the accounting nor the taxable profit or loss.

Deferred tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries and joint arrangements except where

the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the

foreseeable future.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on the

tax rates and tax laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient

taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Unrecognised deferred tax assets are reassessed at each

reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when

they relate to income taxes levied by the same tax authority, and the Company and its subsidiaries intend to settle their current tax assets and

liabilities on a net basis.



	Financial Statements


	151	National Grid plc	Annual Report and Accounts 2023/24

7. Tax continued

The tax charge for the year can be analysed as follows:


	2024	2023	2022
	£m	£m	£m
Current tax:
UK corporation tax at 25% (2023: 19%; 2022: 19%)	410	161	255
UK corporation tax adjustment in respect of prior years	(36)	—	(9)
	374	161	246
Overseas corporation tax	82	225	6
Overseas corporation tax adjustment in respect of prior years	(90)	(16)	(26)
	(8)	209	(20)
Total current tax from continuing operations	366	370	226
Deferred tax:
UK deferred tax	388	255	605
UK deferred tax adjustment in respect of prior years	43	13	(5)
	431	268	600
Overseas deferred tax	(40)	233	425
Overseas deferred tax adjustment in respect of prior years	74	5	7
	34	238	432
Total deferred tax from continuing operations	465	506	1,032

Total tax charge from continuing operations	831	876	1,258

Tax (credited)/charged to the consolidated statement of comprehensive income and equity


	2024	2023	2022
	£m	£m	£m
Current tax:
Share-based payments	(2)	(1)	—
Deferred tax:
Investments at fair value through other comprehensive income	1	(1)	—
Cash flow hedges, cost of hedging and own credit reserve	56	(7)	(12)
Remeasurements of pension assets and post-retirement benefit obligations	(50)	(344)	493
Share-based payments	—	1	(4)
	5	(352)	477
Total tax recognised in the statements of comprehensive income from continuing operations	7	(352)	481
Total tax relating to share-based payments recognised directly in equity from continuing operations	(2)	—	(4)
	5	(352)	477

Notes to the consolidated financial statements continued


	152	National Grid plc	Annual Report and Accounts 2023/24

7. Tax continued

The tax charge for the year for continuing operations, is higher (2023: higher tax charge; 2022: higher tax charge) than the standard rate of

corporation tax in the UK of 25% (2023: 19%; 2022: 19%):


	2024	2023	2022
	£m	£m	£m
Profit before tax from continuing operations	3,048	3,590	3,441
Profit before tax from continuing operations multiplied by UK corporation tax rate of 25% (2023: 19%; 2022: 19%)	762	682	654
Effect of:
Adjustments in respect of prior years1	(9)	2	(33)
Expenses not deductible for tax purposes	155	92	47
Non-taxable income2	(43)	(75)	(49)
Adjustment in respect of foreign tax rates3	(20)	147	170
Deferred tax impact of change in UK tax rate	—	66	501
Adjustment in respect of post-tax profits of joint ventures and associates included within profit before tax	(9)	(27)	(17)
Other4	(5)	(11)	(15)
Total tax charge from continuing operations	831	876	1,258

	%	%	%
Effective tax rate – continuing operations	27.3	24.4	36.6

1.The prior year adjustments are primarily due to agreement of prior period tax returns.

2.Includes tax on chargeable disposals after the offset of capital losses.

3.Included in the prior year are remeasurements of US closing state deferred tax balances as a result of an expected increase in the blended state tax rate following the disposal of NECO.

4.Other primarily comprises the movement in the deferred tax asset on previously unrecognised capital losses, claims for land remediation relief and claims for Research & Development

credit.

Factors that may affect future tax charges

The main UK corporation tax rate is 25% with effect from 1 April 2023. Deferred tax balances as at 31 March 2024 have been calculated at 25%.

The US government continues to consider changes to federal tax legislation, but as no changes have been substantively enacted at the balance

sheet date, deferred tax balances as at 31 March 2024 have been calculated at the prevailing tax rates based on the current tax laws.

The legislation implementing the Organisation for Economic Co-operation and Development’s (OECD) proposals for a global minimum corporation

tax rate (Pillar Two) was enacted into UK law on 11 July 2023. The legislation includes an income inclusion rule and a domestic minimum tax, which

together are designed to ensure a minimum effective tax rate of 15% in each country in which the Group operates. Similar legislation is being enacted

by other governments around the world. The legislation is effective for National Grid from 1 April 2024 and therefore the rules do not impact the

Group’s consolidated financial statements for year ended 31 March 2024. The Group has applied the mandatory exception in the UK to recognising

and disclosing information about the deferred tax assets and liabilities related to Pillar Two income taxes in accordance with the amendments to

IAS 12 published by the IASB on 23 May 2023. The Group does not expect there to be a material impact on our future tax charges.



	Financial Statements


	153	National Grid plc	Annual Report and Accounts 2023/24

7. Tax continued

Tax included within the statement of financial position

The following are the major deferred tax assets and liabilities recognised, and the movements thereon, during the current and prior reporting periods:


	Regulatory licences £m	Accelerated tax depreciation £m	Share- based payments £m	Pensions and other post- retirement benefits £m	Financial instruments £m	Other net temporary differences1 £m	Total £m
Deferred tax liabilities/(assets)
At 1 April 2022	429	7,710	(18)	775	(301)	(1,830)	6,765
Exchange adjustments and other2	—	357	(2)	8	8	(116)	255
Charged/(credited) to income statement	—	145	(2)	51	(71)	386	509
Charged/(credited) to other comprehensive income and equity	—	—	1	(344)	(6)	—	(349)
Disposals	—	1	—	—	—	—	1
At 1 April 2023 (as previously reported)	429	8,213	(21)	490	(370)	(1,560)	7,181
Impact of IAS 12 amendment3	—	29	—	—	—	(29)	—
At 1 April 2023 (as restated)	429	8,242	(21)	490	(370)	(1,589)	7,181
Exchange adjustments and other2	—	(132)	—	(1)		23	(110)
Charged/(credited) to income statement	—	720	(5)	26	38	(312)	467
(Credited)/charged to other comprehensive income and equity	—	—	—	(50)	57	—	7
Disposals	—	(2)	—	—		—	(2)
Reclassification to held for sale (note 10)	—	(12)	1	(4)	—	(9)	(24)
At 31 March 2024	429	8,816	(25)	461	(275)	(1,887)	7,519

1.The deferred tax asset of £1,887 million as at 31 March 2024 (2023: £1,560 million) in respect of other net temporary differences primarily relates to losses of £184 million (2023:

£47 million), US contract and lease liabilities of £575 million (2023: £511 million), US environmental provisions of £646 million (2023: £503 million) and US bad debt provision of

£150 million (2023: £148 million).

2.Exchange adjustments and other primarily comprises foreign exchange arising on translation of the US dollar deferred tax balances.

3.In May 2021, the IASB issued amendments to IAS 12 resulting in the recognition of separate deferred tax assets and deferred tax liabilities (see note 1).

Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances

net. The deferred tax balances (after offset) for statement of financial position purposes consist solely of deferred tax liabilities of £7,519 million

(2023: £7,181 million).

Deferred tax assets in respect of some capital losses as well as trading losses and non-trade deficits have not been recognised as their future

recovery is uncertain or not currently anticipated. The total deferred tax assets not recognised are as follows:


	2024	2023
	£m	£m
Capital losses	2,483	2,367
Trading losses	4	4

The capital losses arose in the UK on disposal of certain businesses or assets. They are available to carry forward indefinitely but can only be offset

against future capital gains.

At 31 March 2024 and 31 March 2023, there were no recognised deferred tax liabilities for taxes that would be payable on the unremitted earnings

of the Group’s subsidiaries or its associates as there are no significant corporation tax consequences of the Group’s UK, US or overseas subsidiaries

or associates paying dividends to their parent companies. There are also no significant income tax consequences for the Group from the payment

of dividends by the Group to its shareholders.

Notes to the consolidated financial statements continued


	154	National Grid plc	Annual Report and Accounts 2023/24

8. Earnings per share (EPS)

EPS is the amount of profit after tax attributable to each ordinary share. Basic EPS is calculated on profit after tax for the year attributable to equity

shareholders divided by the weighted average number of shares in issue during the year. Diluted EPS shows what the impact would be if all

outstanding share options were exercised and treated as ordinary shares at year end. The weighted average number of shares is increased by

additional shares issued as scrip dividends and reduced by shares repurchased by the Company during the year. The earnings per share

calculations are based on profit after tax attributable to equity shareholders of the Company which excludes non-controlling interests.

(a) Basic EPS


	Earnings	EPS	Earnings	EPS	Earnings	EPS
	2024	2024	2023	2023	2022	2022
	£m	pence	£m	pence	£m	pence
Earnings from continuing operations	2,216	60.0	2,714	74.2	2,182	60.6
Earnings from discontinued operations	74	2.0	5,083	138.9	171	4.8
Total earnings	2,290	62.0	7,797	213.1	2,353	65.4

		2024		2023		2022
		millions		millions		millions
Weighted average number of ordinary shares – basic		3,692		3,659		3,599

(b) Diluted EPS


	Earnings	EPS	Earnings	EPS	Earnings	EPS
	2024	2024	2023	2023	2022	2022
	£m	pence	£m	pence	£m	pence
Earnings from continuing operations	2,216	59.7	2,714	73.8	2,182	60.3
Earnings from discontinued operations	74	2.0	5,083	138.3	171	4.7
Total earnings	2,290	61.7	7,797	212.1	2,353	65.0

		2024		2023		2022
		millions		millions		millions
Weighted average number of ordinary shares – diluted		3,709		3,676		3,616


	2024	2023	2022
	millions	millions	millions
Weighted average number of ordinary shares – basic	3,692	3,659	3,599
Effect of dilutive potential ordinary shares – employee share plans	17	17	17
Weighted average number of ordinary shares – diluted	3,709	3,676	3,616



	Financial Statements


	155	National Grid plc	Annual Report and Accounts 2023/24

9. Dividends

Interim dividends are recognised when they become payable to the Company’s shareholders. Final dividends are recognised when they are

approved by shareholders.


	2024			2023			2022
	Pence per share	Cash dividend £m	Scrip dividend £m	Pence per share	Cash dividend £m	Scrip dividend £m	Pence per share	Cash dividend £m	Scrip dividend £m
Interim dividend in respect of the current year	19.40	393	320	17.84	488	163	17.21	339	282
Final dividend in respect of the prior year	37.60	1,325	56	33.76	1,119	114	32.16	583	562
	57.00	1,718	376	51.60	1,607	277	49.37	922	844

The Directors are proposing a final dividend for the year ended 31 March 2024 of 39.12p per share that would absorb approximately £1,455 million

of shareholders’ equity (assuming all amounts are settled in cash). It will be paid on 19 July 2024 to shareholders who are on the register of members

at 7 June 2024 (subject to shareholders’ approval at the AGM). A scrip dividend will be offered as an alternative.

10. Assets held for sale and discontinued operations

The results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations, and

presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale

when their carrying amounts are expected to be recovered through sale rather than through continuing use. They only meet the held for sale

condition when the assets are ready for immediate sale in their present condition, management is committed to the sale and it is highly probable

that the sale will complete within one year. Depreciation ceases on assets and businesses when they are classified as held for sale and the

assets and businesses are impaired if the proceeds less sale costs fall short of the carrying value.

(a) Assets held for sale

The following assets and liabilities were classified as held for sale:


	2024			2023
	Total assets held for sale £m	Total liabilities held for sale £m	Net assets held for sale £m	Total assets held for sale £m	Total liabilities held for sale £m	Net assets held for sale £m
UK Electricity System Operator	1,134	(1,427)	(293)	—	—	—
Investment in GasT TopCo Limited	689	—	689	1,443	—	1,443
FAA option	—	—	—	—	(109)	(109)
RAA option	—	(47)	(47)	—	—	—
Net assets held for sale	1,823	(1,474)	349	1,443	(109)	1,334

UK Electricity System Operator

At the end of October 2023, legislation required to enable the separation of the ESO and the formation of the NESO was passed through Parliament.

The NESO is expected to be established as a Public Corporation this calendar year, with responsibilities across both the electricity and gas systems.

The assets and liabilities are consequently presented as held for sale in the consolidated financial statements for the year ended 31 March 2024.

Based on the scale and pass-through nature of the ESO, it is not considered a separate major line of business or geographic operation under IFRS 5

for treatment as a discontinued operation, and its disposal is not part of a single coordinated plan being undertaken by the Group. Accordingly, the

results of the ESO have not been separately disclosed on the face of the income statement.

The following assets and liabilities of the ESO were classified as held for sale at 31 March 2024.


	£m
Intangible assets	405
Property, plant and equipment	113
Trade and other receivables	563
Pension asset	17
Cash and cash equivalents	30
Financing derivatives	6
Total assets	1,134
Borrowings	(13)
Other liabilities	(916)
Provision for UK electricity balancing costs	(498)
Total liabilities	(1,427)
Net liabilities	(293)

No impairment losses were recognised on reclassification of the ESO assets and liabilities classified to held for sale. The ESO generated profit after

tax of £178 million for the year ended 31 March 2024 (2023: £182 million profit; 2022: £12 million loss).

Notes to the consolidated financial statements continued


	156	National Grid plc	Annual Report and Accounts 2023/24

10. Assets held for sale and discontinued operations continued

(a) Assets held for sale continued

The UK Gas Transmission business

On 31 January 2023, the Group disposed of 100% of the UK Gas Transmission business for cash consideration of £4.0 billion and a 40% interest in

a newly incorporated UK limited company, GasT TopCo Limited. The other 60% was purchased by MIRA and BCI (together, the Consortium). On

disposal, the Group recognised an investment in GasT TopCo Limited of £1.4 billion. As a result, the Group derecognised net assets of £0.6 billion

and the gain on disposal, after transaction costs, was £4.8 billion. The Group also entered into a Further Acquisition Agreement (the FAA option) with

the Consortium over its remaining 40% interest. Both the investment in GasT TopCo Limited and the FAA option were immediately classified as held

for sale. The Group has not applied equity accounting in relation to its investment in GasT TopCo Limited.

On 11 March 2024, the FAA option was partially exercised by the Consortium and the Group disposed of 20% of the 40% interest in GasT TopCo

Limited that was acquired on 31 January 2023. The total sales proceeds were £681 million and the loss on disposal, after transaction costs, was

£4 million.

As part of the transaction, the Group also entered into a new option agreement with the Consortium, the Remaining Acquisition Agreement (the RAA

option), to replace the FAA option for the potential sale of all or part of the remaining 20% equity interest in GasT TopCo Limited. The RAA option is

exercisable, at the Consortium’s option, between 1 May 2024 and 31 July 2024. If the RAA option is partially exercised by the Consortium, the Group

will have the right to put the remainder of its interests in GasT TopCo Limited to the Consortium, which can be exercised by the Group between

1 December 2024 and 31 December 2024.

The RAA option is a Level 3 derivative, which is accounted for at fair value, and the assumptions which are used to determine fair value are specific to

the contract and not readily observable in active markets. Significant unobservable inputs include the valuation and volatility of GasT TopCo Limited’s

unlisted equity. These inputs are used as part of a Black-Scholes option pricing model to provide the reported fair values. The fair value of the option as

at 31 March 2024 is £47 million. The RAA option will be extinguished when the option is either exercised or lapses. The option cannot be cash settled.

(b) Discontinued operations

UK Gas Transmission

The disposal of the Group’s interests in GasT TopCo Limited is considered to be the final stage of the plan to dispose of the UK Gas Transmission

business which was first announced in 2021. As a discontinued operation, the results of the business prior to the recognition of the associate and

any remeasurements pertaining to the financial derivatives noted above are shown separately from the continuing business for all periods presented

on the face of the income statement. This is also reflected in the statement of comprehensive income, as well as EPS being shown split between

continuing and discontinued operations.

The summary income statements for the years ended 31 March 2024, 2023 and 2022 are as follows:


	Total
	2024	2023	2022
	£m	£m	£m
Discontinued operations
Revenue	—	1,604	1,362
Other operating costs	—	(889)	(725)
Operating profit	—	715	637
Finance income	17	21	—
Finance costs1	62	(363)	(230)
Profit before tax	79	373	407
Tax2	(1)	(93)	(236)
Profit after tax from discontinued operations	78	280	171
(Loss)/gain on disposal	(4)	4,803	—
Total profit after tax from discontinued operations	74	5,083	171

1.Finance costs include the remeasurement of the FAA and RAA options.

2.Of the £236 million tax charge in the year ended 31 March 2022, £145 million related to an increase in deferred tax liability due to the change in the UK corporation tax rate.



	Financial Statements


	157	National Grid plc	Annual Report and Accounts 2023/24

10. Assets held for sale and discontinued operations continued

(b) Discontinued operations continued

The summary statements of comprehensive income for discontinued operations for the years ended 31 March 2024, 2023 and 2022 are as follows:


	2024	2023	2022
	£m	£m	£m
Profit after tax from discontinued operations	74	5,083	171
Other comprehensive (loss)/income from discontinued operations
Items from discontinued operations that will never be reclassified to profit or loss:
Remeasurement (losses)/gains on pension assets and post-retirement benefit obligations	—	(313)	309
Net losses on financial liability designated at fair value through profit and loss attributable to changes in own credit risk	—	—	(1)
Tax on items that will never be reclassified to profit or loss	—	78	(94)
Total (losses)/gains from discontinued operations that will never be reclassified to profit or loss	—	(235)	214
Items from discontinued operations that may be reclassified subsequently to profit or loss:
Net gains in respect of cash flow hedges	—	6	1
Net gains/(losses) in respect of cost of hedging	—	4	(4)
Net gains on investments in debt instruments measured at fair value through other comprehensive income	13	—	—
Tax on items that may be reclassified subsequently to profit or loss	(3)	(2)	—
Total gains/(losses) from discontinued operations that may be reclassified subsequently to profit or loss	10	8	(3)
Other comprehensive income/(loss) for the year, net of tax from discontinued operations	10	(227)	211
Total comprehensive income for the year from discontinued operations	84	4,856	382

Details of the cash flows relating to discontinued operations are set out within the consolidated cash flow statement. Cash inflows from investing

activities in the year comprised dividends received from GasT TopCo Limited of £102 million.

Notes to the consolidated financial statements continued


	158	National Grid plc	Annual Report and Accounts 2023/24

11. Goodwill

Goodwill represents the excess of what we paid to acquire businesses over the fair value of their net assets at the acquisition date. We assess

whether goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate

a potential impairment.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and

translated at the closing exchange rate. Goodwill is allocated to CGUs and this allocation is made to those CGUs that are expected to benefit

from the acquisition in which the goodwill arose.

Impairment is recognised where there is a difference between the carrying value of the CGU and the estimated recoverable amount of the CGU

to which that goodwill has been allocated. Any impairment is recognised immediately in the income statement and is not subsequently reversed.

Any impairment loss is first allocated to the carrying value of the goodwill and then to the other assets within the CGU. Recoverable amount is

defined as the higher of fair value less costs to sell and estimated value-in-use at the date the impairment review is undertaken. Value-in-use

represents the present value of expected future cash flows, discounted using a pre-tax discount rate that reflects current market assessments

of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


	Total £m
Net book value at 1 April 2022	9,532
Exchange adjustments	315
Net book value at 1 April 2023	9,847
Exchange adjustments	(118)
Net book value at 31 March 2024	9,729

There was no significant accumulated impairment charge as at 31 March 2024 or 31 March 2023.

Impairment review of goodwill and indefinite-lived intangibles

Goodwill and indefinite-lived intangibles (see note 12) are reviewed annually for impairment and the recoverability is assessed by comparing the

carrying amount of our operations with the expected recoverable amount on a value-in-use basis which uses pre-financing and pre-tax cash flow

projections based on the Group’s financial plans, approved by the Directors, as a starting point. See below for a summary of which operations

our goodwill and indefinite-lived intangibles are allocated to:


	2024	2023
CGU or group of CGUs	£m	£m
Goodwill:
National Grid Ventures – US	188	163
New England	1,541	1,609
New York	3,279	3,354
UK Electricity Distribution1	4,721	4,721
Total goodwill	9,729	9,847

Indefinite-lived intangibles (regulatory licences related to UK Electricity Distribution):
West Midlands	518	518
East Midlands	519	519
South Wales	257	257
South West	420	420
Total indefinite-lived intangibles	1,714	1,714

1.This is a combination of the West Midlands, East Midlands, South Wales and South West CGUs, reflecting the level at which the goodwill is monitored.

In each assessment, the value-in-use has been calculated assuming a stable regulatory framework and is based on projections that incorporate

our best estimates of future cash flows, including costs, changes in commodity prices, future rates and growth. Such projections reflect our current

regulatory agreements and allow for future agreements and recovery of investment, including those related to achieving the net zero plans of the

jurisdictions that we operate in. Our plans have proved to be reliable guides in the past and the Directors believe the estimates are appropriate.



	Financial Statements


	159	National Grid plc	Annual Report and Accounts 2023/24

11. Goodwill continued

(a) Cash flow periods, terminal value and discount rate assumptions

We select cash flow durations longer than five years, when our forecasts are considered reliable. The cash flow durations selected reflect

our knowledge and understanding of the regulatory environments in which we operate, and most significantly, where markets have legislated

decarbonisation commitments by 2050, we may utilise longer cash flow forecasts that reflect the investment required to deliver those commitments

before applying a terminal value at the point those commitments are due to be fulfilled and market growth is expected to stabilise. For our regulated

UK ED operations, we consider cash flow durations that run until 2050, reflecting the expected investment required in the network, in excess of

economy‑wide long-term growth rates in order to deliver the energy transition. Total expenditure forecasts, comprising capital and operating

expenditure, are estimated with reference to the Group’s strategic modelling and expectations around a reasonable energy transition based upon

the policies and commitments in place today. Cash flows related to uncommitted future restructurings and enhancement capital expenditure

(beyond activity to reinforce the network and build new connections) are excluded from the projections. For our regulated US operations (New York

and New England CGUs), we use a five-year cash flow forecast. For our National Grid Ventures operations, we typically model cash flows extending

out to the end of each project’s operational life based on the long-term horizon of our projects.

For our UK ED business, a nominal terminal growth rate of 2.3% (2023: 2.6%) is assumed upon the terminal year cash flows, reflecting management’s

best view, based on market and operational experience, of the expected long-term growth in the relevant market. For our regulated US operations

we apply a growth rate of 2.4% (2023: 2.5%). This has been determined with regard to data on industry growth projections, specifically related to the

energy transition, and projected growth in real Gross Domestic Product (GDP) for the territory within which the CGU is based.

Pre-tax cash flows are discounted by applying a pre-tax discount rate reflecting the time value of money and the risks specific to the group of

assets. In practice, the post-tax discount rate for the group of assets in question is derived from a post-tax weighted average cost of capital. The

assumptions used in the calculation of the weighted average cost of capital are benchmarked to externally available data. The determined discount

rate is independent of the entity’s capital structure and reflects a market participant’s view of a risk adjusted discount rate specific to the CGU or

group of CGUs. The post-tax discount rate is then grossed up to a pre-tax discount rate that is applied to pre-tax cash flows. The pre-tax discount

rates used for the year ended 31 March 2024 were as follows: UK ED Group 5.0% (2023: 5.6%); UK ED distribution network operators 5.0% (2023:

5.6%); New York 6.2% (2023: 6.4%); New England 6.1% (2023: 6.6%); and National Grid Ventures – US 7.2% (2023: 8.6%).

(b) Key inputs and sensitivity analysis

In assessing the carrying value of goodwill and licences, we have sensitised our forecasts to factor in adjustments to key inputs to each model.

Whilst regulatory licences are tested for impairment before we test goodwill, we consider the sensitivity for goodwill attributable to UK ED and

our regulated US operations and those related to licences separately below.

Goodwill – UK ED, regulated US operations (New York and New England) and National Grid Ventures – US

While key assumptions underpinning the goodwill valuations will change over time, the Directors consider that no reasonably foreseeable change

would result in an impairment of goodwill. This is in view of the long-term nature of the key assumptions, including those used in determining an

appropriate discount rate, and specifically the risk-free rate and total market return, the margin by which the estimated value-in-use exceeds

the carrying amount and the nature of the regulatory regimes that UK ED and our regulated US businesses operate under. No reasonably

possible changes to inputs to the impairment test performed over goodwill attributable to National Grid Ventures – US were identified as resulting

in an impairment.

Indefinite-lived regulatory licences – UK ED

No reasonably possible changes to inputs to the impairment test performed over the South West, East Midlands, West Midlands and South Wales

Distribution Network Operator licences were identified as resulting in an impairment.

Notes to the consolidated financial statements continued


	160	National Grid plc	Annual Report and Accounts 2023/24

12. Other intangible assets

Other intangible assets are the software assets controlled by us and the electricity distribution licences which provide us with the right to operate

and invest in the relevant network that operates as a monopoly in the licensed geographical area. The regulatory licences were acquired following

the Group’s acquisition of NGED.

Our electricity distribution licences are indefinite-lived intangible assets for which there is no foreseeable limit to the period over which they are

expected to generate net cash inflows. Once granted by Ofgem, the licence is issued to a licensee on the basis that it remains active into perpetuity.

On that basis, the value attributed to the electricity distribution network licence assets is considered to have an indefinite useful life. The regulatory

licence assets are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment (see

note 11 for details of impairment tests performed over indefinite-lived intangible assets). Any impairment is charged to the income statement

as it arises.

Software is recorded at cost less accumulated amortisation and any provision for impairment. Our software assets are tested for impairment only if

there is an indication that their carrying values may have been impaired. Impairments of assets are calculated as the difference between the carrying

value of the asset and the recoverable amount, if lower. Where such an asset does not generate cash flows that are independent from other assets,

the recoverable amount of the CGU to which that asset belongs is estimated. Impairments are recognised in the consolidated income statement

within other operating costs. Any assets which suffered impairment in a previous period are reviewed for possible reversal of the impairment at each

reporting date.

Internally generated intangible assets are recognised only if: i) an asset is created that can be identified; ii) it is probable that the asset created will

generate future economic benefits; and iii) the development cost of the asset can be measured reliably. Where no internally generated intangible

asset can be recognised, development expenditure is recorded as an expense in the period in which it is incurred.

Cloud computing arrangements are reviewed to determine if the Group has control of the software intangible asset. Control is considered to exist

where the Group has the right to take possession of the software and run it on its own or a third party’s computer infrastructure or if the Group

has exclusive rights to use the software such that the supplier is unable to make the software available to other customers.

Costs relating to configuring or customising the software in a cloud computing arrangement are assessed to determine if there is a separate

intangible asset over which the Group has control. If an asset is identified, it is capitalised and amortised over the useful economic life of the asset.

To the extent that no separate intangible asset is identified, then the costs are either expensed when incurred or recognised as a prepayment and

spread over the term of the arrangement if the costs are concluded to not be distinct.

(a) Analysis of other intangible assets


	Regulatory licences £m	Software £m	Assets in the course of construction £m	Total £m
Cost at 1 April 2022	1,714	2,075	870	4,659
Exchange adjustments	—	79	32	111
Additions	—	34	544	578
Disposals	—	(17)	—	(17)
Reclassifications1	—	895	(885)	10
Cost at 1 April 2023	1,714	3,066	561	5,341
Exchange adjustments	—	(45)	(6)	(51)
Additions	—	17	464	481
Disposals	—	(23)	—	(23)
Reclassifications¹	—	598	(436)	162
Reclassification to held for sale (note 10)	—	(520)	(191)	(711)
Cost at 31 March 2024	1,714	3,093	392	5,199
Accumulated amortisation at 1 April 2022	—	(1,377)	(10)	(1,387)
Exchange adjustments	—	(51)	—	(51)
Amortisation charge for the year	—	(291)	—	(291)
Accumulated amortisation of disposals	—	15	—	15
Reclassifications¹	—	(23)	—	(23)
Accumulated amortisation at 1 April 2023	—	(1,727)	(10)	(1,737)
Exchange adjustments	—	23	—	23
Amortisation charge for the year	—	(301)	—	(301)
Accumulated amortisation of disposals	—	23	—	23
Reclassifications¹	—	(161)	—	(161)
Reclassification to held for sale (note 10)	—	385	—	385
Accumulated amortisation at 31 March 2024	—	(1,758)	(10)	(1,768)
Net book value at 31 March 2024²	1,714	1,335	382	3,431
Net book value at 31 March 2023	1,714	1,339	551	3,604

1.Reclassifications includes amounts transferred to property, plant and equipment (see note 13).

2.The Group has capitalised £320 million (2023: £370 million) in relation to the Gas Business Enablement system in the US, of which £320 million (2023: £369 million) is in service and

is being amortised over 10 years, with the remainder included within assets in the course of construction. A further £81 million (2023: £87 million) relates to our UK general ledger system

within software and is being amortised over 10 years.



	Financial Statements


	161	National Grid plc	Annual Report and Accounts 2023/24

12. Other intangible assets continued

(b) Asset useful economic lives

No amortisation is provided on regulatory licences. Software is amortised over the period we expect to receive a benefit from the asset.

An amortisation expense is charged to the income statement to reflect the reduced value of the asset over time. Amortisation is calculated by

estimating the number of years we expect the asset to be used (its useful economic life or UEL) and charging the cost of the asset to the income

statement equally over this period.


				Years
Software				3 to 10
Regulatory licences				Indefinite

13. Property, plant and equipment

Property, plant and equipment are the physical assets controlled by us. The Group’s interest comprises legally protected statutory or contractual

rights of use. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses.

The cost of property, plant and equipment primarily represents the amount initially paid or the fair value on the date of acquisition of a business.

Cost includes the purchase price of the asset; any payroll and finance costs incurred which are directly attributable to the construction of property,

plant and equipment together with an appropriate portion of overheads which are directly linked to the capital work performed; and the cost of

any associated asset retirement obligations.

Additions represent the purchase or construction of new assets, including capital expenditure for safety and environmental assets, and extensions

to, enhancements to, or replacement of, existing assets. All costs associated with projects or activities which have not been fully commissioned

at the period end are classified within assets in the course of construction.

A depreciation expense is charged to the income statement to reflect annual wear and tear and the reduced value of the asset over time.

Depreciation is calculated by estimating the number of years we expect the asset to be used (its useful economic life or UEL) and charging the

cost of the asset to the income statement equally over this period.

Items within property, plant and equipment are tested for impairment only if there is some indication that the carrying value of the assets may have

been impaired. Impairments of assets are calculated as the difference between the carrying value of the asset and the recoverable amount, if lower.

Where such an asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to

which that asset belongs is estimated. Impairments are recognised in the income statement and, if immaterial, are included within the depreciation

charge for the year.

We operate an energy networks business and therefore have a significant physical asset base. We continue to invest in our networks to

maintain reliability, create new customer connections and ensure our networks are flexible, resilient and prepared for the transition to net zero.

Our business plan envisages these additional investments will be funded through a mixture of cash generated from operations and the issue

of new debt and equity.

Notes to the consolidated financial statements continued


	162	National Grid plc	Annual Report and Accounts 2023/24

13. Property, plant and equipment continued

(a) Analysis of property, plant and equipment


	Land and buildings £m	Plant and machinery £m	Assets in the course of construction £m	Motor vehicles and office equipment £m	Total £m
Cost at 1 April 2022	3,659	63,022	5,587	1,072	73,340
Exchange adjustments	126	2,073	156	50	2,405
Additions	158	1,196	5,345	154	6,853
Disposals	(163)	(331)	(4)	(156)	(654)
Adjustment for change in discount rate on decommissioning provisions (note 26)	—	(36)	(12)	—	(48)
Reclassifications1	286	3,841	(4,312)	102	(83)
Cost at 1 April 2023	4,066	69,765	6,760	1,222	81,813
Exchange adjustments	(49)	(841)	(67)	(19)	(976)
Additions	59	1,157	5,754	197	7,167
Disposals	(55)	(271)	(5)	(134)	(465)
Adjustment for change in discount rate on decommissioning provisions (note 26)	—	29	—	—	29
Reclassifications1	277	4,725	(5,389)	218	(169)
Reclassification to held for sale (note 10)	(88)	(13)	(31)	(134)	(266)
Cost at 31 March 2024	4,210	74,551	7,022	1,350	87,133
Accumulated depreciation at 1 April 2022	(773)	(14,441)	(60)	(534)	(15,808)
Exchange adjustments	(30)	(444)	—	(32)	(506)
Depreciation charge for the year²	(122)	(1,459)	(1)	(183)	(1,765)
Disposals	127	311	2	152	592
Reclassifications1	4	107	4	(8)	107
Accumulated depreciation at 1 April 2023	(794)	(15,926)	(55)	(605)	(17,380)
Exchange adjustments	10	177	—	12	199
Depreciation charge for the year²	(80)	(1,515)	(20)	(189)	(1,804)
Disposals	50	252	2	134	438
Reclassifications1	(3)	281	—	(112)	166
Reclassification to held for sale (note 10)	59	1	6	89	155
Accumulated depreciation at 31 March 2024	(758)	(16,730)	(67)	(671)	(18,226)
Net book value at 31 March 2024	3,452	57,821	6,955	679	68,907
Net book value at 31 March 2023	3,272	53,839	6,705	617	64,433

1.Represents amounts transferred between categories, (to)/from other intangible assets (see note 12), (to)/from inventories.

2.Depreciation of assets in the course of construction relates to impairment provision adjustments.

(b) Asset useful economic lives

No depreciation is provided on freehold land or assets in the course of construction. Other items of property, plant and equipment are depreciated,

on a straight-line basis, at rates estimated to write off their book values over their estimated UELs. In assessing UELs, consideration is given to any

contractual arrangements and operational requirements relating to particular assets. The assessments of estimated UELs and residual values of

assets are performed annually.

Certain network assets are depreciated using the group method of depreciation, in which a single composite depreciation rate is applied to a

particular class of property, plant and equipment. This method pools similar assets together, and then depreciates each group as a whole over their

respective useful lives. In the US, the Company conducts independent depreciation studies on a periodic basis as part of the regulatory ratemaking

process to estimate group depreciation rates. These depreciation studies are subject to review and approval by the US state and federal regulators,

with the depreciation expense recovered through rates charged to customers. Likewise in the UK, the composite depreciation rates are benchmarked

to internal engineering studies and known asset performance lives. Depreciation expense includes a component for the original cost of assets and a

component for estimated cost of future removal, net of any salvage value at retirement. Upon retirement of components of the Company’s network

assets, the original cost of the retired assets, net of salvage value, is charged against accumulated depreciation, with no gain or loss recognised.

Unless otherwise determined by operational requirements, the depreciation periods for the principal categories of property, plant and equipment

are shown in the table that follows split between the UK and US, along with the weighted average remaining UEL for each class of property, plant

and equipment (which is calculated by applying the annual depreciation charge per class of asset to the net book value of that class of asset).



	Financial Statements


	163	National Grid plc	Annual Report and Accounts 2023/24

13. Property, plant and equipment continued

(b) Asset useful economic lives continued


		Years
	UK	US	Weighted average remaining UEL
Freehold and leasehold buildings	up to 60	up to 100	38
Plant and machinery:
Electricity transmission plant and wires	up to 100	10 to 85	32
Electricity distribution plant	14 to 99	5 to 85	46
Electricity generation plant	n/a	10 to 93	10
Interconnector plant and other	5 to 70	5 to 37	31
Gas plant – mains, services and regulating equipment	n/a	25 to 95	53
Gas plant – storage	5 to 20	20 to 60	18
Gas plant – meters	n/a	14 to 45	24
Motor vehicles and office equipment	up to 50	up to 26	3

The role that our US gas networks play in the pathway to achieving the greenhouse gas emissions reductions targets set in the jurisdictions in

which we operate is currently uncertain. Policymakers in New York and Massachusetts continue to indicate an increase in electrification to meet

their respective decarbonisation targets, whilst as a Group we are committed in our transition to net zero. As a result, there is a risk that the UELs

of certain elements of our gas networks may be shortened in line with future policy, regulatory frameworks and planning systems aimed to support

the decarbonisation of the energy sector.

In the US, our gas distribution asset lives are assessed as part of detailed depreciation studies completed as part of each separate rate proceeding.

Depreciation studies consider the physical condition of assets and the expected operational life of an asset. The weighted average remaining UEL

for our US gas distribution fixed asset base is circa 53 years; however, a sizeable proportion of our assets are assumed to have UELs which extend

beyond 2080. In assessing these UELs, we consider a range of different pathways related to our gas assets. These pathways factor in the net zero

ambitions of the Group and the jurisdictions that we operate in, anticipated changes in customer behaviour, developments in new technology, the

feasibility and affordability of electrification, and the ability to decarbonise fuel through the use of renewable natural gas (RNG) and green hydrogen.

On balance of the different pathways considered, we continue to believe the lives identified by rate proceedings are the best estimate of the assets’

UELs given the need to provide safe, affordable and reliable heating services. We keep this assumption under review and we continue to actively

engage and support our regulators to enable the clean energy transition.

Asset depreciation lives feed directly into our US regulatory recovery mechanisms, such that any shortening of asset lives and regulatory recovery

periods as agreed with regulators should be recoverable through future rates, subject to agreement, over future periods, as part of wider

considerations around ensuring the continuing affordability of gas in our service territories.

Given the uncertainty described relating to the UELs of our gas assets, below we provide a sensitivity analysis for the depreciation charge for our

New York and New England segments were a shorter UEL presumed. It should be noted that the net zero pathways which we consider probable

all suggest some role for gas in heating buildings beyond 2050, so our sensitivity analysis for 2050 illustrates an unlikely worst-case scenario.


	Increase in depreciation expense for the year ended 31 March 2024		Increase in depreciation expense for the year ended 31 March 2023
	New York £m	New England £m	New York £m	New England £m
UELs limited to 2050	208	66	185	54
UELs limited to 2060	100	26	90	21
UELs limited to 2070	46	6	42	3

Note that this sensitivity calculation excludes any assumptions regarding the residual value for our asset base and the effect that shortening asset

depreciation lives would be expected to have on our regulatory recovery mechanisms. In the event that any of the US gas distribution assets are

stranded, the Group would expect to recover the associated costs. While recovery is not guaranteed and is determined by regulators in the US,

there are precedents for stranded asset cost recovery for US utility companies.

(d) Right-of-use assets

The Group leases various properties, land, equipment and cars. New lease arrangements entered into are recognised as a right-of-use asset and

a corresponding liability at the date at which the leased asset is available for use by the Group. The right-of-use asset and associated lease liability

arising from a lease are initially measured at the present value of the lease payments expected over the lease term. The lease payments include fixed

payments, any variable lease payments dependent on an index or a rate, and any break fees or renewal option costs that we are reasonably certain

to incur. The discount rate applied is the rate implicit in the lease or, if that is not available, the incremental rate of borrowing for a similar term and

similar security. This is determined based on observable data for borrowing rates for the specific Group entity that has entered into the lease, with

specific adjustments for the term of the lease and any lease-specific risk premium. The lease term takes account of extension options that are at

our option if we are reasonably certain to exercise the option and any lease termination options unless we are reasonably certain not to exercise the

option. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease

period using the effective interest rate method. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on

a straight-line basis. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as computers), the Group continues

to recognise a lease expense on a straight-line basis.

The table that follows shows the movements in the net book value of right-of-use assets included within property, plant and equipment at 31 March

2024 and 31 March 2023, split by category. The associated lease liabilities are disclosed in note 21.

Notes to the consolidated financial statements continued


	164	National Grid plc	Annual Report and Accounts 2023/24

13. Property, plant and equipment continued

(d) Right-of-use assets continued


	Land and buildings £m	Plant and machinery £m	Assets in the course of construction £m	Motor vehicles and office equipment £m	Total £m
Net book value at 1 April 2022	225	70	—	210	505
Exchange adjustments	10	1	—	13	24
Additions	101	97	—	88	286
Disposals	(13)	—	—	(1)	(14)
Depreciation charge for the year	(42)	(18)	—	(70)	(130)
Net book value at 31 March 2023	281	150	—	240	671
Exchange adjustments	(5)	(2)	—	(5)	(12)
Additions	52	2	—	146	200
Reclassifications	—	(5)	—	5	—
Reclassification to held for sale (note 10)	(12)	—	—	(1)	(13)
Disposals	(1)	—	—	(2)	(3)
Depreciation charge for the year	(22)	(17)	—	(76)	(115)
Net book value at 31 March 2024	293	128	—	307	728

The following balances have been included in the income statement for the years ended 31 March 2024 and 31 March 2023 in respect of right-of-

use assets:


	2024	2023
	£m	£m
Included within net finance income and costs:
Interest expense on lease liabilities	(69)	(24)
Included within revenue:
Lease income1	384	409
Included within operating expenses:
Expense relating to short-term and low-value leases	(20)	(19)

1.Included within lease income is £360 million (2023: £394 million) of variable lease payments, the majority of which relates to the power supply arrangement entered into with LIPA

(see note 3).

14. Other non-current assets

Other non-current assets include assets that do not fall into specific non-current asset categories (such as goodwill or property, plant and

equipment) where the benefit to be received from the asset is not due to be received until after 31 March 2025.


	2024	2023
	£m	£m
Other receivables¹	458	496
Prepayments²	390	124
	848	620

1.Primarily comprises amounts due in relation to property sales to The Berkeley Group. These amounts will be fully received by 2031.

2.Included within prepayments are capital expenditure prepayments made to suppliers to secure production capacity for certain of our capital projects. In the year, we have also revised

our policy in relation to the classification of capital expenditure prepayments between current and non-current in order to align these to the operating cycles of the underlying assets to

which they relate. Accordingly, prior year non-current prepayments have increased by £53 million to reflect this change, with a corresponding reduction in current prepayments (note 19).

The associated cash flows for capital expenditure prepayments are included within purchases of property, plant and equipment within the consolidated cash flow statement.



	Financial Statements


	165	National Grid plc	Annual Report and Accounts 2023/24

15. Financial and other investments

The Group holds a range of financial and other investments. These investments include short-term money market funds, quoted investments

in equities or bonds of other companies, investments in our venture capital portfolio (National Grid Partners), bank deposits with a maturity of

greater than three months, and investments that cannot be readily used in operations, principally collateral deposited in relation to derivatives.

The classification of each investment held by the Group is determined based on two main factors:

•its contractual cash flows – whether the asset’s cash flows are solely payments of the principal and interest on the financial asset

on pre‑determined dates or whether the cash flows are determined by other factors such as the performance of a company; and

•the business model for holding the investments – whether the intention is to hold onto the investment for the longer term (collect the

contractual cash flows) or to sell the asset with the intention of managing any gain or loss on sale or to manage any liquidity requirements.

The three categories of financial and other investments are as follows:

•Financial assets at amortised cost – debt instruments that have contractual cash flows that are solely payments of principal and interest, and

which are held within a business model whose objective is to collect contractual cash flows, are held at amortised cost. This category includes

our receivables in relation to deposits and collateral;

•FVOCI debt and other investments – debt investments, such as bonds, that have contractual cash flows that are solely payments of principal and

interest, and which are held within a business model whose objective is both to collect the contractual cash flows and to sell the debt instruments,

are measured at FVOCI, with gains or losses recognised in the consolidated statement of comprehensive income instead of through the income

statement. On disposal, any gains or losses are recognised within finance income in the income statement (see note 6). Other investments include

insurance contracts which are held to back the present value of unfunded pension liabilities (see note 25); and

•FVTPL investments – other financial investments are subsequently measured at fair value with any gains or losses recognised in the income

statement (FVTPL). This primarily comprises our money market funds, insurance company fund investments and corporate venture capital

investments held by National Grid Partners.

Financial and other investments are initially recognised on trade date. Subsequent to initial recognition, the fair values of financial assets that are

quoted in active markets are based on bid prices. When independent prices are not available, fair values are determined by applying valuation

techniques used by the relevant markets, including observable market data where possible (see note 32(g) for further details).

Notes to the consolidated financial statements continued


	166	National Grid plc	Annual Report and Accounts 2023/24

15. Financial and other investments continued


	2024	2023
	£m	£m
Non-current
FVOCI debt and other investments	397	407
FVTPL investments	483	452
	880	859
Current
FVTPL investments	3,084	1,764
Financial assets at amortised cost	615	841
	3,699	2,605
	4,579	3,464
Financial and other investments include the following:
Investments in short-term money market funds	2,668	1,449
Investments held by National Grid Partners	375	346
Investments in Sunrun	108	106
Balances that are restricted or not readily used in operations:
Collateral1	496	764
Insurance company and non-qualified plan investments	578	490
Cash surrender value of life insurance policies	235	232
Other investments	119	77
	4,579	3,464

1.The collateral balance includes £466 million (2023: £734 million) of collateral placed with counterparties with whom we have entered into a credit support annex to the International

Swaps and Derivatives Association (ISDA) Master Agreement, £24 million (2023: £25 million) of restricted amounts allocated for specific projects within National Grid Electricity System

Operator and National Grid Electricity Transmission plc and £6 million (2023: £5 million) insurance captive letters of credit.

FVTPL and FVOCI investments are recorded at fair value. The carrying value of current financial assets at amortised cost approximates their fair

values, primarily due to short-dated maturities. The exposure to credit risk at the reporting date is the fair value of the financial investments.

For further information on our credit risk, refer to note 32(a).

For the purposes of impairment assessment, the investments in bonds are considered to be low risk as they are investment grade securities; life

insurance policies are held with regulated insurance companies; and deposits, collateral receivable and other financial assets at amortised cost have

an average credit rating on a weighted basis of AA or better at all times based on investment policy. All financial assets held at FVOCI or amortised

cost are therefore considered to have low credit risk and have an immaterial impairment loss allowance equal to 12-month expected credit losses.

In determining the expected credit losses for these assets, some or all of the following information has been considered: credit ratings, the financial

position of counterparties, the future prospects of the relevant industries and general economic forecasts.

No FVOCI or amortised cost financial assets have had modified cash flows during the period. There has been no change in the estimation techniques

or significant assumptions made during the year in assessing the loss allowance for these financial assets. There were no significant movements in

the gross carrying value of financial assets during the year that contribute to changes in the loss allowance. No collateral is held in respect of any of

the financial investments in the above table. No balances are more than 30 days past due and no balances were written off during the year.



	Financial Statements


	167	National Grid plc	Annual Report and Accounts 2023/24

16. Investments in joint ventures and associates

Investments in joint ventures and associates represent businesses we do not control but over which we exercise joint control or significant

influence. They are accounted for using the equity method. A joint venture is an arrangement established to engage in economic activity, which

the Group jointly controls with other parties and has rights to a share of the net assets of the arrangement. An associate is an entity which is

neither a subsidiary nor a joint venture, but over which the Group has significant influence.


	2024			2023
	Associates £m	Joint ventures £m	Total £m	Associates £m	Joint ventures £m	Total £m
Share of net assets at 1 April	154	1,146	1,300	277	961	1,238
Exchange adjustments	(3)	(28)	(31)	20	52	72
Additions	13	319	332	40	157	197
Share of post-tax results for the year	9	28	37	9	162	171
Share of other comprehensive income of associates, net of tax	—	—	—	1	—	1
Dividends received	(15)	(152)	(167)	(30)	(152)	(182)
Disposals¹	(1)	—	(1)	(167)	—	(167)
Other movements²	1	(51)	(50)	4	(34)	(30)
Share of net assets at 31 March	158	1,262	1,420	154	1,146	1,300

1.Disposals in the prior year included the sale of the Group’s 26.25% minority ownership interest in the Millennium Pipeline Company LLC.

2.Other movements relate to tax liabilities for US and certain UK associates and joint ventures which are borne by the Group and the elimination of profits arising from sales to the

Group’s share of joint ventures.

A list of joint ventures and associates, including the name and proportion of ownership, is provided in note 34. Transactions with and outstanding

balances with joint ventures and associates are shown in note 31. The joint ventures and associates have no significant contingent liabilities to which

the Group is exposed and the Group has no significant contingent liabilities in relation to its interests in the joint ventures and associates. The Group

has capital commitments in relation to its joint ventures and associates of £1,286 million (2023: £412 million), which primarily relate to the funding of

new capital investment projects.

The following table describes the Group’s material joint ventures and associates at 31 March 2024:


Joint venture1	% stake
BritNed Development Limited	50%	BritNed is a joint venture with the Dutch transmission system operator, TenneT, and operates the subsea electricity interconnector between Great Britain and the Netherlands, commissioned in 2011.
Nemo Link Limited	50%	Nemo is a joint venture with the Belgian transmission operator, Elia, and is a subsea electricity interconnector between Great Britain and Belgium, which became operational on 31 January 2019.
Emerald Energy Venture, LLC	51%	Emerald is a joint venture with Washington State Investment Board which builds and operates wind and solar assets. Emerald was acquired on 11 July 2019.
Community Offshore Wind, LLC	27.3%	Community Offshore Wind is a joint venture with RWE Renewables. The joint venture owns six seabed leases in the northeastern US and is developing an offshore wind project which will play a key role in supplying clean energy to customers in New York.

1.The joint ventures have reporting periods ending on 31 December with monthly management reporting information provided to the Group.

Notes to the consolidated financial statements continued


	168	National Grid plc	Annual Report and Accounts 2023/24

16. Investments in joint ventures and associates continued

Summarised financial information as at 31 March, together with the carrying amount of material investments, is as follows:


	BritNed Development Limited		Nemo Link Limited		Emerald Energy Venture LLC		Community Offshore Wind LLC
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Statement of financial position
Non-current assets	376	397	478	514	2,171	1,598	1,005	925
Cash and cash equivalents	69	208	46	77	206	169	40	19
All other current assets	36	29	6	8	16	14	42	—
Non-current liabilities	(57)	(55)	(3)	(3)	(249)	(244)	(20)	(19)
Non-current financial liabilities	(31)	(31)	(32)	(32)	(643)	(398)	—	—
Current liabilities	(39)	(34)	(55)	(131)	(217)	(131)	(1)	(3)
Current financial liabilities	—	—	—	—	(10)	(95)	—	—
Net assets	354	514	440	433	1,274	913	1,066	922
Group’s ownership interest in joint venture/associate	177	257	220	217	650	466	291	251
Group adjustment: elimination of profits on sales to joint venture	—	—	—	—	(123)	(85)	—	—
Carrying amount of the Group’s investment	177	257	220	217	527	381	291	251


	BritNed Development Limited		Nemo Link Limited		Emerald Energy Venture LLC		Community Offshore Wind LLC
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Income statement
Revenue	158	358	109	88	87	75	—	—
Depreciation and amortisation	(16)	(16)	(23)	(23)	(38)	(29)	—	—
Other (costs)/income	(25)	22	(15)	(1)	(152)	(46)	—	1
Operating profit/(loss)	117	364	71	64	(103)	—	—	1
Net interest expense	(2)	(2)	—	(7)	(9)	(6)	—	—
Profit/(loss) before tax	115	362	71	57	(112)	(6)	—	1
Income tax expense	(31)	(82)	(17)	(11)	—	—	—	—
Profit/(loss) for the year	84	280	54	46	(112)	(6)	—	1
Group’s share of profit/(loss)	42	140	27	23	(57)	(3)	—	—
Group adjustment: tax credit	—	—	—	—	15	1	—	—
Group’s share of post-tax results for the year	42	140	27	23	(42)	(2)	—	—



	Financial Statements


	169	National Grid plc	Annual Report and Accounts 2023/24

17. Derivative financial instruments

Derivatives are financial instruments that derive their value from the price of an underlying item such as interest rates, foreign exchange rates,

credit spreads, commodities, equities or other indices. In accordance with policies approved by the Board, derivatives are transacted generally

to manage exposures to fluctuations in interest rates, foreign exchange rates and commodity prices. Our derivatives balances comprise two

broad categories:

• financing derivatives – these are used to manage our exposure to interest rates and foreign exchange rates. Specifically, we use these

derivatives to manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and

• commodity contract derivatives – these are used to manage our US customers’ exposure to price and supply risks. Some forward contracts

for the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity

prices, including options and swaps, which are used to manage market price volatility.

Derivatives are initially recognised at fair value and subsequently remeasured to fair value at each reporting date. Changes in fair values are recorded

in the period they arise, in either the consolidated income statement or other comprehensive income. Where the gains or losses recorded in the

income statement arise from changes in the fair value of derivatives to the extent that hedge accounting is not applied or is not fully effective, these

are recorded as remeasurements, detailed in notes 5 and 6. Where the fair value of a derivative is positive it is carried as a derivative asset, and

where negative as a derivative liability.

The fair value of derivative financial instruments is calculated by taking the present value of future cash flows, primarily incorporating market

observable inputs. The various inputs include foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis

spreads between the respective currencies, interest rate and inflation curves, the forward rate curves of underlying commodities and, for those

positions that are not fully cash collateralised, the credit quality of the counterparties.

Certain clauses embedded in non-derivative financial instruments or other contracts are presented as derivatives because they impact the risk

profile of their host contracts and they are deemed to have risks or rewards not closely related to those host contracts.

Further information on how derivatives are valued and used for risk management purposes is presented in note 32. Information on commodity

contracts and other commitments not meeting the definition of derivatives is presented in note 30.

The fair values of derivatives by category are as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current	44	(335)	(291)	153	(222)	(69)
Non-current	324	(909)	(585)	276	(1,071)	(795)
	368	(1,244)	(876)	429	(1,293)	(864)

Financing derivatives	333	(1,126)	(793)	363	(1,119)	(756)
Commodity contract derivatives	35	(118)	(83)	66	(174)	(108)
	368	(1,244)	(876)	429	(1,293)	(864)

(a) Financing derivatives

The fair values of financing derivatives by type are as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Interest rate swaps	43	(110)	(67)	49	(98)	(49)
Cross-currency interest rate swaps	234	(844)	(610)	192	(888)	(696)
Foreign exchange forward contracts¹	16	(68)	(52)	100	(11)	89
Inflation-linked swaps	40	(104)	(64)	22	(122)	(100)
	333	(1,126)	(793)	363	(1,119)	(756)

1.Included within the foreign exchange forward contracts balance are £36 million (2023: £4 million) of derivative liabilities in relation to the hedging of capital expenditure.

Notes to the consolidated financial statements continued


	170	National Grid plc	Annual Report and Accounts 2023/24

17. Derivative financial instruments continued

(a) Financing derivatives continued

The maturity profile of financing derivatives is as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current
Less than 1 year	18	(249)	(231)	100	(93)	7
	18	(249)	(231)	100	(93)	7
Non-current
In 1 to 2 years	6	(80)	(74)	13	(100)	(87)
In 2 to 3 years	31	(44)	(13)	15	(96)	(81)
In 3 to 4 years	32	(74)	(42)	32	(11)	21
In 4 to 5 years	49	(83)	(34)	14	(107)	(93)
More than 5 years	197	(596)	(399)	189	(712)	(523)
	315	(877)	(562)	263	(1,026)	(763)
	333	(1,126)	(793)	363	(1,119)	(756)

The notional contract amounts of financing derivatives by type are as follows:


	2024	2023
	£m	£m
Interest rate swaps	(2,175)	(1,727)
Cross-currency interest rate swaps	(15,602)	(15,025)
Foreign exchange forward contracts	(7,675)	(5,263)
Inflation-linked swaps	(3,190)	(2,387)
	(28,642)	(24,402)

(b) Commodity contract derivatives

The fair values of commodity contract derivatives by type are as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Commodity purchase contracts accounted for as derivative contracts
Forward purchases of gas	—	(3)	(3)	2	(6)	(4)
Derivative financial instruments linked to commodity prices
Electricity capacity	—	—	—	1	—	1
Electricity swaps	33	(82)	(49)	53	(92)	(39)
Electricity options	—	(1)	(1)	—	(3)	(3)
Gas swaps	2	(22)	(20)	9	(42)	(33)
Gas options	—	(10)	(10)	1	(31)	(30)
	35	(118)	(83)	66	(174)	(108)



	Financial Statements


	171	National Grid plc	Annual Report and Accounts 2023/24

17. Derivative financial instruments continued

(b) Commodity contract derivatives continued

The maturity profile of commodity contract derivatives is as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current
Less than one year	26	(86)	(60)	53	(129)	(76)
	26	(86)	(60)	53	(129)	(76)
Non-current
In 1 to 2 years	3	(28)	(25)	11	(29)	(18)
In 2 to 3 years	5	(4)	1	2	(15)	(13)
In 3 to 4 years	1	—	1	—	(1)	(1)
	9	(32)	(23)	13	(45)	(32)
	35	(118)	(83)	66	(174)	(108)

The notional quantities of commodity contract derivatives by type are as follows:


	2024	2023
Forward purchases of gas1	38m Dth	22m Dth
Electricity swaps	14,128 GWh	14,076 GWh
Gas swaps	44m Dth	50m Dth
Gas options	78m Dth	57m Dth

1.Forward gas purchases have terms up to one year (2023: one year). The contractual obligations under these contracts are £14 million (2023: £24 million).

18. Inventories and current intangible assets

Inventories represent assets that we intend to use in order to generate revenue in the short term, either by selling the asset itself (for example fuel

stocks) or by using it to fulfil a service to a customer or to maintain our network (consumables).

Inventories are stated at the lower of weighted average cost and net realisable value. Where applicable, cost comprises direct materials and direct

labour costs as well as those overheads that have been directly incurred in bringing the inventories to their present location and condition.

Emission allowances, principally relating to the emissions of carbon dioxide in the UK and sulphur and nitrous oxides in the US, are recorded as

intangible assets within current assets. They are initially recorded at cost and subsequently at the lower of cost and net realisable value. A liability

is recorded in respect of the obligation to deliver emission allowances and emission charges are recognised in the income statement in the period

in which emissions are made.


	2024	2023
	£m	£m
Fuel stocks	188	280
Raw materials and consumables	542	460
Current intangible assets – emission allowances	98	136
	828	876

There is a provision for obsolescence of £4 million against inventories as at 31 March 2024 (2023: £6 million).

Notes to the consolidated financial statements continued


	172	National Grid plc	Annual Report and Accounts 2023/24

19. Trade and other receivables

Trade and other receivables include amounts which are due from our customers for services we have provided, accrued income which has not

yet been billed, prepayments, contract assets where certain milestones are required to be fulfilled and other receivables that are expected to be

settled within 12 months.

Trade and other receivables are initially recognised at fair value, except for trade receivables that do not have a significant financing component

which are measured at transaction price, and are subsequently measured at amortised cost, less any appropriate allowances for estimated

irrecoverable amounts.


	2024	2023
	£m	£m
Trade receivables	2,501	2,583
Accrued income	885	1,126
Provision for impairment of receivables and accrued income	(559)	(560)
Trade receivables and accrued income, net	2,827	3,149
Prepayments¹	385	389
Contract assets	76	49
Other receivables	127	243
	3,415	3,830

1.In the year, we have revised our policy in relation to the classification of capital expenditure prepayments between current and non-current in order to align these to the operating

cycles of the underlying assets to which they relate. Accordingly, prior year current prepayments have decreased by £53 million to reflect this change, with a corresponding increase

in non-current prepayments (note 14).

Trade receivables are non-interest-bearing and generally have a term of up to 60 days. Due to their short maturities, the fair value of trade and other

receivables approximates their carrying value. The maximum exposure of trade and other receivables to credit risk is the carrying amount reported

on the balance sheet.

Provision for impairment of receivables

A provision for credit losses is recognised at an amount equal to the expected credit losses that will arise over the lifetime of the trade receivables

and accrued income.


	2024	2023
	£m	£m
At 1 April	560	741
Exchange adjustments	(12)	51
Charge for the year, net of recoveries	179	220
Uncollectible amounts written off	(163)	(452)
Reclassification to held for sale (note 10)	(5)	—
At 31 March	559	560

The trade receivables balance, accrued income balance and provisions balance split by geography are as follows:


	As at 31 March 2024			As at 31 March 2023
	UK	US	Total	UK	US	Total
	£m	£m	£m	£m	£m	£m
Trade receivables	162	2,339	2,501	223	2,360	2,583
Accrued income	337	548	885	650	476	1,126
Provision for impairment of receivables and accrued income	(3)	(556)	(559)	(11)	(549)	(560)
	496	2,331	2,827	862	2,287	3,149

There are no retail customers in the UK businesses. A provision matrix is not used in the UK, as an assessment of expected losses on individual

debtors is performed and the provision is not material.

In the US, £2,437 million (2023: £2,325 million) of the trade receivables and accrued income balance is attributable to retail customers. For non-retail

US customer receivables, a provision matrix is not used and expected losses are determined on individual debtors.

The provision for retail customer receivables in the US is calculated based on a series of provision matrices which are prepared by regulated entity

and by customer type. The expected loss rates in each provision matrix are based on historical loss rates adjusted for current and forecast economic

conditions at the balance sheet date. The inclusion of forward-looking information in the provision matrix-setting process under IFRS 9 results in loss

rates that reflect expected future economic conditions and the recognition of an expected loss on all debtors even where no loss event has occurred.

In March 2020, the Group’s US distribution business temporarily ceased certain customer cash collection activities in response to regulatory

instructions and to changes in state-, federal- and city-level regulations and guidance, and actions to minimise risk to the Group’s employees as

a result of COVID-19. Customer termination activities also ceased in line with requests by relevant local authorities and this resulted in the recognition

of additional expected credit losses, although cash collection and customer termination activities have subsequently resumed in both New England

and New York.

In the years ended 31 March 2024 and 2023, the Group’s US distribution businesses have been supported by certain government and state

COVID-19 funding programmes, including the Arrears Management Program in New York, aimed to provide low-income customers with COVID-19

relief via one-time bill credits. In the prior year, the Group wrote off £270 million ($333 million) of COVID-19-related trade receivables in connection

with the Arrears Management Program, which was funded via the receipt of £44 million ($51 million) of government funding.



	Financial Statements


	173	National Grid plc	Annual Report and Accounts 2023/24

19. Trade and other receivables continued

Provision for impairment of receivables continued

In calculating our provision for impairment of receivables at 31 March 2024, we incorporate actual cash collection levels experienced over a

three-year period to determine the expected loss rates per category of outstanding receivable by operating company. These are benchmarked

against provision matrices run on pre‑COVID-19 behaviour and data. Factored into our analysis are expected cash collections based on the resumed

collection activities in New England and New York, as well as the impacts of government and state funding programmes and the outlook for the

wider macroeconomic environment. The resulting rates are summarised in the provision matrix shown below.

Based on our review, we recognised a charge of £176 million (2023: £215 million), which represents our best estimate based on the information

available. We based our review on certain macroeconomic factors, including unemployment levels, inflation, average commodity rate changes and

our experience regarding debtor recoverability. In performing our review of actual cash collection levels, we also factor in the impacts of government

and state COVID-19 funding programmes in order to reflect an expected collection rate.

The average expected loss rates and gross balances for the retail customer receivables in our US operations are set out below. Loss rates have

decreased across the majority of our ageing categories, primarily due to the impact of ongoing cash collection activities.


	2024		2023
	%	£m	%	£m
Accrued income	3	533	3	462
0 – 30 days past due	3	822	3	838
30 – 60 days past due	14	219	13	235
60 – 90 days past due	21	125	23	139
3 – 6 months past due	27	173	32	189
6 – 12 months past due	34	191	43	178
Over 12 months past due	73	374	88	284
		2,437		2,325

US retail customer receivables are not collateralised. Trade receivables are written off when regulatory requirements are met. Write-off policies vary

between jurisdictions as they are aligned with the local regulatory requirements, which differ between regulators. There were no significant amounts

written off during the period that were still subject to enforcement action. Our internal definition of default is aligned with that of the individual

regulators in each jurisdiction.

For further information on our wholesale and retail credit risk, refer to note 32(a).

20. Cash and cash equivalents

Cash and cash equivalents include cash balances, together with short-term investments with an original maturity of less than three months that

are readily convertible to cash.

Net cash and cash equivalents reflected in the cash flow statement are net of bank overdrafts, which are reported in borrowings. The carrying

amounts of cash and cash equivalents and bank overdrafts approximate their fair values.

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for periods varying between one

day and three months, depending on the immediate cash requirements, and earn interest at the respective short-term deposit rates.

Cash and cash equivalents held in currencies other than sterling have been converted into sterling at year-end exchange rates. For further

information on currency exposures, refer to note 32(c).

Cash and cash equivalents at 31 March 2024 include £11 million (2023: £37 million) that is restricted. The restricted cash balances include

amounts required to be maintained for insurance purposes and cash balances that can only be used for low-carbon network fund projects.


	2024	2023
	£m	£m
Cash at bank	259	163
Short-term deposits	300	—
Cash and cash equivalents	559	163

Notes to the consolidated financial statements continued


	174	National Grid plc	Annual Report and Accounts 2023/24

21. Borrowings

We borrow money primarily in the form of bonds and bank loans. These are for a fixed term and may have fixed or floating interest rates or are

linked to inflation indices. We use derivatives to manage risks associated with interest rates, inflation rates and foreign exchange. Lease liabilities

are also included within borrowings.

Our price controls and rate plans lead us to fund our networks within a certain ratio of debt to equity or regulatory asset value and, as a result,

we have issued a significant amount of debt. As we continue to invest in our networks, the value of debt is expected to increase over time.

To maintain a strong balance sheet and to allow us to access capital markets at commercially acceptable interest rates, we balance the amount

of debt we issue with the value of our assets, and we take account of certain other metrics used by credit rating agencies.

Borrowings, which include interest-bearing and inflation-linked debt, overdrafts and collateral payable, are initially recorded at fair value. This

normally reflects the proceeds received (net of direct issue costs for liabilities measured at amortised cost). Subsequently, borrowings are stated

either: i) at amortised cost; or ii) at fair value though profit and loss. Where a borrowing is held at amortised cost, any difference between the

proceeds after direct issue costs and the redemption value is recognised over the term of the borrowing in the income statement using the effective

interest method.


	2024	2023
	£m	£m
Current
Bank loans	460	381
Bonds	2,841	1,638
Commercial paper	1,444	840
Lease liabilities	114	96
	4,859	2,955
Non-current
Bank loans	2,434	2,557
Bonds	39,114	36,855
Lease liabilities	665	618
	42,213	40,030
Total borrowings	47,072	42,985

Total borrowings are repayable as follows:


	2024	2023
	£m	£m
Less than 1 year	4,859	2,955
In 1 to 2 years	2,706	2,799
In 2 to 3 years	3,134	2,689
In 3 to 4 years	2,948	3,129
In 4 to 5 years	4,375	2,505
More than 5 years:
By instalments	736	922
Other than by instalments	28,314	27,986
	47,072	42,985

The fair value of borrowings, excluding lease liabilities, at 31 March 2024 was £42,617 million (2023: £38,219 million). Where market values were

available, the fair value of borrowings (Level 1) was £34,281 million (2023: £31,710 million). Where market values were not available, the fair value

of borrowings (Level 2) was £8,336 million (2023: £6,509 million) and calculated by discounting cash flows at prevailing interest rates. The notional

amount outstanding of the debt portfolio at 31 March 2024 was £46,141 million (2023: £42,353 million). There have been no new issuances since

the year end.

Collateral is placed with or received from any derivative counterparty where we have entered into a credit support annex to the ISDA Master

Agreement once the current mark-to-market valuation of the trades between the parties exceeds an agreed threshold. Included in current bank

loans is £72 million (2023: £111 million) in respect of cash received under collateral agreements. For further details of our borrowing facilities, refer

to note 33. For further details of our bonds in issue, please refer to the debt investor section of our website. Unless included herein, the information

on our website is unaudited.



	Financial Statements


	175	National Grid plc	Annual Report and Accounts 2023/24

21. Borrowings continued

Lease liabilities

Lease liabilities are initially measured at the present value of the lease payments expected over the lease term. The discount rate applied

is the rate implicit in the lease or, if that is not available, the incremental rate of borrowing for a similar term and similar security. The lease

term takes account of exercising any extension options that are at our option if we are reasonably certain to exercise the option as well as any

lease termination options, unless we are reasonably certain not to exercise the option. Each lease payment is allocated between the liability

and finance cost. The finance cost is charged to the income statement over the lease period using the effective interest rate method.


	2024	2023
	£m	£m
Gross lease liabilities are repayable as follows:
Less than 1 year	133	118
1 to 5 years	370	318
More than 5 years	507	480
	1,010	916
Less: finance charges allocated to future periods	(231)	(202)
	779	714
The present value of lease liabilities are as follows:
Less than 1 year	114	96
1 to 5 years	300	269
More than 5 years	365	349
	779	714

22. Trade and other payables

Trade and other payables include amounts owed to suppliers, tax authorities and other parties which are due to be settled within 12 months.

The total also includes deferred amounts, some of which represent monies received from customers but for which we have not yet delivered

the associated service. These amounts are recognised as revenue when the service is provided.

Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, with the exception of contingent

consideration, which is subsequently measured at fair value.


	2024	2023
	£m	£m
Trade payables	2,786	3,249
Deferred payables	327	404
Customer contributions1	34	171
Social security and other taxes	—	240
Contingent consideration	—	19
Other payables²	929	985
	4,076	5,068

1.Relates to amounts received from government-related entities for connecting to our networks, where we have obligations remaining under the contract.

2.Included within other payables are payments due in respect of interconnector excess revenues in accordance with the cap and floor regime constructed by Ofgem (see note 3).

Due to their short maturities, the fair value of trade and other payables approximates their carrying value.

Notes to the consolidated financial statements continued


	176	National Grid plc	Annual Report and Accounts 2023/24

23. Contract liabilities

Contract liabilities primarily relate to the advance consideration received from customers for construction contracts, mainly in relation to

connections, for which revenue is recognised over the life of the asset.


	2024	2023
	£m	£m
Current	127	252
Non-current	2,119	1,754
	2,246	2,006

Significant changes in the contract liabilities balances during the period are as follows:


	2024	2023
	£m	£m
As at 1 April	2,006	1,472
Exchange adjustments	(27)	54
Revenue recognised that was included in the contract liability balance at the beginning of the period	(252)	(292)
Increases due to cash received, excluding amounts recognised as revenue during the period	519	772
At 31 March	2,246	2,006

24. Other non-current liabilities

Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March

2025. It also includes contingent consideration and other payables that are not due until after that date.

Other non-current liabilities are initially recognised at fair value and subsequently measured at amortised cost.


	2024	2023
	£m	£m
Deferred income	11	84
Customer contributions1	411	421
Other payables²	458	416
	880	921

1.Relates to amounts received from government-related entities for connecting to our networks, where we have obligations remaining under the contract.

2.Included within other payables are payments due in respect of the IFA1 interconnector in accordance with the Use of Revenue regime constructed by Ofgem.

There is no material difference between the fair value and the carrying value of other payables.



	Financial Statements


	177	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits

All of our employees are eligible to participate in a pension plan. We have defined contribution (DC) and defined benefit (DB) pension plans in

the UK and the US. In the US, we also provide healthcare and life insurance benefits to eligible employees, post-retirement. The fair value of

associated plan assets and present value of DB obligations are updated annually in accordance with IAS 19 ‘Employee Benefits’. We separately

present our UK and US pension plans to show the geographical split. Below we provide a more detailed analysis of the amounts recorded in the

primary financial statements and the actuarial assumptions used to value the DB obligations.

UK pension plans

Defined contribution plan

UK employees are eligible to join the National Grid UK Retirement Plan (NGUKRP), a section of a Master Trust arrangement managed by Legal &

General. During the year, ongoing DC pension provision for NGED employees was transferred from the Western Power Pension Scheme (WPPS)

to the NGUKRP to align benefit provision across the UK. National Grid pays contributions into the NGUKRP to provide DC benefits on behalf of

its employees, generally providing a double match of member contributions up to a maximum Company contribution of 12% of salary.

Investment risks are borne by the member and there is no legal or constructive obligation on National Grid to pay additional contributions in the

instance that investment performance is poor. Payments to these DC plans are charged as an expense as they fall due.

Defined benefit plans

National Grid operates various DB pension arrangements in the UK. These include Section A of the National Grid UK Pension Scheme (Section A

of NGUKPS), three sections of the industry-wide Electricity Supply Pension Scheme (ESPS), a legacy scheme (WPUPS), a DB section within WPPS

and some unfunded pension obligations. Each of these plans holds assets in separate Trustee administered funds. The arrangements are managed

by Trustee companies with boards consisting of company and member appointed Directors. These plans are all closed to new members, except

for the ESPS schemes in very rare circumstances.

The ESO is expected to transfer out of the Group, with business separation expected to take place in the summer of 2024. As a result, the ESO’s

share of pension assets and liabilities has been reallocated as held for sale (see note 10).

The arrangements are subject to independent actuarial funding valuations carried out by the Trustees every three years. Following consultation and

agreement with the Company, the qualified actuary certifies the employers’ contributions which, together with the specified contributions payable by

the employees and proceeds from the plans’ assets, are expected to be sufficient to fund the benefits payable. The latest full actuarial valuations for

each of the DB plans were carried out at 31 March 2022, with three of the plans showing a funding shortfall at the valuation date. These shortfalls

were funded via recovery plan payments from the Company totalling approximately £100 million, with £12 million of those still due to be paid as at

31 March 2024. The Company also funds the cost of future benefit accrual (over and above member contributions) for each of the DB plans, with the

aggregate level of ongoing contributions (excluding recovery plan payments) over the year to 31 March 2024 totalling £95 million (2023: £74 million).

For some of the DB plans, the Company also pays contributions in respect of the costs of plan administration and the Pension Protection Fund

(PPF) levies.

The Company has also established security arrangements with some of the DB plans. This includes contingent security provided to National Grid

Electricity Group (NGEG) of ESPS in the form of surety bonds, letters of credit or cash payments which are implemented if certain trigger events

occur in respect of National Grid Electricity Transmission plc. The security, which is currently capped at £180 million, would then become payable

to NGEG on certain company-related events, such as loss of licence or insolvency. In respect of Section A of NGUKPS, there is a guarantee in place

which is enforceable on insolvency or on failure to pay pension obligations to Section A and can be claimed against National Grid plc, National Grid

Holdings One plc or Lattice Group Limited.

US pension plans

The US pension plans are governed by the Retirement Plan Committee (RPC), a fiduciary committee. The RPC is structured in accordance

with US laws governing retirement plans under the Employee Retirement Income Security Act (ERISA) and comprises appointed employees

of the Company.

Defined contribution plan

National Grid has a DC pension plan which allows employee as well as Company contributions. Non-union employees hired after 1 January 2011,

as well as most new hire union employees, receive a core contribution into the DC plan ranging from 3% to 9% of salary, irrespective of the

employee’s contribution into the plan. Most employees also receive a matching contribution that varies between 25% and 50% of employee

contributions up to a maximum Company contribution of 8%. The assets of the plans are held in trusts and administered by the RPC.

Notes to the consolidated financial statements continued


	178	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

US pension plans continued

Defined benefit plans

National Grid sponsors four non-contributory qualified DB pension plans, which provide vested non-union employees hired before 1 January 2011,

and vested eligible union employees, with retirement benefits within prescribed limits as defined by the US Internal Revenue Service. National Grid

also provides non-qualified DB pension arrangements for a closed group of current and former employees with designated company investments

set aside to fund these obligations. Benefits under the DB plans generally reflect age, years of service and compensation, and are paid in the form

of an annuity or lump sum. The Company funds the DB plans by contributing no less than the minimum amount required, but no more than the

maximum tax-deductible amount allowed under US Internal Revenue Service regulations. The range of contributions determined under these

regulations can vary significantly depending upon the funded status of the plans. At present, there is some flexibility in the amount that is contributed

on an annual basis. In general, the Company’s policy for funding the US pension plans is to contribute the amounts collected in rates and capitalised

in the rate base during the year, to the extent that the funding is no less than the minimum amount required. For the current financial year, these

contributions amounted to approximately £26 million (2023: £76 million).

In both the current and prior year, some of our US DB pension plans undertook annuity buyout transactions in which a portion of existing retiree

pension payments were transferred to a reputable insurance company in exchange for single bulk premium payments. As a result, all associated

financial, governance and administrative responsibilities for those payments were transferred to the selected insurer.

US other post-retirement benefits

National Grid provides post-retirement healthcare and life insurance benefits to eligible employees. Eligibility is based on certain age and length of

service requirements and, in most cases, retirees contribute to the cost of their healthcare coverage. In the US, there is no governmental requirement

to pre-fund post-retirement healthcare and life insurance plans. However, in general, the Company’s policy for funding the US retiree healthcare and

life insurance plans is to contribute amounts collected in rates and capitalised in the rate base during the year. For the current financial year, these

contributions amounted to £21 million (2023: £11 million).

In the prior year, several post-retirement benefit plans were consolidated in an effort to simplify the plan and trust structure. This consolidation did not

impact the benefits or plan obligations.

Actuarial assumptions

On retirement, members of DB plans receive benefits whose value is dependent on factors such as salary and length of pensionable service. National

Grid’s obligation in respect of DB pension plans is calculated separately for each DB plan by projecting the estimated amount of future benefit

payments that employees have earned for their pensionable service in the current and prior periods. These future benefit payments are discounted

to determine the present value of the liabilities.

Advice is taken from independent actuaries relating to the appropriateness of the key assumptions applied, including life expectancy, expected salary

and pension increases, and inflation. Comparatively small changes in the assumptions used may have a significant effect on the amounts recognised

in the consolidated income statement, the consolidated statement of other comprehensive income and the net asset or liability recognised in the

consolidated statement of financial position. The sensitivities to significant risks are disclosed in note 35. Remeasurements of pension assets and

post-retirement benefit obligations are recognised in full in the period in which they occur in the consolidated statement of other comprehensive income.

The Company has applied the following financial assumptions in assessing DB liabilities:


	UK pensions			US pensions			US other post-retirement benefits
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	%	%	%	%	%	%	%	%	%
Discount rate – past service	4.87	4.80	2.78	5.15	4.85	3.65	5.15	4.85	3.65
Discount rate – future service	4.92	4.80	2.85	5.15	4.85	3.65	5.15	4.85	3.65
Rate of increase in RPI – past service	3.05	3.17	3.60	n/a	n/a	n/a	n/a	n/a	n/a
Rate of increase in RPI – future service	2.92	3.07	3.33	n/a	n/a	n/a	n/a	n/a	n/a
Salary increases	3.10	3.11	3.47	4.50	4.50	4.60	4.50	4.50	4.60
Initial healthcare cost trend rate	n/a	n/a	n/a	n/a	n/a	n/a	7.10	6.80	6.80
Ultimate healthcare cost trend rate	n/a	n/a	n/a	n/a	n/a	n/a	4.50	4.50	4.50

For UK pensions, single equivalent financial assumptions are shown above for presentational purposes, although full yield curves have been used

in our calculations. The discount rate is determined by reference to high-quality UK corporate bonds at the reporting date. The rate of increase in

salaries has been set using a promotional scale where appropriate. The rates of increases stated are not indicative of historical increases awarded

or a guarantee of future increase, but merely an appropriate assumption used in assessing DB liabilities. Our DB plans in the UK provide for pension

increases that are generally linked to Retail Price Index (RPI), subject to relevant caps and floors.

Discount rates for US pension liabilities have been determined by reference to appropriate yields on high-quality US corporate bonds at the reporting

date based on the duration of plan liabilities. The healthcare cost trend rate is expected to reach the ultimate trend rate by 2033 (2023: 2031).



	Financial Statements


	179	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

Actuarial assumptions continued

The table below sets out the projected life expectancies adopted for the UK and US pension arrangements:


	UK pensions			US pensions
	2024	2023	2022	2024	2023	2022
	years	years	years	years	years	years
Assumed life expectations for a retiree age 65
Males	21.5	21.9	22.0	21.6	21.6	21.4
Females	23.5	23.7	23.8	23.9	23.8	23.6
In 20 years:
Males	22.6	23.0	23.2	23.3	23.2	23.1
Females	24.9	25.1	25.2	25.5	25.4	25.3

The weighted average duration of the DB obligation for each category of plan is 11 years for UK pension plans, 11 years for US pension plans and

12 years for US other post-retirement benefit plans. The table below summarises the split of DB obligations by status for each category of plan:


	UK pensions		US pensions		US other post-retirement benefits
	2024	2023	2024	2023	2024	2023
	%	%	%	%	%	%
Active members	14	14	37	37	29	33
Deferred members	8	9	10	9	—	—
Pensioner members	78	77	53	54	71	67

Amounts recognised in the consolidated statement of financial position


	2024	2023
	£m	£m
Present value of funded obligations	(17,601)	(18,934)
Fair value of plan assets	19,733	21,246
	2,132	2,312
Present value of unfunded obligations	(266)	(292)
Other post-employment liabilities	(52)	(69)
Net defined benefit asset	1,814	1,951
Represented by:
Liabilities	(593)	(694)
Assets	2,407	2,645
	1,814	1,951

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK pensions		US pensions		US other post-retirement benefits		Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Present value of funded obligations	(10,465)	(10,906)	(4,702)	(5,502)	(2,434)	(2,526)	(17,601)	(18,934)
Fair value of plan assets	11,782	12,578	5,320	6,060	2,631	2,608	19,733	21,246
	1,317	1,672	618	558	197	82	2,132	2,312
Present value of unfunded obligations	(56)	(58)	(210)	(234)	—	—	(266)	(292)
Other post-employment liabilities	—	—	—	—	(52)	(69)	(52)	(69)
Net defined benefit asset	1,261	1,614	408	324	145	13	1,814	1,951
Represented by:
Liabilities	(56)	(58)	(210)	(234)	(327)	(402)	(593)	(694)
Assets	1,317	1,672	618	558	472	415	2,407	2,645
	1,261	1,614	408	324	145	13	1,814	1,951

The recognition of the pension assets in the UK and in the US reflects legal and actuarial advice that we have taken regarding recognition of

surpluses under IFRIC 14. In the UK, the Group has an unconditional right to a refund in the event of a winding up. In the US, surplus assets

of a plan may be used to pay for future benefits expected to be earned under that plan.

Notes to the consolidated financial statements continued


	180	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

Amounts recognised in the income statement and statement of other comprehensive income

The expense or income arising from all Group retirement benefit arrangements recognised in the Group income statements is shown below:


	2024	2023	2022
	£m	£m	£m
Included within operating costs
Administration costs	22	19	20
Included within payroll costs
Defined benefit plan costs:
Current service cost	143	194	223
Past service cost – augmentations and redundancies	9	8	11
Gains on settlement	(30)	(45)	—
	122	157	234
Included within finance income and costs
Net interest income	(100)	(85)	(2)
Total included in income statement1	44	91	252
Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations	(218)	(1,364)	2,481
Exchange adjustments	(6)	41	7
Total included in the statement of other comprehensive income²	(224)	(1,323)	2,488

1.Amounts shown in the table above include operating costs of £nil (2023: £nil; 2022: £4 million); payroll costs of £nil (2023: £nil; 2022: £10 million); and net interest income of £nil

(2023: £nil; 2022: £2 million) presented within profit from discontinued operations. These amounts all relate to UK pensions.

2.Amounts shown in the table above include remeasurements of pension assets and post-retirement benefit obligations of £nil (2023: £nil; 2022: £309 million gain) presented within

discontinued operations. These amounts all relate to UK pensions.

The geographical split of pensions and other post-retirement benefits is shown below:


	UK pensions			US pensions			US other post-retirement benefits
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Included within operating costs
Administration costs	13	9	11	7	8	7	2	2	2
Included within payroll costs
Defined benefit plan costs:
Current service cost	45	69	83	72	88	101	26	37	39
Past service cost – augmentations and redundancies	9	8	11	—	—	—	—	—	—
Gains on settlement	—	—	—	(30)	(45)	—	—	—	—
	54	77	94	42	43	101	26	37	39
Included within finance income and costs
Net interest (income)/cost	(84)	(64)	(7)	(13)	(21)	—	(3)	—	5
Total included in income statement	(17)	22	98	36	30	108	25	39	46
Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations	(474)	(1,183)	1,577	99	(242)	532	157	61	372
Exchange adjustments	—	—	—	(5)	36	11	(1)	5	(4)
Total included in the statement of other comprehensive income	(474)	(1,183)	1,577	94	(206)	543	156	66	368



	Financial Statements


	181	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

Reconciliation of the net defined benefit asset


	UK pensions		US pensions		US other post-retirement benefits		Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Opening net defined benefit asset	1,614	2,590	324	484	13	1	1,951	3,075
Income/(cost) recognised in the income statement (including discontinued operations)	17	(22)	(36)	(30)	(25)	(39)	(44)	(91)
Remeasurement and foreign exchange effects recognised in the statement of other comprehensive income	(474)	(1,183)	94	(206)	156	66	(224)	(1,323)
Employer contributions	118	197	26	76	21	11	165	284
Other movements	3	2	—	—	(20)	(26)	(17)	(24)
Reclassification to held for sale (note 10)	(17)	30	—	—	—	—	(17)	30
Closing net defined benefit asset	1,261	1,614	408	324	145	13	1,814	1,951

Changes in the present value of defined benefit obligations (including unfunded obligations)

The table below shows the movement in defined benefit obligations across our DB plans over the year.


	UK pensions		US pensions		US other post-retirement benefits		Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Opening defined benefit obligations	(10,964)	(14,275)	(5,736)	(6,779)	(2,526)	(2,813)	(19,226)	(23,867)
Current service cost	(45)	(69)	(72)	(88)	(26)	(37)	(143)	(194)
Interest cost	(536)	(334)	(258)	(252)	(117)	(111)	(911)	(697)
Actuarial (losses)/gains – experience	(2)	(235)	(34)	(17)	73	48	37	(204)
Actuarial gains/(losses) – demographic assumptions	98	135	12	5	(4)	10	106	150
Actuarial gains/(losses) – financial assumptions	165	3,167	190	818	(7)	443	348	4,428
Past service cost – augmentations and redundancies	(9)	(8)	—	—	—	—	(9)	(8)
Liabilities extinguished on settlements	—	—	543	616	—	—	543	616
Medicare subsidy received	—	—	—	—	(26)	(28)	(26)	(28)
Employee contributions	(10)	(10)	—	—	—	—	(10)	(10)
Benefits paid	710	711	312	426	152	153	1,174	1,290
Exchange adjustments	—	—	131	(465)	58	(191)	189	(656)
Reclassification from other post-employment liabilities	—	—	—	—	(11)	—	(11)	—
Reclassification to held for sale (note 10)	72	(46)	—	—	—	—	72	(46)
Closing defined benefit obligations	(10,521)	(10,964)	(4,912)	(5,736)	(2,434)	(2,526)	(17,867)	(19,226)

Changes in the value of plan assets

The table below shows the movement in pension assets across our DB plans over the year.


	UK pensions		US pensions		US other post-retirement benefits		Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
Opening fair value of plan assets	12,578	16,865	6,060	7,263	2,608	2,885	21,246	27,013
Interest income	620	398	271	273	120	111	1,011	782
Return on plan assets (less than)/in excess of interest	(735)	(4,250)	(69)	(1,048)	95	(440)	(709)	(5,738)
Administration costs	(13)	(9)	(7)	(8)	(2)	(2)	(22)	(19)
Assets distributed on settlements	—	—	(513)	(571)	—	—	(513)	(571)
Employer contributions	118	197	26	76	21	11	165	284
Employee contributions	10	10	—	—	—	—	10	10
Benefits paid	(707)	(709)	(312)	(426)	(152)	(153)	(1,171)	(1,288)
Exchange adjustments	—	—	(136)	501	(59)	196	(195)	697
Reclassification to held for sale (note 10)	(89)	76	—	—	—	—	(89)	76
Closing fair value of plan assets	11,782	12,578	5,320	6,060	2,631	2,608	19,733	21,246
Actual return on plan assets	(115)	(3,852)	202	(775)	215	(329)	302	(4,956)
Expected contributions to plans in the following year	108	99	28	36	15	14	151	149

Notes to the consolidated financial statements continued


	182	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

Asset allocations

The allocation of assets by asset class is set out below. Within these asset allocations there is significant diversification across regions, asset

managers, currencies and bond categories.

UK pensions


	2024			2023¹			2022¹
	Quoted	Unquoted	Total	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Equities	576	153	729	475	179	654	1,458	324	1,782
Corporate bonds	1,910	—	1,910	1,892	—	1,892	2,741	—	2,741
Government securities and liability- driven investments	—	5,259	5,2592	762	4,906	5,6682,3	786	5,768	6,5542,3
Property	—	6794	679	23	8604	883	122	1,0024	1,124
Diversified alternatives	669	572	1,241	708	680	1,388	1,334	582	1,916
Buy-in/bulk annuity policies	—	2,060	2,060	—	2,126	2,1265	78	2,706	2,7845
Longevity swap	—	(94)	(94)	—	(88)	(88)	—	(80)	(80)
Cash and cash equivalents	3	—	3	8	—	8	38	—	38
Other (including net current assets and liabilities)	—	(5)	(5)	59	(12)	47	16	(10)	6
	3,158	8,624	11,7826	3,927	8,651	12,5786	6,573	10,292	16,8656

1.Comparative amounts have been represented to reflect the reclassification of assets associated with liability driven investment strategies as unquoted following an internal asset

categorisation review.

2.Included within government securities and liability-driven investments above is £2.7 billion (2023: £3.4 billion; 2022: £6.1 billion) of repurchase agreements. These are used to increase

the market exposure of the liability-matching portfolios.

3.This asset class has been redefined to include liability driven investments totalling £4,906 million (2022: £5,857 million). These were previously allocated in other asset classes, primarily

buy-in/bulk annuity policies.

4.Includes £288 million (2023: £304 million; 2022: £283 million) of investments in forestry funds.

5.This asset class has been redefined to only include the value of buy-in/bulk annuities and therefore has been restated to exclude the value of liability-driven investments.

6.The fair value of plan assets includes employer-related investment exposure of £44 million (2023: £23 million; 2022: £32 million).

US pensions


	2024			2023¹			2022¹
	Quoted	Unquoted	Total	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Equities	99	1,224	1,323	154	1,346	1,500	272	1,904	2,176
Corporate bonds	1,987	403	2,390	2,147	528	2,675	2,311	697	3,008
Government securities	360	444	804	410	514	924	335	715	1,050
Property	—	237	237	—	299	299	—	295	295
Diversified alternatives	54	502	556	85	550	635	142	546	688
Cash and cash equivalents	9	—	9	16	—	16	31	—	31
Other (including net current assets and liabilities)	1	—	1	7	4	11	12	3	15
	2,510	2,810	5,320	2,819	3,241	6,060	3,103	4,160	7,263

1.Comparative amounts have been represented to reflect the reclassification of infrastructure assets following an internal asset categorisation review.

US other post-retirement benefits


	2024			2023			2022
	Quoted	Unquoted	Total	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Equities	37	524	561	74	510	584	185	1,013	1,198
Corporate bonds	1,351	46	1,397	1,332	2	1,334	723	2	725
Government securities	410	1	411	431	2	433	511	2	513
Diversified alternatives	92	9	101	100	9	109	144	120	264
Other1	—	161	161	1	147	148	—	185	185
	1,890	741	2,631	1,938	670	2,608	1,563	1,322	2,885

1.Other primarily comprises insurance contracts.

Main defined benefit risks

National Grid underwrites the financial and demographic risks associated with the Group’s DB plans. Although the governing bodies have sole

responsibility for setting investment strategies and managing risks, National Grid closely works with and supports the governing bodies of each plan,

to assist them in mitigating the risks associated with their plans and to ensure that the plans are funded to meet their obligations.



	Financial Statements


	183	National Grid plc	Annual Report and Accounts 2023/24

25. Pensions and other post-retirement benefits continued

Main defined benefit risks continued

The most significant risks associated with the DB plans are as follows:


Main risks	Description and mitigation
Investment risk	The plans invest in a variety of asset classes, with actual returns likely to differ from the underlying discount rate adopted, impacting on the funding position of the plan through the net balance sheet asset or liability. Each plan seeks to balance the level of investment return required with the risk that it can afford to take, to design the most appropriate investment portfolio.
Changes in bond yields	Liabilities will fluctuate as yields change. Volatility of the net balance sheet asset or liability is controlled through liability- matching strategies. The investment strategies allow for the use of synthetic as well as physical assets to be used to hedge interest rate risk.
Inflation risk	Changes in inflation will affect current and future pensions but are partially mitigated through investing in inflation-matching assets and hedging instruments as well as bulk annuity buy-in policies. The investment strategies allow for the use of synthetic as well as physical assets to be used to hedge inflation risk.
Member longevity	Improvements in life expectancy will lead to pension payments being paid for longer than expected and benefits ultimately being more expensive. This risk has been partly mitigated by scheme investment transactions including a longevity insurance contract (longevity swap) for NGEG of ESPS and two buy-in policies for Section A of NGUKPS.
Counterparty risk	This is managed by having a diverse range of counterparties and through having a strong collateralisation process (including for the longevity swap held by NGEG of ESPS). Measurement and management of counterparty risk is delegated to the relevant investment managers. For our bulk annuity policies, various termination provisions were introduced in the contracts, managing our exposure to counterparty risk. The insurers’ operational performance and financial strength are monitored on a regular basis.
Default risk	Debt investments are predominantly made in regulated markets in assets considered to be of investment grade. Where investments are made either in non-investment grade assets or outside of regulated markets, investment levels are kept to prudent levels and subject to agreed ranges, to control the risk.
Liquidity risk	The pension plans hold sufficient cash to meet benefit requirements, with other investments being held in liquid or realisable assets to meet unexpected cash flow requirements. These could include collateral calls relating to the plans’ liability- matching assets which could result from extreme market movements. Should the plans not have sufficient liquidity to meet cash flow requirements, they could be forced to take sub-optimal investment decisions such as selling assets at a reduced price. The plans do not borrow money, or act as guarantor, to provide liquidity to other parties (unless it is temporary).
Currency risk	Fluctuations in the value of foreign denominated assets due to exposure to currency exchange rates are managed through currency hedging overlay and currency hedging carried out by some of the investment managers.

In June 2023, the UK High Court issued a ruling in the case of Virgin Media Limited versus NTL Pension Trustees II Limited and others relating to the

validity of certain historical pension changes. This case may have implications for other defined benefit schemes in the UK, although it is subject to

possible appeal in 2024. The Group has performed an initial review of past significant changes made to its pension arrangements. Based on this

initial review, there is no financial impact from the ruling of the case, although the Group will monitor the impact of future developments.

Investment strategies

The Trustees and RPC, after taking advice from professional investment advisors and in consultation with National Grid, set their key principles,

including expected returns, risk and liquidity requirements. They formulate an investment strategy to manage risk through diversification, taking into

account expected contributions, maturity of the pension liabilities and, in the UK, the strength of the covenant. These strategies allocate investments

between return-seeking assets such as equities and property, and liability-matching assets such as buy-in policies, government securities and

corporate bonds which are intended to protect the funding position.

The approximate investment allocations for our plans at 31 March 2024 are as follows:


	UK pensions	US pensions	US other post- retirement benefits
	%	%	%
Return-seeking assets	22	40	31
Liability-matching assets	78	60	69

The governing bodies generally delegate responsibility for the selection of specific bonds, securities and other investments to appointed investment

managers, who are selected based on the required skills, expertise in those markets, process and financial security to manage the investments.

Their performance is regularly reviewed against measurable objectives, consistent with each pension plan’s long-term objectives and accepted

risk levels.

In the UK, each of our pension plans has Responsible Investment (RI) Policies, which consider ESG factors and generally incorporate the six

UN‑backed Principles for Responsible Investment (UNPRI). While each Trustee board understands its fiduciary responsibility to maximise return

on investments based on an appropriate level of risk, they each also recognise that ESG factors can be material to financial outcomes and can have

a potential impact on the quality and sustainability of long-term investment returns. The principal defined contribution arrangement in the UK embeds

ESG factors in the investment options offered to members. As well as offering a range of self‑select ethical funds, it directly incorporates its Climate

Impact Pledge into the default investment option, which acts to align the fund to a carbon net zero future.

Whilst in the US there is no regulatory requirement to have ESG-specific principles embedded in investment policies, our investment managers

often utilise ESG principles to inform their decision-making process.

Notes to the consolidated financial statements continued


	184	National Grid plc	Annual Report and Accounts 2023/24

26. Provisions

Provisions are recognised where a legal or constructive obligation exists at the reporting date, as a result of a past event, where the outflow

of economic benefit is probable and where the amount of the obligation can be reliably estimated.

Provisions are recognised for the costs of environmental remediation; decommissioning costs for certain assets that we are required to remove

at the end of their useful economic lives; restructuring costs; and for certain other situations where the above thresholds are met.

Long-term provisions are measured based on management’s best estimates of the likely cash flows, discounted at an appropriate discount rate.

The unwinding of the discount is included within the income statement within finance costs. Short-term provisions are measured at the expected

cash outflow and are not discounted.


	Environmental £m	Decommissioning £m	Other £m	Total provisions £m
At 1 April 2022	1,877	258	404	2,539
Exchange adjustments	114	5	12	131
Additions	142	91	222	455
Unused amounts reversed	(38)	(10)	(14)	(62)
Adjustment for change in discount rate¹	(176)	(48)	—	(224)
Unwinding of discount	72	10	6	88
Utilised	(100)	(9)	(176)	(285)
At 31 March 2023	1,891	297	454	2,642
Exchange adjustments	(37)	(2)	(8)	(47)
Additions²	600	34	138	772
Unused amounts reversed	(18)	(7)	(100)	(125)
Adjustment for change in discount rate	4	29	—	33
Unwinding of discount	85	11	6	102
Utilised	(107)	(9)	(149)	(265)
Reclassification to held for sale (note 10)	—	—	(3)	(3)
At 31 March 2024	2,418	353	338	3,109


	2024	2023
	£m	£m
Current	298	288
Non-current	2,811	2,354
	3,109	2,642

1.In the prior year, environmental provisions in the US and the UK decreased by £176 million as a result of the change in the real discount rate from 0.5% to 1.5%. The impact of the

change in discount rate to the decommissioning provisions was recognised against the carrying amount of property, plant and equipment (see note 13).

2.Included within additions is a £496 million increase in provision related to changes in the scope of work required on the Group’s clean-up operations on the Gowanus Canal and nearby

legacy MGP sites in Brooklyn, New York. These arose from remediation design changes as communicated in the year by US environmental agencies.



	Financial Statements


	185	National Grid plc	Annual Report and Accounts 2023/24

26. Provisions continued

Environmental provisions

We recognise environmental provisions for the estimated restoration and remediation costs relating to a number of sites owned and managed by

subsidiary undertakings, together with certain US sites that National Grid no longer owns. The environmental provision is as follows:


	2024			2023
	Discounted £m	Real undiscounted £m	Real discount rate	Discounted £m	Real undiscounted £m	Real discount rate
UK sites	108	118	1.0%	123	138	1.5%
US sites	2,310	2,579	1.5%	1,768	2,006	1.5%
	2,418	2,697		1,891	2,144

Remediation expenditure in the US is expected to be incurred until 2071, of which the majority relates to three Superfund sites (being sites where

hazardous substances are present as a result of the historical operations of manufacturing gas plants previously owned or operated by the Group

or its predecessor companies in Brooklyn, New York). The weighted average duration of the forecasted cash flows is 10 years. Under the terms of

our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers.

Remediation expenditure in the UK relates to old gas manufacturing sites and also to electricity transmission sites. Cash flows are expected to be

incurred until 2070.

The real undiscounted amount is management’s best estimate of the actual cash flows that will be required. The provisions are calculated based on

these cash flows discounted at the appropriate real discount rate for the jurisdiction, which is determined using the relevant government bond yield

curve and the weighted average life of the provisions.

Numerous estimation uncertainties affect the calculation of these provisions, including the impact of and possibility of changes to regulatory

requirements, the accuracy of site surveys, unexpected contaminants, the scope of remediation work, transportation costs, the impact of

alternative technologies, the expected timing, cost and duration of cash flows, and changes in the real discount rate. These provisions incorporate

our best estimate of the financial effect of these uncertainties, but future changes in any of the assumptions could materially impact the calculation

of the provision.

Changes in the provision arising from revised estimates, discount rates or changes in the expected timing of expenditure are recognised in the

income statement. A sensitivity of the impact of changes to the US environmental provision real discount rate and changes in estimated future cash

flows is shown in note 35. The facts and circumstances relating to particular cases are evaluated regularly in determining whether an environmental

provision should be revised (see note 30).

Decommissioning provisions

We recognise provisions for decommissioning costs for various assets we are required to remove at the end of their lives, including the safe removal

of asbestos for certain of our generation units and the restoration of seabeds in respect of our interconnectors. Provisions to decommission

significant portions of our regulated transmission and distribution assets are not recognised where no legal obligations exist and where a realistic

alternative exists to incurring costs to decommission the assets at the end of their lives.

An initial estimate of decommissioning costs attributable to property, plant and equipment is recorded as part of the cost of the related property,

plant and equipment. Changes in the provision arising from revised estimates, discount rates or changes in the expected timing of expenditure that

relates to property, plant and equipment are recorded as adjustments to their carrying value and depreciated prospectively over their remaining

estimated useful economic lives. Expenditure is expected to be incurred until 2108.

Other provisions

Included within other provisions at 31 March 2024 are the following amounts:

•£170 million (2023: £182 million) of estimated liabilities in respect of past events insured by subsidiary undertakings and policy excesses incurred

by operating companies. Estimates are based on experience from previous years. We expect that cash flows will be incurred until 2040; and

•£76 million (2023: £108 million) of estimated liabilities in respect of interconnector excess revenues which will be repayable in future reporting

periods in accordance with the cap and floor regime agreed with Ofgem (see note 3). These estimates are based on the respective

interconnectors’ performance against their cumulative caps and cash outflows will be required to settle these liabilities by the financial year

ending 31 March 2028.

Notes to the consolidated financial statements continued


	186	National Grid plc	Annual Report and Accounts 2023/24

27. Share capital

Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares

the Company holds, which are shares that the Company has bought itself, predominantly to actively manage scrip issuances and settle employee

share option and reward plan liabilities.

Share capital is accounted for as an equity instrument. An equity instrument is any contract that includes a residual interest in the consolidated

assets of the Company after deducting all its liabilities and is recorded at the proceeds received, net of direct issue costs, with an amount equal

to the nominal amount of the shares issued included in the share capital account and the balance recorded in the share premium account.


	Allotted, called-up and fully paid
	Shares million	Nominal value £m
At 1 April 2022	3,904	485
Issued during the year in lieu of dividends1	26	3
At 31 March 2023	3,930	488
Issued during the year in lieu of dividends1	37	5
At 31 March 2024	3,967	493

1.The issue of shares under the scrip dividend programme is considered to be a bonus issue under the terms of the Companies Act 2006, and the nominal value of the shares is charged

to the share premium account.

The share capital of the Company consists of ordinary shares of 12204⁄473 pence nominal value each including ADSs. The ordinary shares and ADSs

(each of which represents five ordinary shares) allow holders to receive dividends and vote at general meetings of the Company. The Company holds

treasury shares but may not exercise any rights over these shares, including the entitlement to vote or receive dividends. There are no restrictions on

the transfer or sale of ordinary shares.

In line with the provisions of the Companies Act 2006, the Company has amended its Articles of Association and ceased to have authorised

share capital.

The Company conducts a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who

have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company’s Articles of Association.

Under the share forfeiture programme, the shares and dividends associated with shares of untraced members have been forfeited, with the resulting

proceeds transferred to the Company to use in line with the Company’s strategy in relation to corporate responsibility. During the financial year,

the Company received £2 million (2023: £5 million) of proceeds from the sale of untraced shares and derecognised £5 million (2023: £5 million)

of liabilities related to unclaimed dividends, which are reflected in share premium and the income statement respectively.

Treasury shares

At 31 March 2024, the Company held 247 million (2023: 254 million) of its own shares. The market value of these shares as at 31 March 2024

was £2,637 million (2023: £2,783 million).

For the benefit of employees and in connection with the operation of the Company’s various share plans, the Company made the following

transactions in respect of its own shares during the year ended 31 March 2024:

i.National Grid settles share awards under its Long-Term Incentive Plan and the Save As You Earn scheme, by the transfer of treasury shares to its

employee share trusts. During the year, 4 million (2023: 3 million) treasury shares were gifted to National Grid Employee Share Trusts and 3 million

(2023: 2 million) treasury shares were reissued in relation to employee share schemes, in total representing 0.2% (2023: 0.1%) of the ordinary

shares in issue as at 31 March 2024. The nominal value of these shares was £1 million (2023: £1 million) and the total proceeds received were

£21 million (2023: £16 million).

ii.During the year, the Company made payments totalling £6 million (2023: £4 million) to National Grid Employee Share Trusts to enable the

Trustees to make purchases of National Grid plc shares to settle share awards in relation to all employee share plans and discretionary reward

plans. The cost of such purchases is deducted from retained earnings in the period that the transaction occurs.

The maximum number of ordinary shares held in Treasury during the year was 254 million (2023: 259 million), representing 6.4% (2023: 6.6%)

of the ordinary shares in issue as at 31 March 2024 and having a nominal value of £32 million (2023: £32 million).



	Financial Statements


	187	National Grid plc	Annual Report and Accounts 2023/24

28. Other equity reserves

Other equity reserves are different categories of equity as required by accounting standards and represent the impact of a number of our historical

transactions or fair value movements on certain financial instruments that the Company holds.

Other equity reserves comprise the translation reserve (see note 1C), cash flow hedge reserve and the cost of hedging reserve (see note 32), debt

instruments at fair value through other comprehensive income reserve (FVOCI debt) and equity investments at fair value through other comprehensive

income reserve (FVOCI equity) (see note 15), the capital redemption reserve and the merger reserve.

The merger reserve arose as a result of the application of merger accounting principles under the then prevailing UK GAAP, which under IFRS 1 was

retained for mergers that occurred prior to the IFRS transition date. Under merger accounting principles, the difference between the carrying amount

of the capital structure of the acquiring vehicle and that of the acquired business was treated as a merger difference and included within reserves.

The merger reserve represents the difference between the carrying value of subsidiary undertaking investments and their respective capital structures

following the Lattice demerger from BG Group plc and the 1999 Lattice refinancing.

The cash flow hedge reserve will amortise as the committed future cash flows from borrowings are paid or capitalised in fixed assets (as described

in note 32). See note 15 for further detail on FVOCI debt and FVOCI equity reserves; and note 32 in respect of cost of hedging reserve.

As the amounts included in other equity reserves are not attributable to any of the other classes of equity presented, they have been disclosed

as a separate classification of equity.


	Translation £m	Cash flow hedge £m	Cost of hedging £m	FVOCI equity £m	FVOCI debt £m	Own credit £m	Capital redemption £m	Merger £m	Total £m
At 1 April 2021	(35)	(48)	(28)	51	111	1	19	(5,165)	(5,094)
Exchange adjustments1	629	—	—	—	—	—	—	—	629
Net losses taken to equity2	—	(96)	(2)	(70)	(11)	(1)	—	—	(180)
Share of net gains of associates taken to equity	—	1	—	—	—	—	—	—	1
Transferred to profit or loss	—	40	(1)	—	—	—	—	—	39
Net losses in respect of cash flow hedging of capital expenditure	—	(1)	—	—	—	—	—	—	(1)
Tax	—	11	2	19	3	—	—	—	35
Cash flow hedges transferred to the statement of financial position, net of tax	—	8	—	—	—	—	—	—	8
At 1 April 2022	594	(85)	(29)	—	103	—	19	(5,165)	(4,563)
Exchange adjustments1	882	—	—	—	—	—	—	—	882
Exchange differences reclassified to the consolidated income statement on disposal	(170)	—	—	—	—	—	—	—	(170)
Net gains/(losses) taken to equity	—	142	(12)	—	(25)	—	—	—	105
Share of net gains of associates taken to equity	—	1	—	—	—	—	—	—	1
Transferred to profit or loss	—	(136)	—	—	—	—	—	—	(136)
Net gains in respect of cash flow hedging of capital expenditure	—	10	—	—	—	—	—	—	10
Tax	—	2	3	—	1	—	—	—	6
Cash flow hedges transferred to the statement of financial position, net of tax	—	5	—	—	—	—	—	—	5
At 1 April 2023	1,306	(61)	(38)	—	79	—	19	(5,165)	(3,860)
Exchange adjustments¹	(335)	—	—	—	—	—	—	—	(335)
Net gains/(losses) taken to equity	—	16	37	—	34	—	—	—	87
Transferred to profit or loss	—	224	(11)	—	—	—	—	—	213
Net losses in respect of cash flow hedging of capital expenditure	—	(37)	—	—	—	—	—	—	(37)
Tax	—	(50)	(6)	—	(4)	—	—	—	(60)
Cash flow hedges transferred to the statement of financial position, net of tax	—	2	—	—	—	—	—	—	2
At 31 March 2024	971	94	(18)	—	109	—	19	(5,165)	(3,990)

1.The exchange adjustments recorded in the translation reserve comprise a loss of £397 million (2023: gain of £1,080 million; 2022: gain of £754 million) relating to the translation of

foreign operations, offset by a gain of £62 million (2023: loss of £198 million; 2022: loss of £125 million) relating to borrowings, cross-currency swaps and foreign exchange forward

contracts used to hedge the net investment in non-sterling denominated subsidiaries.

2.In the year ended 31 March 2022, the Group disposed of its equity instruments related to shares held as part of a portfolio of financial instruments which back some long‑term employee

liabilities. The equity instruments were previously measured at FVOCI and, prior to the disposal, the Group recognised a gain of £12 million. The accumulated gain of £82 million

recognised in other comprehensive income in the year ended 31 March 2022 was transferred to retained earnings on disposal.

Notes to the consolidated financial statements continued


	188	National Grid plc	Annual Report and Accounts 2023/24

29. Net debt

We define net debt as the amount of borrowings and financing derivatives less cash and current financial investments.

(a) Composition of net debt

Net debt is comprised as follows:


	2024	2023	2022
	£m	£m	£m
Cash and cash equivalents (see note 20)	559	163	204
Current financial investments (see note 15)	3,699	2,605	3,145
Borrowings (see note 21)	(47,072)	(42,985)	(45,465)
Financing derivatives1 (see note 17)	(793)	(756)	(693)
	(43,607)	(40,973)	(42,809)

1.The financing derivatives balance included in net debt excludes the commodity derivatives (see note 17).

(b) Analysis of changes in net debt


	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents £m	Financial investments £m	Other financing derivatives £m	Total1 £m
At 1 April 2023		(42,985)	(793)	(43,778)	163	2,605	37	(40,973)
Net increase in cash and cash equivalents		—	—	—	427	—	—	427
Included within financing cash flows:
Proceeds received from loans		(5,563)	—	(5,563)	—	—	—	(5,563)
Repayment of loans		1,701	—	1,701	—	—	—	1,701
Payments of lease liabilities		118	—	118	—	—	—	118
Net movements in short-term borrowings		(544)	—	(544)	—	—	—	(544)
Cash inflows on derivatives		—	(86)	(86)	—	—	—	(86)
Cash outflows on derivatives		—	58	58	—	—	—	58
Interest paid		1,330	297	1,627	—	—	—	1,627
Non-net debt financing cash flows		(18)	—	(18)	—	—	—	(18)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	1,141	—	1,141
Cash inflows on derivatives		—	—	—	—	—	(123)	(123)
Cash outflows on derivatives		—	—	—	—	—	—	—
Derivative cash flows included in capital expenditure		—	—	—	—	—	5	5
Interest received		—	—	—	—	(148)	—	(148)
Derivative cash flows included in revenue		—	—	—	—	—	(11)	(11)
Fair value gains and losses		(69)	40	(29)	—	4	60	35
Foreign exchange movements		718	—	718	(1)	(49)	—	668
Interest (charges)/income	6	(1,564)	(284)	(1,848)	—	152	7	(1,689)
Other non-cash movements		(209)	4	(205)	—	—	(4)	(209)
Reclassification to held for sale2	10	13	—	13	(30)	(6)	—	(23)
At 31 March 2024		(47,072)	(764)	(47,836)	559	3,699	(29)	(43,607)
Balances at 31 March 2024 comprise:
Non-current assets		—	310	310	—	—	5	315
Current assets		—	1	1	559	3,699	17	4,276
Current liabilities		(4,859)	(231)	(5,090)	—	—	(18)	(5,108)
Non-current liabilities		(42,213)	(844)	(43,057)	—	—	(33)	(43,090)
		(47,072)	(764)	(47,836)	559	3,699	(29)	(43,607)

1.Includes accrued interest of £490 million.

2.Reclassification to held for sale represents the closing net debt position of the ESO (see note 10).



	Financial Statements


	189	National Grid plc	Annual Report and Accounts 2023/24

29. Net debt continued


	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents1 £m	Financial investments £m	Other financing derivatives £m	Total² £m
At 1 April 2022		(45,465)	(750)	(46,215)	204	3,145	57	(42,809)
Net decrease in cash and cash equivalents		—	—	—	(48)	—	—	(48)
Included within financing cash flows:
Proceeds received from loans		(11,908)	—	(11,908)	—	—	—	(11,908)
Repayment of loans		15,260	—	15,260	—	—	—	15,260
Payments of lease liabilities		155	—	155	—	—	—	155
Net movements in short-term borrowings		511	—	511	—	—	—	511
Cash inflows on derivatives		—	(190)	(190)	—	—	—	(190)
Cash outflows on derivatives		—	118	118	—	—	—	118
Interest paid		1,277	153	1,430	—	—		1,430
Non-net debt financing cash flows		(27)	—	(27)	—	—	—	(27)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	(586)	—	(586)
Cash outflows on derivatives		—	—	—	—	—	362	362
Derivative cash outflow in relation to capital expenditure		—	—	—	—	—	12	12
Interest received		—	—	—	—	(65)		(65)
Fair value gains and losses		367	46	413	—	(18)	(394)	1
Foreign exchange movements		(1,311)	—	(1,311)	7	61	—	(1,243)
Interest (charges)/income	6	(1,658)	(170)	(1,828)	—	73	—	(1,755)
Other non-cash movements		(283)	—	(283)	—	—	—	(283)
Reclassification to held for sale3		97	—	97	—	(5)	—	92
At 31 March 2023		(42,985)	(793)	(43,778)	163	2,605	37	(40,973)

1.Cash and cash equivalents at the start of year exclude the Group’s bank overdraft as at 1 April 2022 of £22 million.

2.Includes accrued interest of £401 million.

3.Reclassification to held for sale represented the disposal of NECO, which was not classified as a discontinued operation.


	Notes	Borrowings £m	Financing derivatives used to hedge debt £m	Total liabilities from financing activities £m	Cash and cash equivalents1 £m	Financial investments £m	Other financing derivatives £m	Total² £m
At 1 April 2021		(31,220)	96	(31,124)	157	2,342	79	(28,546)
Net increase in cash and cash equivalents		—	—	—	9	—	—	9
Included within financing cash flows:
Proceeds received from loans		(12,347)	—	(12,347)	—	—	—	(12,347)
Repayment of loans		1,261	—	1,261	—	—	—	1,261
Payments of lease liabilities		117	—	117	—	—	—	117
Net movements in short-term borrowings		11	—	11	—	—	—	11
Cash inflows on derivatives		—	(20)	(20)	—	—	—	(20)
Cash outflows on derivatives		—	114	114	—	—	—	114
Interest paid		998	55	1,053	—	—	—	1,053
Non-net debt financing cash flows		(33)	—	(33)	—	—	—	(33)
Included within investing cash flows:
Net movements in short-term financial investments		—	—	—	—	781	—	781
Cash inflows on derivatives		—	—	—	—	—	(17)	(17)
Cash outflows on derivatives		—	—	—	—	—	122	122
Derivative cash outflow in relation to capital expenditure		—	—	—	—	—	8	8
Interest received		—	—	—	—	(40)	—	(40)
Fair value gains and losses		286	(472)	(186)	—	(12)	(132)	(330)
Foreign exchange movements		(652)	—	(652)	5	53	—	(594)
Interest (charges)/income	6	(1,177)	(54)	(1,231)	—	54	(5)	(1,182)
Other non-cash movements		34	—	34	—	(15)	—	19
Acquisition of NGED		(8,286)	26	(8,260)	44	69	—	(8,147)
Reclassification to held for sale3		5,543	(495)	5,048	(11)	(87)	2	4,952
At 31 March 2022		(45,465)	(750)	(46,215)	204	3,145	57	(42,809)

1.Cash and cash equivalents at the end of year exclude the Group’s bank overdraft as at 31 March 2022 of £22 million.

2.Includes accrued interest of £351 million.

3.Reclassification to held for sale represented the opening net debt position of the UK Gas Transmission business.

Notes to the consolidated financial statements continued


	190	National Grid plc	Annual Report and Accounts 2023/24

30. Commitments and contingencies

Commitments are those amounts that we are contractually required to pay in the future as long as the other party meets its obligations. These

commitments primarily relate to energy purchase agreements and contracts for the purchase of assets which, in many cases, extend over a long

period of time. We also disclose any contingencies, which include guarantees that companies have given, where we pledge assets against

current obligations that will remain for a specific period.

Contingent assets are disclosed where the Group concludes that an inflow of economic benefits is probable.


	2024	2023
	£m	£m
Future capital expenditure
Contracted for but not provided	3,329	3,035
Energy purchase commitments1
Less than 1 year	1,244	1,391
In 1 to 2 years	982	985
In 2 to 3 years	1,062	1,057
In 3 to 4 years	941	912
In 4 to 5 years	866	929
More than 5 years	9,080	13,920
	14,175	19,194
Guarantees
Guarantee of subleases for US properties (expire up to 2040)	67	219
Guarantees of certain obligations of Eastern Green Link Joint Operations (various expiry dates)	2,465	—
Guarantees of certain obligations of Grain LNG (expire up to 2025)	32	32
Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates)	271	281
Guarantees of certain obligations of St William Homes LLP (various expiry dates)	44	44
Guarantees of certain obligations of National Grid IFA 2 Limited (expected expiry 2024)	121	144
Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024)	243	1,185
Other guarantees and letters of credit (various expiry dates)	123	321
	3,366	2,226

1.Energy purchase commitments relate to contractual commitments to purchase electricity or gas that are used to satisfy physical delivery requirements to our customers or for energy

that we use ourselves (i.e. normal purchase, sale or usage) and hence are accounted for as ordinary purchase contracts (see note 32(f)). Details of commodity contract derivatives that

do not meet the normal purchase, sale or usage criteria, and hence are accounted for as derivative contracts, are shown in note 17(b).

Through the ordinary course of our operations, we are party to various litigation, claims and investigations. We do not expect the ultimate resolution

of any of these proceedings to have a material adverse effect on our results of operations, cash flows or financial position.

Contingent liabilities

The Group is subject to national and local laws governing the clean-up of sites used previously in its operations. These laws and associated

regulations require the Group to take future actions to remediate the effects on the environment of the release of chemicals and other substances.

Such contingencies may exist for various sites, including manufacturing gas plants, power stations and water courses that were impacted by those

activities. The ultimate costs of these clean-ups involve estimation uncertainty as work may be impacted by changing regulations and additional work

may be required once sites have been fully surveyed. The estimated clean-up costs have been provided for in note 26 based upon management’s

best estimate of the likely future cash flows. Whilst the amounts of future possible costs that are not provided for could be material to the Group’s

results in the period when they are recognised, it is not possible to reliably estimate the amounts involved at this time. As environmental remediation

costs are recoverable through the Group’s rate-setting processes, the Group does not expect these costs to have a material impact on its liquidity.



	Financial Statements


	191	National Grid plc	Annual Report and Accounts 2023/24

31. Related party transactions

Related parties include joint ventures, associates, investments and key management personnel.

The following significant transactions with related parties were in the normal course of business. Amounts receivable from and payable to related

parties are due on normal commercial terms.


	2024	2023	2022
	£m	£m	£m
Sales: Goods and services supplied to a pension plan	—	—	3
Sales: Goods and services supplied to joint ventures1	221	100	284
Sales: Goods and services supplied to associates	1	1	—
Sales: Goods and services supplied to subsidiary of an associate1	70	6	—
Purchases: Goods and services received from joint ventures2	6	—	19
Purchases: Goods and services received from associates2	4	31	41
Purchases: Goods and services received from subsidiaries of an associate	1	—	—

Receivables from joint ventures3	80	58	43
Receivables from associates	—	—	1
Receivables from subsidiaries of an associate	8	8	—
Payables to joint ventures4	—	19	247
Payables to associates	1	1	4

Dividends received from joint ventures5	152	150	123
Dividends received from associates6	117	32	35

1.During the year, £126 million of sales were made to Emerald Energy Venture LLC (2023: £76 million; 2022: £74 million), £71 million (2023: £nil; 2022: £nil) of sales were made to Nemo

Link Limited and £70 million (2023: £nil) of sales were made to National Gas Transmission Plc after becoming a related party to the Group from 31 January 2023 following the sale of the

UK Gas Transmission business. In the year ended 31 March 2022, £202 million of property sites were sold to St William Homes LLP prior to the Group’s disposal.

2.During the prior year, the Group received goods and services from a number of US associates, both for the transportation of gas and for pipeline services in the US, most notably

£22 million (2022: £38 million) of purchases were made from Millennium Pipeline Company LLC in the period up until disposal on 7 October 2022. In the year ended 31 March 2022,

the Group purchased assets of £18 million from BritNed Development Limited.

3.Amounts receivable from joint ventures include £77 million (2023: £55 million; 2022: £33 million) from Emerald Energy Venture LLC.

4.Amounts payable to joint ventures in the year ended 31 March 2022 included £223 million due to Community Offshore Wind, LLC, NGV’s joint venture with RWE Renewables, in respect

of a capital call to NGV following the successful auction of six seabed leases in New York. This was settled in the year ended 31 March 2023.

5.Includes dividends of £116 million (2023: £84 million; 2022: £39 million) received from BritNed Development Limited and £17 million (2023: £47 million; 2022: £77 million) from

Nemo Link Limited.

6.Includes dividends received in the year of £102 million from GasT TopCo Limited (see note 10) and £12 million (2023: £12 million; 2022: £2 million) from New York Transco LLC. During

the prior year, £16 million (2022: £34 million) was received from Millennium Pipeline Company LLC in the period up until disposal on 7 October 2022.

Details of investments in principal subsidiary undertakings, joint ventures and associates are disclosed in note 34, and information relating to pension

fund arrangements is disclosed in note 25. For details of Directors’ and key management remuneration, refer to note 4(c).

32. Financial risk management

Our activities expose us to a variety of financial risks, including credit risk, liquidity risk, capital risk, currency risk, interest rate risk, inflation risk

and commodity price risk. Our risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential

volatility of financial performance from these risks. We use financial instruments, including derivative financial instruments, to manage these risks.

Risk management related to financing activities is carried out by a central treasury department under policies approved by the Finance Committee

of the Board. The objective of the treasury department is to manage funding and liquidity requirements, including managing associated financial risks,

to within acceptable boundaries. The Finance Committee provides written principles for overall risk management and written policies covering the

following specific areas: foreign exchange risk, interest rate risk, credit risk, liquidity risk, use of derivative financial instruments and non-derivative

financial instruments, and investment of excess liquidity. The Finance Committee has delegated authority to administer the commodity price risk

policy and credit policy for US‑based commodity transactions to the Energy Procurement Risk Management Committee and the National Grid

USA Board of Directors.

We have exposure to the following risks, which are described in more detail below:

•credit risk;

•liquidity risk;

•currency risk;

•interest rate risk;

•commodity price risk;

•valuation risk; and

•capital risk.

Where appropriate, derivatives and other financial instruments used for hedging currency and interest rate risk exposures are formally designated

as fair value, cash flow or net investment hedges as defined in IFRS 9. Hedge accounting allows the timing of the profit or loss impact of qualifying

hedging instruments to be recognised in the same reporting period as the corresponding impact of hedged exposures. To qualify for hedge

accounting, documentation is prepared specifying the risk management objective and strategy, the component transactions and methodology

used for measurement of effectiveness.

Notes to the consolidated financial statements continued


	192	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

Hedge accounting relationships are designated in line with risk management activities further described below. The categories of hedging entered

into are as follows:

•currency risk arising from our forecast foreign currency transactions (capital expenditure or revenues) is designated in cash flow hedges;

•currency risk arising from our net investments in foreign operations is designated in net investment hedges; and

•currency and interest rate risk arising from borrowings are designated in cash flow or fair value hedges.

Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can

nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors, including credit,

correlations, supply and demand, and market volatilities. Ineffectiveness is recognised in the remeasurements component of finance income and

costs (see note 6). Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting.

Certain hedging instrument components are treated separately as costs of hedging with the gains and losses deferred in a component of other equity

reserves and released systematically into profit or loss to correspond with the timing and impact of hedged exposures, or released in full to finance

costs upon an early discontinuation of a hedging relationship.

Refer to sections (c) currency risk and (d) interest rate risk below for further details on hedge accounting.

(a) Credit risk

We are exposed to the risk of loss resulting from counterparties’ default on their commitments, including failure to pay or make a delivery on a

contract. This risk is inherent in our commercial business activities. Exposure arises from derivative financial instruments, deposits with banks and

financial institutions, trade receivables and committed transactions with wholesale and retail customers.

Treasury credit risk

Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments. As at 31 March 2024, the following

limits were in place for investments and derivative financial instruments held with banks and financial institutions:


	Maximum limit £m	Utilisation of maximum limit £m	Long-term limit £m	Utilisation of long-term limit £m
Triple ‘A’ G7 sovereign entities (AAA)	2,818	—	2,114	—
Triple ‘A’ vehicles (AAA)	500	460	—	—
Triple ‘A’ range institutions and non-G7 sovereign entities (AAA)	2,562	—	1,922	—
Double ‘A+’ G7 sovereign entities (AA+)	2,562	—	1,922	—
Double ‘A’ range institutions (AA)	1,537 to 2,050	0 to 316	1,153 to 1,537	0 to 311
Single ‘A’ range institutions (A)	512 to 1,025	0 to 542	384 to 769	0 to 376

The maximum limit applies to all transactions, including long-term transactions. The long-term limit applies to transactions which mature in

more than 12 months’ time.

As at 31 March 2024 and 2023, we had a number of exposures to individual counterparties. In accordance with our treasury policies, counterparty

credit exposure utilisations are monitored daily against the counterparty credit limits. Counterparty credit ratings and market conditions are reviewed

continually, with limits being revised and utilisation adjusted, if appropriate. Management does not expect any significant losses from non-

performance by these counterparties. Investments associated with insurance and employee benefit trusts, such as the investments held at FVOCI,

sit outside of treasury credit risk and are managed to individual mandates aligned to their regulated purpose.

Commodity credit risk

The credit policy for US-based commodity transactions is owned by the Finance Committee to the Board, which establishes controls and

procedures to determine, monitor and minimise the credit exposure to counterparties.

Wholesale and retail credit risk

Our principal commercial exposure in the UK is governed by the credit rules within the regulated code: Connection and Use of System Code. This

sets out the level of credit relative to the RAV for each credit rating. In the US, we are required to supply electricity and gas under state regulations.

Our policies and practices are designed to limit credit exposure by collecting security deposits prior to providing utility services, or after utility services

have commenced if certain applicable regulatory requirements are met. Collection activities are managed on a daily basis. Sales to retail customers

are usually settled in cash, cheques, electronic bank payments or by using major credit cards. We are committed to measuring, monitoring,

minimising and recording counterparty credit risk in our wholesale business. The utilisation of credit limits is regularly monitored, and collateral is

collected against these accounts when necessary.

In March 2020, the Group’s US distribution business temporarily ceased certain customer cash collection activities in response to regulatory

instructions and to changes in state-, federal- and city-level regulations and guidance, and actions to minimise risk to the Group’s employees as

a result of COVID-19. Customer termination activities also ceased in line with requests by relevant local authorities and this resulted in the recognition

of additional expected credit losses, although cash collection and customer termination activities have subsequently resumed in both New England

and New York. In the years ended 31 March 2024 and 2023, the Group’s US distribution business has also been supported by certain government

and state COVID-19 funding programmes, which has been factored into the assessment of expected credit losses for the year (see note 19 for

further details).



	Financial Statements


	193	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(a) Credit risk continued

Offsetting financial assets and liabilities

The following tables set out our financial assets and liabilities which are subject to offset and to enforceable master netting arrangements or similar

agreements. The tables show the amounts which are offset and reported net in the statement of financial position. Amounts which cannot be offset

under IFRS, but which could be settled net under terms of master netting arrangements if certain conditions arise, and with collateral received or

pledged, are presented to show National Grid’s net exposure.

Financial assets and liabilities on different transactions would only be reported net in the balance sheet if the transactions were with the same

counterparty, a currently enforceable legal right of offset exists and the cash flows were intended to be settled on a net basis.

Amounts which do not meet the criteria for offsetting on the statement of financial position, but could be settled net in certain circumstances,

principally relate to derivative transactions under ISDA agreements, where each party has the option to settle amounts on a net basis in the event

of default of the other party.

Commodity contract derivatives that have not been offset on the balance sheet may be settled net in certain circumstances under ISDA or North

American Energy Standards Board (NAESB) agreements.

The Group has no offsetting arrangements in relation to bank account balances and bank overdrafts as at 31 March 2024 (2023: £nil).

The gross amounts offset for trade payables and receivables, which are subject to general terms and conditions, are insignificant.


				Related amounts available to be offset but not offset in statement of financial position
At 31 March 2024	Gross carrying amounts £m	Gross amounts offset £m	Net amount presented in statement of financial position £m	Financial instruments £m	Cash collateral received/ pledged £m	Net amount £m
Assets
Financing derivatives	333	—	333	(246)	(28)	59
Commodity contract derivatives	35	—	35	(27)	—	8
	368	—	368	(273)	(28)	67
Liabilities
Financing derivatives	(1,126)	—	(1,126)	246	441	(439)
Commodity contract derivatives	(118)	—	(118)	27	11	(80)
	(1,244)	—	(1,244)	273	452	(519)

	(876)	—	(876)	—	424	(452)


				Related amounts available to be offset but not offset in statement of financial position
At 31 March 2023	Gross carrying amounts £m	Gross amounts offset £m	Net amount presented in statement of financial position £m	Financial instruments £m	Cash collateral received/ pledged £m	Net amount £m
Assets
Financing derivatives	363	—	363	(204)	(76)	83
Commodity contract derivatives	66	—	66	(28)	—	38
	429	—	429	(232)	(76)	121
Liabilities
Financing derivatives	(1,119)	—	(1,119)	204	681	(234)
Commodity contract derivatives	(174)	—	(174)	28	19	(127)
	(1,293)	—	(1,293)	232	700	(361)

	(864)	—	(864)	—	624	(240)

Notes to the consolidated financial statements continued


	194	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(b) Liquidity risk

Our policy is to determine our liquidity requirements by the use of both short-term and long-term cash flow forecasts. These forecasts are

supplemented by a financial headroom analysis which is used to assess funding requirements for at least a 24-month period and maintain

adequate liquidity for a continuous 12-month period.

We believe our contractual obligations, including those shown in commitments and contingencies in note 30, can be met from existing cash

and investments, operating cash flows and other financing that we reasonably expect to be able to secure in the future, together with the use

of committed facilities if required.

Our debt agreements and banking facilities contain covenants, including those relating to the periodic and timely provision of financial information

by the issuing entity, restrictions on disposals and financial covenants, such as restrictions on the level of subsidiary indebtedness. Failure to

comply with these covenants, or to obtain waivers of those requirements, could in some cases trigger a right, at the lender’s discretion, to require

repayment of some of our debt and may restrict our ability to draw upon our facilities or access the capital markets.

The following is a payment profile of our financial liabilities and derivatives:


At 31 March 2024	Less than 1 year £m	1 to 2 years £m	2 to 3 years £m	More than 3 years £m	Total £m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities	(4,480)	(2,627)	(3,036)	(35,243)	(45,386)
Interest payments on borrowings1	(1,505)	(1,442)	(1,386)	(17,247)	(21,580)
Lease liabilities	(133)	(118)	(97)	(662)	(1,010)
Other non-interest-bearing liabilities	(3,715)	(458)	—	—	(4,173)
Contingent consideration	—	—	—	—	—
Derivative financial liabilities
Financing derivatives – receipts2	5,583	2,993	2,672	5,246	16,494
Financing derivatives – payments2	(6,068)	(3,496)	(2,909)	(5,756)	(18,229)
Commodity contract derivatives – receipts2	8	3	—	—	11
Commodity contract derivatives – payments2	(79)	(24)	(7)	—	(110)
Derivative financial assets
Financing derivatives – receipts2	1,927	311	3,993	2,485	8,716
Financing derivatives – payments2	(1,884)	(312)	(3,935)	(2,305)	(8,436)
Commodity contract derivatives – receipts2	23	8	1	—	32
Commodity contract derivatives – payments2	(9)	(5)	(1)	—	(15)
	(10,332)	(5,167)	(4,705)	(53,482)	(73,686)


At 31 March 2023	Less than 1 year £m	1 to 2 years £m	2 to 3 years £m	More than 3 years £m	Total £m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities	(2,433)	(2,722)	(2,614)	(33,866)	(41,635)
Interest payments on borrowings1	(1,220)	(1,244)	(1,148)	(15,301)	(18,913)
Lease liabilities	(118)	(102)	(86)	(610)	(916)
Other non-interest-bearing liabilities	(4,232)	(416)	—	—	(4,648)
Contingent consideration	(19)	—	—	—	(19)
Derivative financial liabilities
Financing derivatives – receipts2	1,174	2,154	2,381	7,364	13,073
Financing derivatives – payments2	(1,461)	(2,483)	(2,705)	(8,335)	(14,984)
Commodity contract derivatives – receipts2	11	9	1	—	21
Commodity contract derivatives – payments2	(126)	(35)	(11)	(1)	(173)
Derivative financial assets
Financing derivatives – receipts2	4,757	701	745	3,299	9,502
Financing derivatives – payments2	(4,679)	(676)	(719)	(3,183)	(9,257)
Commodity contract derivatives – receipts2	48	11	—	—	59
Commodity contract derivatives – payments2	(11)	(6)	(3)	—	(20)
	(8,309)	(4,809)	(4,159)	(50,633)	(67,910)

1.The interest on borrowings is calculated based on borrowings held at 31 March without taking account of future issues. Floating rate interest is estimated using a forward interest rate

curve as at 31 March. Payments are included on the basis of the earliest date on which the Company can be required to settle.

2.The receipts and payments line items for derivatives comprise gross undiscounted future cash flows, after considering any contractual netting that applies within individual contracts.

Where cash receipts and payments within a derivative contract are settled net, and the amount to be received/(paid) exceeds the amount to be paid/(received), the net amount is

presented within derivative receipts/(payments).



	Financial Statements


	195	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

National Grid operates internationally with mainly pound sterling as the functional currency for the UK companies and US dollar for the

US businesses. Currency risk arises from three major areas: funding activities, capital investment and related revenues, and holdings in foreign

operations. This risk is managed using financial instruments including derivatives as approved by policy, typically cross-currency interest rate swaps,

foreign exchange swaps and forwards.

Funding activities – our policy is to borrow in the most advantageous market available. Foreign currency funding gives rise to risk of volatility in the

amount of functional currency cash to be repaid. This risk is reduced by swapping principal and interest back into the functional currency of the

issuer. All foreign currency debt and transactions are hedged except where they provide a natural offset to assets elsewhere in the Group.

Capital investment and related revenues – capital projects often incur costs or generate revenues in a foreign currency, most often euro transactions

done by the UK business. Our policy for managing foreign exchange transaction risk is to hedge contractually committed foreign currency cash flows

over a prescribed minimum size, typically by buying euro forwards to hedge future expenditure and selling euro forwards to hedge future revenues.

For hedges of forecast cash flows our policy is to hedge a proportion of highly probable cash flows.

Holdings in foreign operations – we are exposed to fluctuations on the translation into pounds sterling of our foreign operations. The policy for

managing this translation risk is to issue foreign currency debt or to replicate foreign debt using derivatives that pay cash flows in the currency of

the foreign operation. The primary managed exposure arises from dollar denominated assets and liabilities held by our US operations, with a smaller

euro exposure in respect of joint venture investments.

Derivative financial instruments were used to manage foreign currency risk as follows:


	2024					2023
	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m
Cash and cash equivalents	402	—	157	—	559	96	14	53	—	163
Financial investments	1,514	—	2,185	—	3,699	1,031	—	1,574	—	2,605
Borrowings	(14,498)	(11,936)	(18,938)	(1,700)	(47,072)	(14,473)	(11,045)	(15,741)	(1,726)	(42,985)
Pre-derivative position	(12,582)	(11,936)	(16,596)	(1,700)	(42,814)	(13,346)	(11,031)	(14,114)	(1,726)	(40,217)
Derivative effect	(9,102)	12,976	(6,625)	1,958	(793)	(6,751)	10,733	(6,476)	1,738	(756)
Net debt position	(21,684)	1,040	(23,221)	258	(43,607)	(20,097)	(298)	(20,590)	12	(40,973)

The exposure to dollars largely relates to our net investment hedge activities and exposure to euros largely relates to hedges for our future

non‑sterling capital expenditure and associated revenues.

The currency exposure on other financial instruments is as follows:


	2024					2023
	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m
Trade and other receivables	280	—	1,878	—	2,158	448	—	1,881	—	2,329
Trade and other payables	(1,330)	—	(2,385)	—	(3,715)	(1,624)	—	(2,629)	—	(4,253)
Other non-current liabilities	(169)	—	(289)	—	(458)	(147)	—	(269)	—	(416)

The carrying amounts of other financial instruments are denominated in the above currencies, which in most instances are the functional currency

of the respective subsidiaries. Our exposure to dollars is due to activities in our US subsidiaries. We do not have any other significant exposure to

currency risk on these balances.

Hedge accounting for currency risk

Where available, derivatives transacted for hedging are designated for hedge accounting. Economic offset is qualitatively determined because the

critical terms (currency and volume) of the hedging instrument match the hedged exposure. If a forecast transaction was no longer expected to

occur, the cumulative gain or loss previously reported in equity would be transferred to the income statement. This has not occurred in the current

or comparative years.

Cash flow hedging of currency risk of capital expenditure and revenue are designated as either hedging the exposure to movements in the spot

or forward translation risk. Gains and losses on hedging instruments arising from undesignated forward points and foreign currency basis spreads

are excluded from designation and are recognised immediately in profit or loss, along with any hedge ineffectiveness. On recognition of the

hedged purchase or sale in the financial statements, the associated hedge gains and losses, deferred in the cash flow hedge reserve in other

equity reserves, are transferred out of reserves and included with the recognition of the underlying transaction. Where a non-financial asset or

a non-financial liability results from a forecast transaction or firm commitment being hedged, the amounts deferred in reserves are included directly

in the initial measurement of that asset or liability.

Net investment hedging is also designated as hedging the exposure to movements in spot translation rates only: spot-related gains and losses

on hedging instruments are presented in the cumulative translation reserve within other equity reserves to offset gains or losses on translation of

the hedged balance sheet exposure. Any ineffectiveness is recognised immediately in the income statement. Amounts deferred in the cumulative

translation reserve with respect to net investment hedges are subsequently recognised in the income statement in the event of disposal of the

overseas operations concerned. Any remaining amounts deferred in the cost of hedging reserve are also released to the income statement.

Hedges of foreign currency funding are designated as cash flow hedges or fair value hedges of forward exchange risk (hedging both currency

and interest rate risk together, where applicable). Gains and losses arising from foreign currency basis spreads are excluded from designation

and are treated as a cost of hedging, deferred initially in other equity reserves and released into profit or loss over the life of the hedging

relationship. Hedge accounting for funding is described further in the interest rate risk section that follows.

Notes to the consolidated financial statements continued


	196	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(d) Interest rate risk

National Grid’s interest rate risk arises from our long-term borrowings. Our interest rate risk management policy is to seek to minimise total financing

costs (being interest costs and changes in the market value of debt). Hedging instruments principally consist of interest rate and cross-currency

swaps that are used to translate foreign currency debt into functional currency and to adjust the proportion of fixed rate and floating rate in the

borrowings portfolio to within a range set by the Finance Committee of the Board. The benchmark interest rates hedged are currently based on

Secured Overnight Financing Rate (SOFR) for USD and Sterling Overnight Index Average (SONIA) for GBP.

We also consider inflation risk and hold some inflation-linked borrowings. We believe that these provide a partial economic offset to the inflation

risk associated with our UK inflation-linked revenues.

The table in note 21 sets out the carrying amount, by contractual maturity, of borrowings that are exposed to interest rate risk before taking into

account interest rate swaps.

Net debt was managed using derivative financial instruments to hedge interest rate risk as follows:


	2024					2023
	Fixed rate £m	Floating rate £m	Inflation linked £m	Other1 £m	Total £m	Fixed rate £m	Floating rate £m	Inflation linked £m	Other1 £m	Total £m
Cash and cash equivalents	157	402	—	—	559	53	110	—	—	163
Financial investments	—	3,640	—	59	3,699	—	2,569	—	36	2,605
Borrowings	(39,948)	(2,378)	(4,746)	—	(47,072)	(36,631)	(1,744)	(4,610)	—	(42,985)
Pre-derivative position	(39,791)	1,664	(4,746)	59	(42,814)	(36,578)	935	(4,610)	36	(40,217)
Derivative effect	5,034	(5,763)	(64)	—	(793)	4,213	(4,869)	(100)	—	(756)
Net debt position	(34,757)	(4,099)	(4,810)	59	(43,607)	(32,365)	(3,934)	(4,710)	36	(40,973)

1.Represents financial instruments which are not directly affected by interest rate risk, such as investments in equity or other similar financial instruments.

Hedge accounting for interest rate risk

Borrowings paying variable or floating rates expose National Grid to cash flow interest rate risk, partially offset by cash held at variable rates. Where

a hedging instrument results in paying a fixed rate, it is designated as a cash flow hedge because it has reduced the cash flow volatility of the hedged

borrowing. Changes in the fair value of the derivative are initially recognised in other comprehensive income as gains or losses in the cash flow hedge

reserve, with any ineffective portion recognised immediately in the income statement.

Borrowings paying fixed rates expose National Grid to fair value interest rate risk. Where the hedging instrument pays a floating rate, it is designated

as a fair value hedge because it has reduced the fair value volatility of the borrowing. Changes in the fair value of the derivative and changes in the fair

value of the hedged item in relation to the risk being hedged are both adjusted on the balance sheet and offset in the income statement to the extent

the fair value hedge is effective, with the residual difference remaining as ineffectiveness.

Both types of hedges are designated as hedging the currency and interest rate risk arising from changes in forward points. Amounts accumulated in

the cash flow hedge reserve (cash flow hedges only) and the deferred cost of hedging reserve (both cash flow and fair value hedges) are reclassified

from reserves to the income statement on a systematic basis as hedged interest expense is recognised. Adjustments made to the carrying value of

hedged items in fair value hedges are similarly released to the income statement to match the timing of the hedged interest expense.

When hedge accounting is discontinued, any remaining cumulative hedge accounting balances continue to be released to the income statement

to match the impact of outstanding hedged items. Any remaining amounts deferred in the cost of hedging reserve are released immediately to the

income statement as finance costs.



	Financial Statements


	197	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(e) Hedge accounting

In accordance with the requirements of IFRS 7, certain additional information about hedge accounting is disaggregated by risk type and hedge

designation type in the tables below:


Year ended 31 March 2024	Fair value hedges of foreign currency and/or interest rate risk £m	Cash flow hedges of foreign currency and/or interest rate risk £m	Cash flow hedges of foreign currency risk £m	Net investment hedges £m
Consolidated statement of comprehensive income
Net gains/(losses) in respect of:
Cash flow hedges	—	5	(26)	—
Cost of hedging	—	(1)	—	38
Net investment hedges	—	—	—	62

Transferred to profit or loss in respect of:
Cash flow hedges	—	220	4	—
Cost of hedging	1	(4)	—	(8)

Consolidated statement of changes in equity
Other equity reserves – cost of hedging balances	(11)	(16)	—	3

Consolidated statement of financial position
Borrowings – carrying value of hedging instruments
Liabilities – non-current	—	—	—	(1,768)
Derivatives – carrying value of hedging instruments1
Assets – current	—	—	5	11
Assets – non-current	33	161	1	—
Liabilities – current	(96)	(112)	(4)	(8)
Liabilities – non-current	(499)	(164)	(32)	—

Profiles of the significant timing, price and rate information of hedging instruments
Maturity range	Jul 2024 – Sep 2044	Jul 2024 – Nov 2040	Apr 2024 – Feb 2030	Apr 2024 – Jan 2034
Spot foreign exchange range:
GBP:USD	n/a	1.30 – 1.66	1.23 – 1.27	1.22 – 1.29
GBP:EUR	1.11 – 1.24	1.08 – 1.19	1.11 – 1.18	1.17 – 1.17
EUR:USD	1.07 – 1.15	1.07 – 1.15	n/a	n/a
Interest rate range:
GBP	SONIA +56bps/+374bps	0.976% – 7.410%	n/a	n/a
USD	SOFR +83bps/+223bps	2.095% – 5.989%	n/a	n/a

1.The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the derivative amounts in the table above are

grossed up by hedge type, whereas they are presented net at an instrument level in the statement of financial position.

Notes to the consolidated financial statements continued


	198	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(e) Hedge accounting continued


Year ended 31 March 2023	Fair value hedges of foreign currency and/or interest rate risk £m	Cash flow hedges of foreign currency and/or interest rate risk £m	Cash flow hedges of foreign currency risk £m	Net investment hedges £m
Consolidated statement of comprehensive income
Net gains/(losses) in respect of:
Cash flow hedges	—	136	10	—
Cost of hedging	4	4	—	(24)
Net investment hedges	—	—	—	(198)

Transferred to profit or loss in respect of:
Cash flow hedges	—	(136)	—	—
Cost of hedging	—	—	—	1
Reclassification of foreign currency translation reserve1	—	—	—	373

Consolidated statement of changes in equity
Other equity reserves – cost of hedging balances	(11)	(12)	—	(27)

Consolidated statement of financial position
Derivatives – carrying value of hedging instruments2
Assets – current	—	—	6	52
Assets – non-current	25	166	1	—
Liabilities – current	(43)	(39)	(6)	—
Liabilities – non-current	(559)	(248)	(1)	(15)

Profiles of the significant timing, price and rate information of hedging instruments
Maturity range	Aug 2023 – Sep 2044	Jul 2024 – Nov 2040	Apr 2023 – May 2029	Jun 2023 – Sep 2027
Spot foreign exchange range:
GBP:USD	n/a	1.30 – 1.66	1.20 – 1.36	1.18 – 1.22
GBP:EUR	1.11 – 1.20	1.08 – 1.24	1.10 – 1.20	1.12 – 1.13
EUR:USD	1.13 – 1.17	1.13 – 1.15	n/a	n/a
Interest rate range:
GBP	SONIA +84bps/+374bps	0.976% – 7.410%	n/a	n/a
USD	LIBOR +68bps/ SOFR +126bps	2.095% – 3.864%	n/a	n/a

1.The reclassification of the net investment hedge on the disposals of NECO and Millennium Pipeline Company LLC were included within Other operating income.

2.The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the derivative amounts in the table above are

grossed up by hedge type, whereas they are presented net at an instrument level in the statement of financial position.



	Financial Statements


	199	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(e) Hedge accounting continued

The following tables show the effects of hedge accounting on financial position and year-to-date performance for each type of hedge.

These tables also present the notional values of hedging instruments (and equal hedged exposures) which were impacted by IFRS 9 Interest Rate

Benchmark Reform amendments in the prior year.

(i) Fair value hedges of foreign currency and interest rate risk on recognised borrowings:


As at 31 March 2024		Balance of fair value hedge adjustments in borrowings		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings1	(5,096)	720	(35)	40	(22)	18

1.The carrying value of the hedged borrowings is £4,364 million, of which £271 million is current and £4,093 million is non-current.


As at 31 March 2023		Balance of fair value hedge adjustments in borrowings		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings1,2	(4,779)	789	(43)	398	(351)	47

1.The carrying value of the hedged borrowings was £4,042 million, of which £511 million was current and £3,531 million was non-current.

2.Included within the hedging instrument notional balance was £859 million impacted by Interest Rate Benchmark Reform amendments which were still to be transitioned.

(ii) Cash flow hedges of foreign currency and interest rate risk:


As at 31 March 2024		Balance in cash flow hedge reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings and forecast cash flows	(9,892)	154	—	(18)	3	(15)
Foreign currency risk on forecast cash flows	(2,039)	(31)	—	28	(28)	—


As at 31 March 2023		Balance in cash flow hedge reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings	(9,357)	(73)	—	149	(154)	(5)
Foreign currency risk on forecast cash flows	(537)	(3)	—	(35)	35	—

(iii) Net investment hedges of foreign currency risk:


As at 31 March 2024		Balance in translation reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Currency risk on foreign operations	(2,999)	40	(2,564)	(62)	62	—


As at 31 March 2023		Balance in translation reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Currency risk on foreign operations	(3,095)	(129)	(2,457)	198	(198)	—

Notes to the consolidated financial statements continued


	200	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(f) Commodity price risk

We purchase electricity and gas to supply our customers in the US and to meet our own energy needs. Substantially all our costs of purchasing

electricity and gas for supply to customers are recoverable at an amount equal to cost. The timing of recovery of these costs can vary between

financial periods leading to an under- or over-recovery within any particular year that can lead to large fluctuations in the income statement. We

follow approved policies to manage price and supply risks for our commodity activities.

Our energy procurement risk management policy and delegations of authority govern our US commodity trading activities for energy transactions.

The purpose of this policy is to ensure we transact within pre-defined risk parameters and only in the physical and financial markets where we or

our customers have a physical market requirement. In addition, state regulators require National Grid to manage commodity risk and cost volatility

prudently through diversified pricing strategies. In some jurisdictions we are required to file a plan outlining our strategy to be approved by regulators.

In certain cases, we might receive guidance with regard to specific hedging limits.

Energy purchase contracts for the forward purchase of electricity or gas that are used to satisfy physical delivery requirements to customers, or for

energy that the Group uses itself, meet the expected purchase or usage requirements of IFRS 9. They are, therefore, not recognised in the financial

statements until they are realised. Disclosure of commitments under such contracts is made in note 30.

US states have introduced a variety of legislative requirements with the aim of increasing the proportion of our electricity that is derived from

renewable or other forms of clean energy. Annual compliance filings regarding the level of Renewable Energy Certificates (and other similar

environmental certificates) are required by the relevant department of utilities. In response to the legislative requirements, National Grid has entered

into long-term, typically fixed-price, energy supply contracts to purchase both renewable energy and environmental certificates. We are entitled to

recover all costs incurred under these contracts through customer billing.

Under IFRS, where these supply contracts are not accounted for as leases, they are considered to comprise two components, being a forward

purchase of power at spot prices and a forward purchase of environmental certificates at a variable price (being the contract price less the spot

power price). With respect to our current contracts, neither of these components meets the requirement to be accounted for as a derivative.

The environmental certificates are currently required for compliance purposes, and at present there are no liquid markets for these attributes.

Furthermore, this component meets the expected purchase or usage exemption of IFRS 9. We expect to enter into an increasing number of

these contracts in order to meet our compliance requirements in the short to medium term. In future, if and when liquid markets develop, and

to the extent that we are in receipt of environmental certificates in excess of our required levels, this exemption may cease to apply and we

may be required to account for forward purchase commitments for environmental certificates as derivatives at fair value through profit and loss.



	Financial Statements


	201	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(g) Fair value analysis

Included in the statement of financial position are financial instruments which are measured at fair value. These fair values can be categorised into

hierarchy levels that are representative of the inputs used in measuring the fair value. The best evidence of fair value is a quoted price in an actively

traded market. In the event that the market for a financial instrument is not active, a valuation technique is used.


	2024				2023
	Level 1 £m	Level 2 £m	Level 3 £m	Total £m	Level 1 £m	Level 2 £m	Level 3 £m	Total £m
Assets
Investments held at FVTPL	3,084	—	483	3,567	1,764	—	452	2,216
Investments held at FVOCI1	—	397	—	397	—	407	—	407
Financing derivatives	—	293	40	333	—	341	22	363
Commodity contract derivatives	—	35	—	35	—	62	4	66
	3,084	725	523	4,332	1,764	810	478	3,052
Liabilities
Financing derivatives	—	(1,022)	(104)	(1,126)	—	(997)	(122)	(1,119)
Commodity contract derivatives	—	(105)	(13)	(118)	—	(134)	(40)	(174)
Contingent consideration2	—	—	—	—	—	—	(19)	(19)
	—	(1,127)	(117)	(1,244)	—	(1,131)	(181)	(1,312)
	3,084	(402)	406	3,088	1,764	(321)	297	1,740

1.Investments held includes instruments which meet the criteria of IFRS 9 or IAS 19.

2.Contingent consideration relates to the acquisition of National Grid Renewables.


Level 1:	Financial instruments with quoted prices for identical instruments in active markets.

Level 2:	Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets, and financial instruments valued using models where all significant inputs are based directly or indirectly on observable market data.

Level 3:	Financial instruments valued using valuation techniques where one or more significant inputs are based on unobservable market data.

Our Level 1 financial investments and liabilities held at fair value are valued using quoted prices from liquid markets and primarily comprise

investments in short-term money market funds.

Our Level 2 financial investments held at fair value primarily include bonds with a tenor greater than one year and are valued using quoted prices

for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets. Alternatively, they are valued using

models where all significant inputs are based directly or indirectly on observable market data.

Our Level 2 financing derivatives include cross-currency, interest rate and foreign exchange derivatives. We value these by discounting all future

cash flows by externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties. These derivatives

can be priced using liquidly traded interest rate curves and foreign exchange rates, and therefore we classify our vanilla trades as Level 2 under

the IFRS 13 framework.

Our Level 2 commodity contract derivatives include over-the-counter gas and power swaps as well as forward physical gas deals. We value our

contracts based on market data obtained from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE), where monthly

prices are available. We discount based on externally sourced market yield curves at the reporting date, taking into account the credit quality of both

parties and liquidity in the market. Our commodity contracts can be priced using liquidly traded swaps. Therefore, we classify our vanilla trades as

Level 2 under the IFRS 13 framework.

Our Level 3 financing derivatives include inflation-linked swaps, where the market is illiquid. In valuing these instruments, we use in-house valuation

models and obtain external valuations to support each reported fair value.

Our Level 3 commodity contract derivatives primarily consist of our forward purchases of electricity and gas that we value using proprietary models.

Derivatives are classified as Level 3 where significant inputs into the valuation technique are neither directly nor indirectly observable (including our

own data, which are adjusted, if necessary, to reflect the assumptions market participants would use in the circumstances).

Our Level 3 investments include equity investments accounted for at fair value through profit and loss. These equity holdings are part of our

corporate venture capital portfolio held by National Grid Partners and comprise a series of relatively small, early-stage non-controlling minority

interest unquoted investments where prices or valuation inputs are unobservable. Twenty-three equity investments (out of 38) are fair valued

based on the latest transaction price (a price within the last 12 months), either being the price we paid for the investments, marked to a latest

round of funding and adjusted for our preferential rights or based on an internal model. Two investments are held at cost. In addition, we have 13

investments without a transaction in the last 12 months that underwent an internal valuation process using the Black-Scholes Murton Option Pricing

Model (OPM Backsolve). Between 12 and 18 months, a blend between OPM Backsolve and other techniques is utilised, such as proxy group

revenue multiples, discounted cash flow, comparable company analysis and probability weighted expected return approach, in order to triangulate a

valuation. After 18 months, the valuation is based on these alternative methods as the last fundraising price is no longer a reliable basis for valuation.

Our Level 3 investments also include our investment in Sunrun Neptune 2016 LLC, which is accounted for at fair value through profit and loss.

The investment is fair valued by discounting expected cash flows using a weighted average cost of capital specific to Sunrun Neptune 2016 LLC.

Notes to the consolidated financial statements continued


	202	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(g) Fair value analysis continued

The changes in value of our Level 3 financial instruments are as follows:


	Financing derivatives		Commodity contract derivatives		Other3		Total
	2024	2023	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m	£m	£m
At 1 April	(100)	(187)	(36)	44	433	376	297	233
Net gains/(losses) for the year1,2	36	87	—	(18)	6	(2)	42	67
Purchases	—	—	(16)	(56)	35	59	19	3
Settlements	—	—	39	(6)	9	—	48	(6)
At 31 March	(64)	(100)	(13)	(36)	483	433	406	297

1.Gain of £36 million (2023: £87 million gain) is attributable to derivative financial instruments held at the end of the reporting period and has been recognised in finance costs in the

consolidated income statement.

2.Includes a loss of £18 million (2023: £41 million loss) attributable to commodity contract derivative financial instruments held at the end of the reporting period and has been recognised

in other operating costs in the consolidated income statement.

3.Other comprises our investments in Sunrun Neptune 2016 LLC and the investments made by National Grid Partners, which are accounted for at fair value through profit and loss.

In March 2023 this also included the contingent consideration arising from the acquisition of National Grid Renewables now settled. Net gains and losses are recognised within

finance income and costs in the consolidated income statement.

The impacts on a post-tax basis of reasonably possible changes in significant Level 3 assumptions are as follows:


	Financing derivatives		Commodity contract derivatives		Other3
	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m
10% increase in commodity prices1	—	—	4	5	—	—
10% decrease in commodity prices1	—	—	(4)	(6)	—	—
+20 basis points change in Limited Price Inflation (LPI) market curve²	(41)	(53)	—	—	—	—
-20 basis points change in LPI market curve²	41	51	—	—	—	—
+20 basis points increase between RPI and Consumer Price Index (CPI)	37	43	—	—	—	—
-20 basis points decrease between RPI and CPI	(34)	(38)	—	—	—	—
+100 basis points change in discount rate	—	—	—	—	(7)	(9)
-100 basis points change in discount rate	—	—	—	—	9	10
+10% change in venture capital price	—	—	—	—	28	28
-10% change in venture capital price	—	—	—	—	(28)	(28)

1.Level 3 commodity price sensitivity is included within the sensitivity analysis disclosed in note 35.

2.A reasonably possible change in assumption of other Level 3 derivative financial instruments is unlikely to result in a material change in fair values.

3.The investments acquired in the period were on market terms, and sensitivity is considered insignificant at 31 March 2024.

The impacts disclosed above were considered on a contract-by-contract basis, with the most significant unobservable inputs identified.



	Financial Statements


	203	National Grid plc	Annual Report and Accounts 2023/24

32. Financial risk management continued

(h) Capital risk management

The capital structure of the Group consists of shareholders’ equity, as disclosed in the consolidated statement of changes in equity, and net debt

(note 29). National Grid’s objectives when managing capital are: to safeguard our ability to continue as a going concern; to remain within regulatory

constraints of our regulated operating companies; and to maintain an efficient mix of debt and equity funding, thus achieving an optimal capital

structure and cost of capital. We regularly review and manage the capital structure as appropriate in order to achieve these objectives.

Maintaining appropriate credit ratings for our operating and holding companies is an important aspect of our capital risk management strategy

and balance sheet efficiency. We monitor our balance sheet efficiency using several metrics, including retained cash flow/net debt (RCF/debt),

regulatory gearing and interest cover. For the year ended 31 March 2024, these metrics for the Group were 9.2% (2023: 9.3%), 69% (2023: 71%)

and 3.9x (2023: 3.8x), respectively. We believe these are consistent with the current credit ratings for National Grid plc in respect of the main

companies of the Group, based on guidance from the rating agencies.

We monitor the RAV gearing within National Grid Electricity Transmission plc (NGET) and National Grid Electricity Distribution plc (NGED). This

is calculated as net debt expressed as a percentage of RAV, and indicates the level of debt employed to fund our UK-regulated businesses. It is

compared with the level of RAV gearing indicated by Ofgem as being appropriate for these businesses, between 55% and 60%. We also monitor

net debt as a percentage of rate base for our US operating companies, comparing this with the allowed rate base gearing inherent within each

of our agreed rate plans, typically around 50%.

As part of the Group’s debt financing arrangements, we are subject to a number of financial covenants associated with existing borrowings and

facility arrangements:

•the requirement to maintain subsidiary indebtedness relating to both non-US and US subsidiaries (excluding National Grid North America Inc.)

limits the total indebtedness in absolute terms to £35 billion for non-US subsidiaries and $35 billion for US subsidiaries. As at 31 March 2024,

headroom on these covenants exceeds £10 billion;

•the Articles of Association of National Grid plc limit Group total borrowings less cash and short-term investments in absolute terms to £55 billion.

As at 31 March 2024, headroom on the limit exceeds £10 billion; and

•net debt to RAV gearing covenants limit gearing to 85% of RAV for each NGED operating company. As at 31 March 2024, headroom on this

covenant exceeds 20% for all impacted companies based on the covenant definition of net debt.

We consider the risk of breaching these covenants as remote given the level of headroom present.

The majority of our regulated operating companies in the US and the UK are subject to certain restrictions on the payment of dividends by

administrative order, contract and/or licence. The types of restrictions that a company may have that would prevent a dividend being declared

or paid unless they are met include the following:

•the requirement to notify by certification to regulators and certain lenders;

•dividends must be approved in advance by the relevant US state regulatory commission;

•the subsidiary must have one or two recognised rating agency credit ratings of at least investment grade depending on contractual requirements;

•dividends must be limited to cumulative retained earnings, including pre-acquisition retained earnings and in line with relevant company legislation;

•the securities of National Grid plc must maintain an investment grade credit rating, and if that rating is the lowest investment grade bond rating it

cannot have a negative watch/review for downgrade notice by a credit rating agency;

•the subsidiary must not carry out any activities other than those permitted by the licences;

•the subsidiary must not create any cross-default obligations or give or receive any intra-group cross-subsidies;

•the percentage of equity compared with total capital of the subsidiary must remain above certain levels; and

•in the case of NGED, the percentage of debt compared with total RAV of the subsidiary must remain below 85%.

These restrictions are subject to alteration in the US as and when a new rate case or rate plan is agreed with the relevant regulatory bodies for

each operating company and, in the UK, through the normal licence review process.

As most of our business is regulated, at 31 March 2024 the majority of our net assets are subject to some of the restrictions noted above. These

restrictions are not considered to be significantly onerous, nor do we currently expect they will prevent the planned payment of dividends in the future

in line with our dividend policy.

All the above requirements are monitored on a regular basis in order to ensure compliance. The Group has complied with all externally imposed

capital requirements to which it is subject.

Notes to the consolidated financial statements continued


	204	National Grid plc	Annual Report and Accounts 2023/24

33. Borrowing facilities

To support our liquidity requirements and provide backup to commercial paper and other borrowings, we agree committed credit facilities with

financial institutions over and above the value of borrowings that may be required. These committed credit facilities are undrawn.

An analysis of the maturity of our undrawn committed facilities as at 31 March 2024 is shown below:


	2024	2023
	£m	£m
Undrawn committed borrowing facilities expiring:
Less than 1 year	—	42
In 1 to 2 years	—	4,361
In 2 to 3 years	195	2,100
In 3 to 4 years	5,859	—
In 4 to 5 years	106	—
More than 5 years	1,745	—
	7,905	6,503

Of the unused facilities at 31 March 2024, £7,864 million (2023: £6,461 million) is available for liquidity purposes, while £41 million (2023: £42 million)

is available as backup to specific US borrowings.



	Financial Statements


	205	National Grid plc	Annual Report and Accounts 2023/24

While we present consolidated results in these financial statements as if we were one company, our legal structure is such that there are a

number of different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as

well as regulatory requirements to have certain activities within separate legal entities.

Subsidiary undertakings

A list of the Group’s subsidiaries as at 31 March 2024 is given below. The entire share capital of subsidiaries is held within the Group except where

the Group’s ownership percentages are shown. These percentages give the Group’s ultimate interest and therefore allow for the situation where

subsidiaries are owned by partly owned intermediate subsidiaries. Where subsidiaries have different classes of shares, this is largely for historical

reasons, and the effective percentage holdings given represent both the Group’s voting rights and equity holding. Shares in National Grid (US)

Holdings Limited, National Grid (US) Investments 2 Limited*, National Grid Hong Kong Limited*, National Grid Luxembourg SARL and NGG Finance

plc are held directly by National Grid plc. All other holdings in subsidiaries are owned by other subsidiaries within the Group. All subsidiaries are

consolidated in the Group’s financial statements. The Group does not have any branches.

Principal Group companies are identified in bold. These companies are incorporated and principally operate in the countries under which they

are shown. All entities incorporated in the US are taxed in the US on their worldwide income other than where indicated in the footnotes below.

Other entities are tax resident in their jurisdiction of incorporation other than where indicated in the footnotes below.

Incorporated in England and Wales

Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes).

Birch Sites Limited

Carbon Sentinel Limited

Central Networks Trustees Limited1

Hyder Profit Sharing Trustees Limited1

Icelink Interconnector Limited

Kelston Properties 2 Limited1

Lattice Group Employee Benefit Trust Limited

Lattice Group Limited

Lattice Group Trustees Limited

NatGrid One Limited2*

NatgridTW1 Limited

National Energy System Operator Limited

National Grid (US) Holdings Limited3

National Grid (US) Investments 2 Limited2*

National Grid (US) Investments 4 Limited3

National Grid (US) Partner 1 Limited3

National Grid Carbon Limited

National Grid Commercial Holdings Limited

National Grid Continental Limited

National Grid Distributed Energy Limited

National Grid Electricity Distribution (East Midlands) plc1

National Grid Electricity Distribution (South Wales) plc1

National Grid Electricity Distribution (South West) plc1

National Grid Electricity Distribution (West Midlands) plc1

National Grid Electricity Distribution Generation Limited1

National Grid Electricity Distribution Holdings Limited1

National Grid Electricity Distribution Investments Limited1

National Grid Electricity Distribution Midlands Limited1

National Grid Electricity Distribution Network Holdings Limited1

National Grid Electricity Distribution plc1

National Grid Electricity Distribution Property Investments Limited1

National Grid Electricity Group Trustee Limited

National Grid Electricity System Operator Limited

National Grid Electricity Transmission plc

National Grid Energy Metering Limited

National Grid Grain LNG Limited

National Grid Helicopters Limited1

National Grid Holdings Limited3

National Grid Holdings One plc

National Grid Hydrogen Limited

National Grid IFA 2 Limited

National Grid Interconnector Holdings Limited

National Grid Interconnectors Limited

National Grid International Limited3

National Grid Lion Link Limited

National Grid Nautilus Limited

National Grid North Sea Link Limited

National Grid Partners Limited

National Grid Plus Limited

National Grid Property Holdings Limited

National Grid Telecoms Limited1

National Grid Twelve Limited

National Grid Twenty Eight Limited

National Grid Twenty Seven Limited

National Grid Twenty Three Limited2*

National Grid UK Limited

National Grid UK Pension Services Limited2*

National Grid Ventures Limited

National Grid Viking Link Limited

National Grid William Limited

NG Nominees Limited3

NGC Employee Shares Trustee Limited

NGG Finance plc

Ngrid Intellectual Property Limited

Port Greenwich Limited

Sheet Road Management Company Limited (51%)4

South Wales Electricity Share Scheme Trustees Limited1

Thamesport Interchange Limited

The National Grid Group Quest Trustee Company Limited

Warwick Technology Park Management Company (No 2) Limited (60.56%)5

Western Power Pension Trustee Limited1

WPD Share Scheme Trustees Limited1

WPD WEM Holdings Limited1

WPD WEM Limited1

WW Share Scheme Trustees Limited1

1.Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB, UK.

2.Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB, UK.

3.Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2024 and for which the companies are taking the exemption from the

requirements of an audit for their individual financial statements as permitted by section 479A of the Companies Act.

4.Registered office: Netley Old Hall Farm, Dorrington, Shrewsbury, SY5 7JY, UK.

5.Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL, UK.

*In liquidation.

Notes to the consolidated financial statements continued

34. Subsidiary undertakings, joint arrangements and associates


	206	National Grid plc	Annual Report and Accounts 2023/24

Incorporated in the US

Registered office: National Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801, USA (unless stated otherwise in footnotes).

Apple River Solar, LLC

Armenia Solar, LLC

Ashland Solar, LLC

Athens Solar, LLC

Autauga Solar, LLC

Bazile Creek Wind Farm, LLC

Bee Hollow Solar, LLC

Belle Plaine Solar, LLC

Benevolent Solar, LLC

Blaze Solar, LLC

Blevins Storage, LLC

Blue Ridge Wind, LLC

Blue Spring Solar, LLC

Blues Solar, LLC

Boone Solar, LLC

Boston Gas Company1

Brock Solar, LLC

Broken Bridge Corp.2

Brook Trout Solar, LLC

Burley Solar, LLC

Burr Ridge Wind, LLC

Cage Ranch Solar II, LLC

Cage Ranch Solar III, LLC

Cage Ranch Solar, LLC

Caldwell Solar II, LLC

Caldwell Solar, LLC

Camp Creek Wind Farm, LLC

Carnation Solar, LLC

Cattle Ridge Wind Farm 2, LLC

Cedar Grove Solar, LLC

Charter Oak Solar, LLC

Charter Oak Storage, LLC

Clay Boswell Solar, LLC

Clermont Solar, LLC

Coles Solar, LLC

Compass Prairie Wind, LLC

Conestoga Wind, LLC

Creekview Solar, LLC

Crocker Wind Farm 2, LLC

Dakota Hills Wind Farm, LLC

Deatsville Solar, LLC

Donnellson Solar, LLC

Doorstep Community LLC3

Elburn Solar, LLC

Eldena Solar, LLC

Elk Creek Solar 2, LLC

Elk Creek Solar, LLC

EUA Energy Investment Corporation1

Exie Solar, LLC

Falls City Solar, LLC

Firstview Wind Farm, LLC

Fort Solar, LLC

Front Range Wind Farm, LLC

Galaxy Solar, LLC

Golden Solar, LLC

Goldendale Solar, LLC

Goldenrod Wind Farm, LLC

Goldfinch Solar, LLC

Granite State Power Link LLC3

Grant Solar 2, LLC

Grant Solar, LLC

Grayson Solar, LLC

Greenbrier Creek Solar, LLC

Greenwood Solar, LLC

Grid NY LLC4

Grindstone Wind Farm, LLC5

Hale County Solar, LLC

Hansford Energy Storage, LLC

Harmony Solar ND 2, LLC

Harmony Solar ND, LLC

Harrington Solar, LLC

Hartley Solar, LLC

Hearth Solar, LLC

High View Property, LLC

Honeybee Solar, LLC

Hoosier Solar, LLC

Hoskins Solar, LLC

Illumination Solar, LLC

Itasca Energy Development, LLC6

Itasca Energy Services, LLC

Jack Rabbit Wind, LLC

Jackson County Solar, LLC

KeySpan CI Midstream Limited3

KeySpan Energy Corporation4

KeySpan Energy Services Inc.3

KeySpan Gas East Corporation4

KeySpan International Corporation3

KeySpan MHK, Inc.3

KeySpan Midstream, Inc.3

KeySpan Plumbing Solutions, Inc.4

Kit Carson Wind, LLC

Kit Fox Storage, LLC

Knox Solar, LLC

Kota Storage, LLC

KSI Contracting, LLC3

KSI Electrical, LLC3

KSI Mechanical, LLC3

Lake Charlotte Solar, LLC

Lakeside Solar, LLC

Land Management & Development, Inc.4

Landwest, Inc.4

Lansing Solar, LLC

Las Moras Storage, LLC

Leola Wind Farm, LLC

Liberty Solar, LLC

Livingston County Solar, LLC

Long Mount Storage, LLC

Lordsburg Solar, LLC

Louisa Solar, LLC

Lowlands Solar, LLC

Lydia Solar, LLC

Massachusetts Electric Company1

Maverick Wind Farm, LLC

Meadowlands Solar, LLC

Mentha Solar, LLC

Metrowest Realty LLC3

Millers Ferry Solar, LLC

Morgan County Solar, LLC

Morning Glory Solar, LLC6

Muddy Creek Solar, LLC

Mustang Ridge Wind Farm, LLC

Mystic Steamship Corporation7

Nantucket Electric Company1

National Grid Development Holdings Corp.3

National Grid Electric Services LLC4

National Grid Energy Trading Services LLC4

National Grid Engineering & Survey Inc.4

National Grid Generation LLC4

National Grid Generation Ventures LLC4

National Grid Glenwood Energy Center LLC3

National Grid IGTS Corp.4

National Grid Insurance USA Ltd8

National Grid LNG LLC3

National Grid NE Holdings 2 LLC1

National Grid North America Inc.3

National Grid Partners Inc.4

National Grid Partners LLC3

National Grid Port Jefferson Energy Center LLC3

National Grid Renewables Development, LLC

National Grid Renewables E Wind, LLC9

National Grid Renewables Operations, LLC3

National Grid Renewables Projects, LLC6

National Grid Renewables Stutsman, LLC

National Grid Renewables, LLC3

National Grid Services Inc.3

National Grid US LLC3

National Grid USA Service Company, Inc.1

National Grid USA3

NEES Energy, Inc.1

New England Electric Transmission Corporation2

New England Energy Incorporated1

New England Hydro Finance Company, Inc. (53.704%)1

New England Hydro-Transmission Corporation (53.704%)2

New England Hydro-Transmission Electric Company, Inc. (53.704%)1

New England Power Company1

Newport America Corporation10

Newton Solar, LLC

NG Renewables Energy Marketing, LLC3

NG Renewables Energy Services, LLC

NG Renewables Remote Operations Center, LLC



	Financial Statements

34. Subsidiary undertakings, joint arrangements and associates continued

Subsidiary undertakings continued


	207	National Grid plc	Annual Report and Accounts 2023/24

NGNE LLC3

NGV Emerald Energy Venture Holdings, LLC3

NGV H2 Holdings LLC3

NGV LNG Holdings LLC3

NGV OSW Holdings, LLC3

NGV US Distributed Energy Inc.3

NGV US Transmission Inc.3

NGV US, LLC3

Niagara Mohawk Energy, Inc.3

Niagara Mohawk Holdings, Inc.4

Niagara Mohawk Power Corporation4

Niobrara Wind, LLC

NM Properties, Inc.4

Noble Solar, LLC11

Nordic VOS, LLC

North East Transmission Co., Inc.3

North Fork Wind, LLC

Northeast Renewable Link LLC3

Opinac North America, Inc.3

Peony Solar, LLC

Philadelphia Coke Co., Inc.3

Pike County Solar, LLC

Pipestone Solar, LLC

Plum Creek Wind Farm 2, LLC

Plum Creek Wind Farm, LLC

Port of the Islands North, LLC4

Portage Solar, LLC

Prairie Oasis Solar, LLC

Prairie Rose Wind 2, LLC6

Prosperity Wind Farm 2, LLC

Prosperity Wind Farm, LLC

Red Rock Solar SD, LLC

Regal Solar 2, LLC

Regal Solar, LLC

Reunion Solar, LLC

River North Solar, LLC

Robertson Solar, LLC

Rock Ridge Wind Farm, LLC

Rolling Hills Solar, LLC

Royal Solar 2, LLC

Royal Solar, LLC

Royerton Solar, LLC

Saginaw Bay Solar, LLC

Saltillo Storage, LLC

Sandstone Creek Solar 2, LLC

Sandstone Creek Solar, LLC

Sapphire Sky Wind Farm, LLC

Sherco Solar 2, LLC6

Sherco Solar 3, LLC

Silver City Solar, LLC

Simpson Solar, LLC

Spring Brook Solar, LLC

Spring River Solar, LLC

Stony Brook Wind, LLC

Stony Point Solar, LLC

Stove Creek Solar, LLC

Summit Lake Solar, LLC

Sunbeam Solar, LLC

Sunrise Solar, LLC

Sycamore Creek Solar, LLC

Tejano Storage, LLC

Thacker Solar, LLC

The Brooklyn Union Gas Company4

Torchlight Solar, LLC6

Transgas Inc.1

Tri-City Solar, LLC

Uintah Solar, LLC

Upper Hudson Development, Inc.4

Valley Solar, LLC

Vermont Green Line Devco, LLC (90%)3

Violet Storage, LLC

Virgo Community Solar Gardens, LLC6

Virtue Solar, LLC

Vivid Solar, LLC

Wallowa Solar, LLC

Wayfinder Group, Inc.1

White Elm Wind Farm, LLC

Wildcat Ridge Wind Farm, LLC

Wilder Solar, LLC

Wildhorse Creek Solar, LLC

Willard Solar, LLC

Williams County Solar, LLC

Wiregrass Solar, LLC

Woodlands Solar, LLC

Worthington Solar, LLC

Young County Solar, LLC

Incorporated in Guernsey

Registered office: 1st & 2nd Floors Elizabeth House, Les Ruettes Brayes,

St Peter Port, GY1 1EW, Guernsey, Channel Islands

NG Electricity Distribution Limited†

Incorporated in Hong Kong

Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong

National Grid Hong Kong Limited*†

Incorporated in the Isle of Man

Registered office: Third Floor, St George’s Court, Upper Church Street,

Douglas, IM1 1EE, Isle of Man, UK

National Grid Insurance Company (Isle of Man) Limited

Incorporated in Luxembourg

Registered office: 412F, Route d’Esch, L-2086, Luxembourg, Grand Duchy

of Luxembourg

National Grid Luxembourg SARL

1.Registered office: Corporation Service Company, 84 State Street, Boston MA 02109, USA.

2.Registered office: Corporation Service Company, 10 Ferry Street, Suite 313, Concord NH 03301, USA.

3.Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, USA.

4.Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA.

5.Registered office: National Registered Agents Inc., 30600 Telegraph Road, Suite 2345, Bingham Farms MI 48025-5720, USA.

6.Registered office: 8400 Normandale Lake Blvd., Suite 1200, Bloomington MN 55437, USA.

7.Registered office: Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, USA.

8.Registered office: 100 Bank Street, Suite 630, Burlington, Chittenden County VT 05401, USA.

9.Registered office: National Registered Agents, Inc., 301 S. Bedford Street, Suite 1, Madison WI 5, USA.

10.Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA.

11.Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas TX 75201, USA.

*In liquidation.

†Entity is tax resident in the UK.

Notes to the consolidated financial statements continued

34. Subsidiary undertakings, joint arrangements and associates continued

Subsidiary undertakings continued


	208	National Grid plc	Annual Report and Accounts 2023/24

A list of the Group’s joint ventures as at 31 March 2024 is given below.

All joint ventures are included in the Group’s Financial statements using

the equity method of accounting.

Incorporated in England and Wales

Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise

in footnotes).

BritNed Development Limited (50%)**

National Places LLP (50%)1

Nemo Link Limited (50%)

Incorporated in the US

Registered office: Corporation Service Company, 251 Little Falls Drive,

Wilmington, DE 19808, USA (unless stated otherwise in footnotes).

Community Offshore Wind, LLC (previously Bight Wind Holdings LLC) (27.27%)2

Clean Energy Storage Systems LLC (50%)

Emerald Energy Venture, LLC (51%)

Island Park Energy Center, LLC (50%)

LI Energy Storage System, LLC (50%)

LI Solar Generation, LLC (50%)

Incorporated in France

Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 – 9291,

Paris La Defense, CEDEX, France

IFA2 (50%)*

Joint operations

A list of the Group’s incorporated joint operations as at 31 March 2024

is given below. All joint operations are included in the Group’s financial

statements under IFRS 11 Joint arrangements.

Incorporated in England and Wales

Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise

in footnotes).

Eastern Green Link 1 Limited (50%)

Eastern Green Link 2 Limited (50%)3

NGET/SPT Upgrades Limited (50%)†

A list of the Group’s associates as at 31 March 2024 is given below.

Unless otherwise stated, all associates are included in the Group’s

financial statements using the equity method of accounting.

Incorporated in England and Wales

Registered office: National Grid House, Warwick Technology Park, Gallows Hill,

Warwick, CV34 6DA

GasT TopCo Limited (20%)

Joint Radio Company Limited (25%)4***

Incorporated in the US

Registered office: Corporation Service Company, 251 Little Falls Drive,

Wilmington, DE 19808, USA (unless stated otherwise in footnotes).

Clean Line Energy Partners LLC (32%)2

Connecticut Yankee Atomic Power Company (19.5%)5

Direct Global Power Inc. (26%)2

Energy Impact Fund LP (9.41%)6

KHB Venture LLC (33.33%)7

Maine Yankee Atomic Power Company (24%)8

New York Transco LLC (28.3%)9

NYSEARCH RMLD, LLC (22.63%)

The Hive IV, LLC (28.2%)2

Yankee Atomic Electric Company (34.5%)10

Incorporated in Belgium

Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium

Coreso SA (15.84%)

Other investments

A list of the Group’s other investments as at 31 March 2024 is given

below.

Incorporated in England and Wales

Registered office: 1 More London Place, London SE1 2AF, UK

Energis plc (33.06%)‡

Registered office: Third Floor, Northumberland House, 303–306 High Holborn,

London, WC1V 7JZ

Electralink Limited (27.04%)

1.Registered office: 80 Cheapside, London, EC2V 6EE, UK.

2.Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA.

3.Registered office: No.1 Forbury Place, 43 Forbury Road, Reading, RG1 3JH, UK.

4.Registered office: Friars House, Manor House Drive, Coventry, CV1 2TE, UK.

5.Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA.

6.Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA.

7.Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA.

8.Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA.

9.Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA.

10.Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA.

*In liquidation.

**National Grid Interconnector Holdings Limited owns 284,500,000 €0.20 C Ordinary shares and one £1.00 Ordinary A share.

***National Grid Electricity Transmission plc owns one £0.50 A Ordinary share.

†National Grid Electricity Transmission plc owns 50 £1.00 A Ordinary shares.

‡In administration.

Our interests and activities are held or operated through the subsidiaries, joint arrangements or associates as disclosed above. These interests

and activities (and their branches) are established in – and subject to the laws and regulations of – these jurisdictions.

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 supported by

guarantees issued by National Grid plc over their liabilities for the year ended 31 March 2024:


Company name	Company number
National Grid Holdings Limited	3096772
National Grid International Limited	2537092
National Grid (US) Holdings Limited	2630496
National Grid (US) Investments 4 Limited	3867128
National Grid (US) Partner 1 Limited	4314432
NG Nominees Limited	2489329



	Financial Statements

34. Subsidiary undertakings, joint arrangements and associates continued

Joint venturesAssociates


	209	National Grid plc	Annual Report and Accounts 2023/24

35. Sensitivities

In order to give a clearer picture of the impact on our results or financial position of potential changes in significant estimates and assumptions,

the following sensitivities are presented. These sensitivities are based on assumptions and conditions prevailing at the year end and should

be used with caution. The effects provided are not necessarily indicative of the actual effects that would be experienced because our actual

exposures are constantly changing.

The sensitivities in the tables below show the potential impact in the income statement (and consequential impact on net assets) for a reasonably

possible range of different variables, each of which has been considered in isolation (i.e. with all other variables remaining constant). There are a

number of these sensitivities which are mutually exclusive, and therefore if one were to happen another would not, meaning a total showing how

sensitive our results are to these external factors is not meaningful.

The sensitivities included in the tables below broadly have an equal and opposite effect if the sensitivity increases or decreases by the same amount

unless otherwise stated.

(a) Sensitivities on areas of estimation uncertainty

The table below sets out the sensitivity analysis for certain areas of estimation uncertainty set out in note 1F. These estimates are those that have

a significant risk of resulting in a material adjustment to the carrying values of assets and liabilities in the next year. This includes the impact of

changes in assumptions on the net assets recognised at the balance sheet date and the amount charged to the income statement for the following

year. Note that the sensitivity analysis for the useful economic lives of our gas network assets is included in note 13.


	2024			2023
	Assumptions used	Income statement £m	Net assets £m	Assumptions used	Income statement £m	Net assets £m
Pensions and other post-retirement benefit liabilities (pre-tax):
UK discount rate change¹	1%	22	1,147	1%	29	1,264
US discount rate change¹	1%	18	801	1%	26	977
UK inflation rate change²	1%	8	902	1%	8	933
UK long-term rate of increase in salaries change	1%	4	81	1%	4	50
US long-term rate of increase in salaries change	1%	2	37	1%	4	57
UK change to life expectancy at age 653	one year	2	402	one year	2	441
US change to life expectancy at age 65	one year	2	288	one year	3	344
Assumed US healthcare cost trend rates change	1%	18	276	1%	24	324

US environmental provision4:
Change in the real discount rate	1%	173	173	1%	150	150
Change in estimated future cash flows	20%	462	462	20%	354	354

1.A change in the discount rate is likely to be driven by changes in bond yields and as such would be expected to be offset to a significant degree by a change in the value of the bond

assets held by the plans. In the UK, there would also be a £171 million (2023: £188 million) net assets offset from the buy-in policies, where the accounting value of the buy‑in asset is

set equal to the associated liabilities.

2.The projected impact resulting from a change in RPI reflects the associated effect on escalation rates for pensions in payment and in deferment and future salary increases. The buy‑in

policies would have a £150 million (2023: £164 million) net assets offset to the above.

3.In the UK, the buy-in policies and the longevity swap entered into would have a £126 million (2023: £136 million) net assets offset to the above.

4.In the prior year, our sensitivity analysis included our UK environmental provisions, which are not considered to be a key source of estimation uncertainty in the current year. Accordingly,

comparatives have been restated in line with current year disclosure. As a result of this change, the change in the real discount rate decreased by £9 million and the change in the

estimated future cash flows decreased by £24 million.

Pensions and other post-retirement benefits assumptions

Sensitivities have been prepared to show how the defined benefit obligations and forecast amounts charged to the income statement for the

following year could potentially be impacted by changes in the relevant actuarial assumptions that were reasonably possible as at 31 March 2024.

In preparing sensitivities, the potential impact has been calculated by applying the change to each assumption in isolation and assuming all other

assumptions remain unchanged. This is with the exception of RPI in the UK where the corresponding change to increases to pensions in payment,

increases to pensions in deferment and increases in salary are recognised.

Notes to the consolidated financial statements continued


	210	National Grid plc	Annual Report and Accounts 2023/24

35. Sensitivities continued

(b) Sensitivities on financial instruments

We are further required to show additional sensitivity analysis under IFRS 7 and this is shown separately in the following table due to the

additional assumptions that are made in order to produce meaningful sensitivity disclosures. The analysis is prepared assuming the amount

of liability outstanding at the reporting date was outstanding for the whole year.

Our net debt as presented in note 29 is sensitive to changes in market variables, primarily being UK and US interest rates, the UK inflation rate

and the dollar to sterling exchange rate. These impact the valuation of our borrowings, deposits and derivative financial instruments. The analysis

illustrates the sensitivity of our financial instruments to reasonably possible changes in these market variables.

The following main assumptions were made in calculating the sensitivity analysis for continuing operations:

•the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments

in foreign currencies are all constant and on the basis of the hedge designations in place at 31 March 2024 and 2023 respectively;

•the statement of financial position sensitivity to interest rates relates to items presented at their fair values: derivative financial instruments; and

our investments measured at FVTPL and FVOCI. Further debt and other deposits are carried at amortised cost and so their carrying value does

not change as interest rates move;

•the sensitivity of interest expense to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative

instruments;

•changes in the carrying value of derivatives from movements in interest rates of designated cash flow hedges are assumed to be recorded fully

within equity; and

•changes in the carrying value of derivative financial instruments designated as net investment hedges from movements in interest rates are

presented in equity as costs of hedging, with a one-year release to the income statement. The impact of movements in the dollar to sterling

exchange rate is recorded directly in equity.


	2024			2023
	Assumptions used	Income statement £m	Other equity reserves £m	Assumptions used	Income statement £m	Other equity reserves £m
Financial risk (post tax):
UK inflation change¹	1%	36	—	1%	35	—
UK interest rates change	1%	24	304	1%	34	361
US interest rates change	1%	5	39	1%	14	50
US dollar exchange rate change²	10%	58	268	10%	51	291

1.Excludes sensitivities to LPI curve. Further details on sensitivities are provided in note 32(g).

2.The other equity reserves impact does not reflect the exchange translation in our US subsidiaries’ net assets. It is estimated this would change by £1,680 million (2023: £1,680 million)

in the opposite direction if the dollar exchange rate changed by 10%.

Our commodity contract derivatives are sensitive to price risk. Additional sensitivities in respect to commodity price risk and to our derivative fair

values are as follows:


	2024			2023
	Assumptions used	Income statement £m	Net assets £m	Assumptions used	Income statement £m	Net assets £m
Commodity price risk (post tax):
Increase in commodity prices	10%	43	43	10%	49	49
Decrease in commodity prices	10%	(43)	(43)	10%	(40)	(40)

Assets and liabilities carried at fair value (post tax):
Fair value change in derivative financial instruments¹	10%	(59)	(59)	10%	(60)	(60)
Fair value change in commodity contract derivative liabilities	10%	(6)	(6)	10%	(8)	(8)

1.The effect of a 10% change in fair value assumes no hedge accounting.

36. Post balance sheet events

On 22 May 2024, the Board resolved to offer a fully underwritten Rights Issue to raise gross proceeds of £7 billion.



	Financial Statements


	211	National Grid plc	Annual Report and Accounts 2023/24

We are required to include the standalone balance sheet of our ultimate Parent Company, National Grid plc, under the Companies Act 2006.

This is because the publicly traded shares are actually those of National Grid plc and the following disclosures provide additional information

to shareholders.

A. Basis of preparation

National Grid plc is the Parent Company of the National Grid Group,

which is engaged in the transmission and distribution of electricity and

gas in Great Britain and northeastern US. The Company is a public

limited company, limited by shares. The Company is incorporated and

domiciled in England, with its registered office at 1–3 Strand, London,

WC2N 5EH.

The financial statements of National Grid plc for the year ended

31 March 2024 were approved by the Board of Directors on 22 May

2024. The Company meets the definition of a qualifying entity under

Financial Reporting Standard 100 (FRS 100) issued by the Financial

Reporting Council. Accordingly, these individual financial statements

of the Company have been prepared in accordance with Financial

Reporting Standard 101 ‘Reduced Disclosure Framework’ (FRS 101).

In preparing these financial statements the Company applies the

recognition and measurement requirements of International Financial

Reporting Standards (IFRS) as adopted by the UK, but makes

amendments where necessary in order to comply with the provisions

of the Companies Act 2006 and sets out below where advantage of

the FRS 101 disclosure exemptions has been taken.

These individual financial statements have been prepared on a historical

cost basis, except for the revaluation of financial instruments, and are

presented in pounds sterling, which is the currency of the primary

economic environment in which the Company operates. The

comparative financial information has also been prepared on this basis.

These individual financial statements have been prepared on a going

concern basis, which presumes that the Company has adequate

resources to remain in operation and that the Directors intend it to

do so, for at least one year from the date the financial statements

are signed. As the Company is part of a larger group, it participates

in the Group’s centralised treasury arrangements and so shares

banking arrangements with its subsidiaries. The Company is expected

to generate positive cash flows or be in a position to obtain liquidity

via its committed credit facilities to continue to operate for the

foreseeable future.

In accordance with the exemption permitted by section 408 of the

Companies Act 2006, the Company has not presented its own profit

and loss account or statement of comprehensive income.

The following exemptions from the requirements of IFRS have been

applied in the preparation of these financial statements of the Company

in accordance with FRS 101:

•a cash flow statement and related notes;

•disclosures in respect of transactions with wholly owned subsidiaries;

•disclosures in respect of capital management; and

•the effects of new but not yet effective IFRS standards.

The exemption from disclosing key management personnel

compensation has not been taken as there are no costs borne by the

Company in respect of employees, and no related costs are recharged

to the Company.

As the consolidated financial statements of National Grid plc, which are

available from the registered office, include the equivalent disclosures,

the Company has also taken the exemptions under FRS 101 in respect

of certain disclosures required by IFRS 13 ‘Fair Value Measurement’ and

the disclosures required by IFRS 7 ‘Financial Instruments: Disclosures’.

There are no areas of judgement or key sources of estimation

uncertainty that are considered to have a significant effect on the

amounts recognised in the financial statements.

The balance sheet has been prepared in accordance with the

Company’s accounting policies approved by the Board and

described below.

B. Fixed asset investments

Investments held as fixed assets are stated at cost less any provisions

for impairment. Investments are reviewed for impairment if events or

changes in circumstances indicate that the carrying amount may not

be recoverable. Impairments are calculated such that the carrying value

of the fixed asset investment is the lower of its cost or recoverable

amount. Recoverable amount is the higher of its fair value less costs

of disposal and its value-in-use. The Company accounts for common

control transactions at cost.

C. Tax

Current tax for the current and prior periods is provided at the amount

expected to be paid or recovered using the tax rates and tax laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax is provided in full on temporary differences which result

in an obligation at the balance sheet date to pay more tax, or the right

to pay less tax, at a future date, at tax rates expected to apply when

the temporary differences reverse based on tax rates and tax laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax is provided for using the balance sheet liability method and

is recognised on temporary differences between the carrying amount

of assets and liabilities in the financial statements and the corresponding

tax bases used in the computation of taxable profit.

Deferred tax assets are recognised to the extent that it is regarded

as more likely than not that they will be recovered. Deferred tax assets

and liabilities are not discounted.

D. Foreign currencies

Transactions in currencies other than the functional currency of the

Company are recorded at the rates of exchange prevailing on the dates

of the transactions. At each balance sheet date, monetary assets and

liabilities that are denominated in foreign currencies are retranslated at

closing exchange rates. Gains and losses arising on retranslation of

monetary assets and liabilities are included in the profit and loss account.

E. Financial instruments

The Company’s accounting policies are the same as the Group’s

accounting policies under IFRS, namely IAS 32 ‘Financial Instruments:

Presentation’, IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial

Instruments: Disclosures’. The Company applies these policies only

in respect of the financial instruments that it has, namely investments,

derivative financial instruments, debtors, cash at bank and in hand,

borrowings and creditors.

The policies are set out in notes 15, 17, 19, 20, 21 and 22 to the

consolidated financial statements. The Company is taking the exemption

for financial instruments disclosures, because IFRS 7 disclosures are

given in notes 32 and 35 to the consolidated financial statements.

F. Hedge accounting

The Company applies the same accounting policy as the Group in

respect of fair value hedges and cash flow hedges. This policy is set

out in note 32 to the consolidated financial statements.

G. Parent Company guarantees

The Company has guaranteed the repayment of the principal sum,

any associated premium and interest on specific loans due by certain

subsidiary undertakings primarily to third parties. Such guarantees are

accounted for by the Company as insurance contracts.

Company accounting policies


	212	National Grid plc	Annual Report and Accounts 2023/24

H. Share awards to employees of subsidiary

undertakings

The issuance by the Company to employees of its subsidiaries of a grant

over the Company’s options represents additional capital contributions

by the Company to its subsidiaries. An additional investment in

subsidiaries results in a corresponding increase in shareholders’ equity.

The additional capital contribution is based on the fair value of the option

at the date of grant, allocated over the underlying grant’s vesting period.

Where payments are subsequently received from subsidiaries, these are

accounted for as a return of a capital contribution and credited against

the Company’s investments in subsidiaries. The Company has no

employees except for the Group’s Non-executive Directors (refer to

the Directors’ Remuneration Report on page 109).

I. Dividends

Interim dividends are recognised when they are paid to the Company’s

shareholders. Final dividends are recognised when they are approved

by shareholders.

J. Directors’ remuneration

Full details of Directors’ remuneration are disclosed on pages

98 – 114.



	Financial Statements


	213	National Grid plc	Annual Report and Accounts 2023/24


		2024	2023
	Notes	£m	£m
Fixed assets
Investments	1	14,517	14,480

Current assets
Debtors (amounts falling due within one year)	2	14,628	15,369
Debtors (amounts falling due after more than one year)	2	79	201
Investments	5	1,746	599
Cash at bank and in hand		366	55
Total current assets		16,819	16,224

Creditors (amounts falling due within one year)	3	(7,264)	(6,701)
Net current assets		9,555	9,523
Total assets less current liabilities		24,072	24,003

Creditors (amounts falling due after more than one year)	3	(9,053)	(7,755)
Net assets		15,019	16,248

Equity
Share capital	7	493	488
Share premium account		1,298	1,302
Cash flow hedge reserve		50	(53)
Cost of hedging reserve		(7)	2
Other equity reserves		554	517
Profit and loss account	8	12,631	13,992
Total shareholders’ equity		15,019	16,248

The Company’s profit after tax for the year was £342 million (2023: £1,644 million profit). Profits available for distribution by the Company to

shareholders were £12.5 billion at 31 March 2024. The financial statements of the Company on pages 214 – 218 were approved by the Board

of Directors on 22 May 2024 and were signed on its behalf by:

John Pettigrew Chief Executive

Andy Agg Chief Financial Officer

National Grid plc

Registered number: 4031152

Company balance sheet

as at 31 March


	214	National Grid plc	Annual Report and Accounts 2023/24


	Share capital £m	Share premium account £m	Cash flow hedge reserve £m	Cost of hedging reserve £m	Other equity reserves £m	Profit and loss account £m	Total shareholders’ equity £m
At 1 April 2022	485	1,300	(15)	(3)	469	13,943	16,179
Profit for the year1	—	—	—	—	—	1,644	1,644
Other comprehensive profit/(loss) for the year
Transferred (from)/to equity (net of tax)	—	—	(38)	5	—	—	(33)
Total comprehensive (loss)/profit for the year	—	—	(38)	5	—	1,644	1,611
Other equity movements
Scrip dividend-related share issue2	3	(3)	—	—	—	—	—
Issue of treasury shares	—	—	—	—	—	16	16
Transactions in own shares	—	5	—	—	—	(4)	1
Share awards to employees of subsidiary undertakings	—	—	—	—	48	—	48
Equity dividends	—	—	—	—	—	(1,607)	(1,607)
At 31 March 2023	488	1,302	(53)	2	517	13,992	16,248
Profit for the year1	—	—	—	—	—	342	342
Other comprehensive profit/(loss) for the year
Transferred to/(from) equity (net of tax)	—	—	103	(9)	—	—	94
Total comprehensive profit/(loss) for the year	—	—	103	(9)	—	342	436
Other equity movements
Scrip dividend-related share issue2	5	(6)	—	—	—	—	(1)
Issue of treasury shares	—	—	—	—	—	21	21
Transactions in own shares	—	2	—	—	—	(6)	(4)
Share awards to employees of subsidiary undertakings	—	—	—	—	37	—	37
Equity dividends	—	—	—	—	—	(1,718)	(1,718)
At 31 March 2024	493	1,298	50	(7)	554	12,631	15,019

1.Included within profit for the year is dividend income from subsidiaries of £150 million (2023: £1,691 million).

2.Included within the share premium account are costs associated with scrip dividends.



	Financial Statements

Company statement of changes in equity

for the years ended 31 March


	215	National Grid plc	Annual Report and Accounts 2023/24

1. Fixed asset investments


	Shares in subsidiary undertakings £m
Cost at 1 April 2022	16,852
Additions	48
Cost at 31 March 2023	16,900
Additions	37
Cost at 31 March 2024	16,937
Provision at 1 April 2022	(2,420)
Charge for the year	—
Provision at 1 April 2023	(2,420)
Charge for the year	—
Provision at 31 March 2024	(2,420)
Net book value at 31 March 2024	14,517
Net book value at 31 March 2023	14,480

During the year, there was a capital contribution of £37 million (2023: £48 million), which represents the fair value of equity instruments granted to

subsidiaries’ employees arising from equity-settled employee share schemes.

The Company’s direct subsidiary undertakings as at 31 March 2024 were as follows: National Grid (US) Holdings Limited, National Grid (US)

Investments 2 Limited*, National Grid Hong Kong Limited*, National Grid Luxembourg SARL and NGG Finance plc. The names of indirect subsidiary

undertakings, joint ventures and associates are included in note 34 to the consolidated financial statements.

The Directors believe that the carrying value of the investments is supported by the fair value of their underlying net assets.

*In liquidation.

2. Debtors


	2024	2023
	£m	£m
Amounts falling due within one year
Derivative financial instruments (note 4)	68	82
Amounts owed by subsidiary undertakings	14,550	15,285
Other debtors	10	2
	14,628	15,369
Amounts falling due after more than one year
Derivative financial instruments (note 4)	79	60
Amounts owed by subsidiary undertakings	—	124
Deferred tax	—	17
	79	201

The carrying values stated above are considered to represent the fair values of the assets. For the purposes of the impairment assessment, loans

to subsidiary undertakings are considered low credit risk as the subsidiaries are solvent and are covered by the Group’s liquidity arrangements.

A reconciliation of the movement in deferred tax in the year is shown below:


	Deferred tax £m
At 1 April 2022	6
Charged to equity	11
At 31 March 2023	17
Charged to equity	(31)
At 31 March 2024¹	(14)

1.Deferred tax liability included in note 3.

Notes to the Company financial statements


	216	National Grid plc	Annual Report and Accounts 2023/24

3. Creditors


	2024	2023
	£m	£m
Amounts falling due within one year
Borrowings (note 6)	118	402
Derivative financial instruments (note 4)	96	131
Amounts owed to subsidiary undertakings	7,017	6,138
Other creditors	33	30
	7,264	6,701
Amounts falling due after more than one year
Borrowings (note 6)	7,153	5,344
Derivative financial instruments (note 4)	245	315
Amounts owed to subsidiary undertakings	1,641	2,096
Deferred tax	14	—
	9,053	7,755
Amounts owed to subsidiary undertakings falling due after more than one year are repayable as follows:
In 1 to 2 years	999	439
In 2 to 3 years	—	999
In 3 to 4 years	642	—
In 4 to 5 years	—	658
	1,641	2,096

The carrying values stated above are considered to represent the fair values of the liabilities.

4. Derivative financial instruments

The fair values of derivative financial instruments are as follows:


	2024			2023
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Amounts falling due within one year	68	(96)	(28)	82	(131)	(49)
Amounts falling due after more than one year	79	(245)	(166)	60	(315)	(255)
	147	(341)	(194)	142	(446)	(304)

For each class of derivative, the notional contract1 amounts are as follows:


	2024	2023
	£m	£m
Interest rate swaps	(541)	—
Cross-currency interest rate swaps	(8,154)	(8,232)
Foreign exchange forward contracts	(11,026)	(10,213)
	(19,721)	(18,445)

1.The notional contract amounts of derivatives indicate the gross nominal value of transactions outstanding at the balance sheet date.

5. Investments


	2024	2023
	£m	£m
Investments in short-term money funds	1,696	492
Restricted balances – collateral	50	107
	1,746	599



	Financial Statements


	217	National Grid plc	Annual Report and Accounts 2023/24

6. Borrowings

The following table analyses the Company’s total borrowings:


	2024	2023
	£m	£m
Amounts falling due within one year
Bank loans	31	66
Bonds	87	28
Commercial paper	—	308
	118	402
Amounts falling due after more than one year
Bank loans	256	106
Bonds	6,897	5,238
	7,153	5,344
Total borrowings	7,271	5,746

The maturity of total borrowings is as follows:


	2024	2023
	£m	£m
Total borrowings are repayable as follows:
Less than 1 year	118	402
In 2 to 3 years	549	—
In 3 to 4 years	388	563
In 4 to 5 years	2,067	387
More than 5 years	4,149	4,394
	7,271	5,746

The notional amount of borrowings outstanding as at 31 March 2024 was £7,375 million (2023: £5,931 million).

7. Share capital

The called-up share capital amounting to £493 million (2023: £488 million) consists of 3,967,138,214 ordinary shares of 12204/473 pence each

(2023: 3,930,371,661 ordinary shares of 12204/473 pence each). For further information on share capital, refer to note 27 of the consolidated

financial statements.

8. Shareholders’ equity and reserves

At 31 March 2024, the profit and loss account reserve stood at £12,631 million (2023: £13,992 million), of which profits available for distribution

by the Company to shareholders were £12.5 billion (2023: £13.9 billion).

For further details of dividends paid and payable to shareholders, refer to note 9 of the consolidated financial statements.

9. Parent Company guarantees

The Company has guaranteed the repayment of the principal sum, any associated premium and interest on specific loans due by certain subsidiary

undertakings primarily to third parties. At 31 March 2024, the sterling equivalent amounted to £2,384 million (2023: £2,117 million). The guarantees

are for varying terms from less than one year to open-ended.

In addition, as part of the sectionalisation of the National Grid UK Pension Scheme on 1 January 2017, a guarantee covering insolvency or failure

to pay pension obligations has been provided to Section A by National Grid plc, National Grid Holdings One plc and Lattice Group Limited. The

guarantee covers all obligations and payments due to Section A. No explicit allowance has been made for this guarantee in the financial statements

because of Section A’s funding level, where the Trustee estimated Section A to be in surplus on a buyout measure at 31 December 2023 and

contribution requirements are forecast to be minimal over the coming years. For more information on this guarantee, refer to note 25 of the

consolidated financial statements.

10. Audit fees

The audit fee in respect of the Parent Company was £34,000 (2023: £33,000). Fees payable to Deloitte for non-audit services to the Company are

not required to be disclosed as they are included within note 4 to the consolidated financial statements.

Notes to the Company financial statements continued


	218	National Grid plc	Annual Report and Accounts 2023/24

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Alternative performance measures/non-IFRS reconciliations Within the Annual Report, a number of financial measures are presented. These measures have been categorised as alternative performance measures (APMs), as per the European Securities and Markets Authority (ESMA) guidelines and the Securities and Exchange Commission (SEC) conditions for use of non-GAAP financial measures. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined under IFRS. The Group uses a range of these measures to provide a better understanding of its underlying performance. APMs are reconciled to the most directly comparable IFRS financial measure where practicable. The Group has defined the following financial measures as APMs derived from IFRS: net revenue, the various adjusted operating profit, earnings and earnings per share metrics detailed in the ‘adjusted profit measures’ section below, net debt, funds from operations (FFO), FFO interest cover and retained cash flow (RCF)/adjusted net debt. For each of these we present a reconciliation to the most directly comparable IFRS measure. We present ‘constant currency’ comparative period performance and capital investment by applying the current year average exchange rate to the relevant US dollar amounts in the comparative periods presented, to remove the year-on-year impact of foreign exchange translation. We also have a number of APMs derived from regulatory measures which have no basis under IFRS; we call these Regulatory Performance Measures (RPMs). They comprise: Group RoE, operating company RoE, regulated asset base, regulated financial performance, regulatory gearing, Asset growth, Value Added, including Value Added per share and Value Growth. These measures include the inputs used by utility regulators to set the allowed revenues for many of our businesses. We use RPMs to monitor progress against our regulatory agreements and certain aspects of our strategic objectives. Further, targets for certain of these performance measures are included in the Company’s Annual Performance Plan (APP) and LTPP and contribute to how we reward our employees. As such, we believe that they provide close correlation to the economic value we generate for our shareholders and are therefore important supplemental measures for our shareholders to understand the performance of the business and to ensure a complete understanding of Group performance. As the starting point for our RPMs is not IFRS, and these measures are not governed by IFRS, we are unable to provide meaningful reconciliations to any directly comparable IFRS measures, as differences between IFRS and the regulatory recognition rules applied have built up over many years. Instead, for each of these we present an explanation of how the measure has been determined and why it is important, and an overview as to why it would not be meaningful to provide a reconciliation to IFRS. Alternative performance measures Net revenue and underlying net revenue ‘Net revenue’ is revenue less pass-through costs, such as UK system balancing costs and gas and electricity commodity costs in the US. Pass- through costs are fully recoverable from our customers and are recovered through separate charges that are designed to recover those costs with no profit. Where revenue received or receivable exceeds the maximum amount permitted by our regulatory agreement, adjustments will be made to future prices to reflect this over-recovery. No liability is recognised, as such an adjustment to future prices relates to the provision of future services. Similarly, no asset is recognised where a regulatory agreement permits adjustments to be made to future prices in respect of an under-recovery. ‘Underlying net revenue’ further adjusts net revenue to remove the impact of ‘timing’, i.e. the in-year difference between allowed and collected revenues, including revenue incentives, as governed by our rate plans in the US or regulatory price controls in the UK (but excluding totex-related allowances and adjustments). Year ended 31 March 2024 Gross revenue £m Pass- through costs £m Net revenue £m Timing £m Underlying net revenue £m UK Electricity Transmission 2,735 (225) 2,510 (363) 2,147 UK Electricity Distribution 1,795 (233) 1,562 159 1,721 UK Electricity System Operator 3,788 (2,605) 1,183 (800) 383 New England 3,948 (1,653) 2,295 69 2,364 New York 6,094 (2,057) 4,037 20 4,057 National Grid Ventures 1,389 — 1,389 — 1,389 Other 244 — 244 — 244 Sales between segments (143) — (143) — (143) Total – continuing operations 19,850 (6,773) 13,077 (915) 12,162 Discontinued operations — — — — — Total 19,850 (6,773) 13,077 (915) 12,162 Year ended 31 March 2023 Gross revenue1 £m Pass- through costs £m Net revenue £m Timing £m Underlying net revenue £m UK Electricity Transmission 1,987 (217) 1,770 112 1,882 UK Electricity Distribution 2,045 (418) 1,627 139 1,766 UK Electricity System Operator 4,690 (4,152) 538 (207) 331 New England 4,427 (2,095) 2,332 39 2,371 New York 6,994 (2,957) 4,037 (53) 3,984 National Grid Ventures 1,341 — 1,341 — 1,341 Other 317 — 317 — 317 Sales between segments (142) — (142) — (142) Total – continuing operations 21,659 (9,839) 11,820 30 11,850 Discontinued operations 1,604 (658) 946 (12) 934 Total 23,263 (10,497) 12,766 18 12,784 1. Excluding exceptional income. Other unaudited financial information 242 National Grid plc Annual Report and Accounts 2023/24

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Year ended 31 March 2022 Gross revenue £m Pass- through costs £m Net revenue £m Timing £m Underlying net revenue £m UK Electricity Transmission 2,035 (152) 1,883 85 1,968 UK Electricity Distribution 1,482 (125) 1,357 (22) 1,335 UK Electricity System Operator 3,455 (3,215) 240 47 287 New England 4,550 (2,050) 2,500 32 2,532 New York 5,561 (2,161) 3,400 (126) 3,274 National Grid Ventures 1,024 — 1,024 — 1,024 Other 192 — 192 — 192 Sales between segments (39) — (39) — (39) Total – continuing operations 18,260 (7,703) 10,557 16 10,573 Discontinued operations 1,362 (397) 965 80 1,045 Total 19,622 (8,100) 11,522 96 11,618 Adjusted profit measures In considering the financial performance of our business and segments, we use various adjusted profit measures in order to aid comparability of results year-on-year. The various measures are presented on pages 61 – 67 and reconciled below. Adjusted results – these exclude the impact of exceptional items and remeasurements that are treated as discrete transactions under IFRS and can accordingly be classified as such. This is a measure used by management that is used to derive part of the incentive target set annually for remunerating certain Executive Directors, and further details of these items are included in note 5 to the financial statements. Underlying results – further adapts our adjusted results for continuing operations to take account of volumetric and other revenue timing differences arising due to the in-year difference between allowed and collected revenues, including revenue incentives, as governed by our rate plans in the US or regulatory price controls in the UK (but excluding certain totex-related allowances and adjustments or allowances for pension deficit contributions). For 2023/24, as highlighted below, our underlying results exclude £915 million (2022/23: £30 million) of timing differences as well as £226 million (2022/23: £258 million) of major storm costs (as costs exceeded our $100 million threshold in both years). We expect to recover major storm costs incurred through regulatory mechanisms in the US. Underlying results also exclude deferred tax in our UK regulated business (NGET and NGED). Our UK regulated revenue contain an allowance for current tax, but not for deferred tax, so excluding the IFRS deferred tax charge aligns our underlying results APM more closely with our regulatory performance measures. Constant currency – the adjusted profit measures are also shown on a constant currency basis to show the year-on-year comparisons excluding any impact of foreign currency translation movements. Reconciliation of statutory, adjusted and underlying profits from continuing operations at actual exchange rates Year ended 31 March 2024 Statutory £m Exceptionals and remeasurements £m Adjusted £m Timing £m Major storm costs £m Deferred tax on underlying profits in NGET and NGED £m Underlying £m UK Electricity Transmission 1,674 3 1,677 (363) — — 1,314 UK Electricity Distribution 975 18 993 159 — — 1,152 UK Electricity System Operator 382 498 880 (800) — — 80 New England 641 2 643 69 90 — 802 New York 362 498 860 20 136 — 1,016 National Grid Ventures 558 (89) 469 — — — 469 Other (117) 57 (60) — — — (60) Total operating profit 4,475 987 5,462 (915) 226 — 4,773 Net finance costs (1,464) (15) (1,479) — — — (1,479) Share of post-tax results of joint ventures and associates 37 64 101 — — — 101 Profit before tax 3,048 1,036 4,084 (915) 226 — 3,395 Tax (831) (152) (983) 227 (61) 302 (515) Profit after tax 2,217 884 3,101 (688) 165 302 2,880 Additional Information 243 National Grid plc Annual Report and Accounts 2023/24

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Year ended 31 March 2023 Statutory £m Exceptionals and remeasurements £m Adjusted £m Timing £m Major storm costs £m Deferred tax on underlying profits in NGET and NGED £m Underlying1 £m UK Electricity Transmission 993 2 995 112 — — 1,107 UK Electricity Distribution 1,069 22 1,091 139 — — 1,230 UK Electricity System Operator 237 1 238 (207) — — 31 New England 1,132 (424) 708 39 72 — 819 New York 541 200 741 (53) 186 — 874 National Grid Ventures 957 (467) 490 — — — 490 Other (50) 81 31 — — — 31 Total operating profit 4,879 (585) 4,294 30 258 — 4,582 Net finance costs (1,460) (54) (1,514) — — — (1,514) Share of post-tax results of joint ventures and associates 171 19 190 — — — 190 Profit before tax 3,590 (620) 2,970 30 258 — 3,258 Tax (876) 241 (635) (4) (70) 178 (531) Profit after tax 2,714 (379) 2,335 26 188 178 2,727 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Year ended 31 March 2022 Statutory £m Exceptionals and remeasurements £m Adjusted £m Timing £m Major storm costs £m Deferred tax on underlying profits in NGET and NGED £m Underlying1 £m UK Electricity Transmission 1,055 12 1,067 85 — — 1,152 UK Electricity Distribution 909 — 909 (22) — — 887 UK Electricity System Operator 5 2 7 47 — — 54 New England 764 (21) 743 32 111 — 886 New York 1,095 (315) 780 (126) 52 — 706 National Grid Ventures 283 3 286 — — — 286 Other 260 (239) 21 — — — 21 Total operating profit 4,371 (558) 3,813 16 163 — 3,992 Net finance costs (1,022) (59) (1,081) — — — (1,081) Share of post-tax results of joint ventures and associates 92 56 148 — — — 148 Profit before tax 3,441 (561) 2,880 16 163 — 3,059 Tax (1,258) 589 (669) 3 (42) 133 (575) Profit after tax 2,183 28 2,211 19 121 133 2,484 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Reconciliation of adjusted and underlying earnings from continuing operations at constant currency At constant currency Adjusted at actual exchange rate £m Constant currency adjustment £m Adjusted £m Timing £m Major storm costs £m Deferred tax on underlying profits in NGET and NGED £m Underlying1 £mYear ended 31 March 2023 UK Electricity Transmission 995 — 995 112 — — 1,107 UK Electricity Distribution 1,091 — 1,091 139 — — 1,230 UK Electricity System Operator 238 — 238 (207) — — 31 New England 708 (26) 682 37 69 — 788 New York 741 (27) 714 (51) 179 — 842 National Grid Ventures 490 (1) 489 — — — 489 Other 31 — 31 — — — 31 Total operating profit 4,294 (54) 4,240 30 248 — 4,518 Net finance costs (1,514) 22 (1,492) — — — (1,492) Share of post-tax results of joint ventures and associates 190 (1) 189 — — — 189 Profit before tax 2,970 (33) 2,937 30 248 — 3,215 Tax (635) 8 (627) (4) (68) 178 (521) Profit after tax 2,335 (25) 2,310 26 180 178 2,694 Attributable to non-controlling interests — — — — — — — Earnings 2,335 (25) 2,310 26 180 178 2,694 Earnings per share (pence) 63.8 (0.7) 63.1 0.7 4.9 4.9 73.6 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Other unaudited financial information continued 244 National Grid plc Annual Report and Accounts 2023/24

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At constant currency Adjusted at actual exchange rate £m Constant currency adjustment £m Adjusted £m Timing £m Major storm costs £m Deferred tax on underlying profits in NGET and NGED £m Underlying1 £mYear ended 31 March 2022 UK Electricity Transmission 1,067 — 1,067 85 — — 1,152 UK Electricity Distribution 909 — 909 (22) — — 887 UK Electricity System Operator 7 — 7 47 — — 54 New England 743 81 824 35 123 — 982 New York 780 85 865 (140) 58 — 783 National Grid Ventures 286 5 291 — — — 291 Other 21 1 22 — — — 22 Total operating profit 3,813 172 3,985 5 181 — 4,171 Net finance costs (1,081) (55) (1,136) — — — (1,136) Share of post-tax results of joint ventures and associates 148 4 152 — — — 152 Profit before tax 2,880 121 3,001 5 181 — 3,187 Tax (669) (32) (701) 6 (47) 133 (609) Profit after tax 2,211 89 2,300 11 134 133 2,578 Attributable to non-controlling interests (1) — (1) — — — (1) Earnings 2,210 89 2,299 11 134 133 2,577 Earnings per share (pence) 61.4 2.5 63.9 0.3 1.1 3.7 69.0 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Earnings per share calculations from continuing operations – at actual exchange rates The table below reconciles the profit after tax from continuing operations as per the previous tables back to the earnings per share from continuing operations for each of the adjusted profit measures. Earnings per share is only presented for those adjusted profit measures that are at actual exchange rates, and not for those at constant currency. Profit after tax £m Non- controlling interest £m Profit after tax attributable to shareholders £m Weighted average number of shares millions Earnings per share penceYear ended 31 March 2024 Statutory 2,217 (1) 2,216 3,692 60.0 Adjusted 3,101 (1) 3,100 3,692 84.0 Underlying 2,880 (1) 2,879 3,692 78.0 Profit after tax £m Non- controlling interest £m Profit after tax attributable to shareholders £m Weighted average number of shares millions Earnings per share penceYear ended 31 March 2023 Statutory 2,714 — 2,714 3,659 74.2 Adjusted 2,335 — 2,335 3,659 63.8 Underlying1 2,727 — 2,727 3,659 74.5 Profit after tax £m Non- controlling interest £m Profit after tax attributable to shareholders £m Weighted average number of shares millions Earnings per share penceYear ended 31 March 2022 Statutory 2,183 (1) 2,182 3,599 60.6 Adjusted 2,211 (1) 2,210 3,599 61.4 Underlying1 2,484 (1) 2,483 3,599 69.0 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Additional Information 245 National Grid plc Annual Report and Accounts 2023/24

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Reconciliation of total Group statutory operating profit to adjusted earnings (including and excluding the impact of timing, major storm costs and deferred tax on underlying profits in NGET and NGED) Year ended 31 March  Including timing, major storm costs and deferred tax on underlying profits in NGET and NGED Excluding timing, major storm costs and deferred tax on underlying profits in NGET and NGED 2024 2023 2022 2024 20231 20221 £m £m £m £m £m £m Continuing operations Adjusted operating profit 5,462 4,294 3,813 4,773 4,582 3,992 Adjusted net finance costs (1,479) (1,514) (1,081) (1,479) (1,514) (1,081) Share of post-tax results of joint ventures and associates 101 190 148 101 190 148 Adjusted profit before tax 4,084 2,970 2,880 3,395 3,258 3,059 Adjusted tax (983) (635) (669) (515) (531) (575) Adjusted profit after tax 3,101 2,335 2,211 2,880 2,727 2,484 Attributable to non-controlling interests (1) — (1) (1) — (1) Adjusted earnings from continuing operations 3,100 2,335 2,210 2,879 2,727 2,483 Exceptional items after tax (852) 619 (320) (852) 619 (320) Remeasurements after tax (32) (240) 292 (32) (240) 292 Earnings from continuing operations 2,216 2,714 2,182 1,995 3,106 2,455 Discontinued operations Adjusted operating profit — 714 654 — 702 734 Adjusted net finance costs 17 (295) (218) 17 (295) (218) Share of post-tax results of joint ventures and associates — — — — — — Adjusted profit before tax 17 419 436 17 407 516 Adjusted tax (4) (99) (92) (4) (97) (107) Adjusted profit after tax 13 320 344 13 310 409 Attributable to non-controlling interests — — — — — — Adjusted earnings from discontinued operations 13 320 344 13 310 409 Exceptional items and gain on disposal after tax (4) 4,811 (163) (4) 4,811 (163) Remeasurements after tax 65 (48) (10) 65 (48) (10) Earnings from discontinued operations 74 5,083 171 74 5,073 236 Total Group (continuing and discontinued operations) Adjusted operating profit 5,462 5,008 4,467 4,773 5,284 4,726 Adjusted net finance costs (1,462) (1,809) (1,299) (1,462) (1,809) (1,299) Share of post-tax results of joint ventures and associates 101 190 148 101 190 148 Adjusted profit before tax 4,101 3,389 3,316 3,412 3,665 3,575 Adjusted tax (987) (734) (761) (519) (628) (682) Adjusted profit after tax 3,114 2,655 2,555 2,893 3,037 2,893 Attributable to non-controlling interests (1) — (1) (1) — (1) Adjusted earnings from continuing and discontinued operations 3,113 2,655 2,554 2,892 3,037 2,892 Exceptional items after tax (856) 5,430 (483) (856) 5,430 (483) Remeasurements after tax 33 (288) 282 33 (288) 282 Total Group earnings from continuing and discontinued operations 2,290 7,797 2,353 2,069 8,179 2,691 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Reconciliation of adjusted EPS to statutory earnings (including and excluding the impact of timing, major storm costs and deferred tax on underlying profits in NGET and NGED) Year ended 31 March  Including timing, major storm costs and deferred tax on underlying profits in NGET and NGED Excluding timing, major storm costs and deferred tax on underlying profits in NGET and NGED 2024 2023 2022 2024 20231 20221 pence pence pence pence pence pence Adjusted EPS from continuing operations 84.0 63.8 61.4 78.0 74.5 69.0 Exceptional items and remeasurements after tax from continuing operations (24.0) 10.4 (0.8) (24.0) 10.4 (0.8) EPS from continuing operations 60.0 74.2 60.6 54.0 84.9 68.3 Adjusted EPS from discontinued operations 0.3 8.7 9.6 0.3 8.5 11.4 Exceptional items and remeasurements after tax from discontinued operations 1.7 130.2 (4.8) 1.7 130.2 (4.8) EPS from discontinued operations 2.0 138.9 4.8 2.0 138.7 6.6 Total adjusted EPS from continuing and discontinued operations 84.3 72.5 71.0 78.3 83.0 80.4 Total exceptional items and remeasurements after tax from continuing and discontinued operations (22.3) 140.6 (5.6) (22.3) 140.6 (5.6) Total Group EPS from continuing and discontinued operations 62.0 213.1 65.4 56.0 223.6 74.9 1. Prior year comparatives have been restated to reflect the change in our underlying earnings definition to remove the deferred tax in UK regulated businesses (NGET and NGED). Other unaudited financial information continued 246 National Grid plc Annual Report and Accounts 2023/24

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Timing and regulated revenue adjustments As described on pages 220 – 225, our allowed revenues are set in accordance with our regulatory price controls or rate plans. We calculate the tariffs we charge our customers based on the estimated volume of energy we expect will be delivered during the coming period. The actual volumes delivered will differ from the estimate. Therefore, our total actual revenue will be different from our total allowed revenue. These differences are commonly referred to as timing differences. If we collect more than the allowed revenue, adjustments will be made to future prices to reflect this over-recovery, and if we collect less than the allowed level of revenue, adjustments will be made to future prices to reflect the under-recovery. In the US, a substantial portion of our costs are pass-through costs (including commodity and energy-efficiency costs) and are fully recoverable from our customers. Timing differences between costs of this type being incurred and their recovery through revenue are also included in timing. The amounts calculated as timing differences are estimates and subject to change until the variables that determine allowed revenue are final.  Our continuing operating profit for the year includes a total estimated in-year over-collection of £915 million (2023: £30 million under-collection, or £30 million under-collection at constant currency). For continuing operations, our closing balance at 31 March 2024 was £954 million over-recovered. Excluding discontinued operations, there was a cumulative over-recovery of £744 million at 31 March 2024 (2023: under-recovery of £246 million) in the UK. In the US, cumulative timing over-recoveries at 31 March 2024 were £210 million (2023: £299 million over-recovery). The total estimated in-year over- or under-collection excludes opening balance adjustments related to estimates or finalisation of balances as part of regulatory submissions. In addition to the timing adjustments described above, as part of the RIIO price controls in the UK, outperformance against allowances as a result of the totex incentive mechanism, together with changes in output-related allowances included in the original price control, will almost always be adjusted in future revenue recoveries, typically starting in two years’ time. We also receive revenues in relation to certain costs incurred or expected to be incurred (for example pension deficit contributions), with differences between revenues received and cost incurred adjusted in future revenue recoveries, e.g. after a triennial actuarial pension funding valuation has been concluded. Our current IFRS revenues and earnings include these amounts that relate to certain costs incurred in prior years or that will need to be repaid or recovered in future periods. Such adjustments will form an important part of the continuing difference between reported IFRS results and underlying economic performance based on our regulatory obligations.  For our UK regulated businesses as a whole (including discontinued operations), timing and regulated revenue adjustments totalled a net over-recovery of £1,004 million in the year (2023: £32 million net under-recovery). In the US, accumulated regulatory entitlements cover a range of different areas, with the most significant being environmental remediation and pension assets, as well as deferred storm costs. All regulatory entitlements are recoverable (or repayable) over different periods, which are agreed with the regulators to match the expected payment profile for the liabilities. New England and New York in-year over/(under)-recovery and all New England and New York balances have been translated using the average exchange rate of $1.26 for the year ended 31 March 2024. UK Electricity Transmission £m UK Electricity Distribution £m UK Electricity System Operator £m New England £m New York £m Continuing £m Discontinued £m Total £m 1 April 2023 opening balance1 (213) (124) 77 (384) 683 39 — 39 (Under)/over-recovery 363 (159) 800 (69) (20) 915 — 915 31 March 2024 closing balance to (recover)/return2 150 (283) 877 (453) 663 954 — 954 UK Electricity Transmission £m UK Electricity Distribution £m UK Electricity System Operator £m New England £m New York £m Continuing £m Discontinued £m Total £m 1 April 2022 opening balance1 (95) 22 (129) (330) 632 100 (160) (60) (Under)/over-recovery (112) (139) 207 (37) 51 (30) 12 (18) Disposals — — — (17) — (17) 148 131 31 March 2023 closing balance to (recover)/return2 (207) (117) 78 (384) 683 53 — 53 UK Electricity Transmission £m UK Electricity Distribution £m UK Electricity System Operator £m New England £m New York £m Continuing £m Discontinued £m Total £m 1 April 2021 opening balance1 — — (80) (295) 497 122 (76) 46 Over/(under)-recovery (85) 22 (47) (35) 135 (10) (80) (90) 31 March 2022 closing balance to (recover)/return2 (85) 22 (127) (330) 632 112 (156) (44) 1. Opening balances have been restated to reflect the finalisation of calculated over/(under)-recoveries in both the UK and the US and also adjusted for the regulatory time value of money impact on opening balances, where appropriate, in the UK. 2. The closing balance at 31 March 2024 was £954 million over-recovered (translated at the closing rate of $1.26:£1). 31 March 2023 was £59 million over-recovered (including discontinued operations and translated at the closing rate of $1.23:£1). 31 March 2022 was £45 million under-recovered (including discontinued operations and translated at the closing rate of $1.31:£1). Additional Information 247 National Grid plc Annual Report and Accounts 2023/24

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Capital investment at constant currency We have updated our definition of capital investment this year. ‘Capital investment’ or ‘investment’ both refer to additions to property, plant and equipment and intangible assets, including capital prepayments plus equity contributions to joint ventures and associates during the period. This measure of capital investment is aligned with how we present our segmental information (see note 2(c) to the financial statements for further details). References to ‘capital investment’ in our regulated networks include the following segments: UK Electricity Transmissions, UK Electricity Distribution, UK Electricity System Operator, New England and New York, but exclude National Grid Ventures and ‘Other’. Capital investment measures are presented at actual exchange rates, but are also shown on a constant currency basis to show the year-on-year comparisons excluding any impact of foreign currency translation movements. Year ended 31 March  At actual exchange rates At constant currency 2024 20231 change 2024 20231 change£m £m £m £m UK Electricity Transmission 1,912 1,301 47% 1,912 1,301 47% UK Electricity Distribution 1,247 1,220 2% 1,247 1,220 2% UK Electricity System Operator 85 108 (21%) 85 108 (21%) New England 1,673 1,527 10% 1,673 1,470 14% New York 2,654 2,454 8% 2,654 2,363 12% Capital investment (regulated networks) 7,571 6,610 15% 7,571 6,462 17% National Grid Ventures 662 970 (32%) 662 955 (31%) Other 2 13 (85%) 2 13 (85%) Group capital investment – continuing 8,235 7,593 8% 8,235 7,430 11% Discontinued operations — 301 (100%) — 301 (100%) Group capital investment – total 8,235 7,894 4% 8,235 7,731 7% 1. Comparative amounts have been represented to reflect the reclassification of our US LNG operations from New England to NGV following an internal reorganisation in the year and the change in presentation for capital investments. Capital expenditure Capital expenditure (for the purposes of measuring green capex aligned to EU Taxonomy) comprises additions to property, plant and equipment and intangible assets, but excludes capital prepayments and equity contributions to joint ventures and associates during the period. 2024 20231 £m £m Asset type: Property, plant and equipment 7,124 6,783 Non-current intangible assets 481 578 Transfers from prepayments 43 70 Group capital expenditure – continuing 7,648 7,431 Equity investments in joint ventures and associates 332 197 Capital expenditure prepayments 298 35 Transfers to capital expenditure additions (43) (70) Group capital investment – continuing 8,235 7,593 1. Comparative amounts have been represented to reflect the reclassification of our US LNG operations from New England to NGV following an internal reorganisation in the year and the change in presentation for capital investments. Cash flow statement used in credit metric calculation below The table below re-analyses our IFRS operating cash flows for the purposes of facilitating calculation of certain measures of credit worthiness – being RCF/adjusted net debt and FFO/adjusted net debt as described further below. The differences between this table and the consolidated cash flow statement relate to the disaggregation of cash flows relating to items considered ‘exceptional’ as described in note 5, as explained within the footnotes below: 2024 2023 2022 Notes £m £m £m Cash flows from operating activities Total operating profit from continuing operations 2(b) 4,475 4,879 4,371 Adjustments for: Exceptional items and remeasurements 5 987 (585) (558) Other fair value movements (16) 21 (65) Depreciation, amortisation and impairment 2,061 1,984 1,830 Share-based payments 37 48 38 Changes in working capital (49) 286 361 Changes in provisions (154) 23 140 Changes in pensions and other post-retirement benefit obligations 31 (46) (76) Cash flows relating to exceptional items (91) (178) (253) Cash generated from operations – continuing operations 7,281 6,432 5,788 Tax paid (342) (89) (298) Net cash inflow from operating activities – continuing operations 6,939 6,343 5,490 Net cash inflow from operating activities – discontinued operations — 555 782 Other unaudited financial information continued 248 National Grid plc Annual Report and Accounts 2023/24

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Net debt See note 29 the financial statements on page 189 for the definition and reconciliation of net debt. Funds from operations and interest cover FFO are the cash flows generated by the operations of the Group. Credit rating metrics, including FFO, are used as indicators of balance sheet strength. 2024 2023¹ 2022¹ Year ended 31 March  £m £m £m Interest expense (income statement) 1,723 1,680 1,146 Hybrid interest reclassified as dividend (38) (39) (38) Capitalised interest 251 249 152 Pensions interest adjustment 9 11 11 Unwinding of discount on provisions (102) (88) (73) Pension interest 94 85 — Interest charge (discontinued operations) — — 218 Adjusted interest expense 1,937 1,898 1,416 Net cash inflow from operating activities 6,939 6,343 5,490 Interest received on financial instruments 148 65 40 Interest paid on financial instruments (1,627) (1,430) (1,053) Dividends received 176 190 166 Working capital adjustment 49 (286) (361) Excess employer pension contributions 27 116 99 Hybrid interest reclassified as dividend 38 39 38 Add back accretions 208 483 241 Difference in net interest expense in income statement to cash flow (253) (395) (177) Difference in current tax in income statement to cash flow (24) (281) 72 Current tax related to prior periods — — (35) Cash flow from discontinued operations — 555 668 Funds from operations (FFO) 5,681 5,399 5,188 FFO interest cover ((FFO + adjusted interest expense)/adjusted interest expense) 3.9x 3.8x 4.7x 1. Numbers for 2023 and 2022 reflect the calculations for the total Group as based on the published accounts for the respective years.  Retained cash flow/adjusted net debt RCF/adjusted net debt is one of two credit metrics that we monitor in order to ensure the Group is generating sufficient cash to service its debts, consistent with maintaining a strong investment-grade credit rating. We calculate RCF/adjusted net debt applying the methodology used by Moody’s, as this is one of the most constrained calculations of credit worthiness. The net debt denominator includes adjustments to take account of the equity component of hybrid debt. 2024 20231 20221 Year ended 31 March  £m £m £m Funds from operations (FFO) 5,681 5,399 5,188 Hybrid interest reclassified as dividend (38) (39) (38) Ordinary dividends paid to shareholders (1,718) (1,607) (922) RCF 3,925 3,753 4,228 Borrowings 47,072 42,985 45,465 Less: 50% hybrid debt (1,034) (1,049) (1,027) Cash and cash equivalents (578) (126) (190) Financial and other investments (3,084) (1,764) (2,292) Underfunded pension obligations 266 292 326 Borrowings in held for sale 13 — 5,234 Collateral – cash received under collateral agreements2 — — — Adjusted net debt (includes pension deficit) 42,655 40,338 47,516 RCF/adjusted net debt 9.2 % 9.3 % 8.9 % 1. Numbers for 2023 and 2022 reflect the calculations for the total Group as based on the published accounts for that year. 2. Below agency threshold to adjust in 2024, 2023 and 2022. Additional Information 249 National Grid plc Annual Report and Accounts 2023/24

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Regulatory performance measures Regulated financial performance – UK Regulatory financial performance is a pre-interest and tax measure, starting at segmental operating profit and making adjustments (such as the elimination of all pass-through items included in revenue allowances and timing) to approximate regulatory profit for the UK regulated activities. This measure provides a bridge for investors between a well-understood and comparable IFRS starting point and through the key adjustments required to approximate regulatory profit. This measure also provides the foundation to calculate Group RoE. Under the UK RIIO regulatory arrangements the Company is incentivised to deliver efficiencies against cost targets set by the regulator. In total, these targets are set in terms of a regulatory definition of combined total operating and capital expenditure, also termed ‘totex’. The definition of totex differs from the total combined regulated controllable operating costs and regulated capital expenditure as reported in this statement according to IFRS accounting principles. Key differences are capitalised interest, capital contributions, exceptional costs, costs covered by other regulatory arrangements and unregulated costs. For the reasons noted above, the table below shows the principal differences between the IFRS operating profit and the regulated financial performance, but is not a formal reconciliation to an equivalent IFRS measure. UK Electricity Transmission 2024 2023 2022 Year ended 31 March  £m £m £m Adjusted operating profit 1,677 995 1,067 Movement in regulatory ‘IOUs’ (363) 107 82 UK regulatory notional deferred taxation adjustment 219 73 26 RAV indexation – 2% CPIH long-run inflation 343 309 287 Regulatory vs IFRS depreciation difference (553) (536) (433) Fast money/other (119) 37 (44) Pensions (2) (44) (42) Performance RAV created 68 68 75 Regulated financial performance 1,270 1,009 1,018 UK Electricity Distribution 2024 2023 2022 Year ended 31 March  £m £m £m Adjusted operating profit 993 1,091 909 Less non-regulated profits (8) (46) (51) Movement in regulatory ‘IOUs’ 158 88 (42) UK regulatory notional deferred taxation adjustment 38 65 28 RAV indexation – 2% CPIH (2023 and 2022: 3% RPI) long-run inflation 216 277 198 Regulatory vs IFRS depreciation difference (555) (506) (358) Fast money/other (36) 11 17 Pensions — (157) (111) Performance RAV created 50 22 9 Regulated financial performance 856 845 599 UK Electricity System Operator 2024 2023 2022 Year ended 31 March  £m £m £m Adjusted operating profit 880 238 7 Movement in regulatory ‘IOUs’ (800) (223) 31 UK regulatory notional deferred taxation adjustment 2 (4) (4) RAV indexation – 2% CPIH long-run inflation 7 7 5 Regulatory vs IFRS depreciation difference (19) 32 27 Fast money/other (29) (2) (24) Pensions — (11) (10) Performance RAV created — — — Regulated financial performance 41 37 32 Other unaudited financial information continued 250 National Grid plc Annual Report and Accounts 2023/24

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UK Gas Transmission 2024 2023 2022 Year ended 31 March £m £m £m Adjusted operating profit — 714 654 Less non-regulated profits — (129) (150) Movement in regulatory ‘IOUs’ — (24) 72 UK regulatory notional deferred taxation adjustment — 28 13 RAV indexation – 2% CPIH (2021: 3% RPI) long-run inflation — 109 126 Regulatory vs IFRS depreciation difference — (331) (281) Fast money/other — (1) (4) Pensions — (9) — Performance RAV created — 5 3 Regulated financial performance — 362 433 Regulated financial performance – US New England 2024 2023 2022 Year ended 31 March £m £m £m Adjusted operating profit 643 708 743 Major storm costs 90 72 111 Timing 69 39 32 Depreciation adjustment1 — (18) (67) US GAAP pension adjustment 29 34 11 Regulated financial performance 831 835 830 1. The depreciation adjustment relates to the impact of the cessation of depreciation for NECO under IFRS following reclassification as held for sale. New York 2024 2023 2022 Year ended 31 March £m £m £m Adjusted operating profit 860 741 780 Provision for bad and doubtful debts (COVID-19), net of recoveries¹ (34) (21) — Major storm costs 136 186 52 Timing 20 (53) (126) US GAAP pension adjustment 42 11 66 Regulated financial performance 1,024 864 772 1. New York financial performance includes an adjustment reflecting our expectation for future recovery of COVID-19 related provisions for bad and doubtful debts. Additional Information 251 National Grid plc Annual Report and Accounts 2023/24

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Total regulated financial performance 2024 2023 2022 Year ended 31 March £m £m £m UK Electricity Transmission 1,270 1,009 1,018 UK Electricity Distribution 856 845 599 UK Electricity System Operator 41 37 32 UK Gas Transmission — 362 433 New England 831 835 830 New York 1,024 864 772 Total regulated financial performance 4,022 3,952 3,684 New England and New York timing, major storms costs and movement in UK regulatory ‘IOUs’ – Revenue related to performance in one year may be recovered in later years. Where revenue received or receivable exceeds the maximum amount permitted by our regulatory agreement, adjustments will be made to future prices to reflect this over-recovery. No liability is recognised under IFRS, as such an adjustment to future prices relates to the provision of future services. Similarly, no asset is recognised under IFRS where a regulatory agreement permits adjustments to be made to future prices in respect of an under-recovery. In the UK, this is calculated as the movement in other regulated assets and liabilities. Performance RAV – UK performance efficiencies are in part remunerated by the creation of additional RAV which is expected to result in future earnings under regulatory arrangements. This is calculated as in-year totex outperformance multiplied by the appropriate regulatory capitalisation ratio and multiplied by the retained company incentive sharing ratio. Pension adjustment – Cash payments against pension deficits in the UK are recoverable under regulatory contracts. In US regulated operations, US GAAP pension charges are generally recoverable through rates. Revenue recoveries are recognised under IFRS but payments are not charged against IFRS operating profits in the year. In the UK this is calculated as cash payments against the regulatory proportion of pension deficits in the UK regulated business, whereas in the US it is the difference between IFRS and US GAAP pension charges. 2% CPIH and 3% RPI RAV indexation – Future UK revenues are expected to be set using an asset base adjusted for inflation. This is calculated as UK RAV multiplied by 2% long-run CPIH inflation assumption under RIIO-2 and a 3% long-run RPI inflation assumption under RIIO-1. UK regulatory notional deferred taxation adjustment – Future UK revenues are expected to recover cash taxation cost including the unwinding of deferred taxation balances created in the current year. This is the difference between: (1) IFRS underlying EBITDA less other regulatory adjustments; and (2) IFRS underlying EBITDA less other regulatory adjustments less current taxation (adjusted for interest tax shield) then grossed up at full UK statutory tax rate. Regulatory depreciation – US and UK regulated revenues include allowance for a return of regulatory capital in accordance with regulatory assumed asset lives. This return does not form part of regulatory profit. Fast/slow money adjustment – The regulatory remuneration of costs incurred is split between in-year revenue allowances and the creation of additional RAV. This does not align with the classification of costs as operating costs and fixed asset additions under IFRS accounting principles. This is calculated as the difference between IFRS classification of costs as operating costs or fixed asset additions and the regulatory classification. Regulated asset base The regulated asset base is a regulatory construct, based on predetermined principles not based on IFRS. It effectively represents the invested capital on which we are authorised to earn a cash return. By investing efficiently in our networks, we add to our regulated asset base over the long term, and this in turn contributes to delivering shareholder value. Our regulated asset base comprises our regulatory asset value in the UK plus our rate base in the US. Maintaining efficient investment in our regulated asset base ensures we are well positioned to provide consistently high levels of service to our customers and increases our revenue allowances in future years. While we have no specific target, our overall aim is to achieve around 10% growth in regulated asset base each year through continued investment in our networks in both the UK and US. In the UK, the way in which our transactions impact RAV is driven by principles set out by Ofgem. In a number of key areas these principles differ from the requirements of IFRS, including areas such as additions and the basis for depreciation. Further, our UK RAV is adjusted annually for inflation. RAV in each of our retained UK businesses has evolved over the period since privatisation in 1990 and, as a result, historical differences between the initial determination of RAV and balances reported under UK GAAP at that time still persist. In the case of UK ED, differences arise as the result of acquisition fair value adjustments (where PP&E at acquisition has been valued above RAV). Due to the above, substantial differences exist in the measurement bases between RAV and an IFRS balance metric, and therefore it is not possible to provide a meaningful reconciliation between the two. In the US, rate base is a regulatory measure determined for each of our main US operating companies. It represents the value of property and other assets or liabilities on which we are permitted to earn a rate of return, as set out by the regulatory authorities for each jurisdiction. The calculations are based on the applicable regulatory agreements for each jurisdiction and include the allowable elements of assets and liabilities from our US companies. For this reason, it is not practical to provide a meaningful reconciliation from the US rate base to an equivalent IFRS measure. However, we include the calculation on page 253. ‘Total regulated and other balances’ for our UK regulated businesses include the under- or over-recovery of allowances that those businesses target to collect in any year, which are based on the regulator’s forecasts for that year. Under the UK price control arrangements, revenues will be adjusted in future years to take account of actual levels of collected revenue, costs and outputs delivered when they differ from those regulatory forecasts. In the US, other regulatory assets and liabilities include regulatory assets and liabilities which are not included in the definition of rate base, including working capital where appropriate. ‘Total regulated and other balances’ for NGV and other businesses includes assets and liabilities as measured under IFRS, but excludes certain assets and liabilities such as pensions, tax, net debt and goodwill. This included a £101 million deferred balance for separation and transaction costs incurred in 2021/22 related to the sale of NECO and UK Gas Transmission, which has been released to offset against the proceeds received on disposal of these businesses in 2022/23. Other unaudited financial information continued 252 National Grid plc Annual Report and Accounts 2023/24

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Year ended 31 March (£m at constant currency) RAV, rate base or other business assets Total regulated and other balances 2024 2023¹ 20242,3 20231,2,3 £m £m £m £m UK Electricity Transmission 18,462 17,150 17,940 17,009 UK Electricity Distribution 11,469 10,787 11,611 10,776 UK Electricity System Operator 425 355 (452) 277 New England 8,710 7,728 10,565 9,852 New York 16,387 14,789 17,425 15,818 Total regulated 55,453 50,809 57,089 53,732 National Grid Ventures and other business balances 7,593 6,639 7,213 6,735 Total Group regulated and other balances 63,046 57,448 64,302 60,467 1. Figures relating to prior periods have, where appropriate, been re-presented at constant currency, for segmental reorganisation, opening balance adjustments following the completion of the UK regulatory reporting pack process and finalisation of US balances. 2. Includes totex-related regulatory IOUs of £514 million (2023: £502 million) and over-recovered timing balances of £744 million (2023: £246 million under-recovered). 3. Includes assets for construction work-in-progress of £2,068 million (2023: £2,319 million), other regulatory assets related to timing and other cost deferrals of £1,279 million (2023: £771 million) and net working capital liabilities of £455 million (2023: £136 million net working capital assets). New England and New York rate base and other total regulated and other balances for 31 March 2023 have been re-presented in the table above at constant currency. At actual currency the values were £10.1 billion and £16.2 billion respectively. Group RoE Group RoE provides investors with a view of the performance of the Group as a whole compared with the amounts invested by the Group in assets attributable to equity shareholders. It is the ratio of our regulatory financial performance to our measure of equity investment in assets. It therefore reflects the regulated activities as well as the contribution from our non-regulated businesses together with joint ventures and non- controlling interests. We use Group RoE to measure our performance in generating value for our shareholders, and targets for Group RoE are included in the incentive mechanisms for executive remuneration within both the APP and LTPP schemes. Group RoE is underpinned by our regulated asset base. For the reasons noted above, no reconciliation to IFRS has been presented, as we do not believe it would be practical. However, we do include the calculations below. Calculation: Regulatory financial performance including a long-run inflation assumption (3% RPI for RIIO-1; 2% CPIH for RIIO-2), less adjusted interest and adjusted taxation divided by equity investment in assets: • adjusted interest removes accretions above long-run inflation rates, interest on pensions, capitalised interest in regulated operations and unwind of discount rate on provisions; • adjusted taxation adjusts the Group taxation charge (before exceptional items and remeasurements) for differences between IFRS profit before tax and regulated financial performance less adjusted interest; and • equity investment in assets is calculated as the total opening UK regulatory asset value, the total opening US rate base plus goodwill plus opening net book value of National Grid Ventures and other activities (excluding certain amounts such as pensions, tax and commodities) and our share of joint ventures and associates, minus opening net debt as reported under IFRS restated to the weighted average sterling–dollar exchange rate for the year. Year ended 31 March 2024 2023 2022 £m £m £m Regulated financial performance 4,022 3,952 3,684 Operating profit of other activities – continuing operations 467 595 330 Operating profit of other activities – discontinued operations — 113 150 Group financial performance 4,489 4,660 4,164 Share of post-tax results of joint ventures and associates1 174 202 148 Non-controlling interests (1) — (1) Adjusted total Group interest charge (including discontinued) (1,613) (1,546) (1,191) Total Group tax charge (including discontinued) (983) (734) (761) Tax on adjustments 270 7 43 Total Group financial performance after interest and tax 2,336 2,589 2,402 Opening rate base/RAV 50,806 55,558 41,043 Opening other balances 7,973 5,410 4,864 Opening goodwill 11,444 12,253 5,266 Opening strategic pivot (asset swap) adjustment2 (3,464) — — Opening capital employed 66,759 73,221 51,173 Opening net debt (40,505) (49,691) (30,072) Opening equity 26,254 23,530 21,101 Group RoE 8.9 % 11.0 % 11.4 % 1. 2024 includes £73 million (2023: £12 million) in respect of the Group’s retained minority interest in National Gas Transmission. 2. Following the completion of our strategic pivot, regulatory gains on the disposal of NECO and UK Gas Transmission (based on the proceeds received less the RAV, rate base and other related balances used to calculate the Group RoE denominator) have been deducted against the IFRS goodwill recognised on the acquisition of National Grid Electricity Distribution in calculating the total denominator used to calculate Group RoE. For this metric, the purchase of NGED and the sales of both NECO and UK Gas Transmission are deemed to be linked transactions and so the opening equity reflects the impact of these as asset swaps rather than as unrelated transactions. Additional Information 253 National Grid plc Annual Report and Accounts 2023/24

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UK and US regulated RoE Year ended 31 March Regulatory Debt: Equity assumption Achieved Return on Equity Base or Allowed Return on Equity 2024 2023 2024 2023 % % % % UK Electricity Transmission 55/45 8.0 7.5 7.0 6.3 UK Electricity Distribution 60/40 8.5 13.2 7.4 9.6 UK Gas Transmission 60/40 — 7.8 — 6.6 New England Avg. 45/55 9.2 8.3 9.9 9.9 New York Avg. 52/48 8.5 8.6 8.9 8.9 UK businesses’ regulated RoEs UK regulated businesses’ RoEs are a measure of how the businesses are performing against the assumptions used by our UK regulator. These returns are calculated using the assumption that the businesses are financed in line with the regulatory adjudicated capital structure, at the cost of debt assumed by the regulator, and that inflation is equal to a long-run assumption of 3% RPI under RIIO-1 and 2% CPIH under RIIO-2. They are calculated by dividing elements of out/under-performance versus the regulatory contract (i.e. regulated financial performance disclosed above) by the average equity RAV in line with the regulatory assumed capital structure and adding to the base allowed RoE. These are important measures of UK regulated businesses’ performance, and our operational strategy continues to focus on these metrics. These measures can be used to determine how we are performing under the RIIO framework and also help investors to compare our performance with similarly regulated UK entities. Reflecting the importance of these metrics, they are also key components of the APP scheme. The respective businesses’ UK RoEs are underpinned by their RAVs. For the reasons noted above, no reconciliation to IFRS has been presented, as we do not believe it would be practical. US businesses’ regulated RoEs US regulated businesses’ RoEs are a measure of how the businesses are performing against the assumptions used by the US regulators. This US operational return measure is calculated using the assumption that the businesses are financed in line with the regulatory adjudicated capital structure and allowed cost of debt. The returns are divided by the average rate base (or where a reported rate base is not available, an estimate based on rate base calculations used in previous rate filings) multiplied by the adjudicated equity portion in the regulatory adjudicated capital structure. These are important measures of our New England and New York regulated businesses’ performance, and our operational strategy continues to focus on these metrics. This measure can be used to determine how we are performing and also helps investors compare our performance with similarly regulated US entities. Reflecting the importance of these metrics, they are also key components of the APP scheme. The New England and New York businesses’ returns are based on a calculation which gives proportionately more weighting to those businesses which have a greater rate base. For the reasons noted above, no reconciliations to IFRS for the RoE measures have been presented, as we do not believe it would be practical to reconcile our IFRS balance sheet to the equity base. The table below shows the principal differences between the IFRS result of the New England and New York segments, and the ‘returns’ used to derive their respective US jurisdictional RoEs. In outlining these differences, we also include the aggregated business results under US GAAP for New England and New York jurisdictions. In respect of 2022/23 and 2021/22, this measure is the aggregate operating profit of our US OpCo entities’ publicly available financial statements prepared under US GAAP for the New England and New York jurisdictions respectively. For 2023/24, this measure represents our current estimate, since local financial statements have yet to be prepared. 2024 2023 2022 £m £m £m Underlying IFRS operating profit for New England segment 802 819 886 Underlying IFRS operating profit for New York segment 1,016 874 706 Weighted average £/$ exchange rate $1.262 $1.216 $1.348 Other unaudited financial information continued 254 National Grid plc Annual Report and Accounts 2023/24

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New England New York 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m Underlying IFRS operating profit for US segments 1,013 995 1,194 1,283 1,060 951 Adjustments to convert to US GAAP as applied in our US OpCo entities Adjustment in respect of customer contributions (29) (26) (35) (37) (34) (30) Pension accounting differences1 43 39 14 63 12 88 Environmental charges recorded under US GAAP 10 (3) 3 21 58 42 Storm costs and recoveries recorded under US GAAP (56) (54) (75) 6 (39) (8) Removal of partial year Rhode Island in year of disposal — (65) — — — — Other regulatory deferrals, amortisation and other items (139) (217) (253) (155) 86 46 Results for US regulated OpCo entities, aggregated under US GAAP2 842 669 848 1,181 1,143 1,089 Adjustments to determine regulatory operating profit used in US RoE Adjustment for COVID-19-related provision for bad and doubtful debts3 — — — — (171) — Net other 14 113 71 151 171 85 Regulatory operating profit 856 782 919 1,332 1,143 1,174 Pensions1 60 (17) 7 159 219 107 Regulatory interest charge (199) (176) (227) (374) (339) (316) Regulatory tax charge (196) (159) (179) (305) (279) (263) Regulatory earnings used to determine US RoE 521 430 520 812 744 702 1. Following a change in US GAAP accounting rules, an element of the pensions charge is reported outside operating profit with effect from 2019. 2. Based on US GAAP accounting policies as applied by our US regulated OpCo entities. 3. US RoE included an adjustment reflecting our expectation for future recovery of COVID-19-related bad and doubtful debt costs in 2020/21. The adjustment is being unwound as regulated assets are recognised in respect of the same debts in our US GAAP accounts. In addition to the regulatory earnings used to determine US RoE, our US regulated businesses also earn a return on assets outside of rate base (principally construction work-in-progress) of $2.3 billion (2023: $2.7 billion) in New England and $1.3 billion (2023: $1.3 billion) in New York. In 2023/24, this additional return amounted to $66 million (2023: $81 million) in New England and $79 million (2023: $78 million) in New York. The aggregate of regulatory earnings used to determine US RoE and the return on assets outside of rate base for the year was $587 million (2023: $511 million) for New England and $891 million (2023: $822 million) for New York. New England New York 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m US equity base (average for the year) 5,645 5,155 6,253 9,517 8,670 7,946 US jurisdiction RoE 9.2 % 8.3 % 8.3 % 8.5 % 8.6 % 8.8 % Information on differences between IFRS and regulatory balances There are certain significant assets and liabilities included in our IFRS balance sheet, which are treated differently in the analysis below and to which we draw readers’ attention. Our UK OpCo RAVs are different to the IFRS carrying value of PP&E and intangibles in these entities. For example the annual indexation (inflationary uplift) adjustment applied to RAV compared with the IFRS value of these assets (which are held at amortised cost) or in the case of UK ED, the result of acquisition fair value adjustments (where PP&E at acquisition has been valued above RAV). In addition, under IFRS we recognise liabilities in respect of US environmental remediation costs, and pension and OPEB costs. For regulatory purposes, these are not shown as obligations because we are entitled to full recovery of costs through our existing rate plans. The impact of US tax reform in 2017/18 which resulted in a reduction in IFRS deferred tax liabilities, and from a regulatory perspective remains as a future obligation, results in a regulatory liability within US rate base. In our Value Added calculation, we recognised an asset in 2021/22 to reflect expected future recovery of £202 million COVID-19-related provision for bad and doubtful debts. In 2022/23 the expected recovery of these bad debts has been recognised as a regulated asset in our US operating companies. Regulatory IOUs which reflect net over- or under-recoveries compared with our regulatory allowances are treated within this table as obligations (or rights) but do not qualify for recognition as liabilities (or assets) under IFRS. The decrease in regulatory assets and other balances and the decrease in net debt as a result of the disposals of NECO and our UK Gas Transmission and Metering business along with associated transaction costs have been excluded when calculating the in-year Value Added for 2022/23. However, these balances are included within amounts reported as at 31 March 2022. Adjusted net debt movements exclude movements on derivatives which are designated in cash flow hedging arrangements and for which there is no corresponding movement in total assets and other balances. Within our Value Added calculation, total assets and other balances, goodwill and adjusted net debt movement all exclude the impact of reclassifications to held for sale. Asset growth, Value Added, Value Added per share and Value Growth To help readers’ assessment of the financial position of the Group, the table below shows an aggregated position for the Group, as viewed from a regulatory perspective. The asset growth and Value Added measures included in the table below are calculated in part from financial information used to derive measures sent to and used by our regulators in the UK and US, and accordingly inform certain of the Group’s regulatory performance measures, but are not derived from, and cannot be reconciled to, IFRS. These alternative performance measures include regulatory assets and liabilities and certain IFRS assets and liabilities of businesses that were classified as held for sale under IFRS 5. Asset growth is the annual percentage increase in our RAV and rate base and other non-regulated business balances (including our investments in NGV, UK property and other assets and US other assets) calculated at constant currency. Value Added is a measure that reflects the value to shareholders of our cash dividend and the growth in National Grid’s regulated and non-regulated assets (as measured in our regulated asset base, for regulated entities), and corresponding growth in net debt. It is a key metric used to measure our performance and underpins our approach to sustainable decision making and long-term management incentive arrangements. Value Added is derived using our regulated asset base and, as such, it is not practical to provide a meaningful reconciliation from this measure to an equivalent IFRS measure due to the reasons set out for our regulated asset base. However, the calculation is set out below. Value Added per share is calculated by dividing Value Added by the weighted average number of shares (3,692 million) set out in note 8 to the financial statements. Additional Information 255 National Grid plc Annual Report and Accounts 2023/24

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Value Growth of 9.5% (2023: 12.4%) is derived from Value Added by adjusting Value Added to normalise for our estimate of the long-run inflation rate (3% RPI for RIIO-1, 2% CPIH for RIIO-2) on RAV indexation and index-linked debt interest accretions. In 2024, the numerator for Value Growth was £2,503 million (2023: £2,902 million). The denominator is Group equity as used in the Group RoE calculation, adjusted for foreign exchange movements. The tables below include related balances and net debt up to the dates of disposal for NECO (25 May 2022) and the UK Gas Transmission and Metering (31 January 2023), despite being reclassified as held for sale under IFRS. 2023/24 £m 31 March 2024 31 March 2023 Value Added Change UK RAV 30,356 28,292 2,064 7 % US rate base 25,097 22,517 2,580 11 % Total RAV and rate base 55,453 50,809 4,644 9 % National Grid Ventures and other 7,593 6,639 954 14 % Total assets (used to calculate asset growth) 63,046 57,448 5,598 10 % UK other regulated balances1 (1,257) (230) (1,027) US other regulated balances2,3 3,489 3,153 791 Other balances (976) 96 (1,072) Total assets and other balances 64,302 60,467 4,290 Cash dividends 1,718 Adjusted net debt movement (3,077) Value Added 2,931 1. Includes totex-related regulatory IOUs of £514 million, under-recovered timing balances of £744 million. 2. Change in year excludes a £455 million reduction in US other regulated balances related to tax assets for net operating losses that were utilised in 2023/24 to offset tax due on disposal of NECO, which was sold in 2022/23. 3. Includes assets for construction work-in-progress of £2,068 million, other regulatory assets related to timing and other cost deferrals of £1,279 million and net working capital liabilities of £455 million. 2022/23 £m 31 March 2023 Disposal of NECO and UK Gas Transmission1 31 March 2022 Value Added Change UK RAV 28,205 (6,989) 31,577 3,617 11 % US rate base 23,038 (2,476) 23,628 1,886 8 % Total RAV and rate base 51,243 (9,465) 55,205 5,503 10 % National Grid Ventures and other 6,604 (143) 5,374 1,373 26 % Total assets (used to calculate asset growth) 57,847 (9,608) 60,579 6,876 11 % UK other regulated balances2 (255) (141) 75 (189) US other regulated balances3 3,226 (250) 2,792 684 Other balances 108 1,239 (808) (323) Total assets and other balances 60,926 (8,760) 62,638 7,048 Cash dividends 1,607 Adjusted net debt movement1 (3,848) Value Added 4,807 1. The disposal of NECO on 25 May 2022 and UK Gas Transmission on 31 January 2023 resulted in an increase in assets which has been excluded from the total change in the year used to calculate asset growth and Value Added for 2022/23. The decrease in RAV and rate base and other regulated balances relating to the businesses disposed along with the net debt disposed and cash proceeds received (plus associated transaction costs) are excluded from the total adjusted net debt movement in the year used to calculate asset growth and Value Added. 2. Includes totex-related regulatory IOUs of £502 million, under-recovered timing balances of £246 million. 3. Includes assets for construction work-in-progress of £2,319 million, other regulatory assets related to timing and other cost deferrals of £771 million and net working capital assets of £136 million. Figures relating to prior periods have, where appropriate, been re-presented at constant currency, for opening balance adjustments following the completion of the UK regulatory reporting pack process and finalisation of US balances. Regulatory gearing Regulatory gearing is a measure of how much of our investment in RAV and rate base and other elements of our invested capital (including our investments in NGV, UK property and UK other assets and US other assets) is funded through debt. Comparative amounts as at 31 March 2023 are presented at historical exchange rates and have not been restated for opening balance adjustments. 2024 2023 As at 31 March £m £m UK RAV 30,356 28,205 US rate base 25,097 23,038 Other invested capital included in gearing calculation 7,593 6,604 Total assets included in gearing calculation 63,046 57,847 Net debt (including 100% of hybrid debt and held for sale) (43,584) (40,973) change  Group gearing (based on 100% of net debt including held for sale) 69 % 71 % (2% pts) Group gearing (excluding 50% of hybrid debt from net debt) including held for sale 67 % 69 % (2% pts) Other unaudited financial information continued 256 National Grid plc Annual Report and Accounts 2023/24

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In compliance with SEC rules, we present a summarised analysis of movements in the income statement and an analysis of movements in adjusted operating profit (for the continuing Group) by operating segment. This should be read in conjunction with the 31 March 2024 Financial review included on pages 60 – 73. Analysis of the income statement for the year ended 31 March 2023  Revenue Revenue from continuing operations for the year ended 31 March 2023 increased by £3,399 million to £21,659 million. Revenues were driven by a £1,235 million increase in UK Electricity System Operator (mainly as a result of higher balancing service pass-through costs), a £563 million increase in UK Electricity Distribution (primarily due to a full year of ownership and inflation on base revenues, and a £1,433 million increase in New York (mainly from higher commodity pass-through costs, and rate increases). Revenue from NGV increased by £317 million, related to higher interconnector income. Other activities revenues increased, driven by higher property site sales (most notably St William). Operating costs Operating costs from continuing activities for the year ended 31 March 2023 of £17,378 million were £2,931 million higher than prior year. This increase in costs excludes the exceptional items and remeasurements impacts, which is discussed below. Operating costs were driven by higher UK Electricity System Operator balancing service pass-through costs up £900 million and increased gas and electricity purchases (mostly on behalf of our US customers) up £884 million, with the underlying cause of both of these being higher global energy prices. Higher depreciation as a result of continued asset investment was up £154 million compared with 2021/22. Provisions for bad and doubtful debts of £220 million were recorded in the year, £53 million higher than 2021/22, principally as a result of COVID arrears reviewed. Net finance costs Net finance costs (excluding remeasurements) for 2022/23 were £1,514 million, up £433 million, driven by a £244 million impact of higher inflation on RPI-linked debt and higher borrowings from organic asset growth, partly offset by favourable non-debt interest income (pensions and capitalised interest) compared with 2021/22. Tax The tax charge on profits before exceptional items and remeasurements of £635 million was £34 million lower than 2021/22. This is driven by a lower effective tax charge in 2022/23 for the remeasurement of state deferred tax charges related to the sale of our Rhode Island business in the US and larger proportion of UK property sales with a lower effective tax rate. Exceptional items and remeasurements  In 2022/23, exceptional items included £511 million of gains related to disposal of NECO and £335 million of gain relating to the disposal of Millennium Pipeline Company LLC. Additional items include insurance recoveries of £130 million relating to the IFA1 fire and £176 million due to changes in environmental provisions. Exceptional items in 2021/22 include the release of St William Homes LLP deferred income of £189 million and net gain of St William Homes LLP of £228 million. Transaction, separation and integration costs have decreased by £106 million to £117m in 2022/23, with cost efficiency programme costs increasing to £100 million in 2022/23 from £66 million in 2021/22. Finally, there was an exceptional gain of £38 million in 2021/22 related to an environmental insurance recovery. An exceptional deferred tax charge of £458 million was made in 2021/22 arising as a result of the UK corporation tax rate change, effective from April 2023. Remeasurement losses of £350 million were recognised on commodity contracts in 2022/23 compared with gains of £392 million in 2020/21. Finance costs for the year ended 31 March 2023 included a net gain of £54 million on financial remeasurements of derivative financial instruments and financial assets at fair value through profit or loss, compared to a net gain of £59 million on financial remeasurements in 2021/22. Joint ventures and associates Share of post-tax results of joint ventures and associates before exceptional items for 2022/23 were £190 million compared with £148 million in 2021/22, principally due to higher revenues in our BritNed interconnector joint venture in the UK. Profit after tax from discontinued operations Adjusted profit after tax from discontinued operations was broadly flat year on year at £320 million in 2022/23 compared with £344 million in 2021/22. Statutory profit after tax from discontinued operations also included exceptional operating costs and remeasurements of £46 million in 2022/23 compared with £29 million in 2021/22. The statutory tax charge in 2021/22 included a £144 million exceptional item related to deferred tax charges for the change in the UK corporation tax rate. Adjusted earnings and EPS from continuing operations Adjusted earnings and adjusted EPS, which exclude exceptional items and remeasurements, are provided to reflect the Group’s results on an ‘adjusted profit’ basis, described further in note 8. See page 155 for a reconciliation of adjusted basic EPS to EPS. The above earnings performance translated into adjusted EPS in 2022/23 of 63.8p, compared with 61.4p in 2021/22. Including discontinued operations, adjusted EPS in 2022/23 of 72.5p, compared with 71.0p in 2021/22. Exchange rates Our financial results are reported in sterling. Transactions for our US operations are denominated in dollars, so the related amounts that are reported in sterling depend on the dollar to sterling exchange rate. The table below shows the average and closing exchange rates of sterling to US dollars. 2022/23 2021/22 % change  Weighted average (income statement) 1.22 1.35 10 % Year end (statement of financial position) 1.23 1.31 6 % The movement in foreign exchange during 2022/23 has resulted in a £1,134 million increase in revenue, a £172 million increase in adjusted operating profit and a £179 million increase in underlying operating profit. Commentary on consolidated financial statements for the year ended 31 March 2023 257 National Grid plc Annual Report and Accounts 2023/24

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Analysis of the adjusted operating profit by segment for the year ended 31 March 2023 UK Electricity Transmission For 2022/23, revenue in the UK Electricity Transmission segment decreased by £48 million to £1,987 million, and adjusted operating profit decreased by £72 million to £995 million. Revenue was lower due to return of allowances for Western Link liquidated damages and the impact of super deductions, partially offset by higher inflation. Regulated controllable costs including pensions were higher as a result of higher energy costs which more than offset efficiency savings. The decrease in depreciation and amortisation reflects a write-down of mid-Wales project in 2021/22. Other costs were lower, mainly related to a prior year settlement and profit from scrap sales in 2022/23.  Capital investment increased by £122 million compared with 2021/22 to £1,301 million primarily due to LPT2 and overhead line projects including Cottam-Wymondley, partly offset by lower Hinkley Seabank spend. UK Electricity Distribution This business (previously called WPD) was acquired by National Grid in June 2021. For 2022/23 revenue in UK Electricity Distribution segment increased £563 million compared with 2021/22 as a result of a full year of trading and higher inflation. Regulated controllable costs were higher as a result of a full year of ownership. The increase in depreciation and amortisation is due to a full year of ownership and additional asset growth due to continuing investment. Other costs were lower, primarily due to lower engineering recharges and profit on sale of smart metering business completed in 2022/23. Capital investment for the period 2022/23 was £1,220 million, an increase of £321 million from 2021/22 due to a full year of ownership. UK Electricity System Operator For 2022/23, revenue in the UK Electricity System Operator segment increased by £1,235 million to £4,690 million but this was principally as the result of higher pass-through costs, which increased from £3,215 million in 2021/22 to £4,152 million in 2022/23 (primarily reflecting higher balancing service costs due to increased global energy prices and higher intervention costs required to balance the grid). Underlying net revenue was £44 million higher, as the result of higher base revenue under RIIO-2 due to increased totex and higher inflation. Regulated controllable costs including pensions were £47 million higher from increased workload to deliver RIIO-2 and higher IT spend. Depreciation and amortisation was £18 million higher due to early asset write-off provision for Electricity Balance System and investments commissioned in 2021/22. Capital investment is in line with 2021/22 at £108 million. New England  Revenue in the New England segment decreased by £123 million to £4,427 million. Of this decrease, £1,164 million was due to the sale of the Rhode Island business in year, with the majority being offset by a stronger US dollar and rate case increases. Also, £7 million was due to year-on-year timing movements as a result of under-collection of revenues compared with our regulatory allowances in 2021/22. Adjusted operating profit decreased by £35 million to £708 million. Excluding pass-through costs, timing swings and the impact of the Rhode Island disposal, underlying net revenue increased by £416 million principally reflecting increased rates in Massachusetts Gas and Massachusetts Electric and a stronger US dollar. Regulated controllable costs decreased by £58 million as a result of the sale of Rhode Island and efficiency savings, partially offset by a stronger US dollar and increased workload. Provisions for bad and doubtful debts were £26 million higher at a constant currency and excluding the Rhode Island impact, following a lower provision release from 2021/22. Depreciation and amortisation was £2 million lower at a constant currency and excluding the Rhode Island impact, mainly due to the non-recurrence of a one-off 2021/22 adjustment, partially offset by increased investment. Other costs were broadly in line at a constant currency and excluding the impact of Rhode Island. Capital investment increased by £49 million to £1,527 million, reflecting a stronger US dollar and higher spend on gas assets driven by increased gas system enhancement plan investment partially offset by the Rhode Island sale in 2022/23, New York  Revenue in the New York segment increased by £1,433 million to £6,994 million. Of this increase, £796 million was due to an increase in commodity pass-through costs charged on to customers and the impact of a stronger US dollar. Adjusted operating profit decreased by £39 million to £741 million. Excluding pass-through costs and timing swings, underlying net revenue increased by £710 million (22%) principally from the benefits of rate increases under current agreements and a stronger US dollar. Regulated controllable costs were higher with increased workload, inflationary impacts and one-off items partially offset by cost efficiency savings. Provisions for bad and doubtful debts increased by £70 million, driven by write-offs related to phase 1 and 2 of the Arrears Management Programme. Depreciation and amortisation increased due to the growth in assets. Other costs increased due to higher energy efficiency programmes and increased property taxes, partly offset by a lower pension expense driven by gain on pension buyout. Capital investment increased by £494 million to £2,454 million, as a result of Volney-Marcy and Gowanus leases, higher investment in our electric assets to reinforce the network and increase capacity, and investment in digital growth to reduce cyber security risk, partially offset by lower gas investment due to lower mains replacement. National Grid Ventures (NGV) Revenue in the NGV segment increased by £317 million to £1,341 million, driven by higher interconnector revenues, which benefited from higher arbitrage from the high gas prices throughout the year. Also, a full year’s contribution of NSL due to being commissioned in FY22, along with higher commodity prices and increased revenues in our onshore renewables in the US. Capital investment in NGV was broadly in line with 2021/22, with higher investment in IFA1 as a result of the Sellindge fire and increased spend on our Grain LNG facility, partly offset by completion of the NSL interconnector (Norway) last year, lower JV investment driven by purchase of NY Bight seabed lease in 2021/22 and lower cash calls on Emerald. Other activities In 2022/23, adjusted operating profit increased by £10 million to £31 million, primarily driven by the St William property sale. Partially offset by community support payment and NG Partners loss compared to fair value gains in 2021/22. Capital investment was broadly in line with the prior year. Discontinued operations – UK Gas Transmission and Metering In 2022/23, revenue in the UK Gas Transmission segment increased by £230 million to £1,604 million, due to higher pass-through costs. Adjusted operating profit increased by £60 million to £714 million. Revenue was impacted by £261 million higher pass-through costs and £92 million favourable year-on-year timing swings. Net revenue (adjusted for timing) was £123 million lower, reflecting 2 months less ownership. Regulated controllable costs (including pensions) and other costs were broadly in line, principally from 2 months less ownership, partially offset by higher customer-funded works. Depreciation and amortisation was £91 million lower due to being classified as held for sale in 2021/22. Capital investment increased by £40 million to £301 million, mainly from continued investment at Peterborough and Huntingdon compressor stations, higher capitalised interest and higher cyber spend compared with 2021/22. Commentary on consolidated financial statements for the year ended 31 March 2023 continued 258 National Grid plc Annual Report and Accounts 2023/24

Further Information

Share ownership

At 22 May 2024, the latest practicable date, none of the directors had an individual beneficial interest amounting to greater than 1% of the Company’s shares.

Material interests in shares

The following summarizes the significant changes in the percentage ownership held by our major shareholders during the past three years:

BlackRock, Inc. held 7.21% of our outstanding share capital as at 31 March 2021, such holdings decreased to 7.16% as at 31 May 2021, such holdings decreased to 7.04% as at 6 December 2021, and such holdings increased to 9.0% as at 31 December 2022. BlackRock, Inc. held 7.04% of our outstanding share capital as at 31 March 2023, such holdings increased to 7.22% as at 25 May 2023, and such holdings remained the same as at 1 June 2023. As noted on page 234 of the 2023/2024 Annual Report and Accounts, BlackRock, Inc. Held 6.88% of our outstanding share capital as at 31 March 2024.

Capital Group Companies, Inc. held 3.88% of our outstanding share capital as at 31 March 2021, and such holdings increased to 5.05% as at 31 March 2022. As noted on page 234 of the 2023/2024 Annual Report and Accounts, Capital Group Companies, Inc. held 4.99% of our outstanding share capital as at 31 March 2023, and such holdings remained the same as at 1 June 2023 and as at 31 March 2024.

Bank of America Corporation held 5.89% of our outstanding share capital as at 7 June 2023. As noted on page 234 of the 2023/2024 Annual Report and Accounts, such holdings remained the same as at 31 March 2024.

Since 31 March 2024 we have not been notified of any other subsequent significant change in the percentage of shares held by the shareholders listed on page 234 of the 2023/2024 Annual Report and Accounts.

Material interest in American Depositary Shares

As at 22 May 2024, we had 11,305 registered holders of our American Depositary Shares (ADSs) representing ownership of 8.60% of our issued and outstanding share capital, excluding ordinary shares held in treasury. As at 22 May 2024, based on information available to us, we believe that approximately 8.60% of our issued and outstanding share capital (whether in the form of shares or ADSs), excluding shares held in treasury, was held beneficially in the United States.

Insider Trading Policy

We have adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities by directors, senior management, and employees, which policies and procedures are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to us. A copy of the policy is filed as Exhibit 11(b) to this Annual Report.

Subsequent Events

None.

Representations and Warranties in the Exhibits

Pursuant to the rules and regulations of the SEC, the Company has filed certain agreements as exhibits to this Annual Report on Form 20-F. These agreements may contain representations and warranties by the parties to them. These representations and warranties have been made solely for the benefit of the other party or parties to such agreement and (i) may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties to such agreements if those statements turn out to be inaccurate, (ii) may have been qualified by disclosures that were made to such other party or parties and that either have been reflected in the company’s filings or are not required to be disclosed in those filings, (iii) may apply materiality standards different from what may be viewed as material to investors and (iv) were made only as of the date of such agreements or such other date or dates as may be specified in such agreements.

In accordance with the instructions to Item 2(b)(i) of the Instructions to Exhibits to the Form 20-F, National Grid agrees to furnish to the SEC, upon request, a copy of any instrument relating to long-term debt that does not exceed 10 percent of the total assets of National Grid and its subsidiaries on a consolidated basis.

Reports of Independent Registered Public Accounting Firms—Audit opinions for Form 20-F

In addition to the financial information set forth on the pages referenced under Item 18 in the Form 20-F Cross Reference Table on page vii, the reports of Deloitte LLP (PCAOB ID 1147), Independent Registered Public Accounting Firm, are presented below:

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of National Grid plc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of National Grid plc. and its subsidiaries (together the “Group”) as at 31 March 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended 31 March 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as at 31 March 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended 31 March 2024, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group’s internal control over financial reporting as at 31 March 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated 22 May 2024, expressed an unqualified opinion on the Group’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Property, plant and equipment – the impact of the energy transition on US gas assets – Refer to notes 1F, 1G and 13 to the financial statements

Critical Audit Matter Description

The US government and the states in which the US business units operate have enacted legislation and established targets in respect of net zero carbon emissions by 2050. Accordingly, climate change represents a strategic challenge for the Group, which has also set targets for reducing greenhouse gas emissions by the same date. Natural gas, when burned, emits carbon dioxide and is considered a greenhouse gas. Therefore, the strategic challenge relates to the potential future use of the Group’s US gas distribution assets, where the weighted average remaining useful economic life is c. 53 years, extending well beyond the 2050 net zero commitment date. As described in note 13 to the financial statements, the impact of changing the useful economic lives (UELs) of the gas assets in the US, such that they would be fully depreciated by 2050, would be a gross increase in the annual depreciation expense of £272 million. As the continued use of natural gas as a primary energy source beyond 2050 appears to be in conflict with net zero targets and the impact of shortening the UELs of the gas assets to 2050 has a material impact on annual depreciation, there is a risk that management’s estimate taken to determine the useful lives of US gas assets in the context of net zero commitments is not reasonable. The Group’s Clean Energy Vision (“CEV”) was updated in August 2023 to align to the Group’s updated 2030 1.5°C pathway targets accredited by the Science Based Target initiative (“SBTi”). The Group’s updated

CEV continues to set out a hybrid pathway with increased electrification and use of renewable natural gas (‘RNG’) and green hydrogen to eliminate fossil fuels from its gas networks in New York state and Massachusetts by 2050.

Both New York and Massachusetts, the largest states in which the Group operates in the US, previously announced non legally binding climate action plans, which were unchanged in FY24. The New York Scoping Plan targets 85% of homes and commercial building space in New York being electrified by 2050, subject to certain exemptions. The Massachusetts Clean Energy and Climate Plan for 2025 and 2030 (“CECP”) targets a high use of electrification including widespread deployment of heat pumps for buildings. Both plans envisage moderate demand for RNG and hydrogen in 2050.

In December 2023, the Massachusetts Department of Public Utilities (“DPU”) issued Order 20-80 (“the Order”), a regulatory strategy for natural gas, which seeks to initiate a managed and affordable transition away from the gas distribution system. The Order stated that the DPU would no longer allow cost recovery for new gas infrastructure without demonstration that non-gas pipeline alternatives were considered. The Order makes clear that existing investments in natural gas infrastructure by local gas distribution companies will not be affected. Further, the DPU declined to introduce changes to its gas supply procurement policy to mandate the addition of RNG to local gas distribution companies’ supply portfolios. However, the DPU also observed that there are numerous concerns regarding the affordability for customers of full electrification, including the upfront costs required for conversion.

Whilst recognising the uncertainties over the role of RNG and the use of hydrogen for home heating as both technologies are in early stages of development, management considers a hybrid electric-gas heating system approach to be a more feasible and achievable pathway to meet the federal and state decarbonisation goals than full electrification, given the climate and housing stock in the states in which it operates. Management’s updated CEV will require legislative and regulatory support to implement. This hybrid approach supports the need for the Group’s US gas assets in the longer term and hence management’s judgement is that the regulatory lives of US gas assets continue to be considered as the best estimate of its UELs.

Management has disclosed a key source of estimation uncertainty in relation to the UELs of the US gas assets, along with disclosure of sensitivity analysis were asset lives to be shortened. We have identified the estimated UELs of the Group’s gas distribution assets in the US as a key audit matter due to the significance of the judgement involved.

How the Critical Audit Matter Was Addressed in the Audit

We tested the effectiveness of controls over management’s assessment of the impact of the energy transition and climate change on the UELs of US gas assets and the associated disclosures. With the assistance of our sustainability specialists, we challenged the appropriateness of the UELs of the US gas assets, including management’s judgement that it is probable they will extend beyond 2050 in light of the different goals, commitments and legislation relating to net zero in the US states in which the Group operates by:

• understanding management’s updated CEV and other potential pathways to achieve net zero targets in New York and Massachusetts;

• obtaining and reading key federal and state policy announcements for achieving net zero targets including those set out below, and evaluating the extent to which they were consistent with or contradictory to management’s updated CEV including the Massachusetts DPU Order 20-80 (issued in December 2023);

• obtaining and reading studies on the affordability of full home electrification relative to hybrid scenarios;

• obtaining and reading third-party engineering and technical studies to assess the viabilities of the potential pathways;

• discussing with our specialists in other countries the different future energy scenarios including management’s updated CEV;

• enquiring with key operational, strategic and financial management regarding the probability of full electrification within the timeline of the UELs;

• evaluating correspondence from the Group’s regulators, including rate cases in the US, to consider whether they presented any contradictory evidence; and

• assessing the disclosures set out in notes 1F and 1G to the financial statements and the sensitivity analysis set out in note 13 to the financial statements regarding the UELs of the US gas assets for compliance with the disclosure requirements of IAS 1 - Presentation of Financial Statements.

US environmental provisions – Refer to notes 1F, 26 and 35 to the financial statements

Critical Audit Matter Description

At 31 March 2024 the Group has £2,418 million (2023: £1,891 million) of environmental provisions, of which £2,310 million (2023: £1,768 million) are in the US and £108 million (2023: £123 million) are in the UK. The Group has recognised total additions in the current year of £600 million. The Group’s environmental provisions relate to a number of sites owned and managed by the Group together with certain US sites which are no longer owned.

In the US, the provision is in respect of 218 sites which vary in the level of remediation performed to date and remaining remediation required. Of the total US environmental provisions of £2,310 million, the majority relates to three former sites which were identified by the Environmental Protection Agency (“EPA”) as sites of significant contamination (Superfund sites) or to legacy Manufactured Gas Plant sites (“MGP”). The EPA, and additional environmental agencies at the state level including the New York State Department of Environmental Conservation (“DEC”), have the authority to force the parties responsible for the contamination of these sites either to perform remediation works or reimburse the remediation costs for work led by other parties. In response to correspondence received from the environmental agencies during the year ended 31 March 2024, the Group has recognised additions of £496 million relating to the remediation of the Gowanus Canal Superfund site and the certain legacy MGP sites.

Environmental provisions are calculated based on management’s best estimate of the cash flows that will be required, discounted at a real discount rate, calculated based on the US government bond yield curve and the weighted average life of the provisions. There are a number of estimation uncertainties across all of the sites, including the Superfund and MGP sites. The Superfund and MGP sites are particularly complicated because of their size, the number of parties involved and the stage of remediation the projects are at. The uncertainties that exist in relation to these sites include:

• the impact of changes in regulation or the environmental agencies’ interpretation and implementation of the regulations;

• the extent of contamination identified and modelled from ongoing exploratory and remediation works;

• the form, timing, extent, and associated cost of remediation needed;

• the methods and technologies used in remediation;

• the allocation of responsibility for remediation; and

• the discount rate applied to the forecast cash flows.

Management is required to make judgements in selecting an appropriate discount rate which reflects changes in US treasury rates as current market assessments of the time value of money. The Group has continued to use a real discount rate of 1.5% (2023: 1.5%) to the undiscounted cash flows on the basis that there has not been a substantial and sustained change in US government bond yield curves. As described in note 35, changes to the discount rate applied could have a material impact on the provision balance in the next year.

We have identified the US environmental provisions as a critical audit matter due to the complexities in estimating the future cost of remediation and the judgement involved in the determination of the discount rate applied.

How the Critical Audit Matter Was Addressed in the Audit

We tested the effectiveness of controls over management’s compilation of forecast cash flows and determination of the discount rate.

With regard to the estimated cash outflows:

• We performed detailed risk assessments to categorise US sites based on size and the level of estimation uncertainty;

• We read relevant correspondence and minutes of meetings with the environmental agencies to assess the timing and measurement of the provision recognised, with the assistance of our environmental specialists to evaluate management’s position where significant estimation uncertainty exists;

• With respect to the Gowanus Canal Superfund site and the legacy MGP sites, we reconciled the proposed remediation activities to agreements with the environmental agencies where available, or considered latest correspondence with the environmental agencies where remediation plans are yet to be agreed. The associated costings of these activities were agreed to third-party contracts and estimates. We utilised our environmental specialists to assist us in evaluating management’s key assumptions;

• In order to assess the completeness of the liability as of 31 March 2024, we completed public domain searches on federal databases across all Group subsidiaries to determine whether any relevant costs or applicable sites were omitted. We further checked for the latest regulatory changes at the federal and local level, and precedent from remediation plans recently agreed with the environmental agencies, to determine whether the potential impact to other sites had been considered appropriately;

• We evaluated the results of ongoing environmental testing at selected sites for potential non-compliance or evidence that the existing or planned remediation activities would require revision or enhancement; and

• We performed additional procedures on the Gowanus Canal Superfund site with ongoing uncertainty around the allocation of responsibility. Specifically relating to the judgement over the estimated allocation of total remediation costs, we made enquiries of internal legal counsel and obtained analysis directly from external legal counsel to understand any potential changes to the previously determined positions regarding the Potentially Responsible Party (“PRP”) allocation. We evaluated settlements in the period with PRPs and compared the results to their assumed shares. We evaluated publicly available financial statement information and disclosures for a selection of PRPs to identify contradictory evidence in their share percentage and assess financial viability. We assessed the extent to which there is evidence obtained demonstrating the allocations will be substantially followed by all parties.

We challenged the methodology that management has adopted for calculating the discount rate with the support of our valuation specialists. In addition, we independently calculated an appropriate discount rate range and used this to assess management’s rate.

We assessed management’s disclosures in notes 1F, 26 and 35 for compliance with the IFRS disclosure requirements.

/s/ Deloitte LLP

London, United Kingdom
22 May 2024

The first accounting period we audited was 31 March 2018. In 2017, we began preparing for audit firm transition.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of National Grid plc

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of National Grid plc. and its subsidiaries (together the “Group”) as of 31 March 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of 31 March 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended 31 March 2024, of the Group and our report dated 22 May 2024, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Group’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying internal control over financial reporting section appearing on page 226 of the Additional Information section. Our responsibility is to express an opinion on the Group’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

London, United Kingdom

22 May 2024


	Description
1.1	Articles of Association of National Grid plc as amended by Special Resolution passed on 26 July 2021. (Exhibit 1.1 to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

2(a)	Amended and restated Deposit Agreement dated as of 23 May 2013 among National Grid plc and The Bank of New York Mellon, as Depository, and all Owners and Holders from time to time of American Depositary Shares issued thereunder. (Exhibit 1 to National Grid plc Form F-6 dated 15 May 2013 File No. 333-178045)	Incorporated by reference

2(b).1	Amended and Restated Trust Deed dated 22 February 2012 among National Grid Gas plc, National Grid Gas Finance (No 1) plc and the Law Debenture Trust Corporation p.l.c. relating to a €10,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).3 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference

2(b).2	Amended and Restated Trust Deed dated 2 August 2011 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).5 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference

2(b).3	Amended and Restated Trust Deed dated 10 September 2012 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).6 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

2(b).4	Amended and Restated Trust Deed dated 12 September 2014 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 5 June 2015 File No. 1-14958)	Incorporated by reference

2(b).5	Amended and Restated Trust Deed dated 18 December 2014 among National Grid USA, National Grid North America Inc. and the Law Debenture Trust Corporation p.l.c. relating to National Grid USA €4,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).10 to National Grid plc Form 20-F dated 5 June 2015 File No. 1-14958)	Incorporated by reference

2(b).6	Amended and Restated Trust Deed dated 21 September 2015 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).13 to National Grid plc Form 20-F dated 7 June 2016 File No. 1-14958)	Incorporated by reference

2(b).7	Amended and Restated Trust Deed dated 9 December 2015 among National Grid USA, National Grid North America Inc. and the Law Debenture Trust Corporation p.l.c. relating to National Grid USA €4,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).14 to National Grid plc Form 20-F dated 7 June 2016 File No. 1-14958)	Incorporated by reference

2(b).8	Amended and Restated Trust Deed dated 30 July 2019 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).8 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).9	Amended and Restated Trust Deed dated 30 July 2019 among National Grid Gas plc and the Law Debenture Trust Corporation p.l.c. relating to a €10,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference


2(b).10	Trust Deed dated 5 September 2019 among NGG Finance plc, National Grid plc and the Law Debenture Trust Corporation p.l.c. relating to a €500,000,000 Fixed Rate Resettable Capital Securities due 2079. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).11	Trust Deed dated 5 September 2019 among NGG Finance plc, National Grid plc and the Law Debenture Trust Corporation p.l.c. relating to a €750,000,000 Fixed Rate Resettable Capital Securities due 2082. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).12	Trust Deed dated 7 August 2020 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b). to National Grid plc Form 20-F dated 8 June 2021 File No. 1-14958)	Incorporated by reference

2(b).13	Trust Deed dated 22 October 2020 between National Grid North America and the Law Debenture Trust Corporation p.l.c. relating to a €8,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b). to National Grid plc Form 20-F dated 8 June 2021 File No. 1-14958)	Incorporated by reference

2(b).14	Amended and Restated Trust Deed dated 16 August 2021 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).14. to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

2(b).15	Amended and Restated Trust Deed dated 22 October 2021 between National Grid North America and the Law Debenture Trust Corporation p.l.c. relating to a €8,000,000,000 Euro Medium Term Note Programme (Exhibit 2(b).15. to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

2(b).16	Amended and Restated Trust Deed dated 11 August 2022 between National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €20,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).16 to National Grid plc Form 20-f dated 6 June 2023 File No. 1-14958)	Incorporated by reference

2(b).17	Amended and Restated Trust Deed dated 24 August 2022 among Western Power Distribution (East Midlands) plc, Western Power Distribution (South Wales) plc, Western Power Distribution (West Midlands) plc and HSBC Corporate Trustee Company (UK) Limited relating to a €6,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).17 to National Grid plc Form 20-f dated 6 June 2023 File No. 1-14958)	Incorporated by reference

2(b).18	Amended and Restated Trust Deed dated 4 August 2023 between National Grid North America Inc. and The Law Debenture Trust Corporation p.l.c. relating to a €8,000,000,000 Euro Medium Term Note Programme.	Filed herewith

2(b).19	Amended and Restated Trust Deed dated 10 August 2023 among National Grid Electricity Distribution (East Midlands) plc, National Grid Electricity Distribution (South Wales) plc, National Grid Electricity Distribution (South West) plc, National Grid Electricity Distribution (West Midlands) plc and HSBC Corporate Trustee Company (UK) Limited relating to a €6,000,000,000 Euro Medium Term Note Programme.	Filed herewith

2(c)	Description of Securities Registered Under Section 12 of the Exchange Act	Filed herewith

4(a).1*	Underwriting Agreement dated as of 23 May 2024 among National Grid plc and the underwriting banks named therein.	Filed herewith


4(b).1*	Amended and Restated Further Acquisition Agreement dated 19 July 2023 between Lattice Group Limited and Luppiter Bidco Limited relating to the acquisition of shares in GasT TopCo.	Filed herewith

4(b).2*	Remaining Acquisition Agreement dated 19 July 2023 between Lattice Group Limited and Luppiter Bidco Limited relating to the acquisition of shares in GasT TopCo.	Filed herewith

4(c).2	Service Agreement among National Grid Electricity Transmission plc and John Mark Pettigrew dated 2 November 2014. (Exhibit 4(c).5 to National Grid plc Form 20-F dated 5 June 2014 File No. 1-14958)	Incorporated by reference

4(c).3	Amendment to Service Agreement among National Grid Electricity Transmission plc and John Mark Pettigrew dated 2 November 2015. (Exhibit 4(c).4 to National Grid plc Form 20-F dated 5 June 2014 File No. 1-14958)	Incorporated by reference

4(c).4	Service Agreement among National Grid Electricity Transmission plc and Nicola Shaw dated 23 March 2016. (Exhibit 4(c).4 to National Grid plc Form 20-F dated 6 June 2017 File No. 1-14958)	Incorporated by reference

4(c).5	Service Agreement among National Grid plc and Andrew Agg dated 21 December 2018. (Exhibit 4(c).5 to National Grid plc Form 20-F dated 4 June 2019 File No. 1-14958)	Incorporated by reference

4(c).6	Letter of Appointment—Jacqui Ferguson	Filed herewith

4(c).7	Letter of Appointment—Therese Esperdy. (Exhibit 4(c).14 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

4(c).8	Letter of Appointment—Earl Shipp. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 4 June 2019 File No. 1-14958)	Incorporated by reference

4(c).9	Letter of Appointment—Jonathan Silver. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

4(c).10	Letter of Appointment—Elizabeth (Liz) Hewitt. (Exhibit 4(c).16 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

4(c).11	Letter of Appointment—Paula Rosput Reynolds. (Exhibit 4(c).17 to National Grid plc Form 20-F dated 8 June 2021 File No. 1-14958)	Incorporated by reference

4(c).12	Letter of Appointment—Lord Ian Livingston. (Exhibit 4(c).18 to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

4(c).13	Letter of Appointment—Anne Robinson. (Exhibit 4(c).19 to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

4(c).14	Letter of Appointment—Tony Wood. (Exhibit 4(c).20 to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference

4(c).15	Letter of Appointment—Martha Wyrsch (Exhibit 4(c).21 to National Grid plc Form 20-F dated 7 June 2022 File No. 1-14958)	Incorporated by reference
4(c).16	Letter of Appointment —Iain Mackay (exhibit 4(c).17 to National Grid plc Form 20-F dated 6 June 2023 File No. 1-14958)	Incorporated by reference
4(c).17	National Grid plc Deferred Share Plan. (Exhibit 4.2 to National Grid plc S-8 dated 28 July 2011 File No. 333-175852)	Incorporated by reference


4(c).18	National Grid Executive Share Option Plan 2002. (Exhibit 4 (c) to National Grid Group Form 20-F dated 21 June 2002 File No. 1-14958)	Incorporated by reference

4(c).19	National Grid Group Share Matching Plan 2002. (Exhibit 4 (c) to National Grid Group Form 20-F dated 21 June 2002 File No. 1-14958)	Incorporated by reference

4(c).20	National Grid Transco Performance Share Plan 2002 (as approved 23 July 2002 by a resolution of the shareholders of National Grid Group plc, adopted 17 October 2002 by a resolution of the Board of National Grid Group plc, amended 26 June 2003 by the Share Schemes Sub-Committee of National Grid Transco plc, and amended 5 May 2004 by the Share Schemes Sub-Committee of National Grid Transco plc). (Exhibit 4.19 to National Grid Transco Form 20-F dated 16 June 2004 File No. 1-14958)	Incorporated by reference

4(c).21	National Grid Executive Share Option Scheme. (Exhibit 4D to National Grid Group S-8 dated 26 July 2001 File No. 333-65968)	Incorporated by reference

4(c).22	Lattice Group Short Term Incentive Scheme (approved by a resolution of the shareholders of BG Group plc effective 23 October 2000; approved by a resolution of the Board of National Grid Transco plc on 30 April 2004; amended by resolutions of the Board of Lattice Group plc effective on 21 October 2002 and 13 May 2004). (Exhibit 4.23 to National Grid Transco Form 20-F dated 16 June 2004 File No. 1-14958)	Incorporated by reference

4(c).23	National Grid USA Companies’ Defined Contribution Supplemental Executive Retirement Plan. (Exhibit 4.2 to National Grid plc S-8 dated 23 October 2012 File No. 333-184558)	Incorporated by reference

8	List of subsidiaries - The list of the Company’s significant subsidiaries as of 31 March 2024 is incorporated by reference to “Financial Statements—Notes to the consolidated financial statements—34. Subsidiary undertakings, joint venture and associates—Subsidiary undertakings” on pages 206-208 included in the Annual Report on Form 20-F for the financial year ended 31 March 2024. This list excludes subsidiaries that do not, in aggregate, constitute a “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X as at 31 March 2024.	Filed herewith
11(b)	Share Dealing Policy	Filed herewith

12.1	Certification of John Pettigrew pursuant to Rule 13a-14(a) of the Exchange Act.	Filed herewith

12.2	Certification of Andrew Agg pursuant to Rule 13a-14(a) of the Exchange Act.	Filed herewith

13.1	Certifications of John Pettigrew and Andrew Agg furnished pursuant to Rule 13a-14(b) of the Exchange Act (such certifications are not deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference in any filing under the Securities Act).	Filed herewith

15.1	Consent of Deloitte LLP, independent registered public accounting firm to National Grid plc.	Filed herewith

17.1	Subsidiary guarantors and issuers of guaranteed securities	Incorporated by reference

97.1	US Clawback Policy	Filed herewith
* Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this annual report on its behalf.

NATIONAL GRID PLC

By: /s/ Andrew Agg

Andrew Agg

Chief Financial Officer

London, England

23 May 2024

NATIONAL GRID PLC [NMPWP] Filings
NATIONAL GRID PLC [NGG] Filings
NATIONAL GRID PLC [NGGTF] Filings
NATIONAL GRID PLC [NEWEN] Filings
NATIONAL GRID PLC [NMKCP] Filings
NATIONAL GRID PLC [NMKBP] Filings
20-F	[2024-05-23]
20-F	[2023-06-06]
20-F	[2022-06-07]
20-F	[2021-06-08]
20-F	[2020-06-25]
20-F	[2019-06-04]
20-F	[2018-06-04]
20-F	[2017-06-06]
20-F	[2016-06-07]
20-F	[2015-06-05]
20-F	[2014-06-05]
20-F	[2013-06-10]
20-F	[2012-06-12]

NATIONAL GRID PLC [NMPWP] Filings

NATIONAL GRID PLC [NGG] Filings

NATIONAL GRID PLC [NGGTF] Filings

NATIONAL GRID PLC [NEWEN] Filings

NATIONAL GRID PLC [NMKCP] Filings

NATIONAL GRID PLC [NMKBP] Filings