National Grid plc Files 2023/24 Full Year Results

TL;DR

National Grid dropped its 23/24 results, filing a 6-K. Expect a 20-F later.

AI Summary

National Grid plc filed its 2023/24 full-year results on May 23, 2024. The company, incorporated in England and Wales with its principal executive office in London, is reporting under Form 6-K. This filing indicates they will file annual reports under Form 20-F.

Why It Matters

This filing provides investors with the latest financial performance data for National Grid plc, crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not contain significant new risks.

Key Players & Entities

• NATIONAL GRID PLC (company) — Registrant
• 001-14958 (company) — Commission File Number
• 20240523 (date) — Filing Date
• England and Wales (company) — Jurisdiction of Incorporation
• London (company) — Principal Executive Office Location

FAQ

Key Financial Figures

• $4 billion — moving ahead at pace, and in the US our $4 billion 'Upstate Upgrade' is underway represent
• $100 million — s, major storm costs (when greater than $100 million), timing and the impact on underlying r
• $1.262 — g current year average exchange rate of $1.262 (2023: actual average exchange rate was
• $1.216 — (2023: actual average exchange rate was $1.216). 4.  Prior year comparativ
• $2 billion — Plan (ESMP) in Massachusetts, proposing $2 billion of investment over the next five years
• $1.25 — 9, assuming an exchange rate of £1:$1.25.        

Filing Documents

• a5571p.htm (6-K) — 3143KB
• 0001654954-24-006797.txt ( ) — 3145KB

From the Filing

GRID PLC 2023/24 FULL YEAR RESULTS a5571p         UNITED STATES   SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549     FORM 6-K     REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934   Date: 23 May 2024   Commission File Number: 001-14958       NATIONAL GRID plc   (Translation of registrant’s name into English)   England and Wales   (Jurisdiction of Incorporation)        1-3 Strand, London, WC2N 5EH, United Kingdom (Address of principal executive office)       Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.   ☒   Form 20-F       ☐   Form 40-F   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ☐   Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.   ☐   Yes     ☒   No   If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a                       EXHIBIT INDEX     Exhibit No.   Description   99.1   Exhibit 99.1 Announcement sent to the London Stock Exchange on 23 May 2024   — National Grid PLC 2023/24 Full Year Results     Exhibit 99.1   £60 billion investment plan - building now, at pace, for the future   London | 23 May 2024:   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."   Financial Summary - Year ended 31 March Co

View Full Filing

View this 6-K filing on SEC EDGAR