National Grid, a leading energy transmission and distribution company, today announces its Full Year results for the period ended 31 March 2024. Alongside these results the company has announced a fully underwritten equity raise of £7 billion through a Rights Issue.
John Pettigrew, Chief Executive, said:
“Today is a defining moment for National Grid as we announce a significant increase in investment that cements our position as a leader in the energy transition on both sides of the Atlantic.
Governments and regulators are moving with increased urgency to attract the levels of investment required to meet their net zero ambitions, giving us improved visibility and confidence over our medium term investment plan. That is why we’re announcing today a new five-year financial framework. We will be investing £60 billion in the five years to the end of March 2029 – that’s nearly double the level of investment of the past five years. We expect this significant step-up in capital investment will deliver annual group asset growth of around 10%, and 6–8% underlying EPS CAGR from a 2024/25 baseline, supported by a comprehensive financing plan that includes a £7 billion equity raise.
This is an unprecedented time for our industry that is creating significant opportunities for National Grid today, over the next five years and for decades to come. Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonisation of the energy system for the digital, electrified economies of the future.
Our readiness to take this step is underscored by another year of strong financial and operational performance, with underlying operating profit and underlying EPS both up 6% at constant currency, with record investment of
£8.2 billion across the Group. In the UK, our 17 major onshore and offshore transmission projects are moving ahead at pace, and in the US our $4 billion ‘Upstate Upgrade’ is underway representing the largest investment in New York’s electricity transmission network for over a century. Our sixth interconnector, the Viking Link to Denmark, came online in December and is the world’s longest onshore and subsea HVDC cable, demonstrating the world-class capabilities within National Grid.
Alongside our new five-year financial framework, we are also today further evolving our strategy to focus on networks and will therefore be streamlining our business as we announce our intention to sell Grain LNG, our UK LNG asset, and National Grid Renewables, our US onshore renewables business.”
Source: Company Press Release
