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"fact-706": {
"value": "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) and UK endorsed 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\u2019s 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\u20133 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 17 May 2023. 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 and IFRS as adopted by the UK. They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for the period ended 31 March 2023 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. Our income statement and segmental analysis separately identify financial results before and after exceptional items and remeasurements. We continue to use a columnar presentation as we consider it improves the clarity of the presentation, is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee, and assists users of the financial statements to understand the results. The inclusion of total profit for the period from continuing operations before exceptional items and remeasurements is used to derive part of the incentive target set annually for remunerating certain Executive Directors and accordingly we believe it is important for users of the financial statements to understand how this compares with our results on a statutory basis and period on period. A. Going concern As part of the Directors\u2019 consideration of the appropriateness of adopting the going concern basis of accounting in preparing these financial statements, the Directors have assessed the principal risks discussed on pages 20 \u2013 24 alongside potential downside business cash flow scenarios impacting the Group\u2019s operations. The Directors specifically considered both a base case and reasonable worst-case scenario for business cash flows. 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: \u2022 the timing of the sale of assets classified as held for sale (see note 10); \u2022 additional potential working capital requirements in response to energy price increases driven by an under-recovery of higher Balancing Services Use of System (BSUoS) energy costs in UK Electricity System Operator; \u2022 adverse impacts of inflation on our capital expenditure programme; \u2022 adverse impact from timing across the Group (i.e. a net under- recovery of allowed revenues or reductions in over-collections); \u2022 a significant reduction in cash collections driven by lower customer demand and increased bad debt in our US businesses and potential supplier defaults in our UK businesses; \u2022 higher operating and financing costs than expected, or non-delivery of planned efficiencies across the Group; and \u2022 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: \u2022 the payment of dividends to shareholders; \u2022 significant changes in the phasing of the Group\u2019s capital expenditure programme, with elements of non-essential works and programmes delayed; and \u2022 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\u2019s discretion, the Group continues to have headroom against the Group\u2019s 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 over \u00a37.0 billion of new long-term senior debt issued in the period from 1 April 2022 to 31 March 2023 as evidence of the Group\u2019s 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. 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\u2019s 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 Narragansett Electric Company
As described further in note 10, on 17 March 2021, the Group signed
an agreement to sell 100% of the share capital of a wholly owned
subsidiary, The Narragansett Electric Company (NECO), to PPL Rhode
Island Holdings, LLC. On 25 May 2022, the Group completed the
disposal for cash consideration of \u00a33.1 billion, recognising a post-tax
gain on disposal of \u00a3280 million which has been classified as exceptional
(see note 10). NECO did not meet 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
As described further in note 10, on 27 March 2022, the Group entered
into a sale and purchase agreement to dispose of a 100% controlling
stake in the UK Gas Transmission business. The disposal completed
on 31 January 2023 for cash consideration of \u00a34.0 billion and a 40%
interest in a newly incorporated UK limited company, GasT TopCo
Limited, as further described below. Proceeds received have been
classified in the consolidated cash flow statement within continuing
operations. As a result, the Group derecognised all of the assets and
liabilities of the UK Gas Transmission business and recognised the
40% interest acquired in GasT TopCo Limited. The 40% interest
is classified as an investment in an associate on the basis that the
Group has a significant influence over the business. The Group has
the ability to appoint two out of the five Directors to the Board of
GasT Topco Limited.
On 27 March 2022, the Group also entered into a Further Acquisition
Agreement (FAA) over its 40% interest in GasT TopCo Limited. The FAA
became binding following the settlement of the Acquisition Agreement
and is exercisable in the period between 1 May and 31 July 2023.
The window can further be deferred at the Group\u2019s discretion by three
months. Taking into consideration the timing of the FAA exercise
window, the Group has classified its interest in GasT TopCo Limited
as held for sale with effect from 31 January 2023 and has not equity
accounted for its share of the associate\u2019s results. The disposal group
comprises our equity investment in GasT TopCo Limited and the
FAA derivative. Refer to note 10 for further details.
The results of the UK Gas Transmission business were treated as
a discontinued operation during the year ended 31 March 2022, with
comparatives restated accordingly. Remeasurements in relation to the
FAA derivative were also recorded within discontinued operations for the
year ended 31 March 2023. The classification impacts the consolidated
income statement, the consolidated statement of comprehensive income
and consolidated cash flow statement, as well as earnings per share
(EPS) split between continuing and discontinued operations.
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 as follows:
\u2022 categorisation of certain items as exceptional items or
remeasurements and the definition of adjusted earnings (see notes
5 and 8). In applying the Group\u2019s exceptional items framework, we
have considered a number of key matters, as detailed in note 5;
\u2022 the judgement that it is appropriate to classify our 40% equity
investment in GasT TopCo Limited, together with the FAA derivative,
as held for sale with effect from 31 January 2023, as detailed in
note 10;
\u2022 in performing the NGED goodwill and indefinite-lived licence intangible
assets impairment assessment, judgement has been applied over
the forecast cash flow duration used in the value-in-use calculations
(see note 11); and
\u2022 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 trigger a
reassessment of the remaining useful economic lives (UELs) of our
US gas network assets (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 as follows:
\u2022 the value attributable to GasT TopCo Limited following disposal of
our controlling stake in the UK Gas Transmission business and in
determining the fair value of the written option over the Group\u2019s 40%
equity interest (see note 10);
\u2022 the valuation of liabilities for pensions and other post-retirement
benefits (see note 25);
\u2022 the cash flows and real discount rates applied in determining the
environmental provisions, in particular relating to three US Superfund
sites (see note 26); and
\u2022 the estimates made regarding the UELs of our gas network assets
due to the length over which they are being depreciated, the potential
for new and evolving technologies over that period, and the range of
potential pathways for meeting net zero targets (see note 13 for details
and sensitivity analysis).
In performing our impairment assessment of goodwill and indefinite-lived
licence intangible assets, we have sensitised our forecasts to factor in
adjustments to key inputs to each model (see note 11).
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 \u2013 areas of judgement and key sources
of estimation uncertainty
In preparing these financial statements for the year ended 31 March
2023, management has taken into account the Group\u2019s 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, as set out within the Task Force
on Climate-related Financial Disclosures (TCFD) on pages 38 \u2013 51.
Changes to the Group\u2019s commitments and the impact of climate change
may have a material impact on the currently reported amounts of the
Group\u2019s 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
The Group\u2019s 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. As set out in the Financial review on
pages 53 \u2013 65, 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\u2019s PP&E (see note 13) are \u00a3333 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\u2019s liquefied natural gas (LNG) storage
facility have a maximum UEL to 2045, which is in line with the current
commercial contracts. Accordingly, the Group believes there are no
material accounting judgements in respect of the UELs of the storage
assets as of 31 March 2023.
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
and we continue to have sufficient headroom. Accordingly, the impacts
of certain variables that will play out in the medium to long term as a
result of the anticipated transition to decarbonised power generation
do not currently affect the carrying value 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\u2019s
decommissioning provisions as at 31 March 2023 (see note 26) is
\u00a357 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. 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). As at 31 March 2023, the Group\u2019s
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:
\u2022 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. In the income statement, we present
subtotals of total operating profit, profit before tax and profit after
tax from continuing operations, together with additional subtotals
excluding exceptional items and remeasurements as a result of the
three-columnar presentation described earlier. Exceptional items and
remeasurements are presented in a separate column on the face of
the income statement.
\u2022 Financial instruments: we normally opt to apply hedge accounting
in most circumstances where this is permitted (see note 32(e)).
\u2022 Gains and losses arising from the sale of a subsidiary: in accounting
for the gain on sale of the UK Gas Transmission business, we have
considered the conflicts in guidance between IAS 28 \u2018Investments in
Associates and Joint Ventures\u2019 and IFRS 10 \u2018Consolidated Financial
Statements\u2019. We have elected to apply the full gain recognition
approach in accordance with IFRS 10.
I. New IFRS accounting standards and
interpretations effective for the year ended
31 March 2023
The Group adopted the following amendments to standards which
have had no material impact on the Group\u2019s results or financial
statement disclosures:
\u2022 amendments to IFRS 3 \u2018Business Combinations\u2019;
\u2022 amendments to IAS 16 \u2018Property, Plant and Equipment\u2019;
\u2022 amendments to IAS 37 \u2018Provisions, Contingent Liabilities and
Contingent Assets\u2019; and
\u2022 annual improvements to IFRS standards 2018\u20132020.
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 or have not yet
been endorsed by the UK:
\u2022 IFRS 17 \u2018Insurance Contracts\u2019;
\u2022 amendments to IAS 12 \u2018Deferred Tax Related to Assets and Liabilities
Arising from a Single Transaction\u2019;
\u2022 amendments to IAS 1 \u2018Presentation of Financial Statements\u2019
on classification of liabilities as current or non-current;
\u2022 amendments to IAS 8 \u2018Accounting Policies, Changes in Accounting
Estimates and Errors\u2019; and
\u2022 amendments to IAS 1 and IFRS Practice Statement 2 \u2013 making
materiality judgements.
Effective dates will be subject to the UK endorsement process.
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.
",
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},
"fact-704": {
"value": "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) and UK endorsed 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\u2019s 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\u20133 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 17 May 2023. 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 and IFRS as adopted by the UK. They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for the period ended 31 March 2023 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. Our income statement and segmental analysis separately identify financial results before and after exceptional items and remeasurements. We continue to use a columnar presentation as we consider it improves the clarity of the presentation, is consistent with the way that financial performance is measured by management and reported to the Board and the Executive Committee, and assists users of the financial statements to understand the results. The inclusion of total profit for the period from continuing operations before exceptional items and remeasurements is used to derive part of the incentive target set annually for remunerating certain Executive Directors and accordingly we believe it is important for users of the financial statements to understand how this compares with our results on a statutory basis and period on period. A. Going concern As part of the Directors\u2019 consideration of the appropriateness of adopting the going concern basis of accounting in preparing these financial statements, the Directors have assessed the principal risks discussed on pages 20 \u2013 24 alongside potential downside business cash flow scenarios impacting the Group\u2019s operations. The Directors specifically considered both a base case and reasonable worst-case scenario for business cash flows. 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: \u2022 the timing of the sale of assets classified as held for sale (see note 10); \u2022 additional potential working capital requirements in response to energy price increases driven by an under-recovery of higher Balancing Services Use of System (BSUoS) energy costs in UK Electricity System Operator; \u2022 adverse impacts of inflation on our capital expenditure programme; \u2022 adverse impact from timing across the Group (i.e. a net under- recovery of allowed revenues or reductions in over-collections); \u2022 a significant reduction in cash collections driven by lower customer demand and increased bad debt in our US businesses and potential supplier defaults in our UK businesses; \u2022 higher operating and financing costs than expected, or non-delivery of planned efficiencies across the Group; and \u2022 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: \u2022 the payment of dividends to shareholders; \u2022 significant changes in the phasing of the Group\u2019s capital expenditure programme, with elements of non-essential works and programmes delayed; and \u2022 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\u2019s discretion, the Group continues to have headroom against the Group\u2019s 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 over \u00a37.0 billion of new long-term senior debt issued in the period from 1 April 2022 to 31 March 2023 as evidence of the Group\u2019s 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. Notes to the consolidated financial statements 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\u2019s 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 Narragansett Electric Company As described further in note 10, on 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO), to PPL Rhode Island Holdings, LLC. On 25 May 2022, the Group completed the disposal for cash consideration of \u00a33.1 billion, recognising a post-tax gain on disposal of \u00a3280 million which has been classified as exceptional (see note 10). NECO did not meet 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 As described further in note 10, on 27 March 2022, the Group entered into a sale and purchase agreement to dispose of a 100% controlling stake in the UK Gas Transmission business. The disposal completed on 31 January 2023 for cash consideration of \u00a34.0 billion and a 40% interest in a newly incorporated UK limited company, GasT TopCo Limited, as further described below. Proceeds received have been classified in the consolidated cash flow statement within continuing operations. As a result, the Group derecognised all of the assets and liabilities of the UK Gas Transmission business and recognised the 40% interest acquired in GasT TopCo Limited. The 40% interest is classified as an investment in an associate on the basis that the Group has a significant influence over the business. The Group has the ability to appoint two out of the five Directors to the Board of GasT Topco Limited. On 27 March 2022, the Group also entered into a Further Acquisition Agreement (FAA) over its 40% interest in GasT TopCo Limited. The FAA became binding following the settlement of the Acquisition Agreement and is exercisable in the period between 1 May and 31 July 2023. The window can further be deferred at the Group\u2019s discretion by three months. Taking into consideration the timing of the FAA exercise window, the Group has classified its interest in GasT TopCo Limited as held for sale with effect from 31 January 2023 and has not equity accounted for its share of the associate\u2019s results. The disposal group comprises our equity investment in GasT TopCo Limited and the FAA derivative. Refer to note 10 for further details. The results of the UK Gas Transmission business were treated as a discontinued operation during the year ended 31 March 2022, with comparatives restated accordingly. Remeasurements in relation to the FAA derivative were also recorded within discontinued operations for the year ended 31 March 2023. The classification impacts the consolidated income statement, the consolidated statement of comprehensive income and consolidated cash flow statement, as well as earnings per share (EPS) split between continuing and discontinued operations. 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 as follows: \u2022 categorisation of certain items as exceptional items or remeasurements and the definition of adjusted earnings (see notes 5 and 8). In applying the Group\u2019s exceptional items framework, we have considered a number of key matters, as detailed in note 5; \u2022 the judgement that it is appropriate to classify our 40% equity investment in GasT TopCo Limited, together with the FAA derivative, as held for sale with effect from 31 January 2023, as detailed in note 10; \u2022 in performing the NGED goodwill and indefinite-lived licence intangible assets impairment assessment, judgement has been applied over the forecast cash flow duration used in the value-in-use calculations (see note 11); and \u2022 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 trigger a reassessment of the remaining useful economic lives (UELs) of our US gas network assets (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 as follows: \u2022 the value attributable to GasT TopCo Limited following disposal of our controlling stake in the UK Gas Transmission business and in determining the fair value of the written option over the Group\u2019s 40% equity interest (see note 10); \u2022 the valuation of liabilities for pensions and other post-retirement benefits (see note 25); \u2022 the cash flows and real discount rates applied in determining the environmental provisions, in particular relating to three US Superfund sites (see note 26); and \u2022 the estimates made regarding the UELs of our gas network assets due to the length over which they are being depreciated, the potential for new and evolving technologies over that period, and the range of potential pathways for meeting net zero targets (see note 13 for details and sensitivity analysis). In performing our impairment assessment of goodwill and indefinite-lived licence intangible assets, we have sensitised our forecasts to factor in adjustments to key inputs to each model (see note 11). 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 \u2013 areas of judgement and key sources of estimation uncertainty In preparing these financial statements for the year ended 31 March 2023, management has taken into account the Group\u2019s 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, as set out within the Task Force on Climate-related Financial Disclosures (TCFD) on pages 38 \u2013 51. Changes to the Group\u2019s commitments and the impact of climate change may have a material impact on the currently reported amounts of the Group\u2019s 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 The Group\u2019s 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. As set out in the Financial review on pages 53 \u2013 65, 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\u2019s PP&E (see note 13) are \u00a3333 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\u2019s liquefied natural gas (LNG) storage facility have a maximum UEL to 2045, which is in line with the current commercial contracts. Accordingly, the Group believes there are no material accounting judgements in respect of the UELs of the storage assets as of 31 March 2023. 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 and we continue to have sufficient headroom. Accordingly, the impacts of certain variables that will play out in the medium to long term as a result of the anticipated transition to decarbonised power generation do not currently affect the carrying value 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\u2019s decommissioning provisions as at 31 March 2023 (see note 26) is \u00a357 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. 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). As at 31 March 2023, the Group\u2019s 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: \u2022 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. In the income statement, we present subtotals of total operating profit, profit before tax and profit after tax from continuing operations, together with additional subtotals excluding exceptional items and remeasurements as a result of the three-columnar presentation described earlier. Exceptional items and remeasurements are presented in a separate column on the face of the income statement. \u2022 Financial instruments: we normally opt to apply hedge accounting in most circumstances where this is permitted (see note 32(e)). \u2022 Gains and losses arising from the sale of a subsidiary: in accounting for the gain on sale of the UK Gas Transmission business, we have considered the conflicts in guidance between IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 and IFRS 10 \u2018Consolidated Financial Statements\u2019. We have elected to apply the full gain recognition approach in accordance with IFRS 10. I. New IFRS accounting standards and interpretations effective for the year ended 31 March 2023 The Group adopted the following amendments to standards which have had no material impact on the Group\u2019s results or financial statement disclosures: \u2022 amendments to IFRS 3 \u2018Business Combinations\u2019; \u2022 amendments to IAS 16 \u2018Property, Plant and Equipment\u2019; \u2022 amendments to IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019; and \u2022 annual improvements to IFRS standards 2018\u20132020. 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 or have not yet been endorsed by the UK: \u2022 IFRS 17 \u2018Insurance Contracts\u2019; \u2022 amendments to IAS 12 \u2018Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction\u2019; \u2022 amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities as current or non-current; \u2022 amendments to IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019; and \u2022 amendments to IAS 1 and IFRS Practice Statement 2 \u2013 making materiality judgements. Effective dates will be subject to the UK endorsement process. 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. 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\u2019s chief operating decision maker (as defined by IFRS 8
\u2018Operating Segments\u2019) and assesses the profitability of operations principally on the basis of a profit measure that excludes certain income and
expenses. We call that measure \u2018adjusted profit\u2019. 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 and major storms. 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.
In the year ended 31 March 2023, the National Grid Ventures (NGV) operating segment met the quantitative thresholds set out in IFRS 8 to be
identified as the Group\u2019s sixth separate reportable segment. Accordingly, the Group\u2019s operating segments have been modified and the data relating
to previous periods has been restated to reflect this change. 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.
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. As announced in April 2022, the entirety of the UK Electricity System Operator is
expected to transfer out of the Group to become part an independent system operator public body, following the Future
System Operator (FSO) consultation. The FSO is subject to legislative approval and accordingly the held for sale criteria have
not been met as at 31 March 2023.
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, 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. NGV operates outside our regulated core business.
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\u2019s 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.
2023 2022
1
2021
1
Total
sales
\u00a3m
Sales
between
segments
\u00a3m
Sales
to third
parties
\u00a3m
Total
sales
\u00a3m
Sales
between
segments
\u00a3m
Sales
to third
parties
\u00a3m
Total
sales
\u00a3m
Sales
between
segments
\u00a3m
Sales
to third
parties
\u00a3m
Operating segments \u2013 continuing operations:
UK Electricity Transmission 1,987 (41) 1,946 2,035 (7) 2,028 1,974 (10)
1,964
UK Electricity Distribution 2,045 (12) 2,033 1,482 (14) 1,468 \u2014 \u2014
\u2014
UK Electricity System Operator 4,690 (31) 4,659 3,455 (18) 3,437 2,018 \u2014
2,018
New England 4,427 \u2014 4,427 4,550 \u2014 4,550 4,214 \u2014
4,214
New York 6,994 \u2014 6,994 5,561 \u2014 5,561 4,605 \u2014
4,605
National Grid Ventures 1,341 (58) 1,283 1,024 \u2014 1,024 786 \u2014
786
Other
317 \u2014 317 192 \u2014 192 78 \u2014
78
Total revenue before exceptional
items and remeasurements 21,801 (142) 21,659 18,299 (39) 18,260 13,675 (10) 13,665
Exceptional items and remeasurements
2
\u2014 \u2014 \u2014 189 \u2014 189 \u2014 \u2014 \u2014
Total revenue from continuing operations 21,801 (142) 21,659 18,488 (39) 18,449 13,675 (10)
13,665
Split by geographical areas \u2013 continuing operations:
UK
9,611 7,803
4,368
US
12,048 10,646
9,297
Total revenue from continuing operations 21,659 18,449
13,665
1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment.
2. In connection with the disposal of St William Homes LLP in the year ended 31 March 2022 the Group released deferred income within Other of \u00a3189 million related to deferred profits
from previous property sales (see note 5).
(b) Operating profit
A reconciliation of the operating segments\u2019 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
After exceptional items
and remeasurements
2023 2022
1
2021
1
2023 2022
1
2021
1
2023 2022
1
2021
1
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating segments \u2013 continuing operations:
UK Electricity Transmission 995 1,067 1,094 (2) (12) (14) 993 1,055 1,080
UK Electricity Distribution 1,091 909 \u2014 (22) \u2014 \u2014 1,069 909 \u2014
UK Electricity System Operator 238 7 (60) (1) (2) 7 237 5 (53)
New England 708 743 611 424 21 3 1,132 764 614
New York 741 780 665 (200) 315 30 541 1,095 695
National Grid Ventures 490 286 185 467 (3) (4) 957 283 181
Other 31 21 (68) (81) 239 (48) (50) 260 (116)
Total operating profit from
continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401
Split by geographical area \u2013 continuing operations:
UK 2,825 2,234 1,113 26 224 (57) 2,851 2,458 1,056
US 1,469 1,579 1,314 559 334 31 2,028 1,913 1,345
Total operating profit from
continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401
1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment.
Before exceptional items
and remeasurements
Exceptional items
and remeasurements
After exceptional items
and remeasurements
2023 2022 2021 2023 2022 2021 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Reconciliation to profit before tax:
Operating profit from continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401
Share of post-tax results of joint ventures
and associates 190 148 66 (19) (56) (8) 171 92 58
Finance income 166 65 35 (28) (15) 23 138 50 58
Finance costs (1,680) (1,146) (900) 82 74 47 (1,598) (1,072) (853)
Profit before tax from continuing operations
2,970 2,880 1,628 620 561 36 3,590 3,441 1,664
(c) Capital expenditure
Capital expenditure represents additions to property, plant and equipment and non-current intangibles but excludes additional investments in and
loans to joint ventures and associates.
Net book value of property, plant
and equipment and other
intangible assets Capital expenditure
Depreciation, amortisation
and impairment
2023 2022
1
2021
1
2023 2022
1
2021
1
2023 2022
1
2021
1
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating segments:
UK Electricity Transmission
15,483 14,678 14,000 1,303 1,195 984 (484) (508) (460)
UK Electricity Distribution
13,462 12,522 \u2014 1,220 899 \u2014 (223) (158) \u2014
UK Electricity System Operator
411 404 379 108 108 88 (101) (83) (47)
New England
13,406 11,485 10,165 1,624 1,561 1,437 (393) (364) (389)
New York
21,730 18,676 16,467 2,454 1,960 1,738 (620) (537) (453)
National Grid Ventures
3,507 3,009 2,693 709 452 451 (149) (156) (116)
Other
38 30 57 13 10 29 (14) (24) (20)
Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485)
Split by geographical area \u2013 continuing operations:
UK
32,343 30,131 16,627 3,259 2,546 1,504 (921) (879) (596)
US
35,694 30,673 27,134 4,172 3,639 3,223 (1,063) (951) (889)
Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485)
Asset type:
Property, plant and equipment 64,433 57,532 42,424 6,853 5,714 4,335 (1,700) (1,544) (1,317)
Non-current intangible assets 3,604 3,272 1,337 578 471 392 (284) (286) (168)
Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485)
1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment.
3. Revenue
Revenue arises in the course of ordinary activities and principally comprises:
\u2022 transmission services;
\u2022 distribution services; and
\u2022 generation services.
Transmission services, distribution services and certain other services (excluding rental income) fall within the scope of IFRS 15 \u2018Revenue from
Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are accounted for under IFRS 16
\u2018Leases\u2019 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:
\u2022 the supply of high-voltage electricity \u2013 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
\u2022 construction work (principally for connections) \u2013 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:
\u2022 electricity distribution \u2013 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
\u2022 construction work (principally for connections) \u2013 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 is completed.
(c) UK Electricity System Operator
The UK Electricity System Operator earns revenue for balancing supply and demand of electricity on Great Britain\u2019s 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.
(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:
\u2022 electricity and gas supply and distribution and electricity transmission \u2013 revenue is recognised based on usage by customers (over time). Revenues
are billed monthly and payment terms are 30 days; and
\u2022 construction work (principally for connections) \u2013 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:
\u2022 electricity and gas supply and distribution and electricity transmission \u2013 revenue is recognised based on usage by customers (over time). Revenues
are billed monthly and payment terms are 30 days; and
\u2022 construction work (principally for connections) \u2013 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, National Grid Renewables and rental income.
The Group recognises revenue from transmission services through interconnectors and LNG importation at the Isle of Grain by means of customers\u2019
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 regime constructed by Ofgem for certain wholly owned interconnector subsidiaries. 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.
(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 our 50% share in
the St William joint venture which was disposed of in the prior year). Property sales are recorded when the sale is legally completed.
(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\u2019s reportable segments (see note 2).
Revenue for the year ended 31 March 2023
UK Electricity
Transmission
\u00a3m
UK Electricity
Distribution
\u00a3m
UK Electricity
System
Operator
\u00a3m
New
England
\u00a3m
New
York
\u00a3m
National
Grid
Ventures
\u00a3m
Other
\u00a3m
Total
\u00a3m
Revenue under IFRS 15
Transmission 1,868 \u2014 126 52 567 791 \u2014 3,404
Distribution \u2014 1,951 \u2014 4,314 6,373 \u2014 \u2014 12,638
System Operator \u2014 \u2014 4,533 \u2014 \u2014 \u2014 \u2014 4,533
Other
1
31 77 \u2014 8 13 131 \u2014 260
Total IFRS 15 revenue 1,899 2,028 4,659 4,374 6,953 922 \u2014 20,835
Other revenue
Generation \u2014 \u2014 \u2014 \u2014 \u2014 394 \u2014 394
Other
2
47 5 \u2014 53 41 (33) 317 430
Total other revenue 47 5 \u2014 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 in the year, 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.
Geographical split for the year ended
31 March 2023
UK Electricity
Transmission
\u00a3m
UK Electricity
Distribution
\u00a3m
UK Electricity
System
Operator
\u00a3m
New
England
\u00a3m
New
York
\u00a3m
National
Grid
Ventures
\u00a3m
Other
\u00a3m
Total
\u00a3m
Revenue under IFRS 15
UK 1,899 2,028 4,659 \u2014 \u2014 799 \u2014 9,385
US \u2014 \u2014 \u2014 4,374 6,953 123 \u2014 11,450
Total IFRS 15 revenue 1,899 2,028 4,659 4,374 6,953 922 \u2014 20,835
Other revenue
UK 47 5 \u2014 \u2014 \u2014 (31) 205 226
US \u2014 \u2014 \u2014 53 41 392 112 598
Total other revenue 47 5 \u2014 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
\u00a3m
UK Electricity
Distribution
\u00a3m
UK Electricity
System
Operator
\u00a3m
New
England
\u00a3m
New
York
\u00a3m
National
Grid
Ventures\u00b9
\u00a3m
Other\u00b9
\u00a3m
Total
\u00a3m
Revenue under IFRS 15
Transmission 1,983 \u2014 \u2014 52 405 627 \u2014 3,067
Distribution \u2014 1,375 \u2014 4,434 5,110 \u2014 \u2014 10,919
System Operator \u2014 \u2014 3,418 \u2014 \u2014 \u2014 \u2014 3,418
Other
2
35 89 19 10 10 147 \u2014 310
Total IFRS 15 revenue 2,018 1,464 3,437 4,496 5,525 774 \u2014 17,714
Other revenue
Generation \u2014 \u2014 \u2014 \u2014 \u2014 373 \u2014 373
Other
3
10 4 \u2014 54 36 (123) 192 173
Total other revenue 10 4 \u2014 54 36 250 192 546
Total revenue before exceptional items
and remeasurements
2,028 1,468 3,437 4,550 5,561 1,024 192 18,260
Exceptional items and remeasurements \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 189 189
Total revenue from continuing operations 2,028 1,468 3,437 4,550 5,561 1,024 381 18,449
Geographical split for the year ended 31 March 2022
UK Electricity
Transmission
\u00a3m
UK Electricity
Distribution
\u00a3m
UK Electricity
System
Operator
\u00a3m
New
England
\u00a3m
New
York
\u00a3m
National
Grid
Ventures\u00b9
\u00a3m
Other\u00b9
\u00a3m
Total
\u00a3m
Revenue under IFRS 15
UK 2,018 1,464 3,437 \u2014 \u2014 646 \u2014 7,565
US \u2014 \u2014 \u2014 4,496 5,525 128 \u2014 10,149
Total IFRS 15 revenue 2,018 1,464 3,437 4,496 5,525 774 \u2014 17,714
Other revenue
UK 10 4 \u2014 \u2014 \u2014 (132) 167 49
US \u2014 \u2014 \u2014 54 36 382 25 497
Total other revenue 10 4 \u2014 54 36 250 192 546
Total revenue before exceptional items and
remeasurements
2,028 1,468 3,437 4,550 5,561 1,024 192 18,260
Exceptional items and remeasurements \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 189 189
Total revenue from continuing operations 2,028 1,468 3,437 4,550 5,561 1,024 381 18,449
1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment.
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. 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.
3. 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.
Revenue for the year ended 31 March 2021 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 Transmission 1,875 \u2014 \u2014 74 329 316 \u2014 2,594 Distribution \u2014 \u2014 \u2014 4,091 4,226 \u2014 \u2014 8,317 System Operator \u2014 \u2014 2,076 \u2014 \u2014 \u2014 \u2014 2,076 Other 2 67 \u2014 (61) 8 7 76 \u2014 97 Total IFRS 15 revenue 1,942 \u2014 2,015 4,173 4,562 392 \u2014 13,084 Other revenue Generation \u2014 \u2014 \u2014 \u2014 \u2014 376 \u2014 376 Other 3 22 \u2014 3 41 43 18 78 205 Total other revenue 22 \u2014 3 41 43 394 78 581 Total revenue from continuing operations 1,964 \u2014 2,018 4,214 4,605 786 78 13,665 Geographical split for the year ended 31 March 2021 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 UK 1,942 \u2014 2,015 \u2014 \u2014 327 \u2014 4,284 US \u2014 \u2014 \u2014 4,173 4,562 65 \u2014 8,800 Total IFRS 15 revenue 1,942 \u2014 2,015 4,173 4,562 392 \u2014 13,084 Other revenue UK 22 \u2014 3 \u2014 \u2014 3 56 84 US \u2014 \u2014 \u2014 41 43 391 22 497 Total other revenue 22 \u2014 3 41 43 394 78 581 Total revenue from continuing operations 1,964 \u2014 2,018 4,214 4,605 786 78 13,665 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. 2. The UK Electricity Transmission 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. 3. Other revenue, recognised in accordance with accounting standards other than IFRS 15, principally includes property sales by our UK commercial property business reported in Other. Contract liabilities (see note 23) represent revenue to be recognised in future periods relating to contributions in aid of construction of \u00a32,006 million (2022: \u00a31,472 million; 2021: \u00a31,160 million). Contract liabilities in the year ended 31 March 2021 included amounts in respect of the UK Gas Transmission business of \u00a3136 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 27 years. Future revenues in relation to unfulfilled performance obligations not yet received in cash amount to \u00a35.0 billion (2022: \u00a35.2 billion; 2021: \u00a34.8 billion). \u00a31.8 billion (2022: \u00a31.7 billion; 2021: \u00a31.6 billion) relates to connection contracts in UK Electricity Transmission which will be recognised as revenue over 24 years and \u00a32.7 billion (2022: \u00a33.0 billion; 2021: \u00a33.0 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 2023 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to changes in the estimate of the stage of completion, is \u00a3nil (2022: \u00a3nil; 2021: \u00a3nil). 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.
Before exceptional items
and remeasurements
Exceptional items
and remeasurements Total
2023 2022\u00b9 2021 2023 2022\u00b9 2021 2023 2022\u00b9 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Depreciation, amortisation
and impairment
1,984 1,830 1,485 \u2014 \u2014 \u2014 1,984 1,830 1,485
Payroll costs 1,929 1,770 1,622 29 24 16 1,958 1,794 1,638
Purchases of electricity 1,808 1,487 1,181 247 (207) (51) 2,055 1,280 1,130
Purchases of gas 2,413 1,851 1,233 103 (185) 17 2,516 1,666 1,250
Property and other taxes 1,302 1,202 1,105 \u2014 \u2014 \u2014 1,302 1,202 1,105
UK Electricity Balancing costs
4,052 3,152 1,875 \u2014 \u2014 \u2014 4,052 3,152 1,875
Other 3,670 2,988 2,412 12 227 44 3,682 3,215 2,456
Other operating costs 17,158 14,280 10,913 391 (141) 26 17,549 14,139 10,939
Provision for bad
and doubtful debts
220 167 325 \u2014 \u2014 \u2014 220 167 325
Total operating costs from
continuing operations
17,378 14,447 11,238 391 (141) 26 17,769 14,306 11,264
Operating costs from continuing operations include:
Inventory consumed 723 436 312
Research and development expenditure 23 11 12
1. Amounts in the year ended 31 March 2022 have been re-presented to disclose other operating income separately from other operating costs.
(a) Payroll costs
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Wages and salaries
1
2,971
2,563 2,170
Social security costs
244
201 156
Defined contribution scheme costs
98
81 67
Defined benefit pension costs
121
185 126
Share-based payments
46
38 23
Severance costs (excluding pension costs)
3
5 9
3,483
3,073 2,551
Less: payroll costs capitalised
(1,525)
(1,279) (913)
Total payroll costs from continuing operations 1,958 1,794 1,638
1. Included within wages and salaries are US other post-retirement benefit costs of \u00a337 million (2022: \u00a339 million; 2021: \u00a343 million). For further information refer to note 25.
(b) Number of employees
31 March
2023
Monthly
average
2023
31 March
2022
Monthly
average
2022
31 March
2021
Monthly
average
2021
UK 12,572 12,024 11,960 11,393 4,468 4,333
US 16,878 16,539 17,332 17,314 17,026 16,821
Total number of employees (continuing operations) 29,450 28,563 29,292 28,707 21,494 21,154
(c) Key management compensation
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Short-term employee benefits
7 7 7
Compensation for loss of office
\u2014 \u2014 \u2014
Post-employment benefits
\u2014 1 1
Share-based payments
6 5 4
Total key management compensation
13 13 12
Key management compensation relates to the Board, including the Executive Directors and Non-executive Directors for the years presented.
(d) Directors\u2019 emoluments
Details of Executive Directors\u2019 emoluments are contained in the Remuneration Report on page 95 and those of Non-executive Directors on
page 101.
(e) Auditors\u2019 remuneration
Auditors\u2019 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:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Audit fees payable to the Parent Company\u2019s auditor and their associates in respect of:
Audit of the Parent Company\u2019s individual and consolidated financial statements
1
2.9 2.7 2.5
The auditing of accounts of any associate of the Company
9.0 8.9 8.1
Other services supplied
2
7.4 7.3 6.4
19.3 18.9 17.0
Total other services
3
All other fees:
Other assurance services
4
1.4 0.9 0.8
Other non-audit services not covered above
5
0.2 0.1 2.0
1.6 1.0 2.8
Total auditor\u2019s remuneration
20.9 19.9 19.8
1. Audit fees in each year represent fees for the audit of the Company\u2019s financial statements for the years ended 31 March 2023, 2022 and 2021.
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 2022, 2021 and 2020 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, in 2021, also includes amounts related to capacity market auction
monitoring services.
5. For 2021, includes the class 1 Circular in respect of the acquisition of NGED.
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\u2019s 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. Details of our policies and procedures in relation to non-audit services to be provided by the independent auditor are set out on page 87
of the Corporate Governance Report.
Certain services are prohibited from being performed by the external auditor under the Sarbanes-Oxley Act. Of the above services, none
were prohibited.
5. Exceptional items and remeasurements
To monitor our 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
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Included within operating profit
Exceptional items:
Net gain on disposal of NECO 511 \u2014 \u2014
Net gain on disposal of Millennium Pipeline Company LLC 335 \u2014 \u2014
IFA fire 130 \u2014 \u2014
Transaction, separation and integration costs\u00b9 (117) (223) (24)
Changes in environmental provisions 176 \u2014 14
Cost efficiency programme (100) (42) \u2014
New operating model implementation costs \u2014 (24) (50)
Release of St William Homes LLP deferred income \u2014 189 \u2014
Net gain on disposal of St William Homes LLP \u2014 228 \u2014
Environmental insurance recovery \u2014 38 \u2014
935 166 (60)
Remeasurements \u2013 commodity contract derivatives (350) 392 34
585 558 (26)
Included within finance income and costs
Remeasurements:
Net gains on financing derivatives 82 74 47
Net (losses)/gains on financial assets at fair value through profit and loss (28) (15) 23
54 59 70
Included within share of post-tax results of joint ventures and associates
Remeasurements:
Remeasurements \u2013 net losses on financial instruments (19) (56) (8)
Total included within profit before tax
620 561 36
Included within tax
Exceptional items \u2013 movements arising on items not included in profit before tax:
Deferred tax charge arising as a result of UK tax rate change \u2014 (458) \u2014
Tax on exceptional items
(316) (28) 8
Tax on remeasurements
75 (103) (34)
(241) (589) (26)
Total exceptional items and remeasurements after tax
379 (28) 10
Analysis of total exceptional items and remeasurements after tax
Exceptional items after tax
619 (320) (52)
Remeasurements after tax
(240) 292 62
Total exceptional items and remeasurements after tax
379 (28) 10
1. Transaction, separation and integration costs represent the aggregate of distinct activities undertaken by the Group in the years presented.
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\u2019s 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. 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. No COVID-19 related costs incurred have been recognised as exceptional in any of the years presented.
2023
Net gain on disposal of NECO
During the year, the Group recognised a gain of \u00a3511 million on the disposal of 100% of the share capital of NECO to PPL Rhode Island Holdings,
LLC for cash consideration of \u00a33.1 billion ($3.9 billion) (see note 10). The receipt of cash has been recognised within net cash used in investing
activities within the consolidated cash flow statement.
Net gain on disposal of Millennium Pipeline Company LLC
During the year, the Group recognised a gain of \u00a3335 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 \u00a3497 million. The receipt of cash has been recognised within net cash used in investing
activities within the consolidated cash flow statement.
Fire at IFA converter station
In September 2021, a fire at the IFA converter station in Sellindge, Kent caused significant damage to infrastructure on site. In the year, the Group
recognised \u00a3130 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 \u00a379 million.
Transaction, separation and integration costs
During the year, separation costs of \u00a339 million were incurred in relation to the disposal of NECO, \u00a338 million in relation to the disposal of a majority
stake in our UK Gas Transmission business (see note 10) and \u00a340 million in connection with the integration of NGED. The costs incurred primarily
relate to legal fees, bankers\u2019 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 in relation to these
costs was \u00a384 million.
Changes in environmental provisions
The real discount rate applied to the Group\u2019s environmental provisions was revised to 1.5% in the year (2022: 0.5%) to reflect the substantial and
sustained change in United States government bond yield curves (see note 26). The principal impact of this rate increase was a \u00a3165 million
decrease in our US environmental provisions and a \u00a311 million decrease in our UK environmental provision. The weighted average remaining duration
of our cash flows is now around 10.5 years.
Cost efficiency programme
During the year, the Group incurred a further \u00a3100 million of costs in relation to the major cost efficiency programme announced in November 2021,
that is targeting at least \u00a3400 million savings per annum across the Group by the end of three years. The costs recognised in the period primarily
relate to property costs, 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 \u00a342 million of costs
incurred in the year ended 31 March 2022, the costs qualify for exceptional treatment in line with our exceptional items policy. Estimated costs
expected to be incurred in future years are disclosed in the Financial review on page 59. The total cash outflow for the period in relation to these
costs was \u00a385 million.
2022
Net gain on disposal of St William Homes LLP and release of deferred income
The Group recognised a gain of \u00a3228 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 \u00a3413 million (see note 16). In connection with the disposal, the Group also released deferred income
of \u00a3189 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\u2019s equity interest in
St William Homes LLP.
New operating model implementation costs and cost efficiency programme
The Group incurred a further \u00a324 million of costs in relation to the design and implementation of our new operating model and \u00a342 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 \u00a348 million.
Transaction and separation costs
\u00a3223 million of transaction and separation costs were incurred in relation to the acquisition of NGED (see note 37), the planned disposal of NECO
(see note 10) and the planned disposal of our UK Gas Transmission business (see note 10). The costs related to legal fees, bankers\u2019 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 \u00a3196 million.
Environmental insurance recovery
In the US, the most significant component of our \u00a31.9 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 \u00a338 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.
2021
New operating model implementation costs
The Group incurred \u00a350 million of costs in relation to the design and implementation of our new operating model that is built on a foundation of six
business units. The costs recognised in the year ended 31 March 2021 primarily related to professional fees incurred and redundancy provisions.
In evaluating the costs incurred against the quantitative thresholds in our exceptional items framework we considered the total costs to be incurred
over the duration of the programme. Whilst the costs incurred did not meet the quantitative threshold to be classified as exceptional on a standalone
basis, we concluded that the costs should be classified as exceptional in line with our exceptional items policy, in order to ensure that the costs are
treated in a consistent manner with similar costs incurred previously. The total cash outflow for the year was \u00a333 million.
Transaction and separation costs
\u00a324 million of transaction and separation costs were incurred in relation to the acquisition of NGED (see note 37) and the planned sale of NECO
(see note 10). The costs related to legal fees, bankers\u2019 fees and professional fees. Whilst the costs incurred in isolation were not sufficiently material
to warrant classification as an exceptional item, we expected further costs to be incurred in the next year, for example in regard to success fees on
completion of the acquisition. When taken in aggregate, the costs incurred over both years will be sufficiently material to be classified as exceptional
in line with our policy. The total cash outflow for the year was \u00a314 million.
Changes in environmental provision
We recognised an exceptional gain of \u00a314 million relating to the release of environmental provisions relating to one of our US Superfund sites, for
which the original provision was treated as an exceptional item. The reduction in the provision arose as a result of the re-evaluation of the Group\u2019s
share of estimated costs following the finalisation of discussions on the scope of certain remediation work with government authorities. The release
was recorded as an exceptional item in line with the treatment of the original provision.
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 \u2018solely payments of principal and interest test\u2019 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 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 will 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 \u00a3458 million recognised
as exceptional, in line with previous periods.
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. In
reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements
(see note 5).
Finance income and costs remeasurements include unrealised gains and losses on certain assets treated at FVTPL. The interest income, dividends
and interest expense on these items are included in finance income and finance costs before remeasurements respectively.
2023 2022 2021
Notes \u00a3m \u00a3m \u00a3m
Finance income
Net interest income on pensions and other post-retirement benefit obligations 25
85 \u2014 \u2014
Interest income on financial instruments:
Bank deposits and other financial assets 80 32 33
Dividends received on equities held at fair value through other comprehensive income (FVOCI) 1 3 2
Other income
\u2014 30 \u2014
166
65
35
Finance costs
Net interest expense on pensions and other post-retirement benefit obligations 25
\u2014 \u2014 (51)
Interest expense on financial liabilities held at amortised cost:
Bank loans and overdrafts (328) (216) (53)
Other borrowings
1
(1,330) (961) (741)
Interest on derivatives
(170) (59) (47)
Unwinding of discount on provisions 26
(88) (73) (77)
Other interest
(13) 11 (51)
Less: interest capitalised
2
249 152 120
(1,680)
(1,146)
(900)
Remeasurements \u2013 Finance income
Net (losses)/gains on FVTPL financial assets
(28) (15) 23
(28)
(15)
23
Remeasurements \u2013 Finance costs
Net gains on financing derivatives\u00b3:
Derivatives designated as hedges for hedge accounting 22 45 30
Derivatives not designated as hedges for hedge accounting 60 29 17
82
74
47
Total remeasurements \u2013 Finance income and costs
54 59 70
Finance income
138
50
58
Finance costs
4
(1,598)
(1,072)
(853)
Net finance costs from continuing operations
(1,460)
(1,022)
(795)
1. Includes interest expense on lease liabilities (see note 13 for details).
2. Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 4.7% (2022: 3.2%; 2021: 3.1%). In the UK, capitalised interest
qualifies for a current year tax deduction with tax relief claimed of \u00a330 million (2022: \u00a316 million; 2021: \u00a311 million). In the US, capitalised interest is added to the cost of property, plant
and equipment and qualifies for tax depreciation allowances.
3. Includes a net foreign exchange loss on borrowing activities of \u00a386 million (2022: \u00a3110 million gain; 2021: \u00a373 million gain) offset by foreign exchange gains and losses on financing
derivatives measured at fair value.
4. Finance costs include principal accretion on inflation-linked liabilities of \u00a3483 million (2022: \u00a3241 million; 2021: \u00a346 million).
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. The current tax charge is the tax payable on this year\u2019s 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. There are a number of tax positions not yet agreed with the tax authorities where 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. Tax charged to the consolidated income statement \u2013 continuing operations 2023 2022 2021 \u00a3m \u00a3m \u00a3m Tax before exceptional items and remeasurements 635 669 334 Exceptional tax on items not included in profit before tax (note 5) \u2014 458 \u2014 Tax on other exceptional items and remeasurements 241 131 26 Total tax reported within exceptional items and remeasurements 241 589 26 Total tax charge from continuing operations 876 1,258 360 Tax as a percentage of profit before tax 2023 2022 2021 % % % Before exceptional items and remeasurements \u2013 continuing operations 21.4 23.2 20.5 After exceptional items and remeasurements \u2013 continuing operations 24.4 36.6 21.6 The tax charge for the year can be analysed as follows: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Current tax: UK corporation tax at 19% (2022: 19%; 2021: 19%) 161 255 157 UK corporation tax adjustment in respect of prior years \u2014 (9) 15 161 246 172 Overseas corporation tax 225 6 3 Overseas corporation tax adjustment in respect of prior years (16) (26) (15) 209 (20) (12) Total current tax from continuing operations 370 226 160 Deferred tax: UK deferred tax 255 605 39 UK deferred tax adjustment in respect of prior years 13 (5) (20) 268 600 19 Overseas deferred tax 233 425 174 Overseas deferred tax adjustment in respect of prior years 5 7 7 238 432 181 Total deferred tax from continuing operations 506 1,032 200 Total tax charge from continuing operations 876 1,258 360 Tax (credited)/charged to the consolidated statement of comprehensive income and equity 2023 2022 2021 \u00a3m \u00a3m \u00a3m Current tax: Share-based payments (1) \u2014 \u2014 Deferred tax: Investments at fair value through other comprehensive income (1) \u2014 12 Cash flow hedges, cost of hedging and own credit reserve (7) (12) 6 Remeasurements of pension assets and post-retirement benefit obligations (344) 493 462 Share-based payments 1 (4) 1 (352) 477 481 Total tax recognised in the statements of comprehensive income from continuing operations (352) 481 480 Total tax relating to share-based payments recognised directly in equity from continuing operations \u2014 (4) 1 (352) 477 481 The tax charge for the year after exceptional items and remeasurements, for the continuing business, is higher (2022: higher tax charge; 2021: higher
tax charge) than the standard rate of corporation tax in the UK of 19% (2022: 19%; 2021: 19%):
Before
exceptional
items and
remeasurements
After
exceptional
items and
remeasurements
Before
exceptional
items and
remeasurements
After
exceptional
items and
remeasurements
Before
exceptional
items and
remeasurements
After
exceptional
items and
remeasurements
Profit before tax from continuing operations
Before exceptional items and remeasurements 2,970 2,970 2,880 2,880 1,628 1,628
Exceptional items and remeasurements
\u2014 620 \u2014 561 \u2014 36
Profit before tax from continuing operations
2,970 3,590 2,880 3,441 1,628 1,664
Profit before tax from continuing operations multiplied by
UK corporation tax rate of 19% (2022: 19%; 2021: 19%)
564 682 547 654 309 316
Effect of:
Adjustments in respect of prior years
1
2 2 (28) (33) (10) (12)
Expenses not deductible for tax purposes 28 92 13 47 18 29
Non-taxable income
2
(47) (75) (19) (49) (7) (7)
Adjustment in respect of foreign tax rates
3
73 147 143 170 42 42
Deferred tax impact of change in UK tax rate 62 66 43 501 \u2014 \u2014
Adjustment in respect of post-tax profits of joint ventures
and associates included within profit before tax
(36) (27) (28) (17) (15) (12)
Other
4
(11) (11) (2) (15) (3) 4
Total tax charge from continuing operations 635 876 669 1,258 334 360
% % % % % %
Effective tax rate \u2013 continuing operations 21.4 24.4 23.2 36.6 20.5 21.6
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. Includes remeasurement of US closing state deferred tax balances as a result of 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
In the Spring Budget 2021, the UK Government announced an increase in the main corporation tax rate from 19% to 25% with effect from 1 April
2023. This was substantively enacted on 24 May 2021. Deferred tax balances as at 31 March 2023 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 2023 have been calculated at the prevailing tax rates based on the current tax laws.
We will continue to monitor the developments driven by Brexit, the OECD\u2019s Base Erosion and Profit Shifting (BEPS) project and European
Commission initiatives including fiscal aid investigations. At this time, we do not expect this to have any material impact on our future tax charges.
Governments across the world, including the UK and the US, have introduced various stimuli/reliefs for businesses to cope with the impact of the
COVID-19 pandemic, from which we do not currently expect there to be a material impact on our future tax charges.
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 \u00a3m Accelerated tax depreciation \u00a3m Share- based payments \u00a3m Pensions and other post- retirement benefits \u00a3m Financial instruments \u00a3m Other net temporary differences 1 \u00a3m Total \u00a3m Deferred tax liabilities/(assets) At 1 April 2021 \u2014 6,434 (42) 93 (44) (1,626) 4,815 Exchange adjustments and other 2 \u2014 247 (1) 1 1 (85) 163 Charged/(credited) to income statement \u2014 1,050 26 118 153 (117) 1,230 Charged/(credited) to other comprehensive income and equity \u2014 \u2014 (6) 587 (10) \u2014 571 Reclassification to held for sale (note 10) \u2014 (643) 5 (166) 2 (1) (803) Acquisition of NGED (note 37) 429 622 \u2014 142 (403) (1) 789 At 1 April 2022 429 7,710 (18) 775 (301) (1,830) 6,765 Exchange adjustments and other 2 \u2014 357 (2) 8 8 (116) 255 Charged/(credited) to income statement \u2014 145 (2) 51 (71) 386 509 Charged/(credited) to other comprehensive income and equity \u2014 \u2014 1 (344) (6) \u2014 (349) Disposals \u2014 1 \u2014 \u2014 \u2014 \u2014 1 At 31 March 2023 429 8,213 (21) 490 (370) (1,560) 7,181 1. The deferred tax asset of \u00a31,560 million as at 31 March 2023 (2022: \u00a31,830 million) in respect of other net temporary differences primarily relates to losses of \u00a347 million (2022: \u00a3428 million), US contract and lease liabilities \u00a3511 million (2022: \u00a3450 million), US environmental provisions of \u00a3503 million (2022: \u00a3511 million) and US bad debt provision of \u00a3148 million (2022: \u00a3201 million). 2. Exchange adjustments and other primarily comprises foreign exchange arising on translation of the US dollar deferred tax balances. 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 \u00a37,181 million (2022: \u00a36,765 million). This balance is after offset of a deferred tax asset of \u00a347 million (2022: \u00a3428 million) which has been recognised in respect of net operating losses (\u00a339 million) and capital losses (\u00a38 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: 2023 2022 \u00a3m \u00a3m Capital losses 2,367 2,363 Non-trade deficits \u2014 1 Trading losses 4 7 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. The UK non-trade deficits arose prior to 1 April 2017 and therefore can only be offset against future non-trade profits. At 31 March 2023 and 31 March 2022, there were no recognised deferred tax liabilities for taxes that would be payable on the unremitted earnings of the Group\u2019s subsidiaries or its associates as there are no significant corporation tax consequences of the Group\u2019s 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.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.
Adjusted earnings and EPS, which exclude exceptional items and remeasurements, are provided to reflect the adjusted profit subtotals used by the
Company. We have included reconciliations from this additional EPS measure to earnings for both basic and diluted EPS to provide additional detail
for these items. For further details of exceptional items and remeasurements, see note 5.
(a) Basic EPS
Earnings EPS Earnings EPS Earnings EPS
2023 2023 2022 2022 2021 2021
\u00a3m pence \u00a3m pence \u00a3m pence
Adjusted earnings from continuing operations 2,335 63.8 2,210 61.4 1,293 36.7
Exceptional items and remeasurements after tax from continuing operations
(see note 5) 379 10.4 (28) (0.8) 10 0.3
Earnings from continuing operations 2,714 74.2 2,182 60.6 1,303 37.0
Adjusted earnings from discontinued operations (see note 10) 320 8.7 344 9.6 340 9.7
Exceptional items and remeasurements after tax from discontinued operations 4,763 130.2 (173) (4.8) (3) (0.1)
Earnings from discontinued operations 5,083 138.9 171 4.8 337 9.6
Total adjusted earnings 2,655 72.5 2,554 71.0 1,633 46.4
Total exceptional items and remeasurements after tax
(including discontinued operations)
5,142 140.6 (201) (5.6) 7 0.2
Total earnings 7,797 213.1 2,353 65.4 1,640 46.6
2023 2022 2021
millions millions millions
Weighted average number of ordinary shares \u2013 basic 3,659 3,599 3,523
(b) Diluted EPS
Earnings EPS Earnings EPS Earnings EPS
2023 2023
2022
2022 2021 2021
\u00a3m pence \u00a3m pence \u00a3m pence
Adjusted earnings from continuing operations
2,335 63.5 2,210 61.1 1,293 36.5
Exceptional items and remeasurements after tax from continuing operations
(see note 5) 379 10.3 (28) (0.8) 10 0.3
Earnings from continuing operations
2,714 73.8 2,182 60.3 1,303 36.8
Adjusted earnings from discontinued operations
320 8.7 344 9.5 340 9.6
Exceptional items and remeasurements after tax from discontinued operations
(see note 10)
4,763 129.6 (173) (4.8) (3) (0.1)
Earnings from discontinued operations
5,083 138.3 171 4.7 337 9.5
Total adjusted earnings
2,655 72.2 2,554 70.6 1,633 46.1
Total exceptional items and remeasurements after tax
(including discontinued operations)
5,142 139.9 (201) (5.6) 7 0.2
Total earnings
7,797 212.1 2,353 65.0 1,640 46.3
2023 2022 2021
millions millions millions
Weighted average number of ordinary shares \u2013 diluted 3,676
3,616 3,540
(c) Reconciliation of basic to diluted average number of shares
2023 2022 2021
millions millions millions
Weighted average number of ordinary shares \u2013 basic 3,659 3,599 3,523
Effect of dilutive potential ordinary shares \u2013 employee share plans 17 17 17
Weighted average number of ordinary shares \u2013 diluted 3,676 3,616 3,540
9. Dividends
Interim dividends are recognised when they become payable to the Company\u2019s shareholders. Final dividends are recognised when they are
approved by shareholders.
2023 2022 2021
Pence
per share
Cash
dividend
\u00a3m
Scrip
dividend
\u00a3m
Pence
per share
Cash
dividend
\u00a3m
Scrip
dividend
\u00a3m
Pence
per share
Cash
dividend
\u00a3m
Scrip
dividend
\u00a3m
Interim dividend in respect of the current year 17.84 488 163 17.21 339 282 17.00 348 249
Final dividend in respect of the prior year 33.76 1,119 114 32.16 583 562 32.00 1,065 54
51.60 1,607 277 49.37 922 844 49.00 1,413 303
The Directors are proposing a final dividend for the year ended 31 March 2023 of 37.60p per share that would absorb approximately \u00a31,383 million
of shareholders\u2019 equity (assuming all amounts are settled in cash). It will be paid on 9 August 2023 to shareholders who are on the register of
members at 2 June 2023 (subject to shareholders\u2019 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 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:
2023 2022
Total
assets
held for sale
\u00a3m
Total
liabilities
held for sale
\u00a3m
Net assets
held for sale
\u00a3m
Total
assets
held for sale
\u00a3m
Total
liabilities
held for sale
\u00a3m
Net assets
held for sale
\u00a3m
Investment in GasT TopCo Limited
1,443 \u2014 1,443 \u2014 \u2014 \u2014
FAA derivative
\u2014 (109) (109) \u2014 \u2014 \u2014
The Narragansett Electric Company
\u2014 \u2014 \u2014 4,129 (1,658) 2,471
UK Gas Transmission
\u2014 \u2014 \u2014 5,871 (5,530) 341
Net assets held for sale
1,443 (109) 1,334 10,000 (7,188) 2,812
Gain on disposal of The Narragansett Electric Company
On 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric
Company (NECO). The Group subsequently completed the NECO Sale to PPL Rhode Island Holdings, LLC on 25 May 2022 for cash consideration
of \u00a33.1 billion ($3.9 billion). NECO was part of our New England operating segment and is a retail distribution company providing electricity and gas
to customers in Rhode Island. The associated assets and liabilities were presented as held for sale in the consolidated financial statements with effect
from the year ended 31 March 2021.
As NECO did not represent a separate major line of business or geographical area of operation, it did not meet the criteria for classification as a discontinued operation and therefore its results are not separately disclosed on the face of the income statement. Financial information relating to the gain arising on the disposal of NECO is set out below: \u00a3m Goodwill 616 Intangible assets 4 Property, plant and equipment 3,363 Trade and other receivables 215 Cash and cash equivalents 113 Other assets 165 Total assets on disposal 4,476 Borrowings (1,230) Pension liabilities (19) Other liabilities (552) Total liabilities on disposal (1,801) Net assets on disposal 2,675 Satisfied by: Cash proceeds 3,081 Total consideration received 3,081 Less: Financing costs 1 (40) Gain on sale before tax and reclassification of foreign currency translation reserve 366 Reclassification of foreign currency translation reserve 2 145 Tax 3 (231) Post-tax gain on disposal 280 1. Relates to the transfer of hedge losses previously deferred within equity in respect of foreign exchange forward contracts which the Group entered into in order to manage its exposure to the foreign currency cash proceeds due from PPL Rhode Island Holdings, LLC. 2. The reclassification of the foreign currency translation reserve attributable to NECO comprises a gain of \u00a3496 million relating to the retranslation of NECO\u2019s operations offset by a loss of \u00a3351 million relating to borrowings, cross-currency swaps and foreign exchange forward contracts used to hedge the Group\u2019s net investment in NECO. 3. The high effective tax rate arising on the gain on sale is primarily a result of the tax base of the assets being significantly lower than the accounting base which includes non-deductible goodwill. No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. NECO generated profit after tax of \u00a384 million for the period until 25 May 2022 (2022: \u00a3237 million; 2021: \u00a3104 million) which was recognised within continuing operations. Gain on disposal of the UK Gas Transmission business
On 27 March 2022, the Group entered into an Acquisition Agreement to sell 100% of the UK Gas Transmission business in exchange for \u00a34.0 billion
of cash consideration and a 40% interest in a newly incorporated company, GasT TopCo Limited. The Group subsequently completed the sale on
31 January 2023. The other 60% interest in GasT TopCo Limited is owned by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia
Investment Management Corporation (BCI) (together, the \u2018Consortium\u2019).
The Group classified the associated assets and liabilities of the business as held for sale in the consolidated statement of financial position as at
31 August 2021, when the sale was considered to be highly probable following management approval of the sale timetable and communication
thereof to potential buyers. Accordingly, the UK Gas Transmission business was also reported as held for sale in the consolidated statement of
financial position as at 31 March 2022.
Financial information relating to the gain arising on the disposal of the UK Gas Transmission business is set out below:
\u00a3m
Intangible assets
180
Property, plant and equipment
4,981
Trade and other receivables
458
Pension assets
341
Cash and cash equivalents
5
Financing derivatives
96
Other assets
338
Total assets
6,399
Borrowings
(4,276)
Deferred tax liabilities
(800)
Other liabilities
(711)
Total liabilities
(5,787)
Net assets on disposal 612
Satisfied by:
Cash proceeds 4,032
Associate at fair value 1,443
Total consideration received 5,475
Less:
Transaction costs (60)
Gain on disposal 4,803
No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. The portion of the
gain on disposal related to the remeasurement of the Group\u2019s retained non-controlling investment to fair value is \u00a31,198 million.
GasT TopCo Limited is an unlisted entity, and so no quoted price exists. The fair value has been determined with reference to the equity value
of GasT TopCo Limited, derived through a valuation exercise performed under the discount dividend model (DDM) methodology. The DDM
methodology involves estimating the future cash flows expected to be generated by the associate and discounting those back to their present
value using an appropriate discount rate. Management has determined that the DDM methodology provides a reasonable estimate of the fair
value of the associate interest at the date of acquisition.
On 27 March 2022, the Group also entered into an FAA with the Consortium. The FAA gives the Consortium the option to purchase the Group\u2019s
40% equity interest in GasT TopCo Limited for \u00a31.4 billion plus an annualised escalation factor. The FAA became binding following the settlement
of the Acquisition Agreement and is exercisable in the period between 1 May and 31 July 2023. The window can further be deferred at the Group\u2019s
discretion by three months.
The FAA 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\u2019s
unlisted equity. These inputs are used as part of a Black-Scholes option pricing model to produce the reported valuation. The fair value of the option
as at 31 March 2023 is \u00a3109 million (31 March 2022: \u00a3nil). The FAA derivative will be extinguished when the option is either exercised or lapses.
The option cannot be cash settled.
The Group\u2019s interest in GasT TopCo Limited was immediately classified as held for sale with effect from 31 January 2023 together with the FAA
derivative. The Group has not applied equity accounting in relation to its investment in GasT TopCo Limited.
(b) Discontinued operations
UK Gas Transmission
As UK Gas Transmission represented a major separate line of business, the business was also classified as a discontinued operation in the prior year.
The results of the business are shown separately from the continuing business for all periods presented on the face of the income statement as a
discontinued operation. This is also reflected in the statement of comprehensive income, as well as earnings per share (EPS) being shown split
between continuing and discontinued operations.
The summary income statement for the UK Gas Transmission business for the period until 31 January 2023 and the years ended 31 March 2022
and 2021 is as follows:
Before exceptional items
and remeasurements
Exceptional items
and remeasurements
Total
2023 2022 2021 2023 2022 2021 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Discontinued operations
Revenue 1,604 1,362 1,114 \u2014 \u2014 \u2014 1,604 1,362 1,114
Other operating costs (890) (708) (615) 1 (17) (5) (889) (725) (620)
Operating profit 714 654 499 1 (17) (5) 715 637 494
Finance income 15 \u2014 \u2014 6 \u2014 \u2014 21 \u2014 \u2014
Finance costs
1
(310) (218) (77) (53) (12) 2 (363) (230) (75)
Profit before tax 419 436 422 (46) (29) (3) 373 407 419
Tax
2
(99) (92) (82) 6 (144) \u2014 (93) (236) (82)
Profit after tax from
discontinued operations
320 344 340 (40) (173) (3) 280 171 337
Gain on disposal \u2014 \u2014 \u2014 4,803 \u2014 \u2014 4,803 \u2014 \u2014
Total profit after tax from
discontinued operations
320 344 340 4,763 (173) (3) 5,083 171 337
1. Finance costs from discontinued operations include principal accretion of inflation-linked liabilities in the UK Gas Transmission business of \u00a3268 million (2022: \u00a3158 million; 2021:
\u00a338 million). Exceptional finance costs in the current year relate to the remeasurement of the FAA derivative.
2. Of the \u00a3144 million exceptional tax charge in the year ended 31 March 2022, \u00a3145 million relates to an increase in deferred tax liability due to the change in the UK corporation tax rate.
The summary statement of comprehensive income for discontinued operations for the period until 31 January 2023 and the years ended 31 March
2022 and 2021 is as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Profit after tax from discontinued operations
5,083 171 337
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 (250)
Net losses on financial liability designated at fair value through profit and loss attributable to changes in own credit risk \u2014 (1) (11)
Net losses in respect of cash flow hedging of capital expenditure \u2014 \u2014 (2)
Tax on items that will never be reclassified to profit or loss 78 (94) 50
Total (losses)/gains from discontinued operations that will never be reclassified to profit or loss
(235) 214 (213)
Items from discontinued operations that may be reclassified subsequently to profit or loss:
Net gains in respect of cash flow hedges 6 1 3
Net gains/(losses) in respect of cost of hedging 4 (4) (6)
Tax on items that may be reclassified subsequently to profit or loss (2) \u2014 \u2014
Total gains/(losses) from discontinued operations that may be reclassified subsequently to profit or loss
8 (3) (3)
Other comprehensive (loss)/income for the year, net of tax from discontinued operations
(227) 211 (216)
Total comprehensive income for the year from discontinued operations
4,856 382 121
Details of the cash flows relating to discontinued operations are set out within the consolidated cash flow statement.
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 cash-generating units (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
\u00a3m
Net book value at 1 April 2021 4,588
Exchange adjustments 223
Acquisition of NGED (note 37) 4,721
Net book value at 1 April 2022 9,532
Exchange adjustments 315
Net book value at 31 March 2023 9,847
There was no significant accumulated impairment charge as at 31 March 2023 or 31 March 2022.
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\u2019s 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:
2023 2022
CGU or group of CGUs \u00a3m \u00a3m
Goodwill:
National Grid Ventures Renewables 163 150
New England 1,609 1,510
New York 3,354 3,151
UK Electricity Distribution
1
4,721 4,721
Total goodwill 9,847 9,532
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.
(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\u2019s 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 UK ED business, a nominal terminal growth rate of 2.6% (2022: 2.5%) is assumed upon the terminal year cash flows, reflecting
management\u2019s best view, based on market and operational experience, of the expected long-term growth in the relevant market. For our regulated
US operations, due to differences in the regulatory framework and the combination of gas and electricity networks, we apply a growth rate of 2.5%
(2022: 2.3%). 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\u2019s capital structure and reflects a market participant\u2019s 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 2023 were as follows: UK ED Group 5.6% (2022: 5.2%); UK ED DNOs 5.6% (2022: 4.9%); New York 6.4%
(2022: 5.5%); New England 6.6% (2022: 5.6%); and NGV Renewables 8.6% (2022: 7.5%).
(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 \u2013 UK ED, regulated US operations (New York and New England) and NGV Renewables
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. This remains the case
even after taking into account the short-term effects of the volatility in wider macroeconomic factors. No reasonably possible changes to inputs to the
impairment test performed over goodwill attributable to NGV Renewables were identified as resulting in an impairment.
Indefinite-lived regulatory licences \u2013 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 CGUs were identified as resulting in an impairment.
12. Other intangible assets
Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income
statement equally over this period.
Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to
generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment
annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement
as it arises.
Identifiable intangible assets are recorded at cost less accumulated amortisation and any provision for impairment, with the exception of regulatory
licences that are assessed to have indefinite lives and are therefore tested annually for impairment (see note 11 for details of impairment tests
performed over indefinite-lived intangible assets). Other intangible assets are tested for impairment only if there is an 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 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.
The Group\u2019s regulatory licences relate to electricity distribution licences acquired following the Group\u2019s acquisition of NGED in the prior year
(see note 37). The licences provide the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical
area. 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.
Internally generated intangible assets, such as software, 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\u2019s 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.
The accounting for costs incurred in cloud computing arrangements represented the application of new accounting guidance for the Group for the
year ended 31 March 2022. Accordingly, certain costs which were previously capitalised in respect of the Group\u2019s cloud computing arrangements
were expensed in the prior year.
Other than regulatory licences, intangible assets are amortised on a straight-line basis over their estimated useful economic lives. Amortisation
periods for other intangible assets are:
Years
Software 3 to 10
Regulatory licences Indefinite
Regulatory
licences
1
\u00a3m
Software
\u00a3m
Assets in the
course of
construction
\u00a3m
Total
\u00a3m
Cost at 1 April 2021 \u2014 2,120 686 2,806
Exchange adjustments \u2014 69 11 80
Additions \u2014 15 513 528
Acquisition of NGED (note 37) 1,714 49 \u2014 1,763
Disposals \u2014 (7) \u2014 (7)
Reclassifications
2
\u2014 260 (302) (42)
Reclassification to held for sale (note 10) \u2014 (431) (38) (469)
Cost at 1 April 2022 1,714 2,075 870 4,659
Exchange adjustments \u2014 79 32 111
Additions \u2014 34 544 578
Disposals \u2014 (17) \u2014 (17)
Reclassifications
2,3
\u2014 895 (885) 10
Cost at 31 March 2023 1,714 3,066 561 5,341
Accumulated amortisation at 1 April 2021 \u2014 (1,363) \u2014 (1,363)
Exchange adjustments \u2014 (33) \u2014 (33)
Amortisation charge for the year \u2014 (297) \u2014 (297)
Impairment
4
\u2014 \u2014 (10) (10)
Accumulated amortisation of disposals \u2014 7 \u2014 7
Reclassification to held for sale (note 10) \u2014 309 \u2014 309
Accumulated amortisation at 1 April 2022 \u2014 (1,377) (10) (1,387)
Exchange adjustments \u2014 (51) \u2014 (51)
Amortisation charge for the year \u2014 (291) \u2014 (291)
Accumulated amortisation of disposals \u2014 15 \u2014 15
Reclassifications
3
\u2014 (23) \u2014 (23)
Accumulated amortisation at 31 March 2023 \u2014 (1,727) (10) (1,737)
Net book value at 31 March 2023\u2075 1,714 1,339 551 3,604
Net book value at 31 March 2022 1,714 698 860 3,272
1. Relates to the licence intangibles acquired as part of the acquisition of NGED in the prior year (see note 37). The Group assesses its indefinite-lived intangible assets for impairment
annually (see note 11).
2. Reclassifications includes amounts transferred to property, plant and equipment (see note 13).
3. Amounts recognised in the year include adjustments relating to a misclassification between cost and accumulated depreciation in the prior year.
4. Depreciation of assets in the course of construction relate to impairment provision adjustments recognised in the prior year.
5. The Group has capitalised \u00a3370 million (2022: \u00a3366 million) in relation to the Gas Business Enablement system in the US, of which \u00a3369 million (2022: \u00a3152 million) is in service and is
being amortised over 10 years, with the remainder included within assets in the course of construction. A further \u00a387 million (2022: \u00a3103 million) relates to our new UK general ledger
system within software and is being amortised over 10 years, having been reclassified from assets in the course of construction to software assets in the prior year.
13. Property, plant and equipment
Property, plant and equipment are the physical assets controlled by us. The cost of these assets primarily represents the amount initially paid
for them or the fair value on the date of acquisition of a business. Cost includes both their purchase price and the construction and other costs
associated with getting them ready for operation. 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
(useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period.
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.
Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. 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.
Property, plant and equipment includes assets in which the Group\u2019s interest comprises legally protected statutory or contractual rights of use.
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.
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.
(a) Analysis of property, plant and equipment
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Assets
in the
course of
construction
\u00a3m
Motor
vehicles
and office
equipment
\u00a3m
Total
\u00a3m
Cost at 1 April 2021 3,752 56,061 5,221 1,018 66,052
Exchange adjustments 97 1,627 111 37 1,872
Additions 22 926 4,843 129 5,920
Acquisition of NGED (note 37) 200 9,512 185 154 10,051
Disposals (165) (367) \u2014 (88) (620)
Reclassifications
1
62 4,063 (4,133) 89 81
Reclassification to held for sale (note 10) (309) (8,800) (640) (267) (10,016)
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) \u2014 (36) (12) \u2014 (48)
Reclassifications
1,2
286 3,841 (4,312) 102 (83)
Cost at 31 March 2023 4,066 69,765 6,760 1,222 81,813
Accumulated depreciation at 1 April 2021 (876) (17,482) \u2014 (651) (19,009)
Exchange adjustments (20) (351) \u2014 (23) (394)
Depreciation charge for the year
3
(114) (1,300) (48) (167) (1,629)
Disposals 29 311 \u2014 88 428
Reclassifications
1
15 (40) (18) 2 (41)
Reclassification to held for sale (note 10) 193 4,421 6 217 4,837
Accumulated depreciation at 1 April 2022 (773) (14,441) (60) (534) (15,808)
Exchange adjustments (30) (444) \u2014 (32) (506)
Depreciation charge for the year
3
(122) (1,459) (1) (183) (1,765)
Disposals 127 311 2 152 592
Reclassifications
1,2
4 107 4 (8) 107
Accumulated depreciation at 31 March 2023 (794) (15,926) (55) (605) (17,380)
Net book value at 31 March 2023 3,272 53,839 6,705 617 64,433
Net book value at 31 March 2022 2,886 48,581 5,527 538 57,532
1. Represents amounts transferred between categories, (to)/from other intangible assets (see note 12), from inventories and reclassifications between cost and accumulated depreciation.
2. Amounts recognised in the year include adjustments relating to prior year misclassifications between cost and accumulated depreciation.
3. 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.
Unless otherwise determined by operational requirements, the depreciation periods for the principal categories of property, plant and equipment
are shown in the table below 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).
Years
UK US
Weighted
average
remaining
UEL
Freehold and leasehold buildings up to 60 up to 100 40
Plant and machinery:
Electricity transmission plant and wires up to 100 22 to 85 31
Electricity distribution plant 14 to 99 5 to 85 45
Electricity generation plant n/a 12 to 93 10
Interconnector plant and other 5 to 70 5 to 60 25
Gas plant \u2013 mains, services and regulating equipment n/a 25 to 95 52
Gas plant \u2013 storage 5 to 25 5 to 65 11
Gas plant \u2013 meters 15 14 to 36 22
Motor vehicles and office equipment
up to 30 up to 32 3
(c) Gas asset lives
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. In the year, policymakers in New York and Massachusetts have indicated an increase in electrification and a
strategic downsizing of gas networks in their formal plans to meet their respective decarbonisation targets. As a result, there is a risk that the UELs
of certain elements of our gas networks may be shortened in line with future legislation.
We believe the gas assets which we own and operate today will continue to have a crucial role in maintaining security, reliability and affordability
of energy beyond 2050, although the scale and purpose for which the networks will be used is dependent on technological, legal and regulatory
developments.
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. We believe these assessments are our
best estimate of the UEL of our gas network assets in the US.
The weighted average remaining UEL for our US gas distribution fixed asset base is circa 52 years; however, a sizeable proportion of our assets
are assumed to have UELs which extend beyond 2080. We continue to believe the lives identified by rate proceedings are the best estimate of the
assets\u2019 UELs, although we continue to keep this assumption under review as we gain more certainty about policy-driven legislation. We continue
to actively engage and support our regulators to enable the clean energy transition in a safe, reliable and affordable way.
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 on the depreciation charge for our New York
and New England segments were a shorter UEL presumed. It should be noted that all net zero pathways suggest some role of 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 2023
Increase in depreciation expense for
the year ended 31 March 2022
New York
\u00a3m
New England
\u00a3m
New York
\u00a3m
New England
\u00a3m
UELs limited to 2050 185 54 140 40
UELs limited to 2060 90 21 67 15
UELs limited to 2070 42 3 31 1
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\u2019s 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 below shows the movements in the net book value of right-of-use assets included within property, plant and equipment at 31 March 2023
and 31 March 2022, split by category. The associated lease liabilities are disclosed in note 21.
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Assets
in the
course of
construction
\u00a3m
Motor
vehicles
and office
equipment
\u00a3m
Total
\u00a3m
Net book value at 1 April 2021 365 81 \u2014 184 630
Exchange adjustments 10 1 \u2014 10 21
Additions 14 2 \u2014 88 104
Acquisition of NGED (note 37) 7 2 \u2014 \u2014 9
Reclassification to held for sale (note 10) (7) \u2014 \u2014 (4) (11)
Modifications of leases
1
(122) \u2014 \u2014 \u2014 (122)
Disposals (2) \u2014 \u2014 (1) (3)
Depreciation charge for the year (40) (16) \u2014 (67) (123)
Net book value at 31 March 2022 225 70 \u2014 210 505
Exchange adjustments 10 1 \u2014 13 24
Additions 101 97 \u2014 88 286
Disposals (13) \u2014 \u2014 (1) (14)
Depreciation charge for the year (42) (18) \u2014 (70) (130)
Net book value at 31 March 2023 281 150 \u2014 240 671
1. The Group entered into an agreement to reduce the lease term of its New England corporate office, Reservoir Woods, with effect from October 2021. The existing lease liability and
right-of-use asset were remeasured based on the terms of the modified lease in the year ended 31 March 2022.
The following balances have been included in the income statement for the years ended 31 March 2023 and 31 March 2022 in respect of right-of-
use assets:
2023
2022
\u00a3m \u00a3m
Included within net finance income and costs:
Interest expense on lease liabilities (24) (18)
Included within revenue:
Lease income
1
409 385
Included within operating expenses:
Expense relating to short-term and low-value leases (19) (14)
1. Included within lease income is \u00a3394 million (2022: \u00a3374 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 2023. 2023 2022 \u00a3m \u00a3m Other receivables\u00b9 496 297 Non-current tax assets \u2014 6 Prepayments 71 \u2014 567 303 1. Primarily comprises amounts due in relation to property sales to The Berkeley Group which will be received until 2031. 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 can not 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: \u2022 its contractual cash flows \u2013 whether the asset\u2019s 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 \u2022 the business model for holding the investments \u2013 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: \u2022 Financial assets at amortised cost \u2013 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; \u2022 FVOCI debt and other investments \u2013 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 fair value through other comprehensive income (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 \u2022 FVTPL investments \u2013 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). 2023 2022
\u00a3m \u00a3m
Non-current
FVOCI debt and other investments
407 413
FVTPL investments
452 417
859 830
Current
FVTPL investments
1,764 2,292
Financial assets at amortised cost
841 853
2,605 3,145
3,464 3,975
Financial and other investments include the following:
Investments in short-term money market funds 1,449 1,936
Investments held by National Grid Partners 346 309
Investments in Sunrun 106 109
Balances that are restricted or not readily used in operations:
Collateral
1
764 806
Insurance company and non-qualified plan investments 490 534
Cash surrender value of life insurance policies 232 234
Other investments 77 47
3,464 3,975
1. The collateral balance includes \u00a3734 million (2022: \u00a3802 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, \u00a325 million (2022: \u00a34 million) of restricted amounts allocated for specific projects within National Grid Electricity System
Operator and National Grid Electricity Transmission plc and \u00a35 million (2022: \u00a35 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 are
investment grade. 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.
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. 2023 2022 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Share of net assets at 1 April 277 961 1,238 229 638 867 Exchange adjustments 20 52 72 6 19 25 Additions 40 157 197 17 469 486 Share of post-tax results for the year 9 162 171 43 49 92 Share of other comprehensive income of associates, net of tax 1 \u2014 1 1 \u2014 1 Dividends received (30) (152) (182) (35) (123) (158) Disposals (167) \u2014 (167) \u2014 (50) (50) Other movements\u00b9 4 (34) (30) 16 (41) (25) Share of net assets at 31 March 154 1,146 1,300 277 961 1,238 1. 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\u2019s 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 of \u00a3412 million (2022: \u00a3714 million) in relation to joint ventures and associates. On 7 October 2022, the Group disposed of its 26.25% minority ownership interest in the Millennium Pipeline Company LLC to DT Midstream, an existing owner, in exchange for \u00a3497 million ($552 million) cash consideration. The receipt of cash has been recognised within net cash used in investing activities within the cash flow statement. The Group recognised a gain on disposal of \u00a3335 million within other operating income and this has been classified as exceptional in the year (see note 5). The gain on disposal includes a gain of \u00a347 million attributable to foreign currency exchange differences, offset by a loss of \u00a322 million relating to net investment hedge reserves, which were recycled to the income statement. On 15 March 2022, the Group disposed of its entire 50% interest in St William Homes LLP to The Berkeley Group for cash consideration of \u00a3413 million. The receipt of cash was recognised within net cash used in investing activities within the cash flow statement. In the prior year the Group recognised a gain on disposal of \u00a3228 million within other operating income and released to revenue deferred income of \u00a3189 million which related to deferred profits on previous property sales to St William Homes LLP. The gain on disposal and the release of deferred income were both classified as exceptional (see note 5). The following table describes the Group\u2019s material joint ventures and associates at 31 March 2023: Joint venture % stake BritNed Development Limited 1 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 1 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 and builds and operates wind and solar assets. Emerald was acquired on 11 July 2019. Community Offshore Wind, LLC 27.3% Community Offshore Wind (formerly known as Bight Wind Holdings LLC) is a joint venture with RWE Renewables. Following the successful win at auction of six seabed leases in northeastern US in the prior year, Community Offshore Wind commenced the development of an offshore wind project which will play a key role in supplying clean energy to customers in New York. 1. BritNed and Nemo have reporting periods ending on 31 December with monthly management reporting information provided to the Group. 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 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Statement of financial position Non-current assets 397 390 514 515 1,598 1,070 925 7 Cash and cash equivalents 208 77 77 7 169 134 19 3 All other current assets 29 10 8 7 14 8 \u2014 835 Non-current liabilities (55) (52) (3) (34) (244) (182) (19) (1) Non-current financial liabilities (31) (29) (32) \u2014 (398) (310) Current liabilities (34) (15) (131) (33) (131) (66) (3) (2) Current financial liabilities \u2014 \u2014 \u2014 \u2014 (95) (23) \u2014 \u2014 Net assets 514 381 433 462 913 631 922 842 Group\u2019s ownership interest in joint venture/associate 257 191 217 231 466 322 251 230 Group adjustment: elimination of profits on sales to joint venture \u2014 \u2014 \u2014 \u2014 (85) (49) \u2014 (1) Carrying amount of the Group\u2019s investment 257 191 217 231 381 273 251 229 BritNed Development Limited Nemo Link Limited Emerald Energy Venture LLC Community Offshore Wind LLC 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Income statement Revenue 358 131 88 148 75 25 \u2014 \u2014 Depreciation and amortisation (16) (15) (23) (23) (29) (17) \u2014 \u2014 Other income/(costs) 22 (9) (1) (6) (46) (145) 1 (1) Operating profit/(loss) 364 107 64 119 \u2014 (137) 1 (1) Net interest expense (2) (2) (7) (1) (6) (5) \u2014 \u2014 Profit/(loss) before tax 362 105 57 118 (6) (142) 1 (1) Income tax expense (82) (20) (11) (22) \u2014 \u2014 \u2014 \u2014 Profit/(loss) for the year 280 85 46 96 (6) (142) 1 (1) Group\u2019s share of profit/(loss) 140 43 23 48 (3) (72) \u2014 \u2014 Group adjustment: tax credit \u2014 \u2014 \u2014 \u2014 1 19 \u2014 \u2014 Group\u2019s share of post-tax results for the year 140 43 23 48 (2) (53) \u2014 \u2014 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:
\u2022 financing derivatives \u2013 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
\u2022 commodity contract derivatives \u2013 these are used to manage our US customers\u2019 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 index futures, 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:
2023 2022
Assets
\u00a3m
Liabilities
\u00a3m
Total
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Total
\u00a3m
Current
153 (222) (69) 282 (144) 138
Non-current
276 (1,071) (795) 305 (869) (564)
429 (1,293) (864) 587 (1,013) (426)
Financing derivatives
363 (1,119) (756) 298 (991) (693)
Commodity contract derivatives 66 (174) (108) 289 (22) 267
429 (1,293) (864) 587 (1,013) (426)
(a) Financing derivatives
The fair values of financing derivatives by type are as follows:
2023 2022
Assets
\u00a3m
Liabilities
\u00a3m
Total
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Total
\u00a3m
Interest rate swaps 49 (98) (49) 89 (97) (8)
Cross-currency interest rate swaps 192 (888) (696) 174 (642) (468)
Foreign exchange forward contracts\u00b9 100 (11) 89 35 (65) (30)
Inflation-linked swaps 22 (122) (100) \u2014 (187) (187)
363 (1,119) (756) 298 (991) (693)
1. Included within the foreign exchange forward contracts balance are \u00a34 million (2022: \u00a321 million) of derivative liabilities in relation to the hedging of capital expenditure.
The maturity profile of financing derivatives is as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Current Less than 1 year 100 (93) 7 34 (136) (102) 100 (93) 7 34 (136) (102) Non-current In 1 to 2 years 13 (100) (87) 6 (29) (23) In 2 to 3 years 15 (96) (81) 28 (39) (11) In 3 to 4 years 32 (11) 21 \u2014 (26) (26) In 4 to 5 years 14 (107) (93) 12 (16) (4) More than 5 years 189 (712) (523) 218 (745) (527) 263 (1,026) (763) 264 (855) (591) 363 (1,119) (756) 298 (991) (693) The notional contract amounts of financing derivatives by type are as follows: 2023 2022 \u00a3m \u00a3m Interest rate swaps (1,727) (1,607) Cross-currency interest rate swaps (15,025) (10,397) Foreign exchange forward contracts (5,263) (6,371) Inflation-linked swaps (2,387) (500) (24,402) (18,875) London Inter-bank Offered Rate (LIBOR) is being replaced as an interest rate benchmark by alternative reference rates and therefore we are transitioning LIBOR cash flows on our affected contracts in line with the relevant jurisdictions. In the prior year we transitioned all derivatives which pay or receive cash flows that reference GBP LIBOR (maturing between 2023 and 2040) to alternative reference rates. Derivatives with a notional value of \u00a3859 million that reference USD LIBOR (maturing between 2023 and 2026) were present at 31 March 2023 (2022: \u00a3806 million, maturing between 2023 and 2026). (b) Commodity contract derivatives The fair values of commodity contract derivatives by type are as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Commodity purchase contracts accounted for as derivative contracts Forward purchases of gas 2 (6) (4) 11 (6) 5 Derivative financial instruments linked to commodity prices Electricity capacity 1 \u2014 1 1 \u2014 1 Electricity swaps 53 (92) (39) 208 (10) 198 Electricity options \u2014 (3) (3) 5 \u2014 5 Gas swaps 9 (42) (33) 29 (6) 23 Gas options 1 (31) (30) 35 \u2014 35 66 (174) (108) 289 (22) 267 The maturity profile of commodity contract derivatives is as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Current Less than one year 53 (129) (76) 248 (8) 240 53 (129) (76) 248 (8) 240 Non-current In 1 to 2 years 11 (29) (18) 34 (6) 28 In 2 to 3 years 2 (15) (13) 5 (5) \u2014 In 3 to 4 years \u2014 (1) (1) 2 (2) \u2014 In 4 to 5 years \u2014 \u2014 \u2014 \u2014 (1) (1) 13 (45) (32) 41 (14) 27 66 (174) (108) 289 (22) 267 The notional quantities of commodity contract derivatives by type are as follows: 2023 2022 Forward purchases of gas 1 22m Dth 28m Dth Electricity swaps 14,076 GWh 13,458 GWh Gas swaps 50m Dth 39m Dth Gas options 57m Dth 59m Dth 1. Forward gas purchases have terms up to three years (2022: one year). The contractual obligations under these contracts are \u00a324 million (2022: \u00a386 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. 2023 2022 \u00a3m \u00a3m Fuel stocks 280 96 Raw materials and consumables 460 297 Current intangible assets \u2013 emission allowances 136 118 876 511 There is a provision for obsolescence of \u00a36 million against inventories as at 31 March 2023 (2022: \u00a37 million). 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.
2023 2022
\u00a3m \u00a3m
Trade receivables 2,583 2,661
Accrued income 1,126 1,110
Provision for impairment of receivables and accrued income
(560) (741)
Trade receivables and accrued income, net 3,149 3,030
Prepayments 442 429
Contract assets 49 33
Other receivables 243 223
3,883 3,715
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.
2023 2022
\u00a3m \u00a3m
At 1 April
741 672
Exchange adjustments
51 31
Charge for the year, net of recoveries
220 167
Uncollectible amounts written off
(452) (124)
Reclassification to held for sale (note 10)
\u2014 (5)
At 31 March
560 741
The trade receivables balance, accrued income balance and provisions balance split by geography are as follows:
As at 31 March 2023 As at 31 March 2022
UK US Total UK US Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
223 2,360 2,583 352 2,309 2,661
Accrued income
650 476 1,126 715 395 1,110
Provision for impairment of receivables and accrued income
(11) (549) (560) (43) (698) (741)
862 2,287 3,149 1,024 2,006 3,030
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, \u00a32,325 million (2022: \u00a32,243 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\u2019s 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\u2019s employees as
a result of COVID-19. At that time, the Group also ceased customer termination activities as requested by relevant local authorities and this resulted
in the recognition of additional expected credit losses. Cash collection and customer termination activities subsequently resumed in New England
and New York during the year ended 31 March 2022.
In the years ended 31 March 2023 and 2022, the Group\u2019s US distribution businesses have also 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. This year, in connection with the Arrears Management Program, the Group has written off \u00a3270 million ($333 million)
of COVID-19-related trade receivables. This has been funded via the receipt of \u00a344 million ($51 million) of government funding in the year, with the
remainder to be recovered through future rates over future periods.
In calculating our provision for impairment of receivables at 31 March 2023, we were able to incorporate the actual cash collection levels experienced for the three years since the start of the pandemic to determine the expected loss rates per category of outstanding receivable by operating company. These were 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 \u00a3215 million (2022: \u00a3139 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 since the start of the COVID-19 pandemic. In performing our review of actual cash collection levels, we also factored 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. The decreases in expected loss rates applied to amounts less than 12 months past due are primarily attributable to the resumption of cash collection activities since the prior year, while the increase in the average loss rate applied to amounts over 12 months reflects the increased risk of non-collection in light of wider macroeconomic factors, as well as the reduced likelihood of recoverability given the significant ageing of the amounts within this category. 2023 2022 % \u00a3m % \u00a3m Accrued income 3 462 5 382 0 \u2013 30 days past due 3 838 5 731 30 \u2013 60 days past due 13 235 20 213 60 \u2013 90 days past due 23 139 32 123 3 \u2013 6 months past due 32 189 41 161 6 \u2013 12 months past due 43 178 56 177 Over 12 months past due 88 284 71 456 2,325 2,243 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. 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 2023 include \u00a337 million (2022: \u00a314 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. 2023 2022 \u00a3m \u00a3m Cash at bank 163 204 Cash and cash equivalents 163 204 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. For the liability held at fair value through profit and loss, interest is calculated using the effective interest method.
Where a borrowing or liability is held at fair value, changes in the fair value of the borrowing due to changes in the issuer\u2019s credit risk are recorded
in the own credit reserve within equity (see note 28). All other changes in the fair value of the liability are recognised in the income statement within
remeasurements (see notes 5 and 6).
2023 2022
\u00a3m \u00a3m
Current
Bank loans
1
381 8,976
Bonds 1,638 1,735
Commercial paper 840 1,303
Lease liabilities 96 107
2,955 12,121
Non-current
Bank loans 2,557 2,211
Bonds 36,855 30,682
Lease liabilities 618 451
40,030 33,344
Total borrowings 42,985 45,465
1. Current bank loans in the year ended 31 March 2022 included \u00a38,179 million of borrowings under a bridge facility related to the acquisition of NGED. The bridge facility included a
requirement that the proceeds of the sales of NECO and the UK Gas Transmission business were applied to repay the facility. The bridge facility was subsequently settled in full during
the year ended 31 March 2023.
Total borrowings are repayable as follows:
2023 2022
\u00a3m \u00a3m
Less than 1 year
2,955 12,121
In 1 to 2 years
2,799 1,410
In 2 to 3 years
2,689 2,544
In 3 to 4 years
3,129 2,580
In 4 to 5 years
2,505 2,493
More than 5 years:
By instalments
922 869
Other than by instalments
27,986 23,448
42,985 45,465
The fair value of borrowings, excluding lease liabilities, at 31 March 2023 was \u00a338,219 million (2022: \u00a345,066 million). Where market values were
available, the fair value of borrowings (Level 1) was \u00a331,710 million (2022: \u00a324,454 million). Where market values were not available, the fair value
of borrowings (Level 2) was \u00a36,509 million (2022: \u00a320,612 million) and calculated by discounting cash flows at prevailing interest rates. The notional
amount outstanding of the debt portfolio at 31 March 2023 was \u00a342,353 million (2022: \u00a344,055 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 \u00a3111 million (2022: \u00a360 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.
Certain borrowings, primarily some of our USD denominated bank loans and company car lease contracts, have payments that are linked to LIBOR.
LIBOR is being replaced as an interest rate benchmark by alternative reference rates and therefore we are transitioning LIBOR cash flows on our
affected contracts in line with the relevant jurisdictions. The migration project is under way, with all affected contracts where we previously paid or
received GBP LIBOR amended in the prior year. \u00a3314 million of bank loans affected by GBP LIBOR were transitioned to alternative reference rates
in the year ended 31 March 2022. \u00a3227 million (2022: \u00a3181 million) of lease liabilities affected by USD LIBOR have been transitioned to alternative
rates and \u00a3120 million (2022: \u00a3110 million) of bank loans affected by USD LIBOR have yet to be amended.
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. 2023 2022 \u00a3m \u00a3m Gross lease liabilities are repayable as follows: Less than 1 year 118 132 1 to 5 years 318 282 More than 5 years 480 259 916 673 Less: finance charges allocated to future periods (202) (115) 714 558 The present value of lease liabilities are as follows: Less than 1 year 96 107 1 to 5 years 269 247 More than 5 years 349 204 714 558 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. 2023 2022 \u00a3m \u00a3m Trade payables 3,249 3,113 Deferred payables 404 487 Customer contributions 1 171 137 Social security and other taxes 240 278 Contingent consideration 19 34 Other payables\u00b2 985 866 5,068 4,915 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. 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. 2023 2022 \u00a3m \u00a3m Current 252 130 Non-current 1,754 1,342 2,006 1,472 Significant changes in the contract liabilities balances during the period are as follows: 2023 2022 \u00a3m \u00a3m As at 1 April 1,472 1,160 Exchange adjustments 54 29 Revenue recognised that was included in the contract liability balance at the beginning of the period (292) (53) Increases due to cash received, excluding amounts recognised as revenue during the period 772 510 Reclassification to held for sale (note 10) \u2014 (174) At 31 March 2,006 1,472 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 2024. 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, with the exception of contingent consideration, which is subsequently measured at fair value. 2023 2022 \u00a3m \u00a3m Deferred income 84 41 Customer contributions 1 421 421 Contingent consideration \u2014 7 Other payables\u00b2 416 336 921 805 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. 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 \u2018Employee Benefits\u2019. 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
Employees of National Grid\u2019s legacy UK businesses are eligible to join the National Grid UK Retirement Plan (NGUKRP), a section of a Master Trust
arrangement managed by Legal & General. Separately, DC pension benefits are provided to NGED employees through the Western Power Pension
Scheme (WPPS), which comprises four sections, each containing an element of DC pension provision. Of the four sections, it is only the \u20182010
Section\u2019 which is open to new NGED employees. National Grid pays contributions into the NGUKRP and WPPS 2010 Section 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 in
NGUKRP and 10% of salary in WPPS 2010 Section, increasing to 12% for future years on 1 April 2023).
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 (NGUKPS),
three sections of the industry-wide Electricity Supply Pension Scheme (ESPS) and a legacy scheme (WPUPS), DB sections 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 Group became responsible for four of these pension schemes following the acquisition of NGED in the prior year. At the date of acquisition these
schemes had combined assets of \u00a37,662 million and the Group recognised a net pension asset on the balance sheet of \u00a3566 million (see note 37).
This net pension asset was assessed consistently with the valuation of National Grid\u2019s existing defined benefit pension schemes but reflecting market
conditions at the date of acquisition. In addition, the Group also became responsible for some smaller unfunded obligations relating to previous
executives at NGED East Midlands and NGED West Midlands.
Following the sale of the UK Gas Transmission business in January 2023, the Group is no longer responsible for Section B of the NGUKPS. During
the year, the Group carried out an exercise to align each employee\u2019s pension scheme with their future employer, enabling them to continue to earn
DB benefits after the closing of the sale. These employees were then offered the chance to transfer their accrued pension benefits into their new
pension scheme, with the transfers completing in January 2023.
The arrangements are subject to independent actuarial funding valuations every three years and, following consultation and agreement with the
Company, the qualified actuary certifies the employers\u2019 contributions which together with the specified contributions payable by the employees
and proceeds from the plans\u2019 assets, are expected to be sufficient to fund the benefits payable. The Company is in the process of agreeing actuarial
valuations as at 31 March 2022 for each of the DB plans. This will involve implementing revised deficit recovery plans for any schemes where there is
an assessed funding shortfall. The existing recovery plans agreed as part of the 31 March 2019 actuarial valuations are due to finish in November
2024, or earlier, with payments of approximately \u00a360 million across all plans still due to be paid. Separately, National Grid continues to fund the cost
of future benefit accrual (over and above member contributions) for each of the DB schemes. In the year to March 2023, the aggregate level of
ongoing contributions (excluding recovery plan payments) was \u00a374 million (2022: \u00a383 million; 2021: \u00a350 million). National Grid also pays contributions
in respect of the costs of plan administration and the Pension Protection Fund (PPF) levies for most of its DB plans.
In addition, for some plans the Company has also agreed to establish security arrangements. This includes \u00a3186 million of security for Section A of
NGUKPS, all of which is currently provided in the form of surety bonds but may also be provided as letters of credit or cash. This amount will be paid
to Section A in the event that the relevant supporting employer is subject to an insolvency event or fails to make required contributions. Contingent
security would be provided to National Grid Electricity Group (NGEG) of ESPS, in the form of cash payments of up to a maximum of \u00a3500 million,
payable if certain trigger events occur in respect of National Grid Electricity Transmission plc.
A guarantee has also been provided to Section A of NGUKPS, with the payment contingent 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 a fiduciary committee called the Retirement Plan Committee (RPC). 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 plans
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\u2019s contribution into the plan. Most employees also receive a matching contribution that varies between 25% and 50% of employee
contributions up to a maximum of 8% to 10%. The assets of the plans are held in trusts and administered by the RPC.
Defined benefit plans
National Grid sponsors four non-contributory qualified DB pension plans, which provide vested union employees, and vested non-union employees
hired before 1 January 2011, 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. An independent actuary performs valuations annually. 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\u2019s 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 \u00a376 million (2022: \u00a3116 million).
In May 2022, NECO was sold to PPL Rhode Island Holdings, LLC (see note 10) and a portion of one of the DB pension plans was transferred to
PPL Rhode Island Holdings, LLC\u2019s successor plan. Both active and inactive participants from NECO were transferred to PPL Rhode Island Holdings,
LLC\u2019s successor plan with the sale, as well as some active employees from other subsidiaries. The sale required curtailment and settlement
accounting, resulting in a remeasurement of the related plan\u2019s pension assets and benefit liabilities.
In addition, three of the DB pension plans underwent an annuity buyout transaction in which a portion of existing retiree pension payments were
transferred to a reputable insurance company in exchange for a single bulk premium payment. As a result, all associated financial, governance and
administrative responsibilities for those payments were transferred to the selected insurer. The annuity buyout required settlement accounting when
the single bulk premium payment was paid to the insurer in June 2022.
US other post-retirement benefits
National Grid provides healthcare and life insurance benefits to eligible employees, post retirement. 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\u2019s 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 \u00a311 million (2022: \u00a317 million).
The sale of NECO to PPL Rhode Island Holdings, LLC in May 2022 resulted in the transfer of a proportional share of the associated union and
non-union OPEB assets and benefit liabilities to PPL Rhode Island Holdings, LLC\u2019s successor plans.
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\u2019s 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. Current service cost and any unrecognised past service cost are recognised immediately.
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 liability recognised in the consolidated
statement of financial position (see 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
2023 2022 2021 2023 2022 2021 2023 2022 2021
% % % % % % % % %
Discount rate \u2013 past service 4.80 2.78 2.00 4.85 3.65 3.25 4.85 3.65 3.25
Discount rate \u2013 future service 4.80 2.85 2.15 4.85 3.65 3.25 4.85 3.65 3.25
Rate of increase in RPI \u2013 past service 3.17 3.60 3.15 n/a n/a n/a n/a n/a n/a
Rate of increase in RPI \u2013 future service 3.07 3.33 3.00 n/a n/a n/a n/a n/a n/a
Salary increases 3.11 3.47 3.40 4.50 4.60 4.30 4.50 4.60 4.30
Initial healthcare cost trend rate n/a n/a n/a n/a n/a n/a 6.80 6.80 7.10
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 2031 (2022: 2031).
The table below sets out the projected life expectancies adopted for the UK and US pension arrangements:
UK pensions US pensions
2023 2022 2021 2023 2022 2021
years years years years years years
Assumed life expectations for a retiree age 65
Males 21.9 22.0 21.8 21.6 21.4 21.6
Females 23.7 23.8 23.7 23.8 23.6 24.0
In 20 years:
Males 23.0 23.2 23.1 23.2 23.1 23.2
Females 25.1 25.2 25.2 25.4 25.3 25.5
The weighted average duration of the DB obligation for each category of plan is 12 years for UK pension plans, 12 years for US pension plans and
13 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
2023 2022 2023 2022 2023 2022
% % % % % %
Active members 14 16 37 36 33 34
Deferred members 9 10 9 9 \u2014 \u2014
Pensioner members 77 74 54 55 67 66
Amounts recognised in the consolidated statement of financial position
2023 2022
\u00a3m \u00a3m
Present value of funded obligations
(18,934) (23,541)
Fair value of plan assets
21,246 27,013
2,312 3,472
Present value of unfunded obligations
(292) (326)
Other post-employment liabilities
(69) (71)
Net defined benefit asset
1,951 3,075
Represented by:
Liabilities (694) (810)
Assets 2,645 3,885
1,951 3,075
The geographical split of pensions and other post-retirement benefits is as shown below:
UK pensions US pensions
US other
post-retirement benefits Total
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations (10,906) (14,197) (5,502) (6,531) (2,526) (2,813) (18,934) (23,541)
Fair value of plan assets
12,578 16,865 6,060 7,263 2,608 2,885 21,246 27,013
1,672 2,668 558 732 82 72 2,312 3,472
Present value of unfunded obligations
(58) (78) (234) (248) \u2014 \u2014 (292) (326)
Other post-employment liabilities
\u2014 \u2014 \u2014 \u2014 (69) (71) (69) (71)
Net defined benefit asset
1,614 2,590 324 484 13 1 1,951 3,075
Represented by:
Liabilities (58) (78) (234) (248) (402) (484) (694) (810)
Assets 1,672 2,668 558 732 415 485 2,645 3,885
1,614 2,590 324 484 13 1 1,951 3,075
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.
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:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Included within operating costs
Administration costs 19 20 18
Included within payroll costs
Defined benefit plan costs:
Current service cost 194 223 175
Past service cost \u2013 augmentations \u2014 1 \u2014
Past service cost/(credit) \u2013 redundancies 5 1 (1)
Special termination benefit cost \u2013 redundancies 3 9 5
Gains on settlement (45) \u2014 \u2014
157 234 179
Included within finance income and costs
Net interest (income)/cost (85) (2) 38
Total included in income statement
1
91 252 235
Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations
2
(1,364) 2,481 1,408
Exchange adjustments 41 7 186
Total included in the statement of other comprehensive income\u00b3 (1,323) 2,488 1,594
1. Amounts shown in the table above include operating costs of \u00a3nil (2022: \u00a34 million; 2021: \u00a33 million); payroll costs of \u00a3nil (2022: \u00a310 million; 2021: \u00a310 million); and net interest income
of \u00a3nil (2022: \u00a32 million; 2021: \u00a313 million) presented within profit from discontinued operations. These amounts all relate to UK pensions.
2. For the year ended 31 March 2021, this included actuarial losses from the purchase of buy-in policies of \u00a30.1 billion.
3. Amounts shown in the table above include remeasurements of pension assets and post-retirement benefit obligations of \u00a3nil (2022: \u00a3309 million gain; 2021: \u00a3250 million loss) 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
2023 2022 2021 2023 2022 2021 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included within operating costs
Administration costs 9 11 9 8 7 7 2 2 2
Included within payroll costs
Defined benefit plan costs:
Current service cost 69 83 28 88 101 104 37 39 43
Past service cost \u2013 augmentations \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Past service cost/(credit) \u2013 redundancies 5 1 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Special termination benefit cost \u2013 redundancies 3 9 5 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
Gains on settlement \u2014 \u2014 \u2014 (45) \u2014 \u2014 \u2014 \u2014 \u2014
77 94 32 43 101 104 37 39 43
Included within finance income and costs
Net interest (income)/cost (64) (7) (38) (21) \u2014 35 \u2014 5 41
Total included in income statement 22 98 3 30 108 146 39 46 86
Remeasurement (losses)/gains of pension assets
and post-retirement benefit obligations
1
(1,183) 1,577 (622) (242) 532 1,017 61 372 1,013
Exchange adjustments \u2014 \u2014 \u2014 36 11 83 5 (4) 103
Total included in the statement of other
comprehensive income
(1,183) 1,577 (622) (206) 543 1,100 66 368 1,116
1. For the year ended 31 March 2021, UK pensions is stated after actuarial losses from the purchase of buy-in policies of \u00a30.1 billion.
Reconciliation of the net defined benefit asset UK pensions US pensions US other post-retirement benefits Total 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Opening net defined benefit asset/(liability) 2,590 1,035 484 (22) 1 (298) 3,075 715 Cost recognised in the income statement (including discontinued operations) (22) (98) (30) (108) (39) (46) (91) (252) Remeasurement and foreign exchange effects recognised in the statement of other comprehensive income (1,183) 1,577 (206) 543 66 368 (1,323) 2,488 Employer contributions 197 167 76 116 11 17 284 300 Other movements 2 7 \u2014 \u2014 (26) (29) (24) (22) Acquisition of NGED \u2014 566 \u2014 \u2014 \u2014 \u2014 \u2014 566 Reclassification to held for sale (note 10) 30 (664) \u2014 (45) \u2014 (11) 30 (720) Closing net defined benefit asset 1,614 2,590 324 484 13 1 1,951 3,075 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 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Opening defined benefit obligations (14,275) (13,645) (6,779) (6,931) (2,813) (3,031) (23,867) (23,607) Current service cost (69) (83) (88) (101) (37) (39) (194) (223) Interest cost (334) (88) (252) (240) (111) (100) (697) (428) Actuarial (losses)/gains \u2013 experience (235) (627) (17) (24) 48 107 (204) (544) Actuarial gains \u2013 demographic assumptions 135 133 5 100 10 71 150 304 Actuarial gains \u2013 financial assumptions 3,167 1,387 818 329 443 192 4,428 1,908 Past service cost \u2013 redundancies (5) (1) \u2014 \u2014 \u2014 \u2014 (5) (1) Special termination benefit cost \u2013 redundancies (3) (9) \u2014 \u2014 \u2014 \u2014 (3) (9) Past service cost \u2013 augmentations \u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 (1) Liabilities extinguished on settlements \u2014 \u2014 616 \u2014 \u2014 \u2014 616 \u2014 Medicare subsidy received \u2014 \u2014 \u2014 \u2014 (28) (24) (28) (24) Employee contributions (10) (8) \u2014 \u2014 \u2014 \u2014 (10) (8) Benefits paid 711 919 426 403 153 159 1,290 1,481 Exchange adjustments \u2014 \u2014 (465) (327) (191) (140) (656) (467) Acquisition of NGED \u2014 (7,096) \u2014 \u2014 \u2014 \u2014 \u2014 (7,096) Reclassification to held for sale (46) 4,844 \u2014 12 \u2014 (8) (46) 4,848 Closing defined benefit obligations (10,964) (14,275) (5,736) (6,779) (2,526) (2,813) (19,226) (23,867) 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 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Opening fair value of plan assets 16,865 14,680 7,263 6,909 2,885 2,799 27,013 24,388 Interest income 398 95 273 240 111 95 782 430 Return on plan assets (less than)/in excess of interest (4,250) 684 (1,048) 127 (440) 2 (5,738) 813 Administration costs (9) (11) (8) (7) (2) (2) (19) (20) Assets distributed on settlements \u2014 \u2014 (571) \u2014 \u2014 \u2014 (571) \u2014 Employer contributions 197 167 76 116 11 17 284 300 Employee contributions 10 8 \u2014 \u2014 \u2014 \u2014 10 8 Benefits paid (709) (912) (426) (403) (153) (159) (1,288) (1,474) Exchange adjustments \u2014 \u2014 501 338 196 136 697 474 Acquisition of NGED \u2014 7,662 \u2014 \u2014 \u2014 \u2014 \u2014 7,662 Reclassification to held for sale 76 (5,508) \u2014 (57) \u2014 (3) 76 (5,568) Closing fair value of plan assets 12,578 16,865 6,060 7,263 2,608 2,885 21,246 27,013 Actual return on plan assets (3,852) 779 (775) 367 (329) 97 (4,956) 1,243 Expected contributions to plans in the following year 99 146 36 74 14 14 149 234Asset 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
2023 2022 2021
Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities 475 179 654 1,458 474 1,932 555 801 1,356
Corporate bonds 1,956 \u2014 1,956 2,741 \u2014 2,741 3,730 37 3,767
Government securities 762 \u2014 762 786 \u2014 786 1,836 \u2014 1,836
Property 23 860\u00b9 883 122 1,002\u00b9 1,124 104 565\u00b9 669
Diversified alternatives 708 680 1,388 1,334 432 1,766 \u2014 712 712
Liability-matching assets 1,958\u00b2 4,873\u00b3 6,831\u2074 2,023 \u00b2 6,090\u00b3 8,113\u2074 1,731 \u00b2 4,133\u00b3 5,864\u2074
Longevity swap \u2014 (88) (88) \u2014 (80) (80) \u2014 (64) (64)
Cash and cash equivalents 145 \u2014 145 477 \u2014 477 34 250 284
Other (including net current assets and liabilities) 59 (12) 47 16 (10) 6 \u2014 256 256
6,086 6,492 12,578\u2075 8,957 7,908 16,865\u2075 7,990 6,690 14,680\u2075
1. Includes \u00a3304 million (2022: \u00a3283 million; 2021: \u00a3nil) of investments in forestry funds.
2. Consists of pooled funds which invest mainly in fixed interest securities.
3. Includes buy-in policies held by NGUKPS with a total value of \u00a32.1 billion (2022: \u00a32.7 billion; 2021: \u00a34.1 billion).
4. Included within liability-matching assets above is \u00a33.4 billion (2022: \u00a36.6 billion; 2021: \u00a32.5 billion) of repurchase agreements. These are used to increase the market exposure of the
liability-matching portfolios.
5. The fair value of plan assets for NGUKPS Section A includes employer-related investment exposure of \u00a323 million (2022: \u00a332 million; 2021: \u00a3nil).
US pensions
2023 2022 2021
Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
154 1,346 1,500 272 1,904 2,176 560 2,359 2,919
Corporate bonds
2,147 528 2,675 2,311 697 3,008 1,547 507 2,054
Government securities
410 514 924 335 715 1,050 354 527 881
Property
\u2014 299 299 \u2014 295 295 \u2014 264 264
Diversified alternatives
85 285 370 142 364 506 167 458 625
Infrastructure
\u2014 265 265 \u2014 182 182 \u2014 130 130
Cash and cash equivalents 16 \u2014 16 31 \u2014 31 24 \u2014 24
Other (including net current assets and liabilities) 7 4 11 12 3 15 12 \u2014 12
2,819 3,241 6,060 3,103 4,160 7,263 2,664 4,245 6,909
US other post-retirement benefits
2023 2022 2021
Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equities
74 510 584 185 1,013 1,198 419 1,303 1,722
Corporate bonds
1,332 2 1,334 723 2 725 13 \u2014 13
Government securities
431 2 433 511 2 513 533 3 536
Diversified alternatives
100 9 109 144 120 264 185 172 357
Other
1
1 147 148 \u2014 185 185 \u2014 171 171
1,938 670 2,608 1,563 1,322 2,885 1,150 1,649 2,799
1. Other primarily comprises insurance contracts.
Main defined benefit risks
National Grid underwrites the financial and demographic risks associated with our 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.
The most significant risks associated with the DB plans are:
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\u2019 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\u2019 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.
DB plan 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 2023 are as follows:
UK pensions US pensions
US other post-
retirement benefits
% % %
Return-seeking assets 24 36 32
Liability-matching assets 76 64 68
The governing bodies generally delegate responsibility for the selection of specific bonds, securities and other investments to appointed investment
managers. Investment managers 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\u2019s long-term objectives and
accepted risk levels.
The extreme volatility of the UK gilt market during 2022 led to significant liquidity pressures on DB pension schemes, with large collateral calls from
Liability-Driven Investment (LDI) fund managers requiring some schemes to either sell illiquid assets at short notice or reduce their level of hedging.
Whilst these liquidity calls were met by the schemes, the Company provided Section A of NGUKPS with a short-term loan of \u00a3125 million to
ensure that any further significant rises in gilt yields would not require a reduction to hedging levels. This loan was repaid in January 2023. Each
of our schemes continues to review its strategy for hedging interest rates and inflation, to ensure it is not exposed to undue risk given further future
market volatility.
In the UK, each of our pension plans has Responsible Investment (RI) Policies, which take into account Environmental, Social and Governance
(ESG) factors and generally incorporate the six UN-backed Principles for Responsible Investment (UNPRI). Each of the Trustee boards believes
that ESG factors can be material to financial outcomes and should therefore be considered alongside other factors. They recognise that their
primary responsibility remains a fiduciary one, i.e. their first duty is to ensure the best possible return on investments with the appropriate level
of risk. However, they also recognise the increasing materiality of ESG factors and that they have a fiduciary and regulatory duty to consider RI,
including ESG factors and their 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.
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\u2019s 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
\u00a3m
Decommissioning
\u00a3m
Other
\u00a3m
Total
provisions
\u00a3m
At 1 April 2021
1,700 244 283 2,227
Exchange adjustments
82 4 11 97
Additions
158 37 228 423
Acquisition of NGED (note 37)
\u2014 37 29 66
Unused amounts reversed
(25) (4) (32) (61)
Unwinding of discount
64 6 3 73
Utilised
(99) (26) (69) (194)
Reclassification to held for sale (note 10)
(3) (40) (49) (92)
At 31 March 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 rate\u00b9
(176) (48) \u2014 (224)
Unwinding of discount
72 10 6 88
Utilised
(100) (9) (176) (285)
At 31 March 2023
1,891 297 454 2,642
2023 2022
\u00a3m \u00a3m
Current
288 240
Non-current
2,354 2,299
2,642 2,539
1. In the year, environmental provisions decreased by \u00a3176 million as a result of the change in the real discount rate from 0.5% to 1.5% (see note 5 for details). Decommissioning provisions
decreased by \u00a348 million with an associated decrease in the carrying amount of property, plant and equipment of \u00a348 million.
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: 2023 2022 Discounted \u00a3m Real undiscounted \u00a3m Real discount rate Discounted \u00a3m Real undiscounted \u00a3m Real discount rate UK sites 123 138 1.5 % 152 160 0.5 % US sites 1,768 2,006 1.5 % 1,725 1,789 0.5 % 1,891 2,144 1,877 1,949 The remediation expenditure in the US is expected to be incurred until 2070, of which the majority relates to three Superfund sites (being sites where hazardous substances are present as a result of the historical operations of manufactured gas plants in Brooklyn, New York). The weighted average duration of the cash flows is 11 years. Under the terms of our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers. The provision is calculated based on management\u2019s best estimate of the real 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. The undiscounted amount is the best estimate of the actual cash flows that will be required with regard to these uncertainties. A number of estimation uncertainties affect the calculation of these provisions, including the impact of and possibility of changes to regulations, the accuracy of site surveys, unexpected contaminants, transportation costs, the impact of alternative technologies, the expected timing 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. The 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 2069. The uncertainties regarding the calculation of this provision are similar to those considered in respect of US sites. Changes in the provision arising from revised estimates, discount rates or changes in the expected timing of expenditure are recognised in the income statement. We have included sensitivity analysis in note 35. The cost of remediation may also vary from the amounts provided for as regulations might change or additional work may be required once full site surveys have been conducted. 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. In any case, even if a legal or constructive obligation did exist, it is not currently determinable when remediation work would take place and therefore no provision would be recorded at this point. An initial estimate of decommissioning costs attributable to property, plant and equipment is recorded as part of the original 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 2023 are the following amounts: \u2022 \u00a3182 million (2022: \u00a3163 million) of estimated liabilities in respect of past events insured by insurance subsidiary undertakings, including employer liability claims. In accordance with insurance industry practice, these estimates are based on experience from previous years, but we currently expect that cash flows will be incurred until 2037; \u2022 \u00a3108 million (2022: \u00a3121 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 constructed by Ofgem (see note 3). These estimates are based on the respective interconnectors\u2019 performance against their cumulative caps and cash outflows will be required to settle these liabilities by the financial year ending 31 March 2028; \u2022 \u00a337 million (2022: \u00a328 million) in respect of onerous lease commitments and rates payable on surplus properties with expenditure expected to be incurred until 2039; \u2022 \u00a348 million (2022: \u00a326 million) in respect of emissions provisions with expenditure expected to be incurred until 2024; and \u2022 \u00a35 million (2022: \u00a317 million) relating to restructuring provisions, which are recognised when a formal restructuring plan is in place and a valid expectation has been raised with those affected by it. In 2023, we continued to undertake design and implementation activities in respect of our cost efficiency programme, which resulted in the recognition of an increased provision of \u00a32 million in the year (2022: \u00a316 million). The income statement expense relating to the provision has been treated as an exceptional item, and details are provided in note 5. 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
\u00a3m
At 1 April 2021 3,815
474
Issued during the year in lieu of dividends
1
89
11
At 31 March 2022 3,904
485
Issued during the year in lieu of dividends
1
26 3
At 31 March 2023
3,930 488
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 12
204
\u2044
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 is conducting 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\u2019s 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\u2019s strategy in relation to corporate responsibility. During the financial year,
the Company received \u00a35 million (2022: \u00a316 million) of proceeds from the sale of untraced shares and derecognised \u00a35 million (2022: \u00a332 million)
of liabilities related to unclaimed dividends, which are reflected in share premium and the income statement respectively.
Treasury shares
At 31 March 2023, the Company held 254 million (2022: 259 million) of its own shares. The market value of these shares as at 31 March 2023
was \u00a32,783 million (2022: \u00a33,038 million).
For the benefit of employees and in connection with the operation of the Company\u2019s various share plans, the Company made the following
transactions in respect of its own shares during the year ended 31 March 2023:
i. During the year, 3 million (2022: 4 million) treasury shares were gifted to National Grid Employee Share Trusts and 2 million (2022: 2 million)
treasury shares were reissued in relation to employee share schemes, in total representing approximately 0.1% (2022: 0.2%) of the ordinary shares
in issue as at 31 March 2023. The nominal value of these shares was \u00a31 million (2022: \u00a31 million) and the total proceeds received were \u00a316 million
(2022: \u00a317 million). 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.
ii. During the year, the Company made payments totalling \u00a34 million (2022: \u00a33 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 259 million (2022: 266 million) representing approximately 6.6%
(2022: 6.8%) of the ordinary shares in issue as at 31 March 2023 and having a nominal value of \u00a332 million (2022: \u00a333 million).
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
\u00a3m
Cash flow
hedge
\u00a3m
Cost of
hedging
\u00a3m
FVOCI
equity
\u00a3m
FVOCI
debt
\u00a3m
Own
credit
\u00a3m
Capital
redemption
\u00a3m
Merger
\u00a3m
Total
\u00a3m
At 1 April 2020
1,310 (75) (50) 25 31 10 19 (5,165) (3,895)
Exchange adjustments\u00b9
(1,345) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (1,345)
Net gains/(losses) taken to equity
\u2014 14 11 36 80 (11) \u2014 \u2014 130
Share of net losses of associates taken to equity
\u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1
Transferred to profit or loss
\u2014 56 3 \u2014 \u2014 \u2014 \u2014 \u2014 59
Net losses in respect of cash flow hedging
of capital expenditure
\u2014 (14) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (14)
Tax
\u2014 (13) 8 (10) \u2014 2 \u2014 \u2014 (13)
Cash flow hedges transferred to the statement
of financial position, net of tax
\u2014 (17) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (17)
At 1 April 2021
(35) (48) (28) 51 111 1 19 (5,165) (5,094)
Exchange adjustments\u00b9
629 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 629
Net losses taken to equity\u00b2
\u2014 (96) (2) (70) (11) (1) \u2014 \u2014 (180)
Share of net gains of associates taken to equity
\u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1
Transferred to profit or loss
\u2014 40 (1) \u2014 \u2014 \u2014 \u2014 \u2014 39
Net losses in respect of cash flow hedging
of capital expenditure
\u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (1)
Tax
\u2014 11 2 19 3 \u2014 \u2014 \u2014 35
Cash flow hedges transferred to the statement
of financial position, net of tax
\u2014 8 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 8
At 1 April 2022
594 (85) (29) \u2014 103 \u2014 19 (5,165) (4,563)
Exchange adjustments\u00b9
882 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 882
Exchange differences reclassified to the consolidated
income statement on disposal
(170) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (170)
Net gains/(losses) taken to equity
\u2014 142 (12) \u2014 (25) \u2014 \u2014 \u2014 105
Share of net gains of associates taken to equity
\u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1
Transferred to profit or loss
\u2014 (136) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (136)
Net gains in respect of cash flow hedging
of capital expenditure
\u2014 10 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 10
Tax
\u2014 2 3 \u2014 1 \u2014 \u2014 \u2014 6
Cash flow hedges transferred to the statement
of financial position, net of tax
\u2014 5 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5
At 31 March 2023
1,306 (61) (38) \u2014 79 \u2014 19 (5,165) (3,860)
1. The exchange adjustments recorded in the translation reserve comprise a gain of \u00a31,080 million (2022: gain of \u00a3754 million; 2021: loss of \u00a31,507 million) relating to the translation of
foreign operations offset by a loss of \u00a3198 million (2022: loss of \u00a3125 million; 2021: gain of \u00a3183 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 \u00a312 million. The accumulated gain of \u00a382 million
recognised in other comprehensive income in the year ended 31 March 2022 was transferred to retained earnings on disposal.
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:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Cash and cash equivalents (see note 20) 163 204 157
Current financial investments (see note 15) 2,605 3,145 2,342
Borrowings (see note 21) (42,985) (45,465) (31,220)
Financing derivatives
1
(see note 17) (756) (693) 175
(40,973) (42,809) (28,546)
1. The financing derivatives balance included in net debt excludes the commodity derivatives (see note 17).
(b) Analysis of changes in net debt
Notes
Cash
and cash
equivalents
\u00a3m
Financial
investments
1
\u00a3m
Borrowings
\u00a3m
Financing
derivatives
\u00a3m
Total
2
\u00a3m
At 1 April 2020 73 1,998 (30,794) 133 (28,590)
Cash flow 95 429 (2,336) 4 (1,808)
Fair value gains and losses \u2014 14 159 31 204
Foreign exchange movements (7) (106) 1,710 \u2014 1,597
Interest income/(charges) 6 \u2014 7 (946) 7 (932)
Other non-cash movements \u2014 \u2014 (136) \u2014 (136)
Reclassification to held for sale 10 (4) \u2014 1,123 \u2014 1,119
At 1 April 2021 157 2,342 (31,220) 175 (28,546)
Cash flow 29(c) 9 752 (9,993) 262 (8,970)
Fair value gains and losses \u2014 (12) 286 (604) (330)
Foreign exchange movements 5 53 (652) \u2014 (594)
Interest income/(charges) 6 \u2014 43 (1,177) (59) (1,193)
Other non-cash movements \u2014 (15) 34 \u2014 19
Acquisition of NGED 37 44 69 (8,286) 26 (8,147)
Reclassification to held for sale\u00b3 10 (11) (87) 5,543 (493) 4,952
At 1 April 2022 204 3,145 (45,465) (693) (42,809)
Cash flow 29(c) (48) (651) 5,268 455 5,024
Fair value gains and losses \u2014 (18) 367 (348) 1
Foreign exchange movements 7 61 (1,311) \u2014 (1,243)
Interest income/(charges) 6 \u2014 73 (1,658) (170) (1,755)
Other non-cash movements \u2014 \u2014 (283) \u2014 (283)
Reclassification to held for sale\u00b3 10 \u2014 (5) 97 \u2014 92
At 31 March 2023 163 2,605 (42,985) (756) (40,973)
Balances at 31 March 2023 comprise:
Non-current assets \u2014 \u2014 \u2014 263 263
Current assets 163 2,605 \u2014 100 2,868
Current liabilities \u2014 \u2014 (2,955) (93) (3,048)
Non-current liabilities \u2014 \u2014 (40,030) (1,026) (41,056)
163 2,605 (42,985) (756) (40,973)
1. Cash flows on current financial investments comprise \u00a365 million (2022: \u00a329 million; 2021: \u00a37 million) of interest received and \u00a3586 million of cash inflows (2022: \u00a3781 million outflows;
2021: \u00a3436 million outflows) of net cash flow movements in short-term financial investments, as presented in the consolidated cash flow statement.
2. Includes accrued interest at 31 March 2023 of \u00a3401 million (2022: \u00a3351 million; 2021: \u00a3263 million).
3. Reclassification to held for sale in the year ended 31 March 2022 represented the opening net debt position of the UK Gas Transmission business (see note 10). In the current year the
reclassification to held for sale relates to the disposal of NECO which was not classified as a discontinued operation.
(c) Reconciliation of cash flow from liabilities within net debt to cash flow statement 2023 2022 2021 Borrowings and other \u00a3m Financing derivatives \u00a3m Borrowings and other \u00a3m Financing derivatives \u00a3m Borrowings and other \u00a3m Financing derivatives \u00a3m Cash flows per financing activities section of cash flow statement: Proceeds received from loans 11,908 \u2014 12,347 \u2014 5,150 \u2014 Repayment of loans (15,260) \u2014 (1,261) \u2014 (1,654) \u2014 Payments of lease liabilities (155) \u2014 (117) \u2014 (107) \u2014 Net movements in short-term borrowings (511) \u2014 (11) \u2014 (619) \u2014 Cash inflows on derivatives \u2014 190 \u2014 20 \u2014 17 Cash outflows on derivatives \u2014 (118) \u2014 (114) \u2014 (183) Interest paid (1,277) (153) (998) (55) (711) (42) Cash flows per financing activities section of cash flow statement (5,295) (81) 9,960 (149) 2,059 (208) Adjustments: Non-net debt-related items 27 \u2014 33 \u2014 29 \u2014 Derivative cash (outflow)/inflow in relation to capital expenditure \u2014 (12) \u2014 (8) \u2014 10 Derivative cash inflows per investing section of cash flow statement \u2014 \u2014 \u2014 17 \u2014 225 Derivative cash outflows per investing section of cash flow statement \u2014 (362) \u2014 (122) \u2014 (81) Cash flows relating to financing liabilities within net debt (5,268) (455) 9,993 (262) 2,088 (54) Analysis of changes in net debt: Borrowings (5,268) \u2014 9,993 \u2014 2,088 \u2014 Financing derivatives \u2014 (455) \u2014 (262) \u2014 (54) Cash flow movements relating to financing liabilities within net debt (5,268) (455) 9,993 (262) 2,088 (54) (d) Reconciliation of changes in liabilities arising from financing activities The table below reconciles changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. For the purposes of this table, the liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated cash flow statement within financing activities. As a result we have separately disclosed the reconciliation below, excluding derivatives associated with our net investment hedges and derivatives associated with the hedging of capital expenditure, given that they are both classified in the consolidated cash flow statement within investing activities. Notes Borrowings \u00a3m Financing derivatives \u00a3m Total \u00a3m At 1 April 2020 (30,794) 228 (30,566) Cash flow 1 (2,336) 158 (2,178) Fair value gains and losses 159 (301) (142) Foreign exchange movements 1,710 \u2014 1,710 Interest charges 6 (946) 11 (935) Other non-cash movements (136) \u2014 (136) Reclassification to held for sale 10 1,123 \u2014 1,123 At 1 April 2021 (31,220) 96 (31,124) Cash flow (9,993) 149 (9,844) Fair value gains and losses 286 (472) (186) Foreign exchange movements (652) \u2014 (652) Interest charges 6 (1,177) (54) (1,231) Other non-cash movements 34 \u2014 34 Acquisition of NGED 37 (8,286) 26 (8,260) Reclassification to held for sale 2 10 5,543 (495) 5,048 At 1 April 2022 (45,465) (750) (46,215) Cash flow 5,268 81 5,349 Fair value gains and losses 367 46 413 Foreign exchange movements (1,311) \u2014 (1,311) Interest charges 6 (1,658) (170) (1,828) Other non-cash movements (283) \u2014 (283) Reclassification to held for sale 2 97 \u2014 97 At 31 March 2023 (42,985) (793) (43,778) 1. Amounts shown for the year ended 31 March 2021 include financing cash flows attributable to the UK Gas Transmission business which was classified as a discontinued operation (see notes 1 and 10). In order to reconcile financing cash flows to the consolidated cash flow statement for the year ended 31 March 2021, cash flows from financing activities for both continuing operations and discontinued operations should be included, along with non-debt related items in note 29(c). 2. Reclassification to held for sale in the year ended 31 March 2022 represented the opening net debt position of the UK Gas Transmission business (see note 10). 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. 2023 2022 \u00a3m \u00a3m Future capital expenditure Contracted for but not provided 1 3,035 2,881 Energy purchase commitments 2 Less than 1 year 1,391 1,386 In 1 to 2 years 985 1,366 In 2 to 3 years 1,057 1,219 In 3 to 4 years 912 1,189 In 4 to 5 years 929 1,088 More than 5 years 13,920 12,266 19,194 18,514 Guarantees Guarantee of subleases for US properties (expire up to 2040) 219 149 Guarantees of certain obligations of Grain LNG (expire up to 2025) 32 31 Guarantees of certain obligations for construction of HVDC West Coast Link \u2014 84 Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates) 281 569 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 2023) 144 130 Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024) 1,185 1,177 Other guarantees and letters of credit (various expiry dates) 321 380 2,226 2,564 1. Included within future capital expenditure for the year ended 31 March 2022 was \u00a3205 million pertaining to the UK Gas Transmission business. 2. 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 manufactured 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\u2019s 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\u2019s results in the period when they are recognised, it is not possible to reliably estimate the amounts involved at this time. As many environmental remediation costs are recoverable through the Group\u2019s rate-setting processes, the Group does not expect these costs to have a material impact on its liquidity. 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.
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Sales: Goods and services supplied to a pension plan \u2014 3 3
Sales: Goods and services supplied to joint ventures
1
100 284 79
Sales: Goods and services supplied to associates 1 \u2014 1
Sales: Goods and services supplied to subsidiaries of an associate 6 \u2014 \u2014
Purchases: Goods and services received from joint ventures
2
\u2014 19 35
Purchases: Goods and services received from associates
2
31 41 43
Receivables from joint ventures
3
58 43 263
Receivables from associates \u2014 1 \u2014
Receivables from subsidiaries of an associate 8 \u2014 \u2014
Payables to joint ventures
4
19 247 17
Payables to associates 1 4 3
Dividends received from joint ventures
5
150 123 49
Dividends received from associates
6
32 35 32
1. During the year, \u00a376 million of sales were made to Emerald Energy Venture LLC (2022: \u00a374 million; 2021: \u00a350 million) and a further \u00a37 million and \u00a36 million of sales were made to
NGET/SPT Upgrades Limited (a joint venture) in 2022 and 2021 respectively. Prior to the Group\u2019s disposal of its equity interest in St William Homes LLP in the year ended 31 March
2022, \u00a3202 million (2021: \u00a314 million) of property sites were sold to St William Homes LLP.
2. During the 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 \u00a322 million
(2022: \u00a338 million; 2021: \u00a341 million) of purchases from Millennium Pipeline Company LLC in the period up until disposal on 7 October 2022. The Group purchased assets of \u00a3nil (2022:
\u00a318 million; 2021: \u00a317 million) from BritNed Development Limited. The Group also made purchases of \u00a3nil (2022: \u00a30.3 million; 2021: \u00a35 million) from NGET/SPT Upgrades Limited.
3. Amounts receivable from joint ventures include \u00a355 million (2022: \u00a333 million; 2021: \u00a319 million) from Emerald Energy Venture LLC. Amounts receivable in comparative periods
include amounts due from St William Homes LLP, which is no longer a related party of the Group (2022: \u00a3nil; 2021: \u00a3241 million).
4. Amounts payable to joint ventures in the prior year included \u00a3223 million due to Community Offshore Wind, LLC, NGV\u2019s 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 \u00a384 million (2022: \u00a339 million; 2021: \u00a318 million) received from BritNed Development Limited and \u00a347 million (2022: \u00a377 million; 2021: \u00a325 million) from
Nemo Link Limited.
6. Includes dividends of \u00a316 million (2022: \u00a334 million; 2021: \u00a331 million) 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\u2019 and key management remuneration, refer to the Directors\u2019 Remuneration Report
on pages 90 \u2013106 and 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. Details of key activities in the current year are set out in the Finance Committee report on page 89.
We have exposure to the following risks, which are described in more detail below:
\u2022 credit risk;
\u2022 liquidity risk;
\u2022 currency risk;
\u2022 interest rate risk;
\u2022 commodity price risk;
\u2022 valuation risk; and
\u2022 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.
Hedge accounting relationships are designated in line with risk management activities further described below. The categories of hedging entered
into are as follows:
\u2022 currency risk arising from our forecast foreign currency transactions (capital expenditure or revenues) is designated in cash flow hedges;
\u2022 currency risk arising from our net investments in foreign operations is designated in net investment hedges; and
\u2022 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\u2019 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 2023, the following
limits were in place for investments and derivative financial instruments held with banks and financial institutions:
Maximum limit
\u00a3m
Utilisation of
maximum limit
\u00a3m
Long-term limit
\u00a3m
Utilisation of
long-term limit
\u00a3m
Triple \u2018A\u2019 G7 sovereign entities (AAA) 2,502 \u2014 1,877 \u2014
Triple \u2018A\u2019 vehicles (AAA) 500 \u2014 \u2014 \u2014
Triple \u2018A\u2019 range institutions and non-G7 sovereign entities (AAA) 2,275 \u2014 1,706 \u2014
Double \u2018A+\u2019 G7 sovereign entities (AA+) 2,275 \u2014 1,706 \u2014
Double \u2018A\u2019 range institutions (AA) 1,365 to 1,820 27 to 238 1,024 to 1,365 18 to 222
Single \u2018A\u2019 range institutions (A) 455 to 910 8 to 498 341 to 682 6 to 340
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\u2019 time.
As at 31 March 2023 and 2022, 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. Further information on financial investments subject to impairment provisioning is included in note 15.
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\u2019s US distribution business temporarily ceased certain cash collection and termination activities in response to regulatory
instructions following the COVID-19 pandemic. At the time this resulted in the recognition of expected credit losses. Cash collection and customer
termination activities resumed in New England and New York during the year ended 31 March 2022. In the years ended 31 March 2023 and 2022,
the Group\u2019s 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).
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\u2019s 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. For bank account balances and bank overdrafts, there are no \u2018Gross amounts offset\u2019 under cash pooling arrangements (2022: \u00a3nil). Our UK bank accounts for National Grid subsidiaries previously participated in GBP, EUR and USD Composite Accounting System overdraft facilities subject to offsetting gross and net overdraft limits. EUR and USD offsetting arrangements were discontinued in the year ended 31 March 2021 and GBP offsetting arrangements have no impact as at 31 March 2023 and 2022. In the US, no offsetting arrangements exist, and cash transactions are settled through National Grid USA Service Company, Inc. (Service Company) bank accounts with subsequent intercompany payables and receivables reported by subsidiaries with the Service Company. 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 2023 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 363 \u2014 363 (204) (76) 83 Commodity contract derivatives 66 \u2014 66 (28) \u2014 38 429 \u2014 429 (232) (76) 121 Liabilities Financing derivatives (1,119) \u2014 (1,119) 204 681 (234) Commodity contract derivatives (174) \u2014 (174) 28 19 (127) (1,293) \u2014 (1,293) 232 700 (361) (864) \u2014 (864) \u2014 624 (240) Related amounts available to be offset but not offset in statement of financial position At 31 March 2022 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 298 \u2014 298 (136) (55) 107 Commodity contract derivatives 289 \u2014 289 (8) (50) 231 587 \u2014 587 (144) (105) 338 Liabilities Financing derivatives (991) \u2014 (991) 136 771 (84) Commodity contract derivatives (22) \u2014 (22) 8 3 (11) (1,013) \u2014 (1,013) 144 774 (95) (426) \u2014 (426) \u2014 669 243 (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 and interest
coverage. Failure to comply with these covenants, or to obtain waivers of those requirements, could in some cases trigger a right, at the lender\u2019s
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 2023
Less than
1 year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
More than
3 years
\u00a3m
Total
\u00a3m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities
(2,433) (2,722) (2,614) (33,866) (41,635)
Interest payments on borrowings
1
(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) \u2014 \u2014 (4,648)
Contingent consideration
(19) \u2014 \u2014 \u2014 (19)
Derivative financial liabilities
Financing derivatives \u2013 receipts
2
1,174 2,154 2,381 7,364 13,073
Financing derivatives \u2013 payments
2
(1,461) (2,483) (2,705) (8,335) (14,984)
Commodity contract derivatives \u2013 receipts
2
11 9 1 \u2014 21
Commodity contract derivatives \u2013 payments
2
(126) (35) (11) (1) (173)
Derivative financial assets
Financing derivatives \u2013 receipts
2
4,757 701 745 3,299 9,502
Financing derivatives \u2013 payments
2
(4,679) (676) (719) (3,183) (9,257)
Commodity contract derivatives \u2013 receipts
2
48 11 \u2014 \u2014 59
Commodity contract derivatives \u2013 payments
2
(11) (6) (3) \u2014 (20)
(8,309) (4,809) (4,159) (50,633) (67,910)
At 31 March 2022
Less than
1 year
\u00a3m
1 to 2
years
\u00a3m
2 to 3
years
\u00a3m
More than
3 years
\u00a3m
Total
\u00a3m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities
(11,589) (1,322) (2,468) (28,119) (43,498)
Interest payments on borrowings
1
(970) (928) (883) (12,525) (15,306)
Lease liabilities
(132) (96) (79) (366) (673)
Other non-interest-bearing liabilities
(3,979) (336) \u2014 \u2014 (4,315)
Contingent consideration
(37) (8) \u2014 \u2014 (45)
Derivative financial liabilities
Financing derivatives \u2013 receipts
2
3,149 1,008 2,075 4,726 10,958
Financing derivatives \u2013 payments
2
(3,401) (1,189) (2,336) (5,468) (12,394)
Commodity contract derivatives \u2013 receipts
2
1 1 \u2014 \u2014 2
Commodity contract derivatives \u2013 payments
2
(29) 2 (1) \u2014 (28)
Derivative financial assets
Financing derivatives \u2013 receipts
2
4,512 316 1,427 464 6,719
Financing derivatives \u2013 payments
2
(4,405) (282) (1,313) (405) (6,405)
Commodity contract derivatives \u2013 receipts
2
234 37 3 \u2014 274
Commodity contract derivatives \u2013 payments
2
(52) (8) (3) \u2014 (63)
(16,698) (2,805) (3,578) (41,693) (64,774)
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).
(c) Currency risk 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 \u2013 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 \u2013 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 \u2013 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Cash and cash equivalents 96 14 53 \u2014 163 111 \u2014 93 \u2014 204 Financial investments 1,031 \u2014 1,574 \u2014 2,605 1,725 \u2014 1,420 \u2014 3,145 Borrowings (14,473) (11,045) (15,741) (1,726) (42,985) (22,910) (7,052) (14,118) (1,385) (45,465) Pre-derivative position (13,346) (11,031) (14,114) (1,726) (40,217) (21,074) (7,052) (12,605) (1,385) (42,116) Derivative effect (6,751) 10,733 (6,476) 1,738 (756) (1,378) 6,849 (7,570) 1,406 (693) Net debt position (20,097) (298) (20,590) 12 (40,973) (22,452) (203) (20,175) 21 (42,809) 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Trade and other receivables 448 \u2014 1,881 \u2014 2,329 407 \u2014 1,788 \u2014 2,195 Trade and other payables (1,624) \u2014 (2,629) \u2014 (4,253) (1,459) \u2014 (2,554) \u2014 (4,013) Other non-current liabilities (147) \u2014 (269) \u2014 (416) (90) \u2014 (253) \u2014 (343) 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 revenues is designated as hedging the exposure to movements in the spot translation rates only. The timing of forecast transactions is not designated as a hedged risk. Gains and losses on hedging instruments arising from 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 below. (d) Interest rate risk
National Grid\u2019s 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
LIBOR for USD and Sterling Overnight Index Average (SONIA) for GBP.
LIBOR is being replaced as an interest rate benchmark by alternative reference rates in certain currencies including our functional currencies, USD
and GBP, and foreign currencies in which we operate. This impacts contracts including financial liabilities that pay LIBOR-based cash flows, and
derivatives that receive or pay LIBOR-based cash flows. The change in benchmark also affects discount rates which will impact the valuations of
certain liabilities. We have disclosed our exposure to LIBOR on our derivative portfolio in note 17, on our borrowings in note 21 and on our hedging
arrangements in note 32(e). We are managing the risk by transitioning LIBOR cash flows to alternative reference rates on our affected contracts in
line with the relevant jurisdictions. The migration project is under way, with all affected contracts where we previously paid or received GBP LIBOR
amended in the prior year (see note 21). The Finance Committee of the Board has delegated to the treasury department the authority to determine
which benchmarks are the most appropriate. A combination of LIBOR and the successor benchmarks, primarily GBP SONIA and USD Secured
Overnight Financing Rate (SOFR), will be used in the portfolio during the migration period.
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:
2023 2022
Fixed rate
\u00a3m
Floating
rate
\u00a3m
Inflation
linked
\u00a3m
Other
1
\u00a3m
Total
\u00a3m
Fixed rate
\u00a3m
Floating
rate
\u00a3m
Inflation
linked
\u00a3m
Other
1
\u00a3m
Total
\u00a3m
Cash and cash equivalents
53 110 \u2014 \u2014 163 82 118 \u2014 4 204
Financial investments
\u2014 2,569 \u2014 36 2,605 \u2014 3,107 \u2014 38 3,145
Borrowings
(36,631) (1,744) (4,610) \u2014 (42,985) (30,616) (10,484) (4,365) \u2014 (45,465)
Pre-derivative position
(36,578) 935 (4,610) 36 (40,217) (30,534) (7,259) (4,365) 42 (42,116)
Derivative effect
4,213 (4,869) (100) \u2014 (756) 2,860 (3,366) (187) \u2014 (693)
Net debt position
(32,365) (3,934) (4,710) 36 (40,973) (27,674) (10,625) (4,552) 42 (42,809)
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.
The Group early-adopted Phase I of IFRS Interest Rate Benchmark Reform amendments related to hedge accounting with effect from 1 April 2019,
and Phase II with effect from 1 April 2020. The amendments impact our fair value hedging relationships where derivative cash flows will have been
transitioned from paying LIBOR to paying an alternative reference rate. The hedged risk must be re-documented to reflect this, and allow existing
hedge designations to continue unchanged during the period of uncertainty relating to the timing and method of benchmark migrations. This
process completed for sterling LIBOR contracts in the prior year but remains in progress for US dollar contracts as at 31 March 2023.
The amendments will be applied until the earliest point in time of the Group\u2019s contracts that reference LIBOR being amended, the hedging
relationship being formally discontinued or formal market conventions ending uncertainty being published and widely adopted. If amended cash
flows do not cause a hedging relationship to be discontinued, then the amendments will cease to be applied only when that relationship is
discontinued under IFRS 9.
The IFRS amendments impact fair value and cash flow hedges of interest rate risk and related hedging instruments, and certain net investment
hedges that use cross-currency interest rate swaps to pay a foreign currency floating rate and receive a functional currency floating rate. The notional
values of hedging instruments, for each type of hedging relationship impacted, are shown in the hedge accounting tables in note 32(e). These
amounts also correspond to the exposures designated as hedged.
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 2023
Fair value hedges of
foreign currency and
interest rate risk
\u00a3m
Cash flow hedges of
foreign currency and
interest rate risk
\u00a3m
foreign currency risk
\u00a3m
Net investment hedges
\u00a3m
Consolidated statement of comprehensive income
Net gains/(losses) in respect of:
Cash flow hedges \u2014 136 10 \u2014
Cost of hedging 4 4 \u2014 (24)
Net investment hedges \u2014 \u2014 \u2014 (198)
Transferred to profit or loss in respect of:
Cash flow hedges \u2014 (136) \u2014 \u2014
Cost of hedging \u2014 \u2014 \u2014 1
Reclassification of foreign currency translation reserve\u00b9 \u2014 \u2014 \u2014 373
Consolidated statement of changes in equity
Other equity reserves \u2013 cost of hedging balances (11) (12) \u2014 (27)
Consolidated statement of financial position
Derivatives \u2013 carrying value of hedging instruments\u00b2
Assets \u2013 current \u2014 \u2014 6 52
Assets \u2013 non-current 25 166 1 \u2014
Liabilities \u2013 current (43) (39) (6) \u2014
Liabilities \u2013 non-current (559) (248) (1) (15)
Profiles of the significant timing, price and rate
information of hedging instruments
Maturity range Aug 2023 \u2013 Sep 2044 Jul 2024 \u2013 Nov 2040 Apr 2023 \u2013 May 2029 Jun 2023 \u2013 Sep 2027
Spot foreign exchange range:
GBP:USD n/a 1.30 \u2013 1.66 1.20 \u2013 1.36 1.18 \u2013 1.22
GBP:EUR 1.11 \u2013 1.20 1.08 \u2013 1.24 1.10 \u2013 1.20 1.12 \u2013 1.13
EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a
Interest rate range:
GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a
USD
LIBOR +68bps/
SOFR +126bps 2.095% \u2013 3.864% n/a n/a
1. The reclassification of the net investment hedge on the disposals of NECO and Millennium Pipeline Company LLC has been 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.
Year ended 31 March 2022 Fair value hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency risk \u00a3m Net investment hedges \u00a3m Consolidated statement of comprehensive income Net gains/(losses) in respect of: Cash flow hedges \u2014 (103) (1) \u2014 Cost of hedging (7) 16 \u2014 (7) Net investment hedges \u2014 \u2014 \u2014 (125) Transferred to profit or loss in respect of: Cash flow hedges \u2014 43 \u2014 \u2014 Cost of hedging 1 \u2014 \u2014 (2) Consolidated statement of changes in equity Other equity reserves \u2013 cost of hedging balances (15) (16) \u2014 (3) Consolidated statement of financial position Derivatives \u2013 carrying value of hedging instruments 1 Assets \u2013 current \u2014 \u2014 1 10 Assets \u2013 non-current 49 67 1 82 Liabilities \u2013 current (21) (22) (37) (16) Liabilities \u2013 non-current (310) (303) (8) \u2014 Profiles of the significant timing, price and rate information of hedging instruments Maturity range Jul 2022 \u2013 Sep 2044 Jun 2022 \u2013 Nov 2040 Apr 2022 \u2013 Feb 2027 Sep 2022 \u2013 Sep 2027 Spot foreign exchange range: GBP:USD n/a 1.30 \u2013 1.66 1.34 \u2013 1.41 1.22 \u2013 1.34 GBP:EUR 1.11 \u2013 1.24 1.08 \u2013 1.24 1.04 \u2013 1.19 1.18 EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a Interest rate range: GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a USD LIBOR \u201368bps/+115bps 2.095% \u2013 3.864% 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. 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 notional values of hedging instruments (and equal hedged exposures) impacted by IFRS 9 Interest Rate Benchmark Reform amendments. (i) Fair value hedges of foreign currency and interest rate risk on recognised borrowings: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (4,779) 789 (43) 398 (351) 47 1. The carrying value of the hedged borrowings is \u00a34,042 million, of which \u00a3511 million is current and \u00a33,531 million is non-current. 2. Included within the hedging instrument notional balance is \u00a3859 million impacted by Interest Rate Benchmark Reform amendments which are still to be transitioned. As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (3,362) 437 (55) 340 (301) 39 1. The carrying value of the hedged borrowings was \u00a32,966 million, of which \u00a3nil was current and \u00a32,966 million was non-current. 2. Included within the hedging instrument notional balance was \u00a32,556 million impacted by Interest Rate Benchmark Reform amendments with \u00a3806 million still to be transitioned. (ii) Cash flow hedges of foreign currency and interest rate risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings (9,357) (73) \u2014 149 (154) (5) Foreign currency risk on forecast cash flows (537) (3) \u2014 (35) 35 \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1 (6,287) (48) \u2014 74 (74) \u2014 Foreign currency risk on forecast cash flows (835) (40) 1 18 (18) \u2014 1. Included within the hedging instrument notional balance was \u00a3100 million impacted by Interest Rate Benchmark Reform amendments. (iii) Net investment hedges of foreign currency risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations (3,095) (129) (2,457) 198 (198) \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations 1 (3,489) (125) (2,643) 125 (125) \u2014 1. Included within the hedging instrument notional balance was \u00a3nil impacted by Interest Rate Benchmark Reform amendments. (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.
(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. 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments held at FVTPL 1,764 \u2014 452 2,216 2,292 \u2014 417 2,709 Investments held at FVOCI 1 \u2014 407 \u2014 407 \u2014 413 \u2014 413 Financing derivatives \u2014 341 22 363 \u2014 298 \u2014 298 Commodity contract derivatives \u2014 62 4 66 \u2014 238 51 289 1,764 810 478 3,052 2,292 949 468 3,709 Liabilities Financing derivatives \u2014 (997) (122) (1,119) \u2014 (804) (187) (991) Commodity contract derivatives \u2014 (134) (40) (174) \u2014 (15) (7) (22) Contingent consideration 2 \u2014 \u2014 (19) (19) \u2014 \u2014 (41) (41) \u2014 (1,131) (181) (1,312) \u2014 (819) (235) (1,054) 1,764 (321) 297 1,740 2,292 130 233 2,655 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. Fourteen equity investments (out of thirty-one) 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. In addition, we have seventeen investments without a transaction in the last 12 months that underwent an internal valuation process. The internal valuation process utilises a range of valuation techniques including the Black-Scholes Murton Option Pricing Model (OPM Backsolve) where the latest round of funding is within the last 12 months. Between 12 and 18 months a blend between OPM Backsolve and other techniques are 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. The changes in value of our Level 3 financial instruments are as follows:
Financing derivatives
Commodity contract
derivatives Other
3
Total
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April (187) (183) 44 (12) 376 183 233 (12)
Net gains/(losses) for the year
1,2
87 (4) (18) 56 (2) 102 67 154
Purchases \u2014 \u2014 (56) 17 59 93 3 110
Settlements \u2014 \u2014 (6) (17) \u2014 (2) (6) (19)
At 31 March (100) (187) (36) 44 433 376 297 233
1. Gain of \u00a387 million (2022: \u00a34 million loss) 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. Loss of \u00a341 million (2022: \u00a327 million gain) is attributable to commodity contract derivative financial instruments held at the end of the reporting period and have 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 as well
as the contingent consideration arising from the acquisition of National Grid Renewables. 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 Other
3
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
10% increase in commodity prices
1
\u2014 \u2014 5 9 \u2014 \u2014
10% decrease in commodity prices
1
\u2014 \u2014 (6) (8) \u2014 \u2014
+10% market area price change
\u2014 \u2014 \u2014 \u2014 \u2014 \u2014
-10% market area price change
\u2014 \u2014 \u2014 \u2014 \u2014 \u2014
+20 basis points change in Limited Price Inflation (LPI) market curve\u00b2 (53) (84) \u2014 \u2014 \u2014 \u2014
-20 basis points change in LPI market curve\u00b2 51 82 \u2014 \u2014 \u2014 \u2014
+20 basis point increase between Retail Price Index & Consumer Price Index 43 \u2014 \u2014 \u2014 \u2014 \u2014
-20 basis point decrease between Retail Price Index & Consumer Price
Index (38) \u2014 \u2014 \u2014 \u2014 \u2014
+50 basis points change in discount rate
\u2014 \u2014 \u2014 \u2014 (9) (10)
-50 basis points change in discount rate
\u2014 \u2014 \u2014 \u2014 10 10
+10% change in venture capital price
\u2014 \u2014 \u2014 \u2014 28 \u2014
-10% change in venture capital price
\u2014 \u2014 \u2014 \u2014 (28) \u2014
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 2023.
The impacts disclosed above were considered on a contract-by-contract basis with the most significant unobservable inputs identified.
(h) Capital risk management
The capital structure of the Group consists of shareholders\u2019 equity, as disclosed in the consolidated statement of changes in equity, and net debt
(note 29). National Grid\u2019s 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 2023, these metrics for the Group were 9.3% (2022: 8.9%), 71% (2022: 81%)
and 3.8x (2022: 4.7x), respectively \u2013 see pages 54 and 245. 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. Regulatory gearing at 31 March 2022 was higher
than our long-run projections due to the fact that we were only part way through the transactions making up our strategic pivot.
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, at around 55% to 65%. 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\u2019s debt financing arrangements, we are subject to a number of financial covenants associated with existing borrowings and
facility arrangements:
\u2022 the requirement to maintain subsidiary indebtedness relating to non-US and US subsidiaries (excluding National Grid North America Inc.) limiting
the total indebtedness in absolute terms to \u00a335 billion for non-US subsidiaries and $35 billion for US subsidiaries. As at 31 March 2023, headroom
on these covenants exceeds \u00a310 billion;
\u2022 The Articles of Association of National Grid plc limit Group total borrowings less cash and short-term investments in absolute terms to \u00a355 billion.
As at 31 March 2023 headroom on the limit exceeds \u00a310 billion;
\u2022 interest cover ratios relating to the NGED companies within the Group requiring a consolidated EBITDA to interest payable of not less than 3:1.
These covenants range in outturn from 3.5:1 to 5.2:1 at the reporting date; and
\u2022 net debt to RAV gearing covenants limiting gearing to 85% of RAV for each NGED operating company. As at 31 March 2023, actual gearing
of less than 60% is reported for all impacted companies.
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:
\u2022 the requirement to notify by certification to regulators and certain lenders;
\u2022 dividends must be approved in advance by the relevant US state regulatory commission;
\u2022 the subsidiary must have one or two recognised rating agency credit ratings of at least investment grade depending on contractual requirements;
\u2022 dividends must be limited to cumulative retained earnings, including pre-acquisition retained earnings and in line with relevant company legislation;
\u2022 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;
\u2022 the subsidiary must not carry out any activities other than those permitted by the licences;
\u2022 the subsidiary must not create any cross-default obligations or give or receive any intra-group cross-subsidies;
\u2022 the percentage of equity compared with total capital of the subsidiary must remain above certain levels; and
\u2022 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 2023 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 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.
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.
At 31 March 2023, we had bilateral committed credit facilities of \u00a35,616 million (2022: \u00a35,978 million). In addition, we had committed credit facilities
from syndicates of banks of \u00a3887 million at 31 March 2023 (2022: \u00a3936 million). An analysis of the maturity of these undrawn committed facilities
is shown below:
2023 2022
\u00a3m \u00a3m
Undrawn committed borrowing facilities expiring:
Less than 1 year
42 \u2014
In 1 to 2 years
4,361 936
In 2 to 3 years
2,100 4,373
In 3 to 4 years
\u2014 1,605
In 4 to 5 years
\u2014 \u2014
More than 5 years
\u2014 \u2014
6,503 6,914
Of the unused facilities at 31 March 2023, \u00a36,461 million (2022: \u00a36,823 million) is available for liquidity purposes, while \u00a342 million (2022: \u00a391 million)
is available as backup to specific US borrowings.
Subsequent to 31 March 2023, the following undrawn facilities were renegotiated or cancelled:
\u2022 \u00a342 million of the undrawn syndicated facilities due to mature in less than one year were renegotiated on 24 April 2023 with no uplift in the amount
and a new expiry date of 31 May 2028;
\u2022 \u00a3750 million of the undrawn bilateral facilities due to mature in one to two years were renegotiated on 5 May 2023 with no uplift in the amount and
a new expiry date of 31 May 2026;
\u2022 \u00a33,526 million of the undrawn bilateral facilities due to mature in one to two years and \u00a32,060 million of the undrawn bilateral facilities due to
mature in two to three years were renegotiated on 3 April 2023, into \u00a35,377 million bilateral facilities with an expiry date of 3 April 2026 and
\u00a31,810 million syndicated facility with an expiry date of 3 April 2028; and
\u2022 \u00a385 million of the undrawn bilateral facilities due to mature in one to two years and \u00a340 million of the undrawn bilateral facilities due to mature in
two to three years were cancelled on 10 May 2023.
The comparative balances include a facility of \u00a3350 million related to National Grid Gas plc, a company which was disposed of in the current year.
In addition, we have the following facilities which are not included in the table above:
\u2022 for the separately regulated business of National Grid Electricity System Operator Limited, the Group has a facility of \u00a3550 million (2022:
\u00a3550 million). This facility is not available as Group general liquidity support;
\u2022 the Group continues to have access to Export Credit Agreements (ECAs) funding specific projects totalling \u00a31,530 million (2022: \u00a31,396 million),
of which \u00a3460 million (2022: \u00a3489 million) is undrawn; and
\u2022 as of 31 March 2023 the Group had a loan facility of \u00a3nil (2022: \u00a38,250 million) to finance the consideration to acquire NGED (see note 37), of
which \u00a3nil (2022: \u00a38,179 million) was drawn down as at 31 March 2023. In the current year, the Group used the proceeds generated from the
sales of NECO and the UK Gas Transmission business to fully repay the bridge facility.
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\u2019s subsidiaries as at 31 March 2023 is given below. The entire share capital of subsidiaries is held within the Group except where
the Group\u2019s ownership percentages are shown. These percentages give the Group\u2019s 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\u2019s 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\u2019s financial statements.
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\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes).
Birch Sites Limited
Carbon Sentinel Limited
Central Networks Trustees Limited
1
Droylsden Metering Services Limited
Gridcom Limited
Hyder Profit Sharing Trustees Limited
1
Icelink Interconnector Limited
Kelston Properties 2 Limited
1
Lattice Group Employee Benefit Trust Limited
Lattice Group Limited
Lattice Group Trustees Limited
Natgrid Limited
2
*
NatGrid One Limited
2
*
NatgridTW1 Limited
National Grid (US) Holdings Limited
3
National Grid (US) Investments 2 Limited
2
*
National Grid (US) Investments 4 Limited
3
National Grid (US) Partner 1 Limited
3
National Grid Carbon Limited
National Grid Commercial Holdings Limited
National Grid Continental Limited
National Grid Distributed Energy Limited
National Grid Electricity Distribution (East Midlands) plc
1
National Grid Electricity Distribution (South Wales) plc
1
National Grid Electricity Distribution (South West) plc
1
National Grid Electricity Distribution (West Midlands) plc
1
National Grid Electricity Distribution Generation Limited
1
National Grid Electricity Distribution Holdings Limited
1
National Grid Electricity Distribution Investment Holdings Limited
1
National Grid Electricity Distribution Investments Limited
1
National Grid Electricity Distribution Midlands Limited
1
National Grid Electricity Distribution Network Holdings Limited
1
National Grid Electricity Distribution plc
1
National Grid Electricity Distribution Property Investments Limited
1
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 Limited
1
National Grid Holdings Limited
3
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 Limited
3
National Grid Lion Link Limited
National Grid Nautilus Limited
National Grid North Sea Link Limited
National Grid Offshore Limited
National Grid Partners Limited
National Grid Plus Limited
National Grid Property Holdings Limited
National Grid Smart Limited
National Grid Telecoms Limited
1
National Grid Thirty Six Limited
2*
National Grid Twelve Limited
National Grid Twenty Eight Limited
National Grid Twenty Seven Limited
National Grid Twenty Three Limited
2
*
National Grid UK Limited
National Grid UK Pension Services Limited
National Grid Ventures Limited
National Grid Viking Link Limited
National Grid William Limited
NG Nominees Limited
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 Limited
1
Supergrid Electricity Limited
2
*
Supergrid Energy Transmission Limited
2
*
Supergrid Limited
2
*
Thamesport Interchange Limited
The National Grid Group Quest Trustee Company Limited
The National Grid YouPlan Trustee Limited
2
*
Transco Limited
Warwick Technology Park Management Company (No 2) Limited (60.56%)
5
Western Power Pension Trustee Limited
1
WPD Share Scheme Trustees Limited
1
WPD WEM Holdings Limited
1
WPD WEM Limited
1
WW Share Scheme Trustees Limited
1
1. Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB.
2. Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB.
3. Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2023 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, United Kingdom, SY5 7JY.
5. Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL.
* In liquidation.
34. Subsidiary undertakings, joint ventures and associates
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
Banner Solar, LLC
Bazile Creek Wind Farm, LLC
Bee Hollow Solar, LLC
Bell Plaine Solar, LLC
Benevolent Solar, LLC
Blaze Solar, LLC
Blevins Solar, LLC
Blue Ridge Wind, LLC
Blue Spring Solar, LLC
Blues Solar, LLC
Bluewater Solar, LLC
Boone Solar, LLC
Boston Gas Company
1
Bridges Solar, LLC
Brock Solar, LLC
Broken Bridge Corp.
2
Brook Trout Solar, LLC
Burley Solar, LLC
Burlington 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
Canby Solar, LLC
Cass Wind Farm, LLC
Cattle Ridge Wind Farm 2, LLC
Cedar Grove Solar, LLC
Centennial Solar, LLC
Charter Oak Solar, LLC
Clay Boswell Solar, LLC
Clear Creek Solar, LLC
Clermont Solar, LLC
Clinton County 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
Deer Trail Solar, LLC
Dodson Creek Solar, LLC
Donnellson Solar, LLC
Elburn Solar, LLC
Eldena Solar, LLC
Elk Creek Solar 2, LLC
Elk Creek Solar, LLC
EUA Energy Investment Corporation
1
Exie Solar, LLC
Falls City Solar, LLC
Fillmore County Solar Project, 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
Grand Junction Solar, LLC
Granite State Power Link LLC
3
Grant Solar 2, LLC
Grant Solar, LLC
Grayson Solar, LLC
Greenbrier Creek Solar, LLC
Greensky Solar, LLC
Greenwood Solar, LLC
Grid NY LLC
4
Grindstone Wind Farm, LLC
5
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
Hill River Solar, LLC
Honeybee Solar, LLC
Hoosier Solar, LLC
Hoskins Solar, LLC
Illumination Solar, LLC
Innovation Solar, LLC
Itasca Energy Development, LLC
6
Itasca Energy Services, LLC
Jack Rabbit Wind, LLC
Jackson County Solar, LLC
KeySpan CI Midstream Limited
3
KeySpan Energy Corporation
4
KeySpan Energy Services Inc.
3
KeySpan Gas East Corporation
4
KeySpan International Corporation
3
KeySpan MHK, Inc.
3
KeySpan Midstream, Inc.
3
KeySpan Plumbing Solutions, Inc.
4
Kit Fox Storage, LLC
Knox Solar, LLC
Kota Storage, LLC
KSI Contracting, LLC
3
KSI Electrical, LLC
3
KSI Mechanical, LLC
3
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
Louise Solar Project, LLC
Lowlands Solar, LLC
Lydia Solar, LLC
Marion County Solar, LLC
Massachusetts Electric Company
1
Maverick Wind Farm, LLC
Meadowlands Solar, LLC
Metrowest Realty LLC
3
Miller Creek Solar, LLC
Millers Ferry Solar, LLC
Morgan County Solar, LLC
Morning Glory Solar, LLC
6
Muddy Creek Solar, LLC
Mustang Ridge Wind Farm, LLC
Mystic Steamship Corporation
7
Nantucket Electric Company
1
National Grid Development Holdings Corp.
3
National Grid Electric Services LLC
4
National Grid Energy Management LLC
3
National Grid Energy Services LLC
3
National Grid Energy Trading Services LLC
4
National Grid Engineering & Survey Inc.
4
National Grid Generation LLC
4
National Grid Generation Ventures LLC
4
National Grid Glenwood Energy Center, LLC
3
National Grid IGTS Corp.
4
National Grid Insurance USA Ltd
8
National Grid Islander East Pipeline LLC
3
National Grid LNG GP LLC
3
National Grid LNG LLC
3
National Grid LNG LP LLC
3
National Grid Millennium LLC
3
National Grid NE Holdings 2 LLC
1
National Grid North America Inc.
3
National Grid Partners Inc.
4
National Grid Partners LLC
3
National Grid Port Jefferson Energy Center LLC
3
National Grid Renewables Development, LLC
National Grid Renewables E Wind, LLC
6
National Grid Renewables Operations, LLC
3
National Grid Renewables Projects, LLC
6
National Grid Renewables Stutsman, LLC
National Grid Renewables, LLC
3
National Grid Services Inc.
3
National Grid US 6 LLC
3,\u2020
National Grid US LLC
3
National Grid USA Service Company, Inc.
1
National Grid USA
3
NEES Energy, Inc.
1
New England Electric Transmission Corporation
2
New England Energy Incorporated
1
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 Company
1
Newport America Corporation
9
Newton Solar, LLC
NG Renewables Energy Marketing, LLC
3
NG Renewables Energy Services, LLC
NGNE LLC
3
NGV Emerald Energy Venture Holdings, LLC
3
NGV OSW Holdings, LLC
3
NGV US Distributed Energy Inc.
3
NGV US Transmission Inc.
3
NGV US, LLC
3
Niagara Mohawk Energy, Inc.
3
Niagara Mohawk Holdings, Inc.
4
Niagara Mohawk Power Corporation
4
Niobrara Wind, LLC
NM Properties, Inc.
4
Noble Solar, LLC
10
Nordic VOS, LLC
North East Transmission Co., Inc.
3
North Fork Wind, LLC
Northeast Renewable Link LLC
3
Opinac North America, Inc.
3
Pennington Solar, LLC
Peony Solar, LLC
Philadelphia Coke Co., Inc.
3
Pierce County Solar, LLC
Pike County Solar, LLC
Pipestone Solar, LLC
Plum Creek Wind Farm 2, LLC
Plum Creek Wind Farm, LLC
Port of the Islands North, LLC
4
Portage Solar, LLC
Prairie Oasis Solar, LLC
Prairie Rose Wind 2, LLC
6
Prosperity Wind Farm 2, LLC
Prosperity Wind Farm, LLC
Red Rock Solar SD, LLC
Regal Solar 2, LLC
Regal 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, LLC
6
Sherco Solar 3, LLC
Silver City Solar, LLC
Simpson Solar, LLC
Spotlight Solar, LLC
Spring Brook Solar, LLC
Spring River Solar, LLC
Stony Brook Wind, LLC
Stony Point Solar, LLC
Stove Creek Solar, LLC
Sturgis 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 Company
4
Torchlight Solar, LLC
6
Transgas Inc.
1
Tri-City Solar, LLC
Uintah Solar, LLC
Unbridled Solar, LLC
Upper Hudson Development, Inc.
4
Valley Solar, LLC
Vermont Green Line Devco, LLC (90%)
3
Vibrant Solar, LLC
Violet Storage, LLC
Virgo Community Solar Gardens, LLC
6
Virtue Solar, LLC
Vivid Solar, LLC
Wallowa Solar, LLC
Wayfinder Group, Inc.
1
Wheatfield Solar, LLC
White Elm Wind Farm, LLC
Wildcat Ridge Wind Farm, LLC
Wildhorse Creek Solar, LLC
Willard Solar, LLC
Williams County Solar, LLC
Wiregrass Solar, LLC
Woodlands Solar, LLC
Worthington Solar, LLC
Yellowhammer Solar, LLC
Young County Solar, LLC
Incorporated in Australia Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia National Grid Australia Pty Limited Incorporated in Canada Registered office: Stewart McKelvey LLP, c/o Charles Reagh, Queen\u2019s Marque, 600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2, Canada KeySpan Energy Development Co. 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 \u2020 Registered office: PO Box 155, Mill Court, La Charroterie, St. Peter Port, GY1 4ET, Guernsey, Channel Islands Aztec Insurance Limited Incorporated in Hong Kong Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong National Grid Hong Kong Limited* \u2020 Incorporated in the Isle of Man Registered office: Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, UK National Grid Insurance Company (Isle of Man) Limited NGT Holding Company (Isle of Man) Limited* \u2020 Incorporated in Luxembourg Registered office: 412F, Route d\u2019Esch, 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: National Grid Renewables Development, LLC, 8400 Normandale Lake Blvd. Suite 1200, Bloomington, MN 55437, USA. 7. Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA. 8. Registered office: AON Insurance Managers USA, Inc., 165 Broadway, One Liberty Plaza, New York, NY, 10006, USA. 9. Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA. 10. Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas, Dallas County TX 75201, USA. * In liquidation. \u2020 Entity is tax resident in the United Kingdom . A list of the Group\u2019s joint ventures as at 31 March 2023 is given below. All joint ventures are included in the Group\u2019s financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: 1\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). BritNed Development Limited (50%)* National Places LLP (50%) 1 Nemo Link Limited (50%) NGET/SPT Upgrades Limited (50%) \u2020 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%) Islander East Pipeline Company, LLC (50%) 2 LI Energy Storage System, LLC (50%) LI Solar Generation, LLC (50%) Incorporated in France Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 \u2013 9291, Paris La Defense, CEDEX, France IFA2 (50%) A list of the Group\u2019s associates as at 31 March 2023 is given below. Unless otherwise stated, all associates are included in the Group\u2019s 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 Joint Radio Company Limited (25%) 3 ** 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%) 3 Connecticut Yankee Atomic Power Company (19.5%) 4 Direct Global Power Inc. (26%) 3 Energy Impact Fund LP (9.41%) 5 KHB Venture LLC (33.33%) 6 Maine Yankee Atomic Power Company (24%) 7 New York Transco LLC (28.3%) 8 NYSEARCH RMLD, LLC (22.63%) The Hive IV, LLC (28.2%) 3 Yankee Atomic Electric Company (34.5%) 9 Incorporated in Belgium Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium Coreso SA (15.84%) Other investments A list of the Group\u2019s other investments as at 31 March 2023 is given below. Incorporated in England and Wales Registered office: 1 More London Place, London SE1 2AF, UK Energis plc (33.06%) \u2021 Registered office: Third Floor, Northumberland House, 303\u2013306 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: Friars House, Manor House Drive, Coventry, CV1 2TE, UK. 4. Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA. 5. Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA. 6. Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA. 7. Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA. 8. Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 9. Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA. * National Grid Interconnector Holdings Limited owns 284,500,000 \u20ac0.20 C Ordinary shares and one \u00a31.00 Ordinary A share. ** National Grid Electricity Transmission plc owns one \u00a30.50 A Ordinary share. \u2020 National Grid Electricity Transmission plc owns 50 \u00a31.00 A Ordinary shares. \u2021 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 \u2013 and subject to the laws and regulations of \u2013 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 2023: 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 Joint ventures Associates 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. Note that the sensitivity analysis
for the useful economic lives of our gas network assets is included in note 13.
2023 2022
Assumptions
used\u00b9
Income
statement
\u00a3m
Net
assets
\u00a3m
Assumptions
used
Income
statement
\u00a3m
Net
assets
\u00a3m
Pensions and other post-retirement benefit liabilities (pre tax)\u00b2:
UK discount rate change\u00b3 1% 29 1,264 0.5% 12 1,002
US discount rate change\u00b3 1% 26 977 0.5% 16 650
UK inflation rate change\u2074 1% 8 933 0.5% 11 733
UK long-term rate of increase in salaries change 1% 4 50 0.5% 4 88
US long-term rate of increase in salaries change 1% 4 57 0.5% 3 41
UK change to life expectancy at age 65
5
one year 2 441 one year 4 635
US change to life expectancy at age 65 one year 3 344 one year 3 444
Assumed US healthcare cost trend rates change 1% 24 324 1% 24 414
Environmental provision:
Change in the real discount rate 1.0% 159 159 0.5% 81 81
Change in estimated future cash flows 20% 378 378 10% 188 188
1. We have increased the assumption used in our sensitivity analysis this year from 0.5% to 1.0% in light of the recent quantum of market movements.
2. The changes shown are a change in the annual pension and other post-retirement benefit service charge and change in the defined benefit obligations.
3. A change in the discount rate is likely to occur as a result of 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 \u00a3188 million (2022: \u00a3164 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.
4. The projected impact resulting from a change in RPI reflects the underlying effect on pensions in payment, pensions in deferment and resultant increases in salary assumptions.
The buy-in policies would have a \u00a3164 million (2022: \u00a3119 million) net assets offset to the above.
5. In the UK, the buy-in policies and the longevity swap entered into would have a \u00a3136 million (2022: \u00a3111 million) net assets offset to the above.
Pensions and other post-retirement benefits assumptions
Sensitivities have been prepared to show how the defined benefit obligations and annual service costs could potentially be impacted by changes
in the relevant actuarial assumption that were reasonably possible as at 31 March 2023. 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
(b) Sensitivities on financial instruments
We are further required to show additional sensitivity analysis under IFRS 7 and these are shown separately in the subsequent 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:
\u2022 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 2023 and 2022 respectively;
\u2022 the statement of financial position sensitivity to interest rates relates to items presented at their fair values: derivative financial instruments; our
investments measured at FVTPL and FVOCI; and our liability measured at FVTPL. Further debt and other deposits are carried at amortised cost
and so their carrying value does not change as interest rates move;
\u2022 the sensitivity of interest expense to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative
instruments;
\u2022 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
\u2022 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.
2023 2022
Assumptions
used\u00b9
Income
statement
\u00a3m
Other equity
reserves
\u00a3m
Assumptions
used
Income
statement
\u00a3m
Other equity
reserves
\u00a3m
Financial risk (post tax):
UK inflation change\u00b2 1% 35 \u2014 0.5% 18 \u2014
UK interest rates change 1% 34 361 0.5% 41 134
US interest rates change 1% 14 50 0.5% 4 8
US dollar exchange rate change\u00b3 10% 51 291 10% 43 397
1. 1% has been used for sensitivity analysis this year as opposed to 0.5% in the prior year, due to the quantum of market rate movements during the year which mean it is considered that
1% is a more appropriate measure for the year ended 31 March 2023.
2. Excludes sensitivities to LPI curve. Further details on sensitivities are provided in note 32(g).
3. The other equity reserves impact does not reflect the exchange translation in our US subsidiaries\u2019 net assets. It is estimated this would change by \u00a31,680 million (2022: \u00a31,670 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:
2023 2022
Assumptions
used
Income
statement
\u00a3m
Net
assets
\u00a3m
Assumptions
used
Income
statement
\u00a3m
Net
assets
\u00a3m
Commodity price risk (post tax):
Increase in commodity prices 10% 49 49 10% 53 53
Decrease in commodity prices 10% (40) (40) 10% (54) (54)
Assets and liabilities carried at fair value (post tax):
Fair value change in derivative financial instruments\u00b9 10% (60) (60) 10% (55) (55)
Fair value change in commodity contract derivative liabilities 10% (8) (8) 10% 20 20
1. The effect of a 10% change in fair value assumes no hedge accounting.
36. Additional disclosures in respect of guaranteed securities
Niagara Mohawk Power Corporation, a wholly owned subsidiary of the Group, has issued preferred shares that are listed on a US national
securities exchange and are guaranteed by National Grid plc. This guarantor commits to honour any liabilities should the company issuing
the debt have any financial difficulties. In order to provide debt holders with information on the financial stability of the company providing the
guarantee, we are required to disclose individual financial information for this company. We have chosen to include this information in the
Group financial statements rather than submitting separate standalone financial statements.
The following summarised financial information is given in respect of Niagara Mohawk Power Corporation as a result of National Grid plc\u2019s guarantee,
dated 29 October 2007, of Niagara Mohawk Power Corporation\u2019s 3.6% and 3.9% issued preferred shares, which amount to \u00a319 million ($23 million).
National Grid plc\u2019s guarantee of Niagara Mohawk Power Corporation\u2019s preferred shares is full and unconditional. There are no restrictions on the
payment of dividends by Niagara Mohawk Power Corporation or limitations on National Grid plc\u2019s guarantee of the preferred shares, and there are
no factors that may affect payments to holders of the guaranteed securities.
The following summarised financial information for National Grid plc and Niagara Mohawk Power Corporation is presented on a combined basis
and is intended to provide investors with meaningful and comparable financial information, and is provided pursuant to the adoption of Rule 13-01
of Regulation S-X in lieu of the separate financial statements of Niagara Mohawk Power Corporation.
Summarised financial information is presented, on a combined basis, as at 31 March 2023. The combined amounts are presented under IFRS
measurement principles. Intercompany transactions between National Grid plc and Niagara Mohawk Power Corporation have been eliminated.
Investments in other non-issuer and non-guarantor subsidiaries are included at cost, subject to impairment.
Summarised financial information for the year ended 31 March 2023 \u2013 IFRS
National Grid plc and
Niagara Mohawk
Power Corporation
combined
\u00a3m
Combined statement of financial position
Non-current loans to other subsidiaries
124
Non-current assets 11,385
Current loans to other subsidiaries 15,382
Current assets 1,610
Current loans from other subsidiaries (6,181)
Current liabilities (1,563)
Non-current loans from other subsidiaries (2,096)
Non-current liabilities
(12,463)
Net assets
1
6,198
Equity
6,198
Combined income statement \u2013 continuing operations
Revenue 3,601
Operating costs
(3,463)
Operating profit
138
Other income from other subsidiaries 1,691
Other income and costs, including taxation
(157)
Profit after tax
1,672
1. Excluded from net assets above are investments in other consolidated subsidiaries with a carrying value of \u00a314,488 million.
37. Acquisitions
Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognised
at their fair values at the acquisition date.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognised for any non-controlling
interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired
and liabilities assumed at the acquisition date.
Acquisition-related costs are expensed as incurred and included within other operating costs.
Acquisition of NGED
On 14 June 2021, National Grid plc acquired 100% of the share capital of PPL WPD Investments Limited (WPD), the holding company of National
Grid Electricity Distribution plc (formerly known as Western Power Distribution plc), which is the UK\u2019s largest electricity distribution network operator.
The acquisition, along with the two disposals disclosed in note 10, strategically pivots National Grid\u2019s UK portfolio towards electricity, in order to
significantly enhance National Grid\u2019s role in the delivery of the UK\u2019s net zero targets, given that electricity distribution is expected to see a high level
of asset growth as a result of the ongoing energy transition.
The total cash consideration for the transaction was \u00a37.9 billion, all of which was paid upfront, with no further contingent or deferred consideration
payable. As a result of the acquisition, one of NGED\u2019s existing borrowing facilities became repayable immediately due to a change in control clause
within the original borrowing agreement. The borrowing facility was immediately replaced with an intercompany loan of \u00a3350 million from National
Grid plc. National Grid funded the transaction price and the new intercompany loan by taking out a bridge financing facility (see note 33) that was
fully repaid substantially with the proceeds from the disposals of NECO and the UK Gas Transmission business in the year ended 31 March 2023.
The fair values of the assets and liabilities following the finalisation of the purchase price allocation in the prior year are set out below:
IFRS book
value at
acquisition
\u00a3m
Fair value
adjustments
\u00a3m
Fair value
\u00a3m
Non-current assets
Property, plant and equipment 14,077 (4,026) 10,051
Other intangible assets 49 1,714 1,763
Pension assets 402 164 566
Other non-current assets 27 \u2014 27
Total non-current assets 14,555 (2,148) 12,407
Current assets
Trade and other receivables 268 \u2014 268
Financial and other investments 69 \u2014 69
Cash 44 \u2014 44
Other current assets 42 \u2014 42
Total current assets 423 \u2014 423
Total assets 14,978 (2,148) 12,830
Current liabilities
Borrowings (730) \u2014 (730)
Trade and other payables (531) 48 (483)
Other current liabilities (35) \u2014 (35)
Total current liabilities (1,296) 48 (1,248)
Non-current liabilities
Borrowings (5,967) (1,589) (7,556)
Deferred tax (1,013) 224 (789)
Contract liabilities (2,706) 2,706 \u2014
Other non-current liabilities (56) (21) (77)
Total non-current liabilities (9,742) 1,320 (8,422)
Total liabilities (11,038) 1,368 (9,670)
Total identifiable net assets 3,940 (780) 3,160
Goodwill 1,254 3,467 4,721
Total consideration transferred 5,194 2,687 7,881
Satisfied by:
Cash consideration 7,881
Total consideration transferred 7,881
The goodwill arising from the acquisition represents the future expected growth in the NGED business, the benefits that are expected to be achieved as a result of the combination of the two businesses and the expertise of the management team acquired. No component of goodwill qualifies for recognition as a separate tangible or intangible asset. The goodwill is not deductible for tax purposes and at the acquisition date, there were no material contingent liabilities. The fair value step down of property, plant and equipment related primarily to the distribution network assets and was calculated with reference to estimated future forecast cash flows of the existing asset base. The fair value adjustment is expected to amortise over approximately 59 years, representing the remaining useful economic lives of the assets. The intangible assets recognised of \u00a31,714 million relate to regulatory licences acquired which provide the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. The fair value of the regulatory licences was estimated by subtracting goodwill and property, plant and equipment-related cash flows from the overall business cash flows. The fair value of borrowings acquired was estimated by discounting the contractual cash flows at a market cost of debt, taking into account the debt margin observed on NGED\u2019s listed debt. The fair value of trade and other receivables of \u00a3270 million includes trade receivables with a fair value of \u00a386 million and accrued income of \u00a3139 million. The gross contractual amount for trade receivables due is \u00a3103 million, of which \u00a317 million was expected to be uncollectible. Total acquisition-related costs of \u00a3110 million were recognised within other operating costs, within exceptional items and remeasurements in the consolidated income statement, of which \u00a315 million was recognised in the year ended 31 March 2021 and \u00a395 million in the year ended 31 March 2022. NGED generated revenues of \u00a31,468 million and profit before tax of \u00a3781 million for the period from 14 June 2021 to 31 March 2022. If the acquisition had occurred on 1 April 2021, the Group\u2019s consolidated revenue and consolidated profit before tax from continuing operations for the 12 months ended 31 March 2022 would have been \u00a318,806 million and \u00a33,600 million respectively. 38. Post balance sheet events In the period between 1 April 2023 and 17 May 2023, there have been no significant post balance sheet events.",
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"fact-741": {
"value": "National Grid\u2019s 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\u20133 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. ",
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"fact-702": {
"value": "National Grid\u2019s principal activities involve the transmission and distribution of electricity in Great Britain and of electricity and gas in northeastern US.",
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"value": "public limited liability company",
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"fact-703": {
"value": "incorporated and domiciled in England and Wales, with its registered ",
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},
"fact-6": {
"value": "England and Wales",
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"language": "en",
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}
},
"fact-7": {
"value": "1\u20133 Strand, London, WC2N 5EH",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
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},
"fact-8": {
"value": "National Grid plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-742": {
"value": "These consolidated financial statements were approved for issue by the Board on 17 May 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-743": {
"value": "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 and IFRS as adopted by the UK. They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for the period ended 31 March 2023 and in accordance with the Companies Act 2006. The comparative financial information has also been prepared on this basis. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-744": {
"value": "A. Going concern As part of the Directors\u2019 consideration of the appropriateness of adopting the going concern basis of accounting in preparing these financial statements, the Directors have assessed the principal risks discussed on pages 20 \u2013 24 alongside potential downside business cash flow scenarios impacting the Group\u2019s operations. The Directors specifically considered both a base case and reasonable worst-case scenario for business cash flows. 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: \u2022 the timing of the sale of assets classified as held for sale (see note 10); \u2022 additional potential working capital requirements in response to energy price increases driven by an under-recovery of higher Balancing Services Use of System (BSUoS) energy costs in UK Electricity System Operator; \u2022 adverse impacts of inflation on our capital expenditure programme; \u2022 adverse impact from timing across the Group (i.e. a net under- recovery of allowed revenues or reductions in over-collections); \u2022 a significant reduction in cash collections driven by lower customer demand and increased bad debt in our US businesses and potential supplier defaults in our UK businesses; \u2022 higher operating and financing costs than expected, or non-delivery of planned efficiencies across the Group; and \u2022 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: \u2022 the payment of dividends to shareholders; \u2022 significant changes in the phasing of the Group\u2019s capital expenditure programme, with elements of non-essential works and programmes delayed; and \u2022 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\u2019s discretion, the Group continues to have headroom against the Group\u2019s 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 over \u00a37.0 billion of new long-term senior debt issued in the period from 1 April 2022 to 31 March 2023 as evidence of the Group\u2019s 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-745": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-770": {
"value": "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\u2019s 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). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-746": {
"value": "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\u2019s 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). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-747": {
"value": "D. Disposal of The Narragansett Electric Company As described further in note 10, on 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO), to PPL Rhode Island Holdings, LLC. On 25 May 2022, the Group completed the disposal for cash consideration of \u00a33.1 billion, recognising a post-tax gain on disposal of \u00a3280 million which has been classified as exceptional (see note 10). NECO did not meet 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. ",
"dimensions": {
"concept": "nationalgridplc:DisclosureOfDisposalOfTheNarragansettElectricCompany",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-748": {
"value": "E. Disposal of the UK Gas Transmission business As described further in note 10, on 27 March 2022, the Group entered into a sale and purchase agreement to dispose of a 100% controlling stake in the UK Gas Transmission business. The disposal completed on 31 January 2023 for cash consideration of \u00a34.0 billion and a 40% interest in a newly incorporated UK limited company, GasT TopCo Limited, as further described below. Proceeds received have been classified in the consolidated cash flow statement within continuing operations. As a result, the Group derecognised all of the assets and liabilities of the UK Gas Transmission business and recognised the 40% interest acquired in GasT TopCo Limited. The 40% interest is classified as an investment in an associate on the basis that the Group has a significant influence over the business. The Group has the ability to appoint two out of the five Directors to the Board of GasT Topco Limited. On 27 March 2022, the Group also entered into a Further Acquisition Agreement (FAA) over its 40% interest in GasT TopCo Limited. The FAA became binding following the settlement of the Acquisition Agreement and is exercisable in the period between 1 May and 31 July 2023. The window can further be deferred at the Group\u2019s discretion by three months. Taking into consideration the timing of the FAA exercise window, the Group has classified its interest in GasT TopCo Limited as held for sale with effect from 31 January 2023 and has not equity accounted for its share of the associate\u2019s results. The disposal group comprises our equity investment in GasT TopCo Limited and the FAA derivative. Refer to note 10 for further details. The results of the UK Gas Transmission business were treated as a discontinued operation during the year ended 31 March 2022, with comparatives restated accordingly. Remeasurements in relation to the FAA derivative were also recorded within discontinued operations for the year ended 31 March 2023. The classification impacts the consolidated income statement, the consolidated statement of comprehensive income and consolidated cash flow statement, as well as earnings per share (EPS) split between continuing and discontinued operations. ",
"dimensions": {
"concept": "nationalgridplc:DisclousreOfDisposalOfTheUKGasTransmissionBusiness",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-749": {
"value": "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 as follows: \u2022 categorisation of certain items as exceptional items or remeasurements and the definition of adjusted earnings (see notes 5 and 8). In applying the Group\u2019s exceptional items framework, we have considered a number of key matters, as detailed in note 5; \u2022 the judgement that it is appropriate to classify our 40% equity investment in GasT TopCo Limited, together with the FAA derivative, as held for sale with effect from 31 January 2023, as detailed in note 10; \u2022 in performing the NGED goodwill and indefinite-lived licence intangible assets impairment assessment, judgement has been applied over the forecast cash flow duration used in the value-in-use calculations (see note 11); and \u2022 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 trigger a reassessment of the remaining useful economic lives (UELs) of our US gas network assets (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 as follows: \u2022 the value attributable to GasT TopCo Limited following disposal of our controlling stake in the UK Gas Transmission business and in determining the fair value of the written option over the Group\u2019s 40% equity interest (see note 10); \u2022 the valuation of liabilities for pensions and other post-retirement benefits (see note 25); \u2022 the cash flows and real discount rates applied in determining the environmental provisions, in particular relating to three US Superfund sites (see note 26); and \u2022 the estimates made regarding the UELs of our gas network assets due to the length over which they are being depreciated, the potential for new and evolving technologies over that period, and the range of potential pathways for meeting net zero targets (see note 13 for details and sensitivity analysis). In performing our impairment assessment of goodwill and indefinite-lived licence intangible assets, we have sensitised our forecasts to factor in adjustments to key inputs to each model (see note 11). 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. ",
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"fact-750": {
"value": "G. Impact of climate change and the transition to net zero \u2013 areas of judgement and key sources of estimation uncertainty In preparing these financial statements for the year ended 31 March 2023, management has taken into account the Group\u2019s 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, as set out within the Task Force on Climate-related Financial Disclosures (TCFD) on pages 38 \u2013 51. Changes to the Group\u2019s commitments and the impact of climate change may have a material impact on the currently reported amounts of the Group\u2019s 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 The Group\u2019s 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. As set out in the Financial review on pages 53 \u2013 65, 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\u2019s PP&E (see note 13) are \u00a3333 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\u2019s liquefied natural gas (LNG) storage facility have a maximum UEL to 2045, which is in line with the current commercial contracts. Accordingly, the Group believes there are no material accounting judgements in respect of the UELs of the storage assets as of 31 March 2023. 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 and we continue to have sufficient headroom. Accordingly, the impacts of certain variables that will play out in the medium to long term as a result of the anticipated transition to decarbonised power generation do not currently affect the carrying value of our New York and New England CGUs. ",
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"fact-751": {
"value": "I. New IFRS accounting standards and interpretations effective for the year ended 31 March 2023 The Group adopted the following amendments to standards which have had no material impact on the Group\u2019s results or financial statement disclosures: \u2022 amendments to IFRS 3 \u2018Business Combinations\u2019; \u2022 amendments to IAS 16 \u2018Property, Plant and Equipment\u2019; \u2022 amendments to IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019; and \u2022 annual improvements to IFRS standards 2018\u20132020. ",
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"fact-752": {
"value": "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 or have not yet been endorsed by the UK: \u2022 IFRS 17 \u2018Insurance Contracts\u2019; \u2022 amendments to IAS 12 \u2018Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction\u2019; \u2022 amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities as current or non-current; \u2022 amendments to IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019; and \u2022 amendments to IAS 1 and IFRS Practice Statement 2 \u2013 making materiality judgements. Effective dates will be subject to the UK endorsement process. 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. ",
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"fact-707": {
"value": "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\u2019s chief operating decision maker (as defined by IFRS 8 \u2018Operating Segments\u2019) and assesses the profitability of operations principally on the basis of a profit measure that excludes certain income and expenses. We call that measure \u2018adjusted profit\u2019. 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 and major storms. 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. In the year ended 31 March 2023, the National Grid Ventures (NGV) operating segment met the quantitative thresholds set out in IFRS 8 to be identified as the Group\u2019s sixth separate reportable segment. Accordingly, the Group\u2019s operating segments have been modified and the data relating to previous periods has been restated to reflect this change. 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. 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. As announced in April 2022, the entirety of the UK Electricity System Operator is expected to transfer out of the Group to become part an independent system operator public body, following the Future System Operator (FSO) consultation. The FSO is subject to legislative approval and accordingly the held for sale criteria have not been met as at 31 March 2023. 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, 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. NGV operates outside our regulated core business. 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\u2019s 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. 2023 2022 1 2021 1 Total sales \u00a3m Sales between segments \u00a3m Sales to third parties \u00a3m Total sales \u00a3m Sales between segments \u00a3m Sales to third parties \u00a3m Total sales \u00a3m Sales between segments \u00a3m Sales to third parties \u00a3m Operating segments \u2013 continuing operations: UK Electricity Transmission 1,987 (41) 1,946 2,035 (7) 2,028 1,974 (10) 1,964 UK Electricity Distribution 2,045 (12) 2,033 1,482 (14) 1,468 \u2014 \u2014 \u2014 UK Electricity System Operator 4,690 (31) 4,659 3,455 (18) 3,437 2,018 \u2014 2,018 New England 4,427 \u2014 4,427 4,550 \u2014 4,550 4,214 \u2014 4,214 New York 6,994 \u2014 6,994 5,561 \u2014 5,561 4,605 \u2014 4,605 National Grid Ventures 1,341 (58) 1,283 1,024 \u2014 1,024 786 \u2014 786 Other 317 \u2014 317 192 \u2014 192 78 \u2014 78 Total revenue before exceptional items and remeasurements 21,801 (142) 21,659 18,299 (39) 18,260 13,675 (10) 13,665 Exceptional items and remeasurements 2 \u2014 \u2014 \u2014 189 \u2014 189 \u2014 \u2014 \u2014 Total revenue from continuing operations 21,801 (142) 21,659 18,488 (39) 18,449 13,675 (10) 13,665 Split by geographical areas \u2013 continuing operations: UK 9,611 7,803 4,368 US 12,048 10,646 9,297 Total revenue from continuing operations 21,659 18,449 13,665 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. 2. In connection with the disposal of St William Homes LLP in the year ended 31 March 2022 the Group released deferred income within Other of \u00a3189 million related to deferred profits from previous property sales (see note 5). (b) Operating profit A reconciliation of the operating segments\u2019 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 After exceptional items and remeasurements 2023 2022 1 2021 1 2023 20221 20211 2023 2022 1 2021 1 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Operating segments \u2013 continuing operations: UK Electricity Transmission 995 1,067 1,094 (2) (12) (14) 993 1,055 1,080 UK Electricity Distribution 1,091 909 \u2014 (22) \u2014 \u2014 1,069 909 \u2014 UK Electricity System Operator 238 7 (60) (1) (2) 7 237 5 (53) New England 708 743 611 424 21 3 1,132 764 614 New York 741 780 665 (200) 315 30 541 1,095 695 National Grid Ventures 490 286 185 467 (3) (4) 957 283 181 Other 31 21 (68) (81) 239 (48) (50) 260 (116) Total operating profit from continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401 Split by geographical area \u2013 continuing operations: UK 2,825 2,234 1,113 26 224 (57) 2,851 2,458 1,056 US 1,469 1,579 1,314 559 334 31 2,028 1,913 1,345 Total operating profit from continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. Before exceptional items and remeasurements Exceptional items and remeasurements After exceptional items and remeasurements 2023 2022 2021 2023 2022 2021 2023 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Reconciliation to profit before tax: Operating profit from continuing operations 4,294 3,813 2,427 585 558 (26) 4,879 4,371 2,401 Share of post-tax results of joint ventures and associates 190 148 66 (19) (56) (8) 171 92 58 Finance income 166 65 35 (28) (15) 23 138 50 58 Finance costs (1,680) (1,146) (900) 82 74 47 (1,598) (1,072) (853) Profit before tax from continuing operations 2,970 2,880 1,628 620 561 36 3,590 3,441 1,664 (c) Capital expenditure Capital expenditure represents additions to property, plant and equipment and non-current intangibles but excludes additional investments in and loans to joint ventures and associates. Net book value of property, plant and equipment and other intangible assets Capital expenditure Depreciation, amortisation and impairment 2023 2022 1 20211 2023 20221 20211 2023 2022 1 2021 1 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Operating segments: UK Electricity Transmission 15,483 14,678 14,000 1,303 1,195 984 (484) (508) (460) UK Electricity Distribution 13,462 12,522 \u2014 1,220 899 \u2014 (223) (158) \u2014 UK Electricity System Operator 411 404 379 108 108 88 (101) (83) (47) New England 13,406 11,485 10,165 1,624 1,561 1,437 (393) (364) (389) New York 21,730 18,676 16,467 2,454 1,960 1,738 (620) (537) (453) National Grid Ventures 3,507 3,009 2,693 709 452 451 (149) (156) (116) Other 38 30 57 13 10 29 (14) (24) (20) Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485) Split by geographical area \u2013 continuing operations: UK 32,343 30,131 16,627 3,259 2,546 1,504 (921) (879) (596) US 35,694 30,673 27,134 4,172 3,639 3,223 (1,063) (951) (889) Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485) Asset type: Property, plant and equipment 64,433 57,532 42,424 6,853 5,714 4,335 (1,700) (1,544) (1,317) Non-current intangible assets 3,604 3,272 1,337 578 471 392 (284) (286) (168) Total 68,037 60,804 43,761 7,431 6,185 4,727 (1,984) (1,830) (1,485) 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. ",
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"fact-774": {
"value": "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\u2019s chief operating decision maker (as defined by IFRS 8 \u2018Operating Segments\u2019) and assesses the profitability of operations principally on the basis of a profit measure that excludes certain income and expenses. We call that measure \u2018adjusted profit\u2019. 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 and major storms. 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. ",
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"fact-705": {
"value": "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\u2019s chief operating decision maker (as defined by IFRS 8 \u2018Operating Segments\u2019) and assesses the profitability of operations principally on the basis of a profit measure that excludes certain income and expenses. We call that measure \u2018adjusted profit\u2019. 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 and major storms. 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. Revenue arises in the course of ordinary activities and principally comprises: \u2022 transmission services; \u2022 distribution services; and \u2022 generation services. Transmission services, distribution services and certain other services (excluding rental income) fall within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are accounted for under IFRS 16 \u2018Leases\u2019 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 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. To monitor our 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. 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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). 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. The current tax charge is the tax payable on this year\u2019s 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. 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. Adjusted earnings and EPS, which exclude exceptional items and remeasurements, are provided to reflect the adjusted profit subtotals used by the Company. We have included reconciliations from this additional EPS measure to earnings for both basic and diluted EPS to provide additional detail for these items. For further details of exceptional items and remeasurements, see note 5. 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 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. 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. Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement as it arises. Property, plant and equipment are the physical assets controlled by us. The cost of these assets primarily represents the amount initially paid for them or the fair value on the date of acquisition of a business. Cost includes both their purchase price and the construction and other costs associated with getting them ready for operation. 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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. 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. 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 2023. 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 can not be readily used in operations, principally collateral deposited in relation to derivatives. 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. 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: \u2022 financing derivatives \u2013 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 \u2022 commodity contract derivatives \u2013 these are used to manage our US customers\u2019 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 index futures, options and swaps, which are used to manage market price volatility. 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). 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. 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. 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. 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. 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. Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March 2024. It also includes contingent consideration and other payables that are not due until after that date. 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 \u2018Employee Benefits\u2019. 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. 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\u2019s 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. 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. 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. We define net debt as the amount of borrowings and financing derivatives less cash and current financial investments. 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. Related parties include joint ventures, associates, investments and key management personnel. 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. 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. 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 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. Niagara Mohawk Power Corporation, a wholly owned subsidiary of the Group, has issued preferred shares that are listed on a US national securities exchange and are guaranteed by National Grid plc. This guarantor commits to honour any liabilities should the company issuing the debt have any financial difficulties. In order to provide debt holders with information on the financial stability of the company providing the guarantee, we are required to disclose individual financial information for this company. We have chosen to include this information in the Group financial statements rather than submitting separate standalone financial statements. Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognised for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Acquisition-related costs are expensed as incurred and included within other operating costs. ",
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"fact-708": {
"value": "3. Revenue Revenue arises in the course of ordinary activities and principally comprises: \u2022 transmission services; \u2022 distribution services; and \u2022 generation services. Transmission services, distribution services and certain other services (excluding rental income) fall within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are accounted for under IFRS 16 \u2018Leases\u2019 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: \u2022 the supply of high-voltage electricity \u2013 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 \u2022 construction work (principally for connections) \u2013 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: \u2022 electricity distribution \u2013 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 \u2022 construction work (principally for connections) \u2013 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 is completed. (c) UK Electricity System Operator The UK Electricity System Operator earns revenue for balancing supply and demand of electricity on Great Britain\u2019s 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. (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: \u2022 electricity and gas supply and distribution and electricity transmission \u2013 revenue is recognised based on usage by customers (over time). Revenues are billed monthly and payment terms are 30 days; and \u2022 construction work (principally for connections) \u2013 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: \u2022 electricity and gas supply and distribution and electricity transmission \u2013 revenue is recognised based on usage by customers (over time). Revenues are billed monthly and payment terms are 30 days; and \u2022 construction work (principally for connections) \u2013 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, National Grid Renewables and rental income. The Group recognises revenue from transmission services through interconnectors and LNG importation at the Isle of Grain by means of customers\u2019 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 regime constructed by Ofgem for certain wholly owned interconnector subsidiaries. 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. (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 our 50% share in the St William joint venture which was disposed of in the prior year). Property sales are recorded when the sale is legally completed. (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\u2019s reportable segments (see note 2). Revenue for the year ended 31 March 2023 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures \u00a3m Other \u00a3m Total \u00a3m Revenue under IFRS 15 Transmission 1,868 \u2014 126 52 567 791 \u2014 3,404 Distribution \u2014 1,951 \u2014 4,314 6,373 \u2014 \u2014 12,638 System Operator \u2014 \u2014 4,533 \u2014 \u2014 \u2014 \u2014 4,533 Other 1 31 77 \u2014 8 13 131 \u2014 260 Total IFRS 15 revenue 1,899 2,028 4,659 4,374 6,953 922 \u2014 20,835 Other revenue Generation \u2014 \u2014 \u2014 \u2014 \u2014 394 \u2014 394 Other 2 47 5 \u2014 53 41 (33) 317 430 Total other revenue 47 5 \u2014 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 in the year, 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. Geographical split for the year ended 31 March 2023 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures \u00a3m Other \u00a3m Total \u00a3m Revenue under IFRS 15 UK 1,899 2,028 4,659 \u2014 \u2014 799 \u2014 9,385 US \u2014 \u2014 \u2014 4,374 6,953 123 \u2014 11,450 Total IFRS 15 revenue 1,899 2,028 4,659 4,374 6,953 922 \u2014 20,835 Other revenue UK 47 5 \u2014 \u2014 \u2014 (31) 205 226 US \u2014 \u2014 \u2014 53 41 392 112 598 Total other revenue 47 5 \u2014 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 \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 Transmission 1,983 \u2014 \u2014 52 405 627 \u2014 3,067 Distribution \u2014 1,375 \u2014 4,434 5,110 \u2014 \u2014 10,919 System Operator \u2014 \u2014 3,418 \u2014 \u2014 \u2014 \u2014 3,418 Other2 35 89 19 10 10 147 \u2014 310 Total IFRS 15 revenue 2,018 1,464 3,437 4,496 5,525 774 \u2014 17,714 Other revenue Generation \u2014 \u2014 \u2014 \u2014 \u2014 373 \u2014 373 Other3 10 4 \u2014 54 36 (123) 192 173 Total other revenue 10 4 \u2014 54 36 250 192 546 Total revenue before exceptional items and remeasurements 2,028 1,468 3,437 4,550 5,561 1,024 192 18,260 Exceptional items and remeasurements \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 189 189 Total revenue from continuing operations 2,028 1,468 3,437 4,550 5,561 1,024 381 18,449 Geographical split for the year ended 31 March 2022 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 UK 2,018 1,464 3,437 \u2014 \u2014 646 \u2014 7,565 US \u2014 \u2014 \u2014 4,496 5,525 128 \u2014 10,149 Total IFRS 15 revenue 2,018 1,464 3,437 4,496 5,525 774 \u2014 17,714 Other revenue UK 10 4 \u2014 \u2014 \u2014 (132) 167 49 US \u2014 \u2014 \u2014 54 36 382 25 497 Total other revenue 10 4 \u2014 54 36 250 192 546 Total revenue before exceptional items and remeasurements 2,028 1,468 3,437 4,550 5,561 1,024 192 18,260 Exceptional items and remeasurements \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 189 189 Total revenue from continuing operations 2,028 1,468 3,437 4,550 5,561 1,024 381 18,449 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. 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. 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. 3. 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. Revenue for the year ended 31 March 2021 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 Transmission 1,875 \u2014 \u2014 74 329 316 \u2014 2,594 Distribution \u2014 \u2014 \u2014 4,091 4,226 \u2014 \u2014 8,317 System Operator \u2014 \u2014 2,076 \u2014 \u2014 \u2014 \u2014 2,076 Other 2 67 \u2014 (61) 8 7 76 \u2014 97 Total IFRS 15 revenue 1,942 \u2014 2,015 4,173 4,562 392 \u2014 13,084 Other revenue Generation \u2014 \u2014 \u2014 \u2014 \u2014 376 \u2014 376 Other 3 22 \u2014 3 41 43 18 78 205 Total other revenue 22 \u2014 3 41 43 394 78 581 Total revenue from continuing operations 1,964 \u2014 2,018 4,214 4,605 786 78 13,665 Geographical split for the year ended 31 March 2021 UK Electricity Transmission \u00a3m UK Electricity Distribution \u00a3m UK Electricity System Operator \u00a3m New England \u00a3m New York \u00a3m National Grid Ventures\u00b9 \u00a3m Other\u00b9 \u00a3m Total \u00a3m Revenue under IFRS 15 UK 1,942 \u2014 2,015 \u2014 \u2014 327 \u2014 4,284 US \u2014 \u2014 \u2014 4,173 4,562 65 \u2014 8,800 Total IFRS 15 revenue 1,942 \u2014 2,015 4,173 4,562 392 \u2014 13,084 Other revenue UK 22 \u2014 3 \u2014 \u2014 3 56 84 US \u2014 \u2014 \u2014 41 43 391 22 497 Total other revenue 22 \u2014 3 41 43 394 78 581 Total revenue from continuing operations 1,964 \u2014 2,018 4,214 4,605 786 78 13,665 1. Comparative amounts have been re-presented to reflect NGV as a separate operating segment. 2. The UK Electricity Transmission 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. 3. Other revenue, recognised in accordance with accounting standards other than IFRS 15, principally includes property sales by our UK commercial property business reported in Other. Contract liabilities (see note 23) represent revenue to be recognised in future periods relating to contributions in aid of construction of \u00a32,006 million (2022: \u00a31,472 million; 2021: \u00a31,160 million). Contract liabilities in the year ended 31 March 2021 included amounts in respect of the UK Gas Transmission business of \u00a3136 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 27 years. Future revenues in relation to unfulfilled performance obligations not yet received in cash amount to \u00a35.0 billion (2022: \u00a35.2 billion; 2021: \u00a34.8 billion). \u00a31.8 billion (2022: \u00a31.7 billion; 2021: \u00a31.6 billion) relates to connection contracts in UK Electricity Transmission which will be recognised as revenue over 24 years and \u00a32.7 billion (2022: \u00a33.0 billion; 2021: \u00a33.0 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 2023 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to changes in the estimate of the stage of completion, is \u00a3nil (2022: \u00a3nil; 2021: \u00a3nil). ",
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"value": "Revenue arises in the course of ordinary activities and principally comprises: \u2022 transmission services; \u2022 distribution services; and \u2022 generation services. Transmission services, distribution services and certain other services (excluding rental income) fall within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are accounted for under IFRS 16 \u2018Leases\u2019 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. ",
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"value": "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. Before exceptional items and remeasurements Exceptional items and remeasurements Total 2023 2022\u00b9 2021 2023 2022\u00b9 2021 2023 2022\u00b9 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Depreciation, amortisation and impairment 1,984 1,830 1,485 \u2014 \u2014 \u2014 1,984 1,830 1,485 Payroll costs 1,929 1,770 1,622 29 24 16 1,958 1,794 1,638 Purchases of electricity 1,808 1,487 1,181 247 (207) (51) 2,055 1,280 1,130 Purchases of gas 2,413 1,851 1,233 103 (185) 17 2,516 1,666 1,250 Property and other taxes 1,302 1,202 1,105 \u2014 \u2014 \u2014 1,302 1,202 1,105 UK Electricity Balancing costs 4,052 3,152 1,875 \u2014 \u2014 \u2014 4,052 3,152 1,875 Other 3,670 2,988 2,412 12 227 44 3,682 3,215 2,456 Other operating costs 17,158 14,280 10,913 391 (141) 26 17,549 14,139 10,939 Provision for bad and doubtful debts 220 167 325 \u2014 \u2014 \u2014 220 167 325 Total operating costs from continuing operations 17,378 14,447 11,238 391 (141) 26 17,769 14,306 11,264 Operating costs from continuing operations include: Inventory consumed 723 436 312 Research and development expenditure 23 11 12 1. Amounts in the year ended 31 March 2022 have been re-presented to disclose other operating income separately from other operating costs. (a) Payroll costs 2023 2022 2021 \u00a3m \u00a3m \u00a3m Wages and salaries1 2,971 2,563 2,170 Social security costs 244 201 156 Defined contribution scheme costs 98 81 67 Defined benefit pension costs 121 185 126 Share-based payments 46 38 23 Severance costs (excluding pension costs) 3 5 9 3,483 3,073 2,551 Less: payroll costs capitalised (1,525) (1,279) (913) Total payroll costs from continuing operations 1,958 1,794 1,638 1. Included within wages and salaries are US other post-retirement benefit costs of \u00a337 million (2022: \u00a339 million; 2021: \u00a343 million). For further information refer to note 25. (b) Number of employees 31 March 2023 Monthly average 2023 31 March 2022 Monthly average 2022 31 March 2021 Monthly average 2021 UK 12,572 12,024 11,960 11,393 4,468 4,333 US 16,878 16,539 17,332 17,314 17,026 16,821 Total number of employees (continuing operations) 29,450 28,563 29,292 28,707 21,494 21,154 (c) Key management compensation 2023 2022 2021 \u00a3m \u00a3m \u00a3m Short-term employee benefits 7 7 7 Compensation for loss of office \u2014 \u2014 \u2014 Post-employment benefits \u2014 1 1 Share-based payments 6 5 4 Total key management compensation 13 13 12 Key management compensation relates to the Board, including the Executive Directors and Non-executive Directors for the years presented. (d) Directors\u2019 emoluments Details of Executive Directors\u2019 emoluments are contained in the Remuneration Report on page 95 and those of Non-executive Directors on page 101. (e) Auditors\u2019 remuneration Auditors\u2019 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: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Audit fees payable to the Parent Company\u2019s auditor and their associates in respect of: Audit of the Parent Company\u2019s individual and consolidated financial statements1 2.9 2.7 2.5 The auditing of accounts of any associate of the Company 9.0 8.9 8.1 Other services supplied2 7.4 7.3 6.4 19.3 18.9 17.0 Total other services3 All other fees: Other assurance services4 1.4 0.9 0.8 Other non-audit services not covered above5 0.2 0.1 2.0 1.6 1.0 2.8 Total auditor\u2019s remuneration 20.9 19.9 19.8 1. Audit fees in each year represent fees for the audit of the Company\u2019s financial statements for the years ended 31 March 2023, 2022 and 2021. 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 2022, 2021 and 2020 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, in 2021, also includes amounts related to capacity market auction monitoring services. 5. For 2021, includes the class 1 Circular in respect of the acquisition of NGED. 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\u2019s 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. Details of our policies and procedures in relation to non-audit services to be provided by the independent auditor are set out on page 87 of the Corporate Governance Report. Certain services are prohibited from being performed by the external auditor under the Sarbanes-Oxley Act. Of the above services, none were prohibited. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-776": {
"value": "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. ",
"dimensions": {
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-753": {
"value": "(a) Payroll costs 2023 2022 2021 \u00a3m \u00a3m \u00a3m Wages and salaries1 2,971 2,563 2,170 Social security costs 244 201 156 Defined contribution scheme costs 98 81 67 Defined benefit pension costs 121 185 126 Share-based payments 46 38 23 Severance costs (excluding pension costs) 3 5 9 3,483 3,073 2,551 Less: payroll costs capitalised (1,525) (1,279) (913) Total payroll costs from continuing operations 1,958 1,794 1,638 1. Included within wages and salaries are US other post-retirement benefit costs of \u00a337 million (2022: \u00a339 million; 2021: \u00a343 million). For further information refer to note 25. (b) Number of employees 31 March 2023 Monthly average 2023 31 March 2022 Monthly average 2022 31 March 2021 Monthly average 2021 UK 12,572 12,024 11,960 11,393 4,468 4,333 US 16,878 16,539 17,332 17,314 17,026 16,821 Total number of employees (continuing operations) 29,450 28,563 29,292 28,707 21,494 21,154 ",
"dimensions": {
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-754": {
"value": "(c) Key management compensation 2023 2022 2021 \u00a3m \u00a3m \u00a3m Short-term employee benefits 7 7 7 Compensation for loss of office \u2014 \u2014 \u2014 Post-employment benefits \u2014 1 1 Share-based payments 6 5 4 Total key management compensation 13 13 12 Key management compensation relates to the Board, including the Executive Directors and Non-executive Directors for the years presented. (d) Directors\u2019 emoluments Details of Executive Directors\u2019 emoluments are contained in the Remuneration Report on page 95 and those of Non-executive Directors on page 101. ",
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-755": {
"value": "(e) Auditors\u2019 remuneration Auditors\u2019 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: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Audit fees payable to the Parent Company\u2019s auditor and their associates in respect of: Audit of the Parent Company\u2019s individual and consolidated financial statements1 2.9 2.7 2.5 The auditing of accounts of any associate of the Company 9.0 8.9 8.1 Other services supplied2 7.4 7.3 6.4 19.3 18.9 17.0 Total other services3 All other fees: Other assurance services4 1.4 0.9 0.8 Other non-audit services not covered above5 0.2 0.1 2.0 1.6 1.0 2.8 Total auditor\u2019s remuneration 20.9 19.9 19.8 1. Audit fees in each year represent fees for the audit of the Company\u2019s financial statements for the years ended 31 March 2023, 2022 and 2021. 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 2022, 2021 and 2020 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, in 2021, also includes amounts related to capacity market auction monitoring services. 5. For 2021, includes the class 1 Circular in respect of the acquisition of NGED. 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\u2019s 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. Details of our policies and procedures in relation to non-audit services to be provided by the independent auditor are set out on page 87 of the Corporate Governance Report. Certain services are prohibited from being performed by the external auditor under the Sarbanes-Oxley Act. Of the above services, none were prohibited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-710": {
"value": "5. Exceptional items and remeasurements To monitor our 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 2023 2022 2021 \u00a3m \u00a3m \u00a3m Included within operating profit Exceptional items: Net gain on disposal of NECO 511 \u2014 \u2014 Net gain on disposal of Millennium Pipeline Company LLC 335 \u2014 \u2014 IFA fire 130 \u2014 \u2014 Transaction, separation and integration costs\u00b9 (117) (223) (24) Changes in environmental provisions 176 \u2014 14 Cost efficiency programme (100) (42) \u2014 New operating model implementation costs \u2014 (24) (50) Release of St William Homes LLP deferred income \u2014 189 \u2014 Net gain on disposal of St William Homes LLP \u2014 228 \u2014 Environmental insurance recovery \u2014 38 \u2014 935 166 (60) Remeasurements \u2013 commodity contract derivatives (350) 392 34 585 558 (26) Included within finance income and costs Remeasurements: Net gains on financing derivatives 82 74 47 Net (losses)/gains on financial assets at fair value through profit and loss (28) (15) 23 54 59 70 Included within share of post-tax results of joint ventures and associates Remeasurements: Remeasurements \u2013 net losses on financial instruments (19) (56) (8) Total included within profit before tax 620 561 36 Included within tax Exceptional items \u2013 movements arising on items not included in profit before tax: Deferred tax charge arising as a result of UK tax rate change \u2014 (458) \u2014 Tax on exceptional items (316) (28) 8 Tax on remeasurements 75 (103) (34) (241) (589) (26) Total exceptional items and remeasurements after tax 379 (28) 10 Analysis of total exceptional items and remeasurements after tax Exceptional items after tax 619 (320) (52) Remeasurements after tax (240) 292 62 Total exceptional items and remeasurements after tax 379 (28) 10 1. Transaction, separation and integration costs represent the aggregate of distinct activities undertaken by the Group in the years presented. 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\u2019s 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. 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. No COVID-19 related costs incurred have been recognised as exceptional in any of the years presented. 2023 Net gain on disposal of NECO During the year, the Group recognised a gain of \u00a3511 million on the disposal of 100% of the share capital of NECO to PPL Rhode Island Holdings, LLC for cash consideration of \u00a33.1 billion ($3.9 billion) (see note 10). The receipt of cash has been recognised within net cash used in investing activities within the consolidated cash flow statement. Net gain on disposal of Millennium Pipeline Company LLC During the year, the Group recognised a gain of \u00a3335 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 \u00a3497 million. The receipt of cash has been recognised within net cash used in investing activities within the consolidated cash flow statement. Fire at IFA converter station In September 2021, a fire at the IFA converter station in Sellindge, Kent caused significant damage to infrastructure on site. In the year, the Group recognised \u00a3130 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 \u00a379 million. Transaction, separation and integration costs During the year, separation costs of \u00a339 million were incurred in relation to the disposal of NECO, \u00a338 million in relation to the disposal of a majority stake in our UK Gas Transmission business (see note 10) and \u00a340 million in connection with the integration of NGED. The costs incurred primarily relate to legal fees, bankers\u2019 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 in relation to these costs was \u00a384 million. Changes in environmental provisions The real discount rate applied to the Group\u2019s environmental provisions was revised to 1.5% in the year (2022: 0.5%) to reflect the substantial and sustained change in United States government bond yield curves (see note 26). The principal impact of this rate increase was a \u00a3165 million decrease in our US environmental provisions and a \u00a311 million decrease in our UK environmental provision. The weighted average remaining duration of our cash flows is now around 10.5 years. Cost efficiency programme During the year, the Group incurred a further \u00a3100 million of costs in relation to the major cost efficiency programme announced in November 2021, that is targeting at least \u00a3400 million savings per annum across the Group by the end of three years. The costs recognised in the period primarily relate to property costs, 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 \u00a342 million of costs incurred in the year ended 31 March 2022, the costs qualify for exceptional treatment in line with our exceptional items policy. Estimated costs expected to be incurred in future years are disclosed in the Financial review on page 59. The total cash outflow for the period in relation to these costs was \u00a385 million. 2022 Net gain on disposal of St William Homes LLP and release of deferred income The Group recognised a gain of \u00a3228 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 \u00a3413 million (see note 16). In connection with the disposal, the Group also released deferred income of \u00a3189 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\u2019s equity interest in St William Homes LLP. New operating model implementation costs and cost efficiency programme The Group incurred a further \u00a324 million of costs in relation to the design and implementation of our new operating model and \u00a342 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 \u00a348 million. Transaction and separation costs \u00a3223 million of transaction and separation costs were incurred in relation to the acquisition of NGED (see note 37), the planned disposal of NECO (see note 10) and the planned disposal of our UK Gas Transmission business (see note 10). The costs related to legal fees, bankers\u2019 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 \u00a3196 million. Environmental insurance recovery In the US, the most significant component of our \u00a31.9 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 \u00a338 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. 2021 New operating model implementation costs The Group incurred \u00a350 million of costs in relation to the design and implementation of our new operating model that is built on a foundation of six business units. The costs recognised in the year ended 31 March 2021 primarily related to professional fees incurred and redundancy provisions. In evaluating the costs incurred against the quantitative thresholds in our exceptional items framework we considered the total costs to be incurred over the duration of the programme. Whilst the costs incurred did not meet the quantitative threshold to be classified as exceptional on a standalone basis, we concluded that the costs should be classified as exceptional in line with our exceptional items policy, in order to ensure that the costs are treated in a consistent manner with similar costs incurred previously. The total cash outflow for the year was \u00a333 million. Transaction and separation costs \u00a324 million of transaction and separation costs were incurred in relation to the acquisition of NGED (see note 37) and the planned sale of NECO (see note 10). The costs related to legal fees, bankers\u2019 fees and professional fees. Whilst the costs incurred in isolation were not sufficiently material to warrant classification as an exceptional item, we expected further costs to be incurred in the next year, for example in regard to success fees on completion of the acquisition. When taken in aggregate, the costs incurred over both years will be sufficiently material to be classified as exceptional in line with our policy. The total cash outflow for the year was \u00a314 million. Changes in environmental provision We recognised an exceptional gain of \u00a314 million relating to the release of environmental provisions relating to one of our US Superfund sites, for which the original provision was treated as an exceptional item. The reduction in the provision arose as a result of the re-evaluation of the Group\u2019s share of estimated costs following the finalisation of discussions on the scope of certain remediation work with government authorities. The release was recorded as an exceptional item in line with the treatment of the original provision. 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 \u2018solely payments of principal and interest test\u2019 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 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 will 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 \u00a3458 million recognised as exceptional, in line with previous periods. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-777": {
"value": "To monitor our 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. ",
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-771": {
"value": "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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). Finance income and costs remeasurements include unrealised gains and losses on certain assets treated at FVTPL. The interest income, dividends and interest expense on these items are included in finance income and finance costs before remeasurements respectively. 2023 2022 2021 Notes \u00a3m \u00a3m \u00a3m Finance income Net interest income on pensions and other post-retirement benefit obligations 25 85 \u2014 \u2014 Interest income on financial instruments: Bank deposits and other financial assets 80 32 33 Dividends received on equities held at fair value through other comprehensive income (FVOCI) 1 3 2 Other income \u2014 30 \u2014 166 65 35 Finance costs Net interest expense on pensions and other post-retirement benefit obligations 25 \u2014 \u2014 (51) Interest expense on financial liabilities held at amortised cost: Bank loans and overdrafts (328) (216) (53) Other borrowings1 (1,330) (961) (741) Interest on derivatives (170) (59) (47) Unwinding of discount on provisions 26 (88) (73) (77) Other interest (13) 11 (51) Less: interest capitalised2 249 152 120 (1,680) (1,146) (900) Remeasurements \u2013 Finance income Net (losses)/gains on FVTPL financial assets (28) (15) 23 (28) (15) 23 Remeasurements \u2013 Finance costs Net gains on financing derivatives\u00b3: Derivatives designated as hedges for hedge accounting 22 45 30 Derivatives not designated as hedges for hedge accounting 60 29 17 82 74 47 Total remeasurements \u2013 Finance income and costs 54 59 70 Finance income 138 50 58 Finance costs4 (1,598) (1,072) (853) Net finance costs from continuing operations (1,460) (1,022) (795) 1. Includes interest expense on lease liabilities (see note 13 for details). 2. Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 4.7% (2022: 3.2%; 2021: 3.1%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of \u00a330 million (2022: \u00a316 million; 2021: \u00a311 million). In the US, capitalised interest is added to the cost of property, plant and equipment and qualifies for tax depreciation allowances. 3. Includes a net foreign exchange loss on borrowing activities of \u00a386 million (2022: \u00a3110 million gain; 2021: \u00a373 million gain) offset by foreign exchange gains and losses on financing derivatives measured at fair value. 4. Finance costs include principal accretion on inflation-linked liabilities of \u00a3483 million (2022: \u00a3241 million; 2021: \u00a346 million). ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-756": {
"value": "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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). Finance income and costs remeasurements include unrealised gains and losses on certain assets treated at FVTPL. The interest income, dividends and interest expense on these items are included in finance income and finance costs before remeasurements respectively. 2023 2022 2021 Notes \u00a3m \u00a3m \u00a3m Finance income Net interest income on pensions and other post-retirement benefit obligations 25 85 \u2014 \u2014 Interest income on financial instruments: Bank deposits and other financial assets 80 32 33 Dividends received on equities held at fair value through other comprehensive income (FVOCI) 1 3 2 Other income \u2014 30 \u2014 166 65 35 Finance costs Net interest expense on pensions and other post-retirement benefit obligations 25 \u2014 \u2014 (51) Interest expense on financial liabilities held at amortised cost: Bank loans and overdrafts (328) (216) (53) Other borrowings1 (1,330) (961) (741) Interest on derivatives (170) (59) (47) Unwinding of discount on provisions 26 (88) (73) (77) Other interest (13) 11 (51) Less: interest capitalised2 249 152 120 (1,680) (1,146) (900) Remeasurements \u2013 Finance income Net (losses)/gains on FVTPL financial assets (28) (15) 23 (28) (15) 23 Remeasurements \u2013 Finance costs Net gains on financing derivatives\u00b3: Derivatives designated as hedges for hedge accounting 22 45 30 Derivatives not designated as hedges for hedge accounting 60 29 17 82 74 47 Total remeasurements \u2013 Finance income and costs 54 59 70 Finance income 138 50 58 Finance costs4 (1,598) (1,072) (853) Net finance costs from continuing operations (1,460) (1,022) (795) 1. Includes interest expense on lease liabilities (see note 13 for details). 2. Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 4.7% (2022: 3.2%; 2021: 3.1%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of \u00a330 million (2022: \u00a316 million; 2021: \u00a311 million). In the US, capitalised interest is added to the cost of property, plant and equipment and qualifies for tax depreciation allowances. 3. Includes a net foreign exchange loss on borrowing activities of \u00a386 million (2022: \u00a3110 million gain; 2021: \u00a373 million gain) offset by foreign exchange gains and losses on financing derivatives measured at fair value. 4. Finance costs include principal accretion on inflation-linked liabilities of \u00a3483 million (2022: \u00a3241 million; 2021: \u00a346 million). ",
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-711": {
"value": "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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). Finance income and costs remeasurements include unrealised gains and losses on certain assets treated at FVTPL. The interest income, dividends and interest expense on these items are included in finance income and finance costs before remeasurements respectively. 2023 2022 2021 Notes \u00a3m \u00a3m \u00a3m Finance income Net interest income on pensions and other post-retirement benefit obligations 25 85 \u2014 \u2014 Interest income on financial instruments: Bank deposits and other financial assets 80 32 33 Dividends received on equities held at fair value through other comprehensive income (FVOCI) 1 3 2 Other income \u2014 30 \u2014 166 65 35 Finance costs Net interest expense on pensions and other post-retirement benefit obligations 25 \u2014 \u2014 (51) Interest expense on financial liabilities held at amortised cost: Bank loans and overdrafts (328) (216) (53) Other borrowings1 (1,330) (961) (741) Interest on derivatives (170) (59) (47) Unwinding of discount on provisions 26 (88) (73) (77) Other interest (13) 11 (51) Less: interest capitalised2 249 152 120 (1,680) (1,146) (900) Remeasurements \u2013 Finance income Net (losses)/gains on FVTPL financial assets (28) (15) 23 (28) (15) 23 Remeasurements \u2013 Finance costs Net gains on financing derivatives\u00b3: Derivatives designated as hedges for hedge accounting 22 45 30 Derivatives not designated as hedges for hedge accounting 60 29 17 82 74 47 Total remeasurements \u2013 Finance income and costs 54 59 70 Finance income 138 50 58 Finance costs4 (1,598) (1,072) (853) Net finance costs from continuing operations (1,460) (1,022) (795) 1. Includes interest expense on lease liabilities (see note 13 for details). 2. Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 4.7% (2022: 3.2%; 2021: 3.1%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of \u00a330 million (2022: \u00a316 million; 2021: \u00a311 million). In the US, capitalised interest is added to the cost of property, plant and equipment and qualifies for tax depreciation allowances. 3. Includes a net foreign exchange loss on borrowing activities of \u00a386 million (2022: \u00a3110 million gain; 2021: \u00a373 million gain) offset by foreign exchange gains and losses on financing derivatives measured at fair value. 4. Finance costs include principal accretion on inflation-linked liabilities of \u00a3483 million (2022: \u00a3241 million; 2021: \u00a346 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-804": {
"value": "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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-778": {
"value": "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. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-712": {
"value": "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. The current tax charge is the tax payable on this year\u2019s 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. There are a number of tax positions not yet agreed with the tax authorities where 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. Tax charged to the consolidated income statement \u2013 continuing operations 2023 2022 2021 \u00a3m \u00a3m \u00a3m Tax before exceptional items and remeasurements 635 669 334 Exceptional tax on items not included in profit before tax (note 5) \u2014 458 \u2014 Tax on other exceptional items and remeasurements 241 131 26 Total tax reported within exceptional items and remeasurements 241 589 26 Total tax charge from continuing operations 876 1,258 360 Tax as a percentage of profit before tax 2023 2022 2021 % % % Before exceptional items and remeasurements \u2013 continuing operations 21.4 23.2 20.5 After exceptional items and remeasurements \u2013 continuing operations 24.4 36.6 21.6 The tax charge for the year can be analysed as follows:
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Current tax:
UK corporation tax at 19% (2022: 19%; 2021: 19%) 161 255 157
UK corporation tax adjustment in respect of prior years \u2014 (9) 15
161 246 172
Overseas corporation tax 225 6 3
Overseas corporation tax adjustment in respect of prior years (16) (26) (15)
209 (20) (12)
Total current tax from continuing operations
370 226 160
Deferred tax:
UK deferred tax 255 605 39
UK deferred tax adjustment in respect of prior years 13 (5) (20)
268 600 19
Overseas deferred tax 233 425 174
Overseas deferred tax adjustment in respect of prior years 5 7 7
238 432 181
Total deferred tax from continuing operations
506 1,032 200
Total tax charge from continuing operations
876 1,258 360
Tax (credited)/charged to the consolidated statement of comprehensive income and equity
2023 2022 2021
\u00a3m \u00a3m \u00a3m
Current tax:
Share-based payments (1) \u2014 \u2014
Deferred tax:
Investments at fair value through other comprehensive income (1) \u2014 12
Cash flow hedges, cost of hedging and own credit reserve (7) (12) 6
Remeasurements of pension assets and post-retirement benefit obligations (344) 493 462
Share-based payments
1 (4) 1
(352) 477 481
Total tax recognised in the statements of comprehensive income from continuing operations
(352) 481 480
Total tax relating to share-based payments recognised directly in equity from continuing operations \u2014 (4) 1
(352) 477 481
The tax charge for the year after exceptional items and remeasurements, for the continuing business, is higher (2022: higher tax charge; 2021: higher tax charge) than the standard rate of corporation tax in the UK of 19% (2022: 19%; 2021: 19%): Before exceptional items and remeasurements After exceptional items and remeasurements Before exceptional items and remeasurements After exceptional items and remeasurements Before exceptional items and remeasurements After exceptional items and remeasurements 2023 2023 2022 2022 2021 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Profit before tax from continuing operations Before exceptional items and remeasurements 2,970 2,970 2,880 2,880 1,628 1,628 Exceptional items and remeasurements \u2014 620 \u2014 561 \u2014 36 Profit before tax from continuing operations 2,970 3,590 2,880 3,441 1,628 1,664 Profit before tax from continuing operations multiplied by UK corporation tax rate of 19% (2022: 19%; 2021: 19%) 564 682 547 654 309 316 Effect of: Adjustments in respect of prior years1 2 2 (28) (33) (10) (12) Expenses not deductible for tax purposes 28 92 13 47 18 29 Non-taxable income 2 (47) (75) (19) (49) (7) (7) Adjustment in respect of foreign tax rates3 73 147 143 170 42 42 Deferred tax impact of change in UK tax rate 62 66 43 501 \u2014 \u2014 Adjustment in respect of post-tax profits of joint ventures and associates included within profit before tax (36) (27) (28) (17) (15) (12) Other4 (11) (11) (2) (15) (3) 4 Total tax charge from continuing operations 635 876 669 1,258 334 360 % % % % % % Effective tax rate \u2013 continuing operations 21.4 24.4 23.2 36.6 20.5 21.6 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. Includes remeasurement of US closing state deferred tax balances as a result of 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 In the Spring Budget 2021, the UK Government announced an increase in the main corporation tax rate from 19% to 25% with effect from 1 April 2023. This was substantively enacted on 24 May 2021. Deferred tax balances as at 31 March 2023 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 2023 have been calculated at the prevailing tax rates based on the current tax laws. We will continue to monitor the developments driven by Brexit, the OECD\u2019s Base Erosion and Profit Shifting (BEPS) project and European Commission initiatives including fiscal aid investigations. At this time, we do not expect this to have any material impact on our future tax charges. Governments across the world, including the UK and the US, have introduced various stimuli/reliefs for businesses to cope with the impact of the COVID-19 pandemic, from which we do not currently expect there to be a material impact on our future tax charges. 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
\u00a3m
Accelerated
tax
depreciation
\u00a3m
Share-
based
payments
\u00a3m
Pensions
and other
post-
retirement
benefits
\u00a3m
Financial
instruments
\u00a3m
Other net
temporary
differences
1
\u00a3m
Total
\u00a3m
Deferred tax liabilities/(assets)
At 1 April 2021
\u2014 6,434 (42) 93 (44) (1,626) 4,815
Exchange adjustments and other
2
\u2014 247 (1) 1 1 (85) 163
Charged/(credited) to income statement
\u2014 1,050 26 118 153 (117) 1,230
Charged/(credited) to other comprehensive income and equity
\u2014 \u2014 (6) 587 (10) \u2014 571
Reclassification to held for sale (note 10)
\u2014 (643) 5 (166) 2 (1) (803)
Acquisition of NGED (note 37)
429 622 \u2014 142 (403) (1) 789
At 1 April 2022
429 7,710 (18) 775 (301) (1,830) 6,765
Exchange adjustments and other
2
\u2014 357 (2) 8 8 (116) 255
Charged/(credited) to income statement
\u2014 145 (2) 51 (71) 386 509
Charged/(credited) to other comprehensive income and equity
\u2014 \u2014 1 (344) (6) \u2014 (349)
Disposals
\u2014 1 \u2014 \u2014 \u2014 \u2014 1
At 31 March 2023
429 8,213 (21) 490 (370) (1,560) 7,181
1. The deferred tax asset of \u00a31,560 million as at 31 March 2023 (2022: \u00a31,830 million) in respect of other net temporary differences primarily relates to losses of \u00a347 million (2022:
\u00a3428 million), US contract and lease liabilities \u00a3511 million (2022: \u00a3450 million), US environmental provisions of \u00a3503 million (2022: \u00a3511 million) and US bad debt provision of
\u00a3148 million (2022: \u00a3201 million).
2. Exchange adjustments and other primarily comprises foreign exchange arising on translation of the US dollar deferred tax balances.
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 \u00a37,181 million
(2022: \u00a36,765 million). This balance is after offset of a deferred tax asset of \u00a347 million (2022: \u00a3428 million) which has been recognised in respect
of net operating losses (\u00a339 million) and capital losses (\u00a38 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:
2023 2022
\u00a3m \u00a3m
Capital losses
2,367
2,363
Non-trade deficits
\u2014
1
Trading losses
4
7
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. The UK non-trade deficits arose prior to 1 April 2017 and therefore can only be offset against future non-trade profits.
At 31 March 2023 and 31 March 2022, there were no recognised deferred tax liabilities for taxes that would be payable on the unremitted
earnings of the Group\u2019s subsidiaries or its associates as there are no significant corporation tax consequences of the Group\u2019s 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-779": {
"value": "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. The current tax charge is the tax payable on this year\u2019s 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-713": {
"value": "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. Adjusted earnings and EPS, which exclude exceptional items and remeasurements, are provided to reflect the adjusted profit subtotals used by the Company. We have included reconciliations from this additional EPS measure to earnings for both basic and diluted EPS to provide additional detail for these items. For further details of exceptional items and remeasurements, see note 5. (a) Basic EPS Earnings EPS Earnings EPS Earnings EPS 2023 2023 2022 2022 2021 2021 \u00a3m pence \u00a3m pence \u00a3m pence Adjusted earnings from continuing operations 2,335 63.8 2,210 61.4 1,293 36.7 Exceptional items and remeasurements after tax from continuing operations (see note 5) 379 10.4 (28) (0.8) 10 0.3 Earnings from continuing operations 2,714 74.2 2,182 60.6 1,303 37.0 Adjusted earnings from discontinued operations (see note 10) 320 8.7 344 9.6 340 9.7 Exceptional items and remeasurements after tax from discontinued operations 4,763 130.2 (173) (4.8) (3) (0.1) Earnings from discontinued operations 5,083 138.9 171 4.8 337 9.6 Total adjusted earnings 2,655 72.5 2,554 71.0 1,633 46.4 Total exceptional items and remeasurements after tax (including discontinued operations) 5,142 140.6 (201) (5.6) 7 0.2 Total earnings 7,797 213.1 2,353 65.4 1,640 46.6 2023 2022 2021 millions millions millions Weighted average number of ordinary shares \u2013 basic 3,659 3,599 3,523 (b) Diluted EPS Earnings EPS Earnings EPS Earnings EPS 2023 2023 2022 2022 2021 2021 \u00a3m pence \u00a3m pence \u00a3m pence Adjusted earnings from continuing operations 2,335 63.5 2,210 61.1 1,293 36.5 Exceptional items and remeasurements after tax from continuing operations (see note 5) 379 10.3 (28) (0.8) 10 0.3 Earnings from continuing operations 2,714 73.8 2,182 60.3 1,303 36.8 Adjusted earnings from discontinued operations 320 8.7 344 9.5 340 9.6 Exceptional items and remeasurements after tax from discontinued operations (see note 10) 4,763 129.6 (173) (4.8) (3) (0.1) Earnings from discontinued operations 5,083 138.3 171 4.7 337 9.5 Total adjusted earnings 2,655 72.2 2,554 70.6 1,633 46.1 Total exceptional items and remeasurements after tax (including discontinued operations) 5,142 139.9 (201) (5.6) 7 0.2 Total earnings 7,797 212.1 2,353 65.0 1,640 46.3 2023 2022 2021 millions millions millions Weighted average number of ordinary shares \u2013 diluted 3,676 3,616 3,540 (c) Reconciliation of basic to diluted average number of shares 2023 2022 2021 millions millions millions Weighted average number of ordinary shares \u2013 basic 3,659 3,599 3,523 Effect of dilutive potential ordinary shares \u2013 employee share plans 17 17 17 Weighted average number of ordinary shares \u2013 diluted 3,676 3,616 3,540 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-780": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-714": {
"value": "9. Dividends Interim dividends are recognised when they become payable to the Company\u2019s shareholders. Final dividends are recognised when they are approved by shareholders. 2023 2022 2021 Pence per share Cash dividend \u00a3m Scrip dividend \u00a3m Pence per share Cash dividend \u00a3m Scrip dividend \u00a3m Pence per share Cash dividend \u00a3m Scrip dividend \u00a3m Interim dividend in respect of the current year 17.84 488 163 17.21 339 282 17.00 348 249 Final dividend in respect of the prior year 33.76 1,119 114 32.16 583 562 32.00 1,065 54 51.60 1,607 277 49.37 922 844 49.00 1,413 303 The Directors are proposing a final dividend for the year ended 31 March 2023 of 37.60p per share that would absorb approximately \u00a31,383 million of shareholders\u2019 equity (assuming all amounts are settled in cash). It will be paid on 9 August 2023 to shareholders who are on the register of members at 2 June 2023 (subject to shareholders\u2019 approval at the AGM). A scrip dividend will be offered as an alternative. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-715": {
"value": "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 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: 2023 2022 Total assets held for sale \u00a3m Total liabilities held for sale \u00a3m Net assets held for sale \u00a3m Total assets held for sale \u00a3m Total liabilities held for sale \u00a3m Net assets held for sale \u00a3m Investment in GasT TopCo Limited 1,443 \u2014 1,443 \u2014 \u2014 \u2014 FAA derivative \u2014 (109) (109) \u2014 \u2014 \u2014 The Narragansett Electric Company \u2014 \u2014 \u2014 4,129 (1,658) 2,471 UK Gas Transmission \u2014 \u2014 \u2014 5,871 (5,530) 341 Net assets held for sale 1,443 (109) 1,334 10,000 (7,188) 2,812 Gain on disposal of The Narragansett Electric Company On 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO). The Group subsequently completed the NECO Sale to PPL Rhode Island Holdings, LLC on 25 May 2022 for cash consideration of \u00a33.1 billion ($3.9 billion). NECO was part of our New England operating segment and is a retail distribution company providing electricity and gas to customers in Rhode Island. The associated assets and liabilities were presented as held for sale in the consolidated financial statements with effect from the year ended 31 March 2021.As NECO did not represent a separate major line of business or geographical area of operation, it did not meet the criteria for classification as a discontinued operation and therefore its results are not separately disclosed on the face of the income statement. Financial information relating to the gain arising on the disposal of NECO is set out below: \u00a3m Goodwill 616 Intangible assets 4 Property, plant and equipment 3,363 Trade and other receivables 215 Cash and cash equivalents 113 Other assets 165 Total assets on disposal 4,476 Borrowings (1,230) Pension liabilities (19) Other liabilities (552) Total liabilities on disposal (1,801) Net assets on disposal 2,675 Satisfied by: Cash proceeds 3,081 Total consideration received 3,081 Less: Financing costs 1 (40) Gain on sale before tax and reclassification of foreign currency translation reserve 366 Reclassification of foreign currency translation reserve 2 145 Tax 3 (231) Post-tax gain on disposal 280 1. Relates to the transfer of hedge losses previously deferred within equity in respect of foreign exchange forward contracts which the Group entered into in order to manage its exposure to the foreign currency cash proceeds due from PPL Rhode Island Holdings, LLC. 2. The reclassification of the foreign currency translation reserve attributable to NECO comprises a gain of \u00a3496 million relating to the retranslation of NECO\u2019s operations offset by a loss of \u00a3351 million relating to borrowings, cross-currency swaps and foreign exchange forward contracts used to hedge the Group\u2019s net investment in NECO. 3. The high effective tax rate arising on the gain on sale is primarily a result of the tax base of the assets being significantly lower than the accounting base which includes non-deductible goodwill. No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. NECO generated profit after tax of \u00a384 million for the period until 25 May 2022 (2022: \u00a3237 million; 2021: \u00a3104 million) which was recognised within continuing operations. Gain on disposal of the UK Gas Transmission business On 27 March 2022, the Group entered into an Acquisition Agreement to sell 100% of the UK Gas Transmission business in exchange for \u00a34.0 billion of cash consideration and a 40% interest in a newly incorporated company, GasT TopCo Limited. The Group subsequently completed the sale on 31 January 2023. The other 60% interest in GasT TopCo Limited is owned by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (BCI) (together, the \u2018Consortium\u2019). The Group classified the associated assets and liabilities of the business as held for sale in the consolidated statement of financial position as at 31 August 2021, when the sale was considered to be highly probable following management approval of the sale timetable and communication thereof to potential buyers. Accordingly, the UK Gas Transmission business was also reported as held for sale in the consolidated statement of financial position as at 31 March 2022. Financial information relating to the gain arising on the disposal of the UK Gas Transmission business is set out below: \u00a3m Intangible assets 180 Property, plant and equipment 4,981 Trade and other receivables 458 Pension assets 341 Cash and cash equivalents 5 Financing derivatives 96 Other assets 338 Total assets 6,399 Borrowings (4,276) Deferred tax liabilities (800) Other liabilities (711) Total liabilities (5,787) Net assets on disposal 612 Satisfied by: Cash proceeds 4,032 Associate at fair value 1,443 Total consideration received 5,475 Less: Transaction costs (60) Gain on disposal 4,803 No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. The portion of the gain on disposal related to the remeasurement of the Group\u2019s retained non-controlling investment to fair value is \u00a31,198 million. GasT TopCo Limited is an unlisted entity, and so no quoted price exists. The fair value has been determined with reference to the equity value of GasT TopCo Limited, derived through a valuation exercise performed under the discount dividend model (DDM) methodology. The DDM methodology involves estimating the future cash flows expected to be generated by the associate and discounting those back to their present value using an appropriate discount rate. Management has determined that the DDM methodology provides a reasonable estimate of the fair value of the associate interest at the date of acquisition. On 27 March 2022, the Group also entered into an FAA with the Consortium. The FAA gives the Consortium the option to purchase the Group\u2019s 40% equity interest in GasT TopCo Limited for \u00a31.4 billion plus an annualised escalation factor. The FAA became binding following the settlement of the Acquisition Agreement and is exercisable in the period between 1 May and 31 July 2023. The window can further be deferred at the Group\u2019s discretion by three months. The FAA 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\u2019s unlisted equity. These inputs are used as part of a Black-Scholes option pricing model to produce the reported valuation. The fair value of the option as at 31 March 2023 is \u00a3109 million (31 March 2022: \u00a3nil). The FAA derivative will be extinguished when the option is either exercised or lapses. The option cannot be cash settled. The Group\u2019s interest in GasT TopCo Limited was immediately classified as held for sale with effect from 31 January 2023 together with the FAA derivative. The Group has not applied equity accounting in relation to its investment in GasT TopCo Limited. (b) Discontinued operations UK Gas Transmission As UK Gas Transmission represented a major separate line of business, the business was also classified as a discontinued operation in the prior year. The results of the business are shown separately from the continuing business for all periods presented on the face of the income statement as a discontinued operation. This is also reflected in the statement of comprehensive income, as well as earnings per share (EPS) being shown split between continuing and discontinued operations. The summary income statement for the UK Gas Transmission business for the period until 31 January 2023 and the years ended 31 March 2022 and 2021 is as follows: Before exceptional items and remeasurements Exceptional items and remeasurements Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Discontinued operations Revenue 1,604 1,362 1,114 \u2014 \u2014 \u2014 1,604 1,362 1,114 Other operating costs (890) (708) (615) 1 (17) (5) (889) (725) (620) Operating profit 714 654 499 1 (17) (5) 715 637 494 Finance income 15 \u2014 \u2014 6 \u2014 \u2014 21 \u2014 \u2014 Finance costs1 (310) (218) (77) (53) (12) 2 (363) (230) (75) Profit before tax 419 436 422 (46) (29) (3) 373 407 419 Tax2 (99) (92) (82) 6 (144) \u2014 (93) (236) (82) Profit after tax from discontinued operations 320 344 340 (40) (173) (3) 280 171 337 Gain on disposal \u2014 \u2014 \u2014 4,803 \u2014 \u2014 4,803 \u2014 \u2014 Total profit after tax from discontinued operations 320 344 340 4,763 (173) (3) 5,083 171 337 1. Finance costs from discontinued operations include principal accretion of inflation-linked liabilities in the UK Gas Transmission business of \u00a3268 million (2022: \u00a3158 million; 2021: \u00a338 million). Exceptional finance costs in the current year relate to the remeasurement of the FAA derivative. 2. Of the \u00a3144 million exceptional tax charge in the year ended 31 March 2022, \u00a3145 million relates to an increase in deferred tax liability due to the change in the UK corporation tax rate. The summary statement of comprehensive income for discontinued operations for the period until 31 January 2023 and the years ended 31 March 2022 and 2021 is as follows: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Profit after tax from discontinued operations 5,083 171 337 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 (250) Net losses on financial liability designated at fair value through profit and loss attributable to changes in own credit risk \u2014 (1) (11) Net losses in respect of cash flow hedging of capital expenditure \u2014 \u2014 (2) Tax on items that will never be reclassified to profit or loss 78 (94) 50 Total (losses)/gains from discontinued operations that will never be reclassified to profit or loss (235) 214 (213) Items from discontinued operations that may be reclassified subsequently to profit or loss: Net gains in respect of cash flow hedges 6 1 3 Net gains/(losses) in respect of cost of hedging 4 (4) (6) Tax on items that may be reclassified subsequently to profit or loss (2) \u2014 \u2014 Total gains/(losses) from discontinued operations that may be reclassified subsequently to profit or loss 8 (3) (3) Other comprehensive (loss)/income for the year, net of tax from discontinued operations (227) 211 (216) Total comprehensive income for the year from discontinued operations 4,856 382 121 Details of the cash flows relating to discontinued operations are set out within the consolidated cash flow statement. ",
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"fact-781": {
"value": "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 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. ",
"dimensions": {
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"fact-757": {
"value": "(a) Assets held for sale The following assets and liabilities were classified as held for sale: 2023 2022 Total assets held for sale \u00a3m Total liabilities held for sale \u00a3m Net assets held for sale \u00a3m Total assets held for sale \u00a3m Total liabilities held for sale \u00a3m Net assets held for sale \u00a3m Investment in GasT TopCo Limited 1,443 \u2014 1,443 \u2014 \u2014 \u2014 FAA derivative \u2014 (109) (109) \u2014 \u2014 \u2014 The Narragansett Electric Company \u2014 \u2014 \u2014 4,129 (1,658) 2,471 UK Gas Transmission \u2014 \u2014 \u2014 5,871 (5,530) 341 Net assets held for sale 1,443 (109) 1,334 10,000 (7,188) 2,812 Gain on disposal of The Narragansett Electric Company On 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO). The Group subsequently completed the NECO Sale to PPL Rhode Island Holdings, LLC on 25 May 2022 for cash consideration of \u00a33.1 billion ($3.9 billion). NECO was part of our New England operating segment and is a retail distribution company providing electricity and gas to customers in Rhode Island. The associated assets and liabilities were presented as held for sale in the consolidated financial statements with effect from the year ended 31 March 2021. As NECO did not represent a separate major line of business or geographical area of operation, it did not meet the criteria for classification as a discontinued operation and therefore its results are not separately disclosed on the face of the income statement. Financial information relating to the gain arising on the disposal of NECO is set out below: \u00a3m Goodwill 616 Intangible assets 4 Property, plant and equipment 3,363 Trade and other receivables 215 Cash and cash equivalents 113 Other assets 165 Total assets on disposal 4,476 Borrowings (1,230) Pension liabilities (19) Other liabilities (552) Total liabilities on disposal (1,801) Net assets on disposal 2,675 Satisfied by: Cash proceeds 3,081 Total consideration received 3,081 Less: Financing costs 1 (40) Gain on sale before tax and reclassification of foreign currency translation reserve 366 Reclassification of foreign currency translation reserve 2 145 Tax 3 (231) Post-tax gain on disposal 280 1. Relates to the transfer of hedge losses previously deferred within equity in respect of foreign exchange forward contracts which the Group entered into in order to manage its exposure to the foreign currency cash proceeds due from PPL Rhode Island Holdings, LLC. 2. The reclassification of the foreign currency translation reserve attributable to NECO comprises a gain of \u00a3496 million relating to the retranslation of NECO\u2019s operations offset by a loss of \u00a3351 million relating to borrowings, cross-currency swaps and foreign exchange forward contracts used to hedge the Group\u2019s net investment in NECO. 3. The high effective tax rate arising on the gain on sale is primarily a result of the tax base of the assets being significantly lower than the accounting base which includes non-deductible goodwill. No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. NECO generated profit after tax of \u00a384 million for the period until 25 May 2022 (2022: \u00a3237 million; 2021: \u00a3104 million) which was recognised within continuing operations. Gain on disposal of the UK Gas Transmission business On 27 March 2022, the Group entered into an Acquisition Agreement to sell 100% of the UK Gas Transmission business in exchange for \u00a34.0 billion of cash consideration and a 40% interest in a newly incorporated company, GasT TopCo Limited. The Group subsequently completed the sale on 31 January 2023. The other 60% interest in GasT TopCo Limited is owned by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (BCI) (together, the \u2018Consortium\u2019). The Group classified the associated assets and liabilities of the business as held for sale in the consolidated statement of financial position as at 31 August 2021, when the sale was considered to be highly probable following management approval of the sale timetable and communication thereof to potential buyers. Accordingly, the UK Gas Transmission business was also reported as held for sale in the consolidated statement of financial position as at 31 March 2022. Financial information relating to the gain arising on the disposal of the UK Gas Transmission business is set out below: \u00a3m Intangible assets 180 Property, plant and equipment 4,981 Trade and other receivables 458 Pension assets 341 Cash and cash equivalents 5 Financing derivatives 96 Other assets 338 Total assets 6,399 Borrowings (4,276) Deferred tax liabilities (800) Other liabilities (711) Total liabilities (5,787) Net assets on disposal 612 Satisfied by: Cash proceeds 4,032 Associate at fair value 1,443 Total consideration received 5,475 Less: Transaction costs (60) Gain on disposal 4,803 No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. The portion of the gain on disposal related to the remeasurement of the Group\u2019s retained non-controlling investment to fair value is \u00a31,198 million. GasT TopCo Limited is an unlisted entity, and so no quoted price exists. The fair value has been determined with reference to the equity value of GasT TopCo Limited, derived through a valuation exercise performed under the discount dividend model (DDM) methodology. The DDM methodology involves estimating the future cash flows expected to be generated by the associate and discounting those back to their present value using an appropriate discount rate. Management has determined that the DDM methodology provides a reasonable estimate of the fair value of the associate interest at the date of acquisition. On 27 March 2022, the Group also entered into an FAA with the Consortium. The FAA gives the Consortium the option to purchase the Group\u2019s 40% equity interest in GasT TopCo Limited for \u00a31.4 billion plus an annualised escalation factor. The FAA became binding following the settlement of the Acquisition Agreement and is exercisable in the period between 1 May and 31 July 2023. The window can further be deferred at the Group\u2019s discretion by three months. The FAA 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\u2019s unlisted equity. These inputs are used as part of a Black-Scholes option pricing model to produce the reported valuation. The fair value of the option as at 31 March 2023 is \u00a3109 million (31 March 2022: \u00a3nil). The FAA derivative will be extinguished when the option is either exercised or lapses. The option cannot be cash settled. The Group\u2019s interest in GasT TopCo Limited was immediately classified as held for sale with effect from 31 January 2023 together with the FAA derivative. The Group has not applied equity accounting in relation to its investment in GasT TopCo Limited. ",
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"fact-758": {
"value": "(b) Discontinued operations UK Gas Transmission As UK Gas Transmission represented a major separate line of business, the business was also classified as a discontinued operation in the prior year. The results of the business are shown separately from the continuing business for all periods presented on the face of the income statement as a discontinued operation. This is also reflected in the statement of comprehensive income, as well as earnings per share (EPS) being shown split between continuing and discontinued operations. The summary income statement for the UK Gas Transmission business for the period until 31 January 2023 and the years ended 31 March 2022 and 2021 is as follows: Before exceptional items and remeasurements Exceptional items and remeasurements Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Discontinued operations Revenue 1,604 1,362 1,114 \u2014 \u2014 \u2014 1,604 1,362 1,114 Other operating costs (890) (708) (615) 1 (17) (5) (889) (725) (620) Operating profit 714 654 499 1 (17) (5) 715 637 494 Finance income 15 \u2014 \u2014 6 \u2014 \u2014 21 \u2014 \u2014 Finance costs1 (310) (218) (77) (53) (12) 2 (363) (230) (75) Profit before tax 419 436 422 (46) (29) (3) 373 407 419 Tax2 (99) (92) (82) 6 (144) \u2014 (93) (236) (82) Profit after tax from discontinued operations 320 344 340 (40) (173) (3) 280 171 337 Gain on disposal \u2014 \u2014 \u2014 4,803 \u2014 \u2014 4,803 \u2014 \u2014 Total profit after tax from discontinued operations 320 344 340 4,763 (173) (3) 5,083 171 337 1. Finance costs from discontinued operations include principal accretion of inflation-linked liabilities in the UK Gas Transmission business of \u00a3268 million (2022: \u00a3158 million; 2021: \u00a338 million). Exceptional finance costs in the current year relate to the remeasurement of the FAA derivative. 2. Of the \u00a3144 million exceptional tax charge in the year ended 31 March 2022, \u00a3145 million relates to an increase in deferred tax liability due to the change in the UK corporation tax rate. The summary statement of comprehensive income for discontinued operations for the period until 31 January 2023 and the years ended 31 March 2022 and 2021 is as follows: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Profit after tax from discontinued operations 5,083 171 337 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 (250) Net losses on financial liability designated at fair value through profit and loss attributable to changes in own credit risk \u2014 (1) (11) Net losses in respect of cash flow hedging of capital expenditure \u2014 \u2014 (2) Tax on items that will never be reclassified to profit or loss 78 (94) 50 Total (losses)/gains from discontinued operations that will never be reclassified to profit or loss (235) 214 (213) Items from discontinued operations that may be reclassified subsequently to profit or loss: Net gains in respect of cash flow hedges 6 1 3 Net gains/(losses) in respect of cost of hedging 4 (4) (6) Tax on items that may be reclassified subsequently to profit or loss (2) \u2014 \u2014 Total gains/(losses) from discontinued operations that may be reclassified subsequently to profit or loss 8 (3) (3) Other comprehensive (loss)/income for the year, net of tax from discontinued operations (227) 211 (216) Total comprehensive income for the year from discontinued operations 4,856 382 121 Details of the cash flows relating to discontinued operations are set out within the consolidated cash flow statement. ",
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"fact-759": {
"value": "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 cash-generating units (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 \u00a3m Net book value at 1 April 2021 4,588 Exchange adjustments 223 Acquisition of NGED (note 37) 4,721 Net book value at 1 April 2022 9,532 Exchange adjustments 315 Net book value at 31 March 2023 9,847 There was no significant accumulated impairment charge as at 31 March 2023 or 31 March 2022. 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\u2019s 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: 2023 2022 CGU or group of CGUs \u00a3m \u00a3m Goodwill: National Grid Ventures Renewables 163 150 New England 1,609 1,510 New York 3,354 3,151 UK Electricity Distribution1 4,721 4,721 Total goodwill 9,847 9,532 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. (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\u2019s 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 UK ED business, a nominal terminal growth rate of 2.6% (2022: 2.5%) is assumed upon the terminal year cash flows, reflecting management\u2019s best view, based on market and operational experience, of the expected long-term growth in the relevant market. For our regulated US operations, due to differences in the regulatory framework and the combination of gas and electricity networks, we apply a growth rate of 2.5% (2022: 2.3%). 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\u2019s capital structure and reflects a market participant\u2019s 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 2023 were as follows: UK ED Group 5.6% (2022: 5.2%); UK ED DNOs 5.6% (2022: 4.9%); New York 6.4% (2022: 5.5%); New England 6.6% (2022: 5.6%); and NGV Renewables 8.6% (2022: 7.5%). (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 \u2013 UK ED, regulated US operations (New York and New England) and NGV Renewables 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. This remains the case even after taking into account the short-term effects of the volatility in wider macroeconomic factors. No reasonably possible changes to inputs to the impairment test performed over goodwill attributable to NGV Renewables were identified as resulting in an impairment. Indefinite-lived regulatory licences \u2013 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 CGUs were identified as resulting in an impairment. ",
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"fact-716": {
"value": "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 cash-generating units (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 \u00a3m Net book value at 1 April 2021 4,588 Exchange adjustments 223 Acquisition of NGED (note 37) 4,721 Net book value at 1 April 2022 9,532 Exchange adjustments 315 Net book value at 31 March 2023 9,847 There was no significant accumulated impairment charge as at 31 March 2023 or 31 March 2022. 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\u2019s 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: 2023 2022 CGU or group of CGUs \u00a3m \u00a3m Goodwill: National Grid Ventures Renewables 163 150 New England 1,609 1,510 New York 3,354 3,151 UK Electricity Distribution1 4,721 4,721 Total goodwill 9,847 9,532 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. (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\u2019s 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 UK ED business, a nominal terminal growth rate of 2.6% (2022: 2.5%) is assumed upon the terminal year cash flows, reflecting management\u2019s best view, based on market and operational experience, of the expected long-term growth in the relevant market. For our regulated US operations, due to differences in the regulatory framework and the combination of gas and electricity networks, we apply a growth rate of 2.5% (2022: 2.3%). 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\u2019s capital structure and reflects a market participant\u2019s 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 2023 were as follows: UK ED Group 5.6% (2022: 5.2%); UK ED DNOs 5.6% (2022: 4.9%); New York 6.4% (2022: 5.5%); New England 6.6% (2022: 5.6%); and NGV Renewables 8.6% (2022: 7.5%). (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 \u2013 UK ED, regulated US operations (New York and New England) and NGV Renewables 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. This remains the case even after taking into account the short-term effects of the volatility in wider macroeconomic factors. No reasonably possible changes to inputs to the impairment test performed over goodwill attributable to NGV Renewables were identified as resulting in an impairment. Indefinite-lived regulatory licences \u2013 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 CGUs were identified as resulting in an impairment. 12. Other intangible assets Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement as it arises. Identifiable intangible assets are recorded at cost less accumulated amortisation and any provision for impairment, with the exception of regulatory licences that are assessed to have indefinite lives and are therefore tested annually for impairment (see note 11 for details of impairment tests performed over indefinite-lived intangible assets). Other intangible assets are tested for impairment only if there is an 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 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. The Group\u2019s regulatory licences relate to electricity distribution licences acquired following the Group\u2019s acquisition of NGED in the prior year (see note 37). The licences provide the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. 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. Internally generated intangible assets, such as software, 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\u2019s 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. The accounting for costs incurred in cloud computing arrangements represented the application of new accounting guidance for the Group for the year ended 31 March 2022. Accordingly, certain costs which were previously capitalised in respect of the Group\u2019s cloud computing arrangements were expensed in the prior year. Other than regulatory licences, intangible assets are amortised on a straight-line basis over their estimated useful economic lives. Amortisation periods for other intangible assets are: Years Software 3 to 10 Regulatory licences Indefinite Regulatory licences1 \u00a3m Software \u00a3m Assets in the course of construction \u00a3m Total \u00a3m Cost at 1 April 2021 \u2014 2,120 686 2,806 Exchange adjustments \u2014 69 11 80 Additions \u2014 15 513 528 Acquisition of NGED (note 37) 1,714 49 \u2014 1,763 Disposals \u2014 (7) \u2014 (7) Reclassifications 2 \u2014 260 (302) (42) Reclassification to held for sale (note 10) \u2014 (431) (38) (469) Cost at 1 April 2022 1,714 2,075 870 4,659 Exchange adjustments \u2014 79 32 111 Additions \u2014 34 544 578 Disposals \u2014 (17) \u2014 (17) Reclassifications 2,3 \u2014 895 (885) 10 Cost at 31 March 2023 1,714 3,066 561 5,341 Accumulated amortisation at 1 April 2021 \u2014 (1,363) \u2014 (1,363) Exchange adjustments \u2014 (33) \u2014 (33) Amortisation charge for the year \u2014 (297) \u2014 (297) Impairment4 \u2014 \u2014 (10) (10) Accumulated amortisation of disposals \u2014 7 \u2014 7 Reclassification to held for sale (note 10) \u2014 309 \u2014 309 Accumulated amortisation at 1 April 2022 \u2014 (1,377) (10) (1,387) Exchange adjustments \u2014 (51) \u2014 (51) Amortisation charge for the year \u2014 (291) \u2014 (291) Accumulated amortisation of disposals \u2014 15 \u2014 15 Reclassifications 3 \u2014 (23) \u2014 (23) Accumulated amortisation at 31 March 2023 \u2014 (1,727) (10) (1,737) Net book value at 31 March 2023\u2075 1,714 1,339 551 3,604 Net book value at 31 March 2022 1,714 698 860 3,272 1. Relates to the licence intangibles acquired as part of the acquisition of NGED in the prior year (see note 37). The Group assesses its indefinite-lived intangible assets for impairment annually (see note 11). 2. Reclassifications includes amounts transferred to property, plant and equipment (see note 13). 3. Amounts recognised in the year include adjustments relating to a misclassification between cost and accumulated depreciation in the prior year. 4. Depreciation of assets in the course of construction relate to impairment provision adjustments recognised in the prior year. 5. The Group has capitalised \u00a3370 million (2022: \u00a3366 million) in relation to the Gas Business Enablement system in the US, of which \u00a3369 million (2022: \u00a3152 million) is in service and is being amortised over 10 years, with the remainder included within assets in the course of construction. A further \u00a387 million (2022: \u00a3103 million) relates to our new UK general ledger system within software and is being amortised over 10 years, having been reclassified from assets in the course of construction to software assets in the prior year. ",
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"value": "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. Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement as it arises. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-805": {
"value": "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. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-760": {
"value": "12. Other intangible assets Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement as it arises. Identifiable intangible assets are recorded at cost less accumulated amortisation and any provision for impairment, with the exception of regulatory licences that are assessed to have indefinite lives and are therefore tested annually for impairment (see note 11 for details of impairment tests performed over indefinite-lived intangible assets). Other intangible assets are tested for impairment only if there is an 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 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. The Group\u2019s regulatory licences relate to electricity distribution licences acquired following the Group\u2019s acquisition of NGED in the prior year (see note 37). The licences provide the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. 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. Internally generated intangible assets, such as software, 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\u2019s 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. The accounting for costs incurred in cloud computing arrangements represented the application of new accounting guidance for the Group for the year ended 31 March 2022. Accordingly, certain costs which were previously capitalised in respect of the Group\u2019s cloud computing arrangements were expensed in the prior year. Other than regulatory licences, intangible assets are amortised on a straight-line basis over their estimated useful economic lives. Amortisation periods for other intangible assets are: Years Software 3 to 10 Regulatory licences Indefinite Regulatory licences1 \u00a3m Software \u00a3m Assets in the course of construction \u00a3m Total \u00a3m Cost at 1 April 2021 \u2014 2,120 686 2,806 Exchange adjustments \u2014 69 11 80 Additions \u2014 15 513 528 Acquisition of NGED (note 37) 1,714 49 \u2014 1,763 Disposals \u2014 (7) \u2014 (7) Reclassifications 2 \u2014 260 (302) (42) Reclassification to held for sale (note 10) \u2014 (431) (38) (469) Cost at 1 April 2022 1,714 2,075 870 4,659 Exchange adjustments \u2014 79 32 111 Additions \u2014 34 544 578 Disposals \u2014 (17) \u2014 (17) Reclassifications 2,3 \u2014 895 (885) 10 Cost at 31 March 2023 1,714 3,066 561 5,341 Accumulated amortisation at 1 April 2021 \u2014 (1,363) \u2014 (1,363) Exchange adjustments \u2014 (33) \u2014 (33) Amortisation charge for the year \u2014 (297) \u2014 (297) Impairment4 \u2014 \u2014 (10) (10) Accumulated amortisation of disposals \u2014 7 \u2014 7 Reclassification to held for sale (note 10) \u2014 309 \u2014 309 Accumulated amortisation at 1 April 2022 \u2014 (1,377) (10) (1,387) Exchange adjustments \u2014 (51) \u2014 (51) Amortisation charge for the year \u2014 (291) \u2014 (291) Accumulated amortisation of disposals \u2014 15 \u2014 15 Reclassifications 3 \u2014 (23) \u2014 (23) Accumulated amortisation at 31 March 2023 \u2014 (1,727) (10) (1,737) Net book value at 31 March 2023\u2075 1,714 1,339 551 3,604 Net book value at 31 March 2022 1,714 698 860 3,272 1. Relates to the licence intangibles acquired as part of the acquisition of NGED in the prior year (see note 37). The Group assesses its indefinite-lived intangible assets for impairment annually (see note 11). 2. Reclassifications includes amounts transferred to property, plant and equipment (see note 13). 3. Amounts recognised in the year include adjustments relating to a misclassification between cost and accumulated depreciation in the prior year. 4. Depreciation of assets in the course of construction relate to impairment provision adjustments recognised in the prior year. 5. The Group has capitalised \u00a3370 million (2022: \u00a3366 million) in relation to the Gas Business Enablement system in the US, of which \u00a3369 million (2022: \u00a3152 million) is in service and is being amortised over 10 years, with the remainder included within assets in the course of construction. A further \u00a387 million (2022: \u00a3103 million) relates to our new UK general ledger system within software and is being amortised over 10 years, having been reclassified from assets in the course of construction to software assets in the prior year. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-806": {
"value": "Other intangible assets include software which is written down (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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. Indefinite-lived intangibles comprise regulatory licences for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are considered to have an indefinite life and are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate a potential impairment. Any impairment is charged to the income statement as it arises. ",
"dimensions": {
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-717": {
"value": "13. Property, plant and equipment Property, plant and equipment are the physical assets controlled by us. The cost of these assets primarily represents the amount initially paid for them or the fair value on the date of acquisition of a business. Cost includes both their purchase price and the construction and other costs associated with getting them ready for operation. 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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. 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. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. 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. Property, plant and equipment includes assets in which the Group\u2019s interest comprises legally protected statutory or contractual rights of use. 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. 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. (a) Analysis of property, plant and equipment Land and buildings \u00a3m Plant and machinery \u00a3m Assets in the course of construction \u00a3m Motor vehicles and office equipment \u00a3m Total \u00a3m Cost at 1 April 2021 3,752 56,061 5,221 1,018 66,052 Exchange adjustments 97 1,627 111 37 1,872 Additions 22 926 4,843 129 5,920 Acquisition of NGED (note 37) 200 9,512 185 154 10,051 Disposals (165) (367) \u2014 (88) (620) Reclassifications1 62 4,063 (4,133) 89 81 Reclassification to held for sale (note 10) (309) (8,800) (640) (267) (10,016) 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) \u2014 (36) (12) \u2014 (48) Reclassifications1,2 286 3,841 (4,312) 102 (83) Cost at 31 March 2023 4,066 69,765 6,760 1,222 81,813 Accumulated depreciation at 1 April 2021 (876) (17,482) \u2014 (651) (19,009) Exchange adjustments (20) (351) \u2014 (23) (394) Depreciation charge for the year3 (114) (1,300) (48) (167) (1,629) Disposals 29 311 \u2014 88 428 Reclassifications1 15 (40) (18) 2 (41) Reclassification to held for sale (note 10) 193 4,421 6 217 4,837 Accumulated depreciation at 1 April 2022 (773) (14,441) (60) (534) (15,808) Exchange adjustments (30) (444) \u2014 (32) (506) Depreciation charge for the year3 (122) (1,459) (1) (183) (1,765) Disposals 127 311 2 152 592 Reclassifications1,2 4 107 4 (8) 107 Accumulated depreciation at 31 March 2023 (794) (15,926) (55) (605) (17,380) Net book value at 31 March 2023 3,272 53,839 6,705 617 64,433 Net book value at 31 March 2022 2,886 48,581 5,527 538 57,532 1. Represents amounts transferred between categories, (to)/from other intangible assets (see note 12), from inventories and reclassifications between cost and accumulated depreciation. 2. Amounts recognised in the year include adjustments relating to prior year misclassifications between cost and accumulated depreciation. 3. 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. Unless otherwise determined by operational requirements, the depreciation periods for the principal categories of property, plant and equipment are shown in the table below 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). Years UK US Weighted average remaining UEL Freehold and leasehold buildings up to 60 up to 100 40 Plant and machinery: Electricity transmission plant and wires up to 100 22 to 85 31 Electricity distribution plant 14 to 99 5 to 85 45 Electricity generation plant n/a 12 to 93 10 Interconnector plant and other 5 to 70 5 to 60 25 Gas plant \u2013 mains, services and regulating equipment n/a 25 to 95 52 Gas plant \u2013 storage 5 to 25 5 to 65 11 Gas plant \u2013 meters 15 14 to 36 22 Motor vehicles and office equipment up to 30 up to 32 3 (c) Gas asset lives 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. In the year, policymakers in New York and Massachusetts have indicated an increase in electrification and a strategic downsizing of gas networks in their formal plans to meet their respective decarbonisation targets. As a result, there is a risk that the UELs of certain elements of our gas networks may be shortened in line with future legislation. We believe the gas assets which we own and operate today will continue to have a crucial role in maintaining security, reliability and affordability of energy beyond 2050, although the scale and purpose for which the networks will be used is dependent on technological, legal and regulatory developments. 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. We believe these assessments are our best estimate of the UEL of our gas network assets in the US. The weighted average remaining UEL for our US gas distribution fixed asset base is circa 52 years; however, a sizeable proportion of our assets are assumed to have UELs which extend beyond 2080. We continue to believe the lives identified by rate proceedings are the best estimate of the assets\u2019 UELs, although we continue to keep this assumption under review as we gain more certainty about policy-driven legislation. We continue to actively engage and support our regulators to enable the clean energy transition in a safe, reliable and affordable way. 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 on the depreciation charge for our New York and New England segments were a shorter UEL presumed. It should be noted that all net zero pathways suggest some role of 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 2023 Increase in depreciation expense for the year ended 31 March 2022 New York \u00a3m New England \u00a3m New York \u00a3m New England \u00a3m UELs limited to 2050 185 54 140 40 UELs limited to 2060 90 21 67 15 UELs limited to 2070 42 3 31 1 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\u2019s 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 below shows the movements in the net book value of right-of-use assets included within property, plant and equipment at 31 March 2023 and 31 March 2022, split by category. The associated lease liabilities are disclosed in note 21. Land and buildings \u00a3m Plant and machinery \u00a3m Assets in the course of construction \u00a3m Motor vehicles and office equipment \u00a3m Total \u00a3m Net book value at 1 April 2021 365 81 \u2014 184 630 Exchange adjustments 10 1 \u2014 10 21 Additions 14 2 \u2014 88 104 Acquisition of NGED (note 37) 7 2 \u2014 \u2014 9 Reclassification to held for sale (note 10) (7) \u2014 \u2014 (4) (11) Modifications of leases1 (122) \u2014 \u2014 \u2014 (122) Disposals (2) \u2014 \u2014 (1) (3) Depreciation charge for the year (40) (16) \u2014 (67) (123) Net book value at 31 March 2022 225 70 \u2014 210 505 Exchange adjustments 10 1 \u2014 13 24 Additions 101 97 \u2014 88 286 Disposals (13) \u2014 \u2014 (1) (14) Depreciation charge for the year (42) (18) \u2014 (70) (130) Net book value at 31 March 2023 281 150 \u2014 240 671 1. The Group entered into an agreement to reduce the lease term of its New England corporate office, Reservoir Woods, with effect from October 2021. The existing lease liability and right-of-use asset were remeasured based on the terms of the modified lease in the year ended 31 March 2022. The following balances have been included in the income statement for the years ended 31 March 2023 and 31 March 2022 in respect of right-of- use assets: 2023 2022 \u00a3m \u00a3m Included within net finance income and costs: Interest expense on lease liabilities (24) (18) Included within revenue: Lease income 1 409 385 Included within operating expenses: Expense relating to short-term and low-value leases (19) (14) 1. Included within lease income is \u00a3394 million (2022: \u00a3374 million) of variable lease payments, the majority of which relates to the power supply arrangement entered into with LIPA (see note 3). ",
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},
"fact-783": {
"value": "Property, plant and equipment are the physical assets controlled by us. The cost of these assets primarily represents the amount initially paid for them or the fair value on the date of acquisition of a business. Cost includes both their purchase price and the construction and other costs associated with getting them ready for operation. 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 (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. 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. ",
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-718": {
"value": "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 2023. 2023 2022 \u00a3m \u00a3m Other receivables\u00b9 496 297 Non-current tax assets \u2014 6 Prepayments 71 \u2014 567 303 1. Primarily comprises amounts due in relation to property sales to The Berkeley Group which will be received until 2031",
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"value": "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 2023. ",
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"value": "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 can not 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: \u2022 its contractual cash flows \u2013 whether the asset\u2019s 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 \u2022 the business model for holding the investments \u2013 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: \u2022 Financial assets at amortised cost \u2013 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; \u2022 FVOCI debt and other investments \u2013 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 fair value through other comprehensive income (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 \u2022 FVTPL investments \u2013 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). 2023 2022 \u00a3m \u00a3m Non-current FVOCI debt and other investments 407 413 FVTPL investments 452 417 859 830 Current FVTPL investments 1,764 2,292 Financial assets at amortised cost 841 853 2,605 3,145 3,464 3,975 Financial and other investments include the following: Investments in short-term money market funds 1,449 1,936 Investments held by National Grid Partners 346 309 Investments in Sunrun 106 109 Balances that are restricted or not readily used in operations: Collateral 1 764 806 Insurance company and non-qualified plan investments 490 534 Cash surrender value of life insurance policies 232 234 Other investments 77 47 3,464 3,975 1. The collateral balance includes \u00a3734 million (2022: \u00a3802 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, \u00a325 million (2022: \u00a34 million) of restricted amounts allocated for specific projects within National Grid Electricity System Operator and National Grid Electricity Transmission plc and \u00a35 million (2022: \u00a35 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 are investment grade. 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. ",
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"value": "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 can not be readily used in operations, principally collateral deposited in relation to derivatives. ",
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"value": "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. 2023 2022 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Share of net assets at 1 April 277 961 1,238 229 638 867 Exchange adjustments 20 52 72 6 19 25 Additions 40 157 197 17 469 486 Share of post-tax results for the year 9 162 171 43 49 92 Share of other comprehensive income of associates, net of tax 1 \u2014 1 1 \u2014 1 Dividends received (30) (152) (182) (35) (123) (158) Disposals (167) \u2014 (167) \u2014 (50) (50) Other movements\u00b9 4 (34) (30) 16 (41) (25) Share of net assets at 31 March 154 1,146 1,300 277 961 1,238 1. 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\u2019s 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 of \u00a3412 million (2022: \u00a3714 million) in relation to joint ventures and associates. On 7 October 2022, the Group disposed of its 26.25% minority ownership interest in the Millennium Pipeline Company LLC to DT Midstream, an existing owner, in exchange for \u00a3497 million ($552 million) cash consideration. The receipt of cash has been recognised within net cash used in investing activities within the cash flow statement. The Group recognised a gain on disposal of \u00a3335 million within other operating income and this has been classified as exceptional in the year (see note 5). The gain on disposal includes a gain of \u00a347 million attributable to foreign currency exchange differences, offset by a loss of \u00a322 million relating to net investment hedge reserves, which were recycled to the income statement. On 15 March 2022, the Group disposed of its entire 50% interest in St William Homes LLP to The Berkeley Group for cash consideration of \u00a3413 million. The receipt of cash was recognised within net cash used in investing activities within the cash flow statement. In the prior year the Group recognised a gain on disposal of \u00a3228 million within other operating income and released to revenue deferred income of \u00a3189 million which related to deferred profits on previous property sales to St William Homes LLP. The gain on disposal and the release of deferred income were both classified as exceptional (see note 5). The following table describes the Group\u2019s material joint ventures and associates at 31 March 2023: Joint venture % stake BritNed Development Limited 1 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 1 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 and builds and operates wind and solar assets. Emerald was acquired on 11 July 2019. Community Offshore Wind, LLC 27.3% Community Offshore Wind (formerly known as Bight Wind Holdings LLC) is a joint venture with RWE Renewables. Following the successful win at auction of six seabed leases in northeastern US in the prior year, Community Offshore Wind commenced the development of an offshore wind project which will play a key role in supplying clean energy to customers in New York. 1. BritNed and Nemo have reporting periods ending on 31 December with monthly management reporting information provided to the Group. 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 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Statement of financial position Non-current assets 397 390 514 515 1,598 1,070 925 7 Cash and cash equivalents 208 77 77 7 169 134 19 3 All other current assets 29 10 8 7 14 8 \u2014 835 Non-current liabilities (55) (52) (3) (34) (244) (182) (19) (1) Non-current financial liabilities (31) (29) (32) \u2014 (398) (310) Current liabilities (34) (15) (131) (33) (131) (66) (3) (2) Current financial liabilities \u2014 \u2014 \u2014 \u2014 (95) (23) \u2014 \u2014 Net assets 514 381 433 462 913 631 922 842 Group\u2019s ownership interest in joint venture/associate 257 191 217 231 466 322 251 230 Group adjustment: elimination of profits on sales to joint venture \u2014 \u2014 \u2014 \u2014 (85) (49) \u2014 (1) Carrying amount of the Group\u2019s investment 257 191 217 231 381 273 251 229 BritNed Development Limited Nemo Link Limited Emerald Energy Venture LLC Community Offshore Wind LLC 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Income statement Revenue 358 131 88 148 75 25 \u2014 \u2014 Depreciation and amortisation (16) (15) (23) (23) (29) (17) \u2014 \u2014 Other income/(costs) 22 (9) (1) (6) (46) (145) 1 (1) Operating profit/(loss) 364 107 64 119 \u2014 (137) 1 (1) Net interest expense (2) (2) (7) (1) (6) (5) \u2014 \u2014 Profit/(loss) before tax 362 105 57 118 (6) (142) 1 (1) Income tax expense (82) (20) (11) (22) \u2014 \u2014 \u2014 \u2014 Profit/(loss) for the year 280 85 46 96 (6) (142) 1 (1) Group\u2019s share of profit/(loss) 140 43 23 48 (3) (72) \u2014 \u2014 Group adjustment: tax credit \u2014 \u2014 \u2014 \u2014 1 19 \u2014 \u2014 Group\u2019s share of post-tax results for the year 140 43 23 48 (2) (53) \u2014 \u2014 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\u2019s subsidiaries as at 31 March 2023 is given below. The entire share capital of subsidiaries is held within the Group except where the Group\u2019s ownership percentages are shown. These percentages give the Group\u2019s 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\u2019s 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\u2019s financial statements. 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\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). Birch Sites Limited Carbon Sentinel Limited Central Networks Trustees Limited 1 Droylsden Metering Services Limited Gridcom Limited Hyder Profit Sharing Trustees Limited 1 Icelink Interconnector Limited Kelston Properties 2 Limited 1 Lattice Group Employee Benefit Trust Limited Lattice Group Limited Lattice Group Trustees Limited Natgrid Limited2 * NatGrid One Limited 2 * NatgridTW1 Limited National Grid (US) Holdings Limited 3 National Grid (US) Investments 2 Limited 2* National Grid (US) Investments 4 Limited 3 National Grid (US) Partner 1 Limited 3 National Grid Carbon Limited National Grid Commercial Holdings Limited National Grid Continental Limited National Grid Distributed Energy Limited National Grid Electricity Distribution (East Midlands) plc 1 National Grid Electricity Distribution (South Wales) plc 1 National Grid Electricity Distribution (South West) plc 1 National Grid Electricity Distribution (West Midlands) plc 1 National Grid Electricity Distribution Generation Limited 1 National Grid Electricity Distribution Holdings Limited 1 National Grid Electricity Distribution Investment Holdings Limited 1 National Grid Electricity Distribution Investments Limited 1 National Grid Electricity Distribution Midlands Limited 1 National Grid Electricity Distribution Network Holdings Limited 1 National Grid Electricity Distribution plc 1 National Grid Electricity Distribution Property Investments Limited 1 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 Limited 1 National Grid Holdings Limited 3 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 Limited 3 National Grid Lion Link Limited National Grid Nautilus Limited National Grid North Sea Link Limited National Grid Offshore Limited National Grid Partners Limited National Grid Plus Limited National Grid Property Holdings Limited National Grid Smart Limited National Grid Telecoms Limited 1 National Grid Thirty Six Limited2* National Grid Twelve Limited National Grid Twenty Eight Limited National Grid Twenty Seven Limited National Grid Twenty Three Limited 2* National Grid UK Limited National Grid UK Pension Services Limited National Grid Ventures Limited National Grid Viking Link Limited National Grid William Limited NG Nominees Limited 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 Limited 1 Supergrid Electricity Limited2* Supergrid Energy Transmission Limited2* Supergrid Limited2* Thamesport Interchange Limited The National Grid Group Quest Trustee Company Limited The National Grid YouPlan Trustee Limited2 * Transco 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 Limited 1 WPD WEM Limited 1 WW Share Scheme Trustees Limited1 1. Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB. 2. Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB. 3. Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2023 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, United Kingdom, SY5 7JY. 5. Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL. * In liquidation. 34. Subsidiary undertakings, joint ventures and associates 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 Banner Solar, LLC Bazile Creek Wind Farm, LLC Bee Hollow Solar, LLC Bell Plaine Solar, LLC Benevolent Solar, LLC Blaze Solar, LLC Blevins Solar, LLC Blue Ridge Wind, LLC Blue Spring Solar, LLC Blues Solar, LLC Bluewater Solar, LLC Boone Solar, LLC Boston Gas Company1 Bridges Solar, LLC Brock Solar, LLC Broken Bridge Corp.2 Brook Trout Solar, LLC Burley Solar, LLC Burlington 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 Canby Solar, LLC Cass Wind Farm, LLC Cattle Ridge Wind Farm 2, LLC Cedar Grove Solar, LLC Centennial Solar, LLC Charter Oak Solar, LLC Clay Boswell Solar, LLC Clear Creek Solar, LLC Clermont Solar, LLC Clinton County 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 Deer Trail Solar, LLC Dodson Creek Solar, LLC Donnellson Solar, LLC 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 Fillmore County Solar Project, 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 Grand Junction Solar, LLC Granite State Power Link LLC3 Grant Solar 2, LLC Grant Solar, LLC Grayson Solar, LLC Greenbrier Creek Solar, LLC Greensky 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 Hill River Solar, LLC Honeybee Solar, LLC Hoosier Solar, LLC Hoskins Solar, LLC Illumination Solar, LLC Innovation Solar, LLC Itasca Energy Development, LLC 6 Itasca Energy Services, LLC Jack Rabbit Wind, LLC Jackson County Solar, LLC KeySpan CI Midstream Limited3 KeySpan Energy Corporation 4 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 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 Louise Solar Project, LLC Lowlands Solar, LLC Lydia Solar, LLC Marion County Solar, LLC Massachusetts Electric Company1 Maverick Wind Farm, LLC Meadowlands Solar, LLC Metrowest Realty LLC3 Miller Creek Solar, LLC 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 Management LLC3 National Grid Energy Services LLC3 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 Islander East Pipeline LLC3 National Grid LNG GP LLC3 National Grid LNG LLC3 National Grid LNG LP LLC3 National Grid Millennium LLC3 National Grid NE Holdings 2 LLC 1 National Grid North America Inc.3 National Grid Partners Inc.4 National Grid Partners LLC 3 National Grid Port Jefferson Energy Center LLC3 National Grid Renewables Development, LLC National Grid Renewables E Wind, LLC6 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 6 LLC 3,\u2020 National Grid US LLC 3 National Grid USA Service Company, Inc. 1 National Grid USA 3 NEES Energy, Inc. 1 New England Electric Transmission Corporation 2 New England Energy Incorporated 1 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 Company 1 Newport America Corporation 9 Newton Solar, LLC NG Renewables Energy Marketing, LLC 3 NG Renewables Energy Services, LLC NGNE LLC 3 NGV Emerald Energy Venture Holdings, LLC 3 NGV OSW Holdings, LLC 3 NGV US Distributed Energy Inc. 3 NGV US Transmission Inc.3 NGV US, LLC 3 Niagara Mohawk Energy, Inc. 3 Niagara Mohawk Holdings, Inc.4 Niagara Mohawk Power Corporation 4 Niobrara Wind, LLC NM Properties, Inc. 4 Noble Solar, LLC 10 Nordic VOS, LLC North East Transmission Co., Inc. 3 North Fork Wind, LLC Northeast Renewable Link LLC 3 Opinac North America, Inc. 3 Pennington Solar, LLC Peony Solar, LLC Philadelphia Coke Co., Inc.3 Pierce County Solar, LLC Pike County Solar, LLC Pipestone Solar, LLC Plum Creek Wind Farm 2, LLC Plum Creek Wind Farm, LLC Port of the Islands North, LLC 4 Portage Solar, LLC Prairie Oasis Solar, LLC Prairie Rose Wind 2, LLC 6 Prosperity Wind Farm 2, LLC Prosperity Wind Farm, LLC Red Rock Solar SD, LLC Regal Solar 2, LLC Regal 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, LLC 6 Sherco Solar 3, LLC Silver City Solar, LLC Simpson Solar, LLC Spotlight Solar, LLC Spring Brook Solar, LLC Spring River Solar, LLC Stony Brook Wind, LLC Stony Point Solar, LLC Stove Creek Solar, LLC Sturgis 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 Company 4 Torchlight Solar, LLC6 Transgas Inc. 1 Tri-City Solar, LLC Uintah Solar, LLC Unbridled Solar, LLC Upper Hudson Development, Inc.4 Valley Solar, LLC Vermont Green Line Devco, LLC (90%) 3 Vibrant Solar, LLC Violet Storage, LLC Virgo Community Solar Gardens, LLC6 Virtue Solar, LLC Vivid Solar, LLC Wallowa Solar, LLC Wayfinder Group, Inc.1 Wheatfield Solar, LLC White Elm Wind Farm, LLC Wildcat Ridge Wind Farm, LLC Wildhorse Creek Solar, LLC Willard Solar, LLC Williams County Solar, LLC Wiregrass Solar, LLC Woodlands Solar, LLC Worthington Solar, LLC Yellowhammer Solar, LLC Young County Solar, LLC Incorporated in Australia Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia National Grid Australia Pty Limited Incorporated in Canada Registered office: Stewart McKelvey LLP, c/o Charles Reagh, Queen\u2019s Marque, 600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2, Canada KeySpan Energy Development Co. 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 \u2020 Registered office: PO Box 155, Mill Court, La Charroterie, St. Peter Port, GY1 4ET, Guernsey, Channel Islands Aztec Insurance Limited Incorporated in Hong Kong Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong National Grid Hong Kong Limited* \u2020 Incorporated in the Isle of Man Registered office: Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, UK National Grid Insurance Company (Isle of Man) Limited NGT Holding Company (Isle of Man) Limited* \u2020 Incorporated in Luxembourg Registered office: 412F, Route d\u2019Esch, 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: National Grid Renewables Development, LLC, 8400 Normandale Lake Blvd. Suite 1200, Bloomington, MN 55437, USA. 7. Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA. 8. Registered office: AON Insurance Managers USA, Inc., 165 Broadway, One Liberty Plaza, New York, NY, 10006, USA. 9. Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA. 10. Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas, Dallas County TX 75201, USA. * In liquidation. \u2020 Entity is tax resident in the United Kingdom A list of the Group\u2019s joint ventures as at 31 March 2023 is given below. All joint ventures are included in the Group\u2019s financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: 1\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). BritNed Development Limited (50%)* National Places LLP (50%) 1 Nemo Link Limited (50%) NGET/SPT Upgrades Limited (50%) \u2020 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%) Islander East Pipeline Company, LLC (50%) 2 LI Energy Storage System, LLC (50%) LI Solar Generation, LLC (50%) Incorporated in France Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 \u2013 9291, Paris La Defense, CEDEX, France IFA2 (50%) A list of the Group\u2019s associates as at 31 March 2023 is given below. Unless otherwise stated, all associates are included in the Group\u2019s 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 Joint Radio Company Limited (25%) 3 ** 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%) 3 Connecticut Yankee Atomic Power Company (19.5%) 4 Direct Global Power Inc. (26%) 3 Energy Impact Fund LP (9.41%) 5 KHB Venture LLC (33.33%) 6 Maine Yankee Atomic Power Company (24%) 7 New York Transco LLC (28.3%) 8 NYSEARCH RMLD, LLC (22.63%) The Hive IV, LLC (28.2%) 3 Yankee Atomic Electric Company (34.5%) 9 Incorporated in Belgium Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium Coreso SA (15.84%) Other investments A list of the Group\u2019s other investments as at 31 March 2023 is given below. Incorporated in England and Wales Registered office: 1 More London Place, London SE1 2AF, UK Energis plc (33.06%) \u2021 Registered office: Third Floor, Northumberland House, 303\u2013306 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: Friars House, Manor House Drive, Coventry, CV1 2TE, UK. 4. Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA. 5. Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA. 6. Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA. 7. Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA. 8. Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 9. Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA. * National Grid Interconnector Holdings Limited owns 284,500,000 \u20ac0.20 C Ordinary shares and one \u00a31.00 Ordinary A share. ** National Grid Electricity Transmission plc owns one \u00a30.50 A Ordinary share. \u2020 National Grid Electricity Transmission plc owns 50 \u00a31.00 A Ordinary shares. \u2021 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 \u2013 and subject to the laws and regulations of \u2013 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 2023: 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 Joint ventures Associates ",
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"fact-720": {
"value": "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. 2023 2022 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Share of net assets at 1 April 277 961 1,238 229 638 867 Exchange adjustments 20 52 72 6 19 25 Additions 40 157 197 17 469 486 Share of post-tax results for the year 9 162 171 43 49 92 Share of other comprehensive income of associates, net of tax 1 \u2014 1 1 \u2014 1 Dividends received (30) (152) (182) (35) (123) (158) Disposals (167) \u2014 (167) \u2014 (50) (50) Other movements\u00b9 4 (34) (30) 16 (41) (25) Share of net assets at 31 March 154 1,146 1,300 277 961 1,238 1. 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\u2019s 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 of \u00a3412 million (2022: \u00a3714 million) in relation to joint ventures and associates. On 7 October 2022, the Group disposed of its 26.25% minority ownership interest in the Millennium Pipeline Company LLC to DT Midstream, an existing owner, in exchange for \u00a3497 million ($552 million) cash consideration. The receipt of cash has been recognised within net cash used in investing activities within the cash flow statement. The Group recognised a gain on disposal of \u00a3335 million within other operating income and this has been classified as exceptional in the year (see note 5). The gain on disposal includes a gain of \u00a347 million attributable to foreign currency exchange differences, offset by a loss of \u00a322 million relating to net investment hedge reserves, which were recycled to the income statement. On 15 March 2022, the Group disposed of its entire 50% interest in St William Homes LLP to The Berkeley Group for cash consideration of \u00a3413 million. The receipt of cash was recognised within net cash used in investing activities within the cash flow statement. In the prior year the Group recognised a gain on disposal of \u00a3228 million within other operating income and released to revenue deferred income of \u00a3189 million which related to deferred profits on previous property sales to St William Homes LLP. The gain on disposal and the release of deferred income were both classified as exceptional (see note 5). The following table describes the Group\u2019s material joint ventures and associates at 31 March 2023: Joint venture % stake BritNed Development Limited 1 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 1 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 and builds and operates wind and solar assets. Emerald was acquired on 11 July 2019. Community Offshore Wind, LLC 27.3% Community Offshore Wind (formerly known as Bight Wind Holdings LLC) is a joint venture with RWE Renewables. Following the successful win at auction of six seabed leases in northeastern US in the prior year, Community Offshore Wind commenced the development of an offshore wind project which will play a key role in supplying clean energy to customers in New York. 1. BritNed and Nemo have reporting periods ending on 31 December with monthly management reporting information provided to the Group. 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
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Statement of financial position
Non-current assets
397 390 514 515 1,598 1,070 925 7
Cash and cash equivalents
208 77 77 7 169 134 19 3
All other current assets
29 10 8 7 14 8 \u2014 835
Non-current liabilities
(55) (52) (3) (34) (244) (182) (19) (1)
Non-current financial liabilities
(31) (29) (32) \u2014 (398) (310)
Current liabilities
(34) (15) (131) (33) (131) (66) (3) (2)
Current financial liabilities
\u2014 \u2014 \u2014 \u2014 (95) (23) \u2014 \u2014
Net assets
514 381 433 462 913 631 922 842
Group\u2019s ownership interest
in joint venture/associate
257 191 217 231 466 322 251 230
Group adjustment: elimination
of profits on sales to joint venture
\u2014 \u2014 \u2014 \u2014 (85) (49) \u2014 (1)
Carrying amount of the Group\u2019s investment
257 191 217 231 381 273 251 229
BritNed Development
Limited
Nemo Link
Limited
Emerald Energy
Venture LLC
Community Offshore
Wind LLC
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statement
Revenue 358 131 88 148 75 25 \u2014 \u2014
Depreciation and amortisation (16) (15) (23) (23) (29) (17) \u2014 \u2014
Other income/(costs) 22 (9) (1) (6) (46) (145) 1 (1)
Operating profit/(loss) 364 107 64 119 \u2014 (137) 1 (1)
Net interest expense (2) (2) (7) (1) (6) (5) \u2014 \u2014
Profit/(loss) before tax 362 105 57 118 (6) (142) 1 (1)
Income tax expense (82) (20) (11) (22) \u2014 \u2014 \u2014 \u2014
Profit/(loss) for the year 280 85 46 96 (6) (142) 1 (1)
Group\u2019s share of profit/(loss) 140 43 23 48 (3) (72) \u2014 \u2014
Group adjustment: tax credit
\u2014 \u2014 \u2014 \u2014 1 19 \u2014 \u2014
Group\u2019s share of post-tax results
for the year
140 43 23 48 (2) (53) \u2014 \u2014
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\u2019s subsidiaries as at 31 March 2023 is given below. The entire share capital of subsidiaries is held within the Group except where the Group\u2019s ownership percentages are shown. These percentages give the Group\u2019s 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\u2019s 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\u2019s financial statements. 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\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). Birch Sites Limited Carbon Sentinel Limited Central Networks Trustees Limited 1 Droylsden Metering Services Limited Gridcom Limited Hyder Profit Sharing Trustees Limited 1 Icelink Interconnector Limited Kelston Properties 2 Limited 1 Lattice Group Employee Benefit Trust Limited Lattice Group Limited Lattice Group Trustees Limited Natgrid Limited2 * NatGrid One Limited 2 * NatgridTW1 Limited National Grid (US) Holdings Limited 3 National Grid (US) Investments 2 Limited 2* National Grid (US) Investments 4 Limited 3 National Grid (US) Partner 1 Limited 3 National Grid Carbon Limited National Grid Commercial Holdings Limited National Grid Continental Limited National Grid Distributed Energy Limited National Grid Electricity Distribution (East Midlands) plc 1 National Grid Electricity Distribution (South Wales) plc 1 National Grid Electricity Distribution (South West) plc 1 National Grid Electricity Distribution (West Midlands) plc 1 National Grid Electricity Distribution Generation Limited 1 National Grid Electricity Distribution Holdings Limited 1 National Grid Electricity Distribution Investment Holdings Limited 1 National Grid Electricity Distribution Investments Limited 1 National Grid Electricity Distribution Midlands Limited 1 National Grid Electricity Distribution Network Holdings Limited 1 National Grid Electricity Distribution plc 1 National Grid Electricity Distribution Property Investments Limited 1 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 Limited 1 National Grid Holdings Limited 3 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 Limited 3 National Grid Lion Link Limited National Grid Nautilus Limited National Grid North Sea Link Limited National Grid Offshore Limited National Grid Partners Limited National Grid Plus Limited National Grid Property Holdings Limited National Grid Smart Limited National Grid Telecoms Limited 1 National Grid Thirty Six Limited2* National Grid Twelve Limited National Grid Twenty Eight Limited National Grid Twenty Seven Limited National Grid Twenty Three Limited 2* National Grid UK Limited National Grid UK Pension Services Limited National Grid Ventures Limited National Grid Viking Link Limited National Grid William Limited NG Nominees Limited 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 Limited 1 Supergrid Electricity Limited2* Supergrid Energy Transmission Limited2* Supergrid Limited2* Thamesport Interchange Limited The National Grid Group Quest Trustee Company Limited The National Grid YouPlan Trustee Limited2 * Transco 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 Limited 1 WPD WEM Limited 1 WW Share Scheme Trustees Limited1 1. Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB. 2. Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB. 3. Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2023 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, United Kingdom, SY5 7JY. 5. Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL. * In liquidation. 34. Subsidiary undertakings, joint ventures and associates 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 Banner Solar, LLC Bazile Creek Wind Farm, LLC Bee Hollow Solar, LLC Bell Plaine Solar, LLC Benevolent Solar, LLC Blaze Solar, LLC Blevins Solar, LLC Blue Ridge Wind, LLC Blue Spring Solar, LLC Blues Solar, LLC Bluewater Solar, LLC Boone Solar, LLC Boston Gas Company1 Bridges Solar, LLC Brock Solar, LLC Broken Bridge Corp.2 Brook Trout Solar, LLC Burley Solar, LLC Burlington 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 Canby Solar, LLC Cass Wind Farm, LLC Cattle Ridge Wind Farm 2, LLC Cedar Grove Solar, LLC Centennial Solar, LLC Charter Oak Solar, LLC Clay Boswell Solar, LLC Clear Creek Solar, LLC Clermont Solar, LLC Clinton County 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 Deer Trail Solar, LLC Dodson Creek Solar, LLC Donnellson Solar, LLC 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 Fillmore County Solar Project, 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 Grand Junction Solar, LLC Granite State Power Link LLC3 Grant Solar 2, LLC Grant Solar, LLC Grayson Solar, LLC Greenbrier Creek Solar, LLC Greensky 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 Hill River Solar, LLC Honeybee Solar, LLC Hoosier Solar, LLC Hoskins Solar, LLC Illumination Solar, LLC Innovation Solar, LLC Itasca Energy Development, LLC 6 Itasca Energy Services, LLC Jack Rabbit Wind, LLC Jackson County Solar, LLC KeySpan CI Midstream Limited3 KeySpan Energy Corporation 4 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 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 Louise Solar Project, LLC Lowlands Solar, LLC Lydia Solar, LLC Marion County Solar, LLC Massachusetts Electric Company1 Maverick Wind Farm, LLC Meadowlands Solar, LLC Metrowest Realty LLC3 Miller Creek Solar, LLC 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 Management LLC3 National Grid Energy Services LLC3 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 Islander East Pipeline LLC3 National Grid LNG GP LLC3 National Grid LNG LLC3 National Grid LNG LP LLC3 National Grid Millennium LLC3 National Grid NE Holdings 2 LLC 1 National Grid North America Inc.3 National Grid Partners Inc.4 National Grid Partners LLC 3 National Grid Port Jefferson Energy Center LLC3 National Grid Renewables Development, LLC National Grid Renewables E Wind, LLC6 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 6 LLC 3,\u2020 National Grid US LLC 3 National Grid USA Service Company, Inc. 1 National Grid USA 3 NEES Energy, Inc. 1 New England Electric Transmission Corporation 2 New England Energy Incorporated 1 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 Company 1 Newport America Corporation 9 Newton Solar, LLC NG Renewables Energy Marketing, LLC 3 NG Renewables Energy Services, LLC NGNE LLC 3 NGV Emerald Energy Venture Holdings, LLC 3 NGV OSW Holdings, LLC 3 NGV US Distributed Energy Inc. 3 NGV US Transmission Inc.3 NGV US, LLC 3 Niagara Mohawk Energy, Inc. 3 Niagara Mohawk Holdings, Inc.4 Niagara Mohawk Power Corporation 4 Niobrara Wind, LLC NM Properties, Inc. 4 Noble Solar, LLC 10 Nordic VOS, LLC North East Transmission Co., Inc. 3 North Fork Wind, LLC Northeast Renewable Link LLC 3 Opinac North America, Inc. 3 Pennington Solar, LLC Peony Solar, LLC Philadelphia Coke Co., Inc.3 Pierce County Solar, LLC Pike County Solar, LLC Pipestone Solar, LLC Plum Creek Wind Farm 2, LLC Plum Creek Wind Farm, LLC Port of the Islands North, LLC 4 Portage Solar, LLC Prairie Oasis Solar, LLC Prairie Rose Wind 2, LLC 6 Prosperity Wind Farm 2, LLC Prosperity Wind Farm, LLC Red Rock Solar SD, LLC Regal Solar 2, LLC Regal 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, LLC 6 Sherco Solar 3, LLC Silver City Solar, LLC Simpson Solar, LLC Spotlight Solar, LLC Spring Brook Solar, LLC Spring River Solar, LLC Stony Brook Wind, LLC Stony Point Solar, LLC Stove Creek Solar, LLC Sturgis 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 Company 4 Torchlight Solar, LLC6 Transgas Inc. 1 Tri-City Solar, LLC Uintah Solar, LLC Unbridled Solar, LLC Upper Hudson Development, Inc.4 Valley Solar, LLC Vermont Green Line Devco, LLC (90%) 3 Vibrant Solar, LLC Violet Storage, LLC Virgo Community Solar Gardens, LLC6 Virtue Solar, LLC Vivid Solar, LLC Wallowa Solar, LLC Wayfinder Group, Inc.1 Wheatfield Solar, LLC White Elm Wind Farm, LLC Wildcat Ridge Wind Farm, LLC Wildhorse Creek Solar, LLC Willard Solar, LLC Williams County Solar, LLC Wiregrass Solar, LLC Woodlands Solar, LLC Worthington Solar, LLC Yellowhammer Solar, LLC Young County Solar, LLC Incorporated in Australia Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia National Grid Australia Pty Limited Incorporated in Canada Registered office: Stewart McKelvey LLP, c/o Charles Reagh, Queen\u2019s Marque, 600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2, Canada KeySpan Energy Development Co. 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 \u2020 Registered office: PO Box 155, Mill Court, La Charroterie, St. Peter Port, GY1 4ET, Guernsey, Channel Islands Aztec Insurance Limited Incorporated in Hong Kong Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong National Grid Hong Kong Limited* \u2020 Incorporated in the Isle of Man Registered office: Third Floor, St George\u2019s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, UK National Grid Insurance Company (Isle of Man) Limited NGT Holding Company (Isle of Man) Limited* \u2020 Incorporated in Luxembourg Registered office: 412F, Route d\u2019Esch, 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: National Grid Renewables Development, LLC, 8400 Normandale Lake Blvd. Suite 1200, Bloomington, MN 55437, USA. 7. Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA. 8. Registered office: AON Insurance Managers USA, Inc., 165 Broadway, One Liberty Plaza, New York, NY, 10006, USA. 9. Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA. 10. Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas, Dallas County TX 75201, USA. * In liquidation. \u2020 Entity is tax resident in the United Kingdom . A list of the Group\u2019s joint ventures as at 31 March 2023 is given below. All joint ventures are included in the Group\u2019s financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: 1\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). BritNed Development Limited (50%)* National Places LLP (50%) 1 Nemo Link Limited (50%) NGET/SPT Upgrades Limited (50%) \u2020 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%) Islander East Pipeline Company, LLC (50%) 2 LI Energy Storage System, LLC (50%) LI Solar Generation, LLC (50%) Incorporated in France Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 \u2013 9291, Paris La Defense, CEDEX, France IFA2 (50%) A list of the Group\u2019s associates as at 31 March 2023 is given below. Unless otherwise stated, all associates are included in the Group\u2019s 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 Joint Radio Company Limited (25%) 3 ** 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%) 3 Connecticut Yankee Atomic Power Company (19.5%) 4 Direct Global Power Inc. (26%) 3 Energy Impact Fund LP (9.41%) 5 KHB Venture LLC (33.33%) 6 Maine Yankee Atomic Power Company (24%) 7 New York Transco LLC (28.3%) 8 NYSEARCH RMLD, LLC (22.63%) The Hive IV, LLC (28.2%) 3 Yankee Atomic Electric Company (34.5%) 9 Incorporated in Belgium Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium Coreso SA (15.84%) Other investments A list of the Group\u2019s other investments as at 31 March 2023 is given below. Incorporated in England and Wales Registered office: 1 More London Place, London SE1 2AF, UK Energis plc (33.06%) \u2021 Registered office: Third Floor, Northumberland House, 303\u2013306 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: Friars House, Manor House Drive, Coventry, CV1 2TE, UK. 4. Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA. 5. Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA. 6. Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA. 7. Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA. 8. Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 9. Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA. * National Grid Interconnector Holdings Limited owns 284,500,000 \u20ac0.20 C Ordinary shares and one \u00a31.00 Ordinary A share. ** National Grid Electricity Transmission plc owns one \u00a30.50 A Ordinary share. \u2020 National Grid Electricity Transmission plc owns 50 \u00a31.00 A Ordinary shares. \u2021 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 \u2013 and subject to the laws and regulations of \u2013 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 2023: 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 Joint ventures Associates ",
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"value": "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. ",
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"fact-807": {
"value": "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. ",
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"fact-786": {
"value": "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. ",
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"fact-721": {
"value": "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: \u2022 financing derivatives \u2013 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 \u2022 commodity contract derivatives \u2013 these are used to manage our US customers\u2019 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 index futures, 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: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Current 153 (222) (69) 282 (144) 138 Non-current 276 (1,071) (795) 305 (869) (564) 429 (1,293) (864) 587 (1,013) (426) Financing derivatives 363 (1,119) (756) 298 (991) (693) Commodity contract derivatives 66 (174) (108) 289 (22) 267 429 (1,293) (864) 587 (1,013) (426) (a) Financing derivatives The fair values of financing derivatives by type are as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Interest rate swaps 49 (98) (49) 89 (97) (8) Cross-currency interest rate swaps 192 (888) (696) 174 (642) (468) Foreign exchange forward contracts\u00b9 100 (11) 89 35 (65) (30) Inflation-linked swaps 22 (122) (100) \u2014 (187) (187) 363 (1,119) (756) 298 (991) (693) 1. Included within the foreign exchange forward contracts balance are \u00a34 million (2022: \u00a321 million) of derivative liabilities in relation to the hedging of capital expenditure. The maturity profile of financing derivatives is as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Current Less than 1 year 100 (93) 7 34 (136) (102) 100 (93) 7 34 (136) (102) Non-current In 1 to 2 years 13 (100) (87) 6 (29) (23) In 2 to 3 years 15 (96) (81) 28 (39) (11) In 3 to 4 years 32 (11) 21 \u2014 (26) (26) In 4 to 5 years 14 (107) (93) 12 (16) (4) More than 5 years 189 (712) (523) 218 (745) (527) 263 (1,026) (763) 264 (855) (591) 363 (1,119) (756) 298 (991) (693) The notional contract amounts of financing derivatives by type are as follows: 2023 2022 \u00a3m \u00a3m Interest rate swaps (1,727) (1,607) Cross-currency interest rate swaps (15,025) (10,397) Foreign exchange forward contracts (5,263) (6,371) Inflation-linked swaps (2,387) (500) (24,402) (18,875) London Inter-bank Offered Rate (LIBOR) is being replaced as an interest rate benchmark by alternative reference rates and therefore we are transitioning LIBOR cash flows on our affected contracts in line with the relevant jurisdictions. In the prior year we transitioned all derivatives which pay or receive cash flows that reference GBP LIBOR (maturing between 2023 and 2040) to alternative reference rates. Derivatives with a notional value of \u00a3859 million that reference USD LIBOR (maturing between 2023 and 2026) were present at 31 March 2023 (2022: \u00a3806 million, maturing between 2023 and 2026). (b) Commodity contract derivatives The fair values of commodity contract derivatives by type are as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Commodity purchase contracts accounted for as derivative contracts Forward purchases of gas 2 (6) (4) 11 (6) 5 Derivative financial instruments linked to commodity prices Electricity capacity 1 \u2014 1 1 \u2014 1 Electricity swaps 53 (92) (39) 208 (10) 198 Electricity options \u2014 (3) (3) 5 \u2014 5 Gas swaps 9 (42) (33) 29 (6) 23 Gas options 1 (31) (30) 35 \u2014 35 66 (174) (108) 289 (22) 267 The maturity profile of commodity contract derivatives is as follows: 2023 2022 Assets \u00a3m Liabilities \u00a3m Total \u00a3m Assets \u00a3m Liabilities \u00a3m Total \u00a3m Current Less than one year 53 (129) (76) 248 (8) 240 53 (129) (76) 248 (8) 240 Non-current In 1 to 2 years 11 (29) (18) 34 (6) 28 In 2 to 3 years 2 (15) (13) 5 (5) \u2014 In 3 to 4 years \u2014 (1) (1) 2 (2) \u2014 In 4 to 5 years \u2014 \u2014 \u2014 \u2014 (1) (1) 13 (45) (32) 41 (14) 27 66 (174) (108) 289 (22) 267 The notional quantities of commodity contract derivatives by type are as follows: 2023 2022 Forward purchases of gas 1 22m Dth 28m Dth Electricity swaps 14,076 GWh 13,458 GWh Gas swaps 50m Dth 39m Dth Gas options 57m Dth 59m Dth 1. Forward gas purchases have terms up to three years (2022: one year). The contractual obligations under these contracts are \u00a324 million (2022: \u00a386 million)",
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"fact-808": {
"value": "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: \u2022 financing derivatives \u2013 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 \u2022 commodity contract derivatives \u2013 these are used to manage our US customers\u2019 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 index futures, options and swaps, which are used to manage market price volatility. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-787": {
"value": "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: \u2022 financing derivatives \u2013 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 \u2022 commodity contract derivatives \u2013 these are used to manage our US customers\u2019 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 index futures, options and swaps, which are used to manage market price volatility. ",
"dimensions": {
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-722": {
"value": "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. 2023 2022 \u00a3m \u00a3m Fuel stocks 280 96 Raw materials and consumables 460 297 Current intangible assets \u2013 emission allowances 136 118 876 511 There is a provision for obsolescence of \u00a36 million against inventories as at 31 March 2023 (2022: \u00a37 million). ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-809": {
"value": "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). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-788": {
"value": "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). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-723": {
"value": "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. 2023 2022 \u00a3m \u00a3m Trade receivables 2,583 2,661 Accrued income 1,126 1,110 Provision for impairment of receivables and accrued income (560) (741) Trade receivables and accrued income, net 3,149 3,030 Prepayments 442 429 Contract assets 49 33 Other receivables 243 223 3,883 3,715 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. 2023 2022 \u00a3m \u00a3m At 1 April 741 672 Exchange adjustments 51 31 Charge for the year, net of recoveries 220 167 Uncollectible amounts written off (452) (124) Reclassification to held for sale (note 10) \u2014 (5) At 31 March 560 741 The trade receivables balance, accrued income balance and provisions balance split by geography are as follows: As at 31 March 2023 As at 31 March 2022 UK US Total UK US Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Trade receivables 223 2,360 2,583 352 2,309 2,661 Accrued income 650 476 1,126 715 395 1,110 Provision for impairment of receivables and accrued income (11) (549) (560) (43) (698) (741) 862 2,287 3,149 1,024 2,006 3,030 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, \u00a32,325 million (2022: \u00a32,243 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\u2019s 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\u2019s employees as a result of COVID-19. At that time, the Group also ceased customer termination activities as requested by relevant local authorities and this resulted in the recognition of additional expected credit losses. Cash collection and customer termination activities subsequently resumed in New England and New York during the year ended 31 March 2022. In the years ended 31 March 2023 and 2022, the Group\u2019s US distribution businesses have also 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. This year, in connection with the Arrears Management Program, the Group has written off \u00a3270 million ($333 million) of COVID-19-related trade receivables. This has been funded via the receipt of \u00a344 million ($51 million) of government funding in the year, with the remainder to be recovered through future rates over future periods. In calculating our provision for impairment of receivables at 31 March 2023, we were able to incorporate the actual cash collection levels experienced for the three years since the start of the pandemic to determine the expected loss rates per category of outstanding receivable by operating company. These were 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 \u00a3215 million (2022: \u00a3139 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 since the start of the COVID-19 pandemic. In performing our review of actual cash collection levels, we also factored 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. The decreases in expected loss rates applied to amounts less than 12 months past due are primarily attributable to the resumption of cash collection activities since the prior year, while the increase in the average loss rate applied to amounts over 12 months reflects the increased risk of non-collection in light of wider macroeconomic factors, as well as the reduced likelihood of recoverability given the significant ageing of the amounts within this category. 2023 2022 % \u00a3m % \u00a3m Accrued income 3 462 5 382 0 \u2013 30 days past due 3 838 5 731 30 \u2013 60 days past due 13 235 20 213 60 \u2013 90 days past due 23 139 32 123 3 \u2013 6 months past due 32 189 41 161 6 \u2013 12 months past due 43 178 56 177 Over 12 months past due 88 284 71 456 2,325 2,243 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). ",
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"fact-789": {
"value": "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. ",
"dimensions": {
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-724": {
"value": "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. 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 2023 include \u00a337 million (2022: \u00a314 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. 2023 2022 \u00a3m \u00a3m Cash at bank 163 204 Cash and cash equivalents 163 204",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-790": {
"value": "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. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-725": {
"value": "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. For the liability held at fair value through profit and loss, interest is calculated using the effective interest method. Where a borrowing or liability is held at fair value, changes in the fair value of the borrowing due to changes in the issuer\u2019s credit risk are recorded in the own credit reserve within equity (see note 28). All other changes in the fair value of the liability are recognised in the income statement within remeasurements (see notes 5 and 6). 2023 2022 \u00a3m \u00a3m Current Bank loans1 381 8,976 Bonds 1,638 1,735 Commercial paper 840 1,303 Lease liabilities 96 107 2,955 12,121 Non-current Bank loans 2,557 2,211 Bonds 36,855 30,682 Lease liabilities 618 451 40,030 33,344 Total borrowings 42,985 45,465 1. Current bank loans in the year ended 31 March 2022 included \u00a38,179 million of borrowings under a bridge facility related to the acquisition of NGED. The bridge facility included a requirement that the proceeds of the sales of NECO and the UK Gas Transmission business were applied to repay the facility. The bridge facility was subsequently settled in full during the year ended 31 March 2023. Total borrowings are repayable as follows: 2023 2022 \u00a3m \u00a3m Less than 1 year 2,955 12,121 In 1 to 2 years 2,799 1,410 In 2 to 3 years 2,689 2,544 In 3 to 4 years 3,129 2,580 In 4 to 5 years 2,505 2,493 More than 5 years: By instalments 922 869 Other than by instalments 27,986 23,448 42,985 45,465 The fair value of borrowings, excluding lease liabilities, at 31 March 2023 was \u00a338,219 million (2022: \u00a345,066 million). Where market values were available, the fair value of borrowings (Level 1) was \u00a331,710 million (2022: \u00a324,454 million). Where market values were not available, the fair value of borrowings (Level 2) was \u00a36,509 million (2022: \u00a320,612 million) and calculated by discounting cash flows at prevailing interest rates. The notional amount outstanding of the debt portfolio at 31 March 2023 was \u00a342,353 million (2022: \u00a344,055 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 \u00a3111 million (2022: \u00a360 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. Certain borrowings, primarily some of our USD denominated bank loans and company car lease contracts, have payments that are linked to LIBOR. LIBOR is being replaced as an interest rate benchmark by alternative reference rates and therefore we are transitioning LIBOR cash flows on our affected contracts in line with the relevant jurisdictions. The migration project is under way, with all affected contracts where we previously paid or received GBP LIBOR amended in the prior year. \u00a3314 million of bank loans affected by GBP LIBOR were transitioned to alternative reference rates in the year ended 31 March 2022. \u00a3227 million (2022: \u00a3181 million) of lease liabilities affected by USD LIBOR have been transitioned to alternative rates and \u00a3120 million (2022: \u00a3110 million) of bank loans affected by USD LIBOR have yet to be amended. 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. 2023 2022 \u00a3m \u00a3m Gross lease liabilities are repayable as follows: Less than 1 year 118 132 1 to 5 years 318 282 More than 5 years 480 259 916 673 Less: finance charges allocated to future periods (202) (115) 714 558 The present value of lease liabilities are as follows: Less than 1 year 96 107 1 to 5 years 269 247 More than 5 years 349 204 714 558 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. At 31 March 2023, we had bilateral committed credit facilities of \u00a35,616 million (2022: \u00a35,978 million). In addition, we had committed credit facilities from syndicates of banks of \u00a3887 million at 31 March 2023 (2022: \u00a3936 million). An analysis of the maturity of these undrawn committed facilities is shown below: 2023 2022 \u00a3m \u00a3m Undrawn committed borrowing facilities expiring: Less than 1 year 42 \u2014 In 1 to 2 years 4,361 936 In 2 to 3 years 2,100 4,373 In 3 to 4 years \u2014 1,605 In 4 to 5 years \u2014 \u2014 More than 5 years \u2014 \u2014 6,503 6,914 Of the unused facilities at 31 March 2023, \u00a36,461 million (2022: \u00a36,823 million) is available for liquidity purposes, while \u00a342 million (2022: \u00a391 million) is available as backup to specific US borrowings. Subsequent to 31 March 2023, the following undrawn facilities were renegotiated or cancelled: \u2022 \u00a342 million of the undrawn syndicated facilities due to mature in less than one year were renegotiated on 24 April 2023 with no uplift in the amount and a new expiry date of 31 May 2028; \u2022 \u00a3750 million of the undrawn bilateral facilities due to mature in one to two years were renegotiated on 5 May 2023 with no uplift in the amount and a new expiry date of 31 May 2026; \u2022 \u00a33,526 million of the undrawn bilateral facilities due to mature in one to two years and \u00a32,060 million of the undrawn bilateral facilities due to mature in two to three years were renegotiated on 3 April 2023, into \u00a35,377 million bilateral facilities with an expiry date of 3 April 2026 and \u00a31,810 million syndicated facility with an expiry date of 3 April 2028; and \u2022 \u00a385 million of the undrawn bilateral facilities due to mature in one to two years and \u00a340 million of the undrawn bilateral facilities due to mature in two to three years were cancelled on 10 May 2023. The comparative balances include a facility of \u00a3350 million related to National Grid Gas plc, a company which was disposed of in the current year. In addition, we have the following facilities which are not included in the table above: \u2022 for the separately regulated business of National Grid Electricity System Operator Limited, the Group has a facility of \u00a3550 million (2022: \u00a3550 million). This facility is not available as Group general liquidity support; \u2022 the Group continues to have access to Export Credit Agreements (ECAs) funding specific projects totalling \u00a31,530 million (2022: \u00a31,396 million), of which \u00a3460 million (2022: \u00a3489 million) is undrawn; and \u2022 as of 31 March 2023 the Group had a loan facility of \u00a3nil (2022: \u00a38,250 million) to finance the consideration to acquire NGED (see note 37), of which \u00a3nil (2022: \u00a38,179 million) was drawn down as at 31 March 2023. In the current year, the Group used the proceeds generated from the sales of NECO and the UK Gas Transmission business to fully repay the bridge facility. ",
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"fact-791": {
"value": "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. 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. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-726": {
"value": "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. 2023 2022 \u00a3m \u00a3m Trade payables 3,249 3,113 Deferred payables 404 487 Customer contributions 1 171 137 Social security and other taxes 240 278 Contingent consideration 19 34 Other payables\u00b2 985 866 5,068 4,915 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-792": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-727": {
"value": "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. 2023 2022 \u00a3m \u00a3m Current 252 130 Non-current 1,754 1,342 2,006 1,472 Significant changes in the contract liabilities balances during the period are as follows: 2023 2022 \u00a3m \u00a3m As at 1 April 1,472 1,160 Exchange adjustments 54 29 Revenue recognised that was included in the contract liability balance at the beginning of the period (292) (53) Increases due to cash received, excluding amounts recognised as revenue during the period 772 510 Reclassification to held for sale (note 10) \u2014 (174) At 31 March 2,006 1,472",
"dimensions": {
"concept": "nationalgridplc:DisclosureOfContractLiabilities",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-793": {
"value": "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. ",
"dimensions": {
"concept": "nationalgridplc:DescriptionOfAccountingPolicyForContractLiabilities",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-728": {
"value": "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 2024. 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, with the exception of contingent consideration, which is subsequently measured at fair value. 2023 2022 \u00a3m \u00a3m Deferred income 84 41 Customer contributions 1 421 421 Contingent consideration \u2014 7 Other payables\u00b2 416 336 921 805 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-794": {
"value": "Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March 2024. It also includes contingent consideration and other payables that are not due until after that date. ",
"dimensions": {
"concept": "nationalgridplc:DescriptionOfAccountingPolicyForOtherNonCurrentLiabilities",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-729": {
"value": "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 \u2018Employee Benefits\u2019. 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 Employees of National Grid\u2019s legacy UK businesses are eligible to join the National Grid UK Retirement Plan (NGUKRP), a section of a Master Trust arrangement managed by Legal & General. Separately, DC pension benefits are provided to NGED employees through the Western Power Pension Scheme (WPPS), which comprises four sections, each containing an element of DC pension provision. Of the four sections, it is only the \u20182010 Section\u2019 which is open to new NGED employees. National Grid pays contributions into the NGUKRP and WPPS 2010 Section 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 in NGUKRP and 10% of salary in WPPS 2010 Section, increasing to 12% for future years on 1 April 2023). 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 (NGUKPS), three sections of the industry-wide Electricity Supply Pension Scheme (ESPS) and a legacy scheme (WPUPS), DB sections 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 Group became responsible for four of these pension schemes following the acquisition of NGED in the prior year. At the date of acquisition these schemes had combined assets of \u00a37,662 million and the Group recognised a net pension asset on the balance sheet of \u00a3566 million (see note 37). This net pension asset was assessed consistently with the valuation of National Grid\u2019s existing defined benefit pension schemes but reflecting market conditions at the date of acquisition. In addition, the Group also became responsible for some smaller unfunded obligations relating to previous executives at NGED East Midlands and NGED West Midlands. Following the sale of the UK Gas Transmission business in January 2023, the Group is no longer responsible for Section B of the NGUKPS. During the year, the Group carried out an exercise to align each employee\u2019s pension scheme with their future employer, enabling them to continue to earn DB benefits after the closing of the sale. These employees were then offered the chance to transfer their accrued pension benefits into their new pension scheme, with the transfers completing in January 2023. The arrangements are subject to independent actuarial funding valuations every three years and, following consultation and agreement with the Company, the qualified actuary certifies the employers\u2019 contributions which together with the specified contributions payable by the employees and proceeds from the plans\u2019 assets, are expected to be sufficient to fund the benefits payable. The Company is in the process of agreeing actuarial valuations as at 31 March 2022 for each of the DB plans. This will involve implementing revised deficit recovery plans for any schemes where there is an assessed funding shortfall. The existing recovery plans agreed as part of the 31 March 2019 actuarial valuations are due to finish in November 2024, or earlier, with payments of approximately \u00a360 million across all plans still due to be paid. Separately, National Grid continues to fund the cost of future benefit accrual (over and above member contributions) for each of the DB schemes. In the year to March 2023, the aggregate level of ongoing contributions (excluding recovery plan payments) was \u00a374 million (2022: \u00a383 million; 2021: \u00a350 million). National Grid also pays contributions in respect of the costs of plan administration and the Pension Protection Fund (PPF) levies for most of its DB plans. In addition, for some plans the Company has also agreed to establish security arrangements. This includes \u00a3186 million of security for Section A of NGUKPS, all of which is currently provided in the form of surety bonds but may also be provided as letters of credit or cash. This amount will be paid to Section A in the event that the relevant supporting employer is subject to an insolvency event or fails to make required contributions. Contingent security would be provided to National Grid Electricity Group (NGEG) of ESPS, in the form of cash payments of up to a maximum of \u00a3500 million, payable if certain trigger events occur in respect of National Grid Electricity Transmission plc. A guarantee has also been provided to Section A of NGUKPS, with the payment contingent 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 a fiduciary committee called the Retirement Plan Committee (RPC). 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 plans 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\u2019s contribution into the plan. Most employees also receive a matching contribution that varies between 25% and 50% of employee contributions up to a maximum of 8% to 10%. The assets of the plans are held in trusts and administered by the RPC. Defined benefit plans National Grid sponsors four non-contributory qualified DB pension plans, which provide vested union employees, and vested non-union employees hired before 1 January 2011, 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. An independent actuary performs valuations annually. 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\u2019s 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 \u00a376 million (2022: \u00a3116 million). In May 2022, NECO was sold to PPL Rhode Island Holdings, LLC (see note 10) and a portion of one of the DB pension plans was transferred to PPL Rhode Island Holdings, LLC\u2019s successor plan. Both active and inactive participants from NECO were transferred to PPL Rhode Island Holdings, LLC\u2019s successor plan with the sale, as well as some active employees from other subsidiaries. The sale required curtailment and settlement accounting, resulting in a remeasurement of the related plan\u2019s pension assets and benefit liabilities. In addition, three of the DB pension plans underwent an annuity buyout transaction in which a portion of existing retiree pension payments were transferred to a reputable insurance company in exchange for a single bulk premium payment. As a result, all associated financial, governance and administrative responsibilities for those payments were transferred to the selected insurer. The annuity buyout required settlement accounting when the single bulk premium payment was paid to the insurer in June 2022. US other post-retirement benefits National Grid provides healthcare and life insurance benefits to eligible employees, post retirement. 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\u2019s 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 \u00a311 million (2022: \u00a317 million). The sale of NECO to PPL Rhode Island Holdings, LLC in May 2022 resulted in the transfer of a proportional share of the associated union and non-union OPEB assets and benefit liabilities to PPL Rhode Island Holdings, LLC\u2019s successor plans. 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\u2019s 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. Current service cost and any unrecognised past service cost are recognised immediately. 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 liability recognised in the consolidated statement of financial position (see 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 % % % % % % % % % Discount rate \u2013 past service 4.80 2.78 2.00 4.85 3.65 3.25 4.85 3.65 3.25 Discount rate \u2013 future service 4.80 2.85 2.15 4.85 3.65 3.25 4.85 3.65 3.25 Rate of increase in RPI \u2013 past service 3.17 3.60 3.15 n/a n/a n/a n/a n/a n/a Rate of increase in RPI \u2013 future service 3.07 3.33 3.00 n/a n/a n/a n/a n/a n/a Salary increases 3.11 3.47 3.40 4.50 4.60 4.30 4.50 4.60 4.30 Initial healthcare cost trend rate n/a n/a n/a n/a n/a n/a 6.80 6.80 7.10 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 2031 (2022: 2031). The table below sets out the projected life expectancies adopted for the UK and US pension arrangements: UK pensions US pensions 2023 2022 2021 2023 2022 2021 years years years years years years Assumed life expectations for a retiree age 65 Males 21.9 22.0 21.8 21.6 21.4 21.6 Females 23.7 23.8 23.7 23.8 23.6 24.0 In 20 years: Males 23.0 23.2 23.1 23.2 23.1 23.2 Females 25.1 25.2 25.2 25.4 25.3 25.5 The weighted average duration of the DB obligation for each category of plan is 12 years for UK pension plans, 12 years for US pension plans and 13 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 2023 2022 2023 2022 2023 2022 % % % % % % Active members 14 16 37 36 33 34 Deferred members 9 10 9 9 \u2014 \u2014 Pensioner members 77 74 54 55 67 66 Amounts recognised in the consolidated statement of financial position 2023 2022 \u00a3m \u00a3m Present value of funded obligations (18,934) (23,541) Fair value of plan assets 21,246 27,013 2,312 3,472 Present value of unfunded obligations (292) (326) Other post-employment liabilities (69) (71) Net defined benefit asset 1,951 3,075 Represented by: Liabilities (694) (810) Assets 2,645 3,885 1,951 3,075 The geographical split of pensions and other post-retirement benefits is as shown below: UK pensions US pensions US other post-retirement benefits Total 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Present value of funded obligations (10,906) (14,197) (5,502) (6,531) (2,526) (2,813) (18,934) (23,541) Fair value of plan assets 12,578 16,865 6,060 7,263 2,608 2,885 21,246 27,013 1,672 2,668 558 732 82 72 2,312 3,472 Present value of unfunded obligations (58) (78) (234) (248) \u2014 \u2014 (292) (326) Other post-employment liabilities \u2014 \u2014 \u2014 \u2014 (69) (71) (69) (71) Net defined benefit asset 1,614 2,590 324 484 13 1 1,951 3,075 Represented by: Liabilities (58) (78) (234) (248) (402) (484) (694) (810) Assets 1,672 2,668 558 732 415 485 2,645 3,885 1,614 2,590 324 484 13 1 1,951 3,075 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. 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: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Included within operating costs Administration costs 19 20 18 Included within payroll costs Defined benefit plan costs: Current service cost 194 223 175 Past service cost \u2013 augmentations \u2014 1 \u2014 Past service cost/(credit) \u2013 redundancies 5 1 (1) Special termination benefit cost \u2013 redundancies 3 9 5 Gains on settlement (45) \u2014 \u2014 157 234 179 Included within finance income and costs Net interest (income)/cost (85) (2) 38 Total included in income statement 1 91 252 235 Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations2 (1,364) 2,481 1,408 Exchange adjustments 41 7 186 Total included in the statement of other comprehensive income\u00b3 (1,323) 2,488 1,594 1. Amounts shown in the table above include operating costs of \u00a3nil (2022: \u00a34 million; 2021: \u00a33 million); payroll costs of \u00a3nil (2022: \u00a310 million; 2021: \u00a310 million); and net interest income of \u00a3nil (2022: \u00a32 million; 2021: \u00a313 million) presented within profit from discontinued operations. These amounts all relate to UK pensions. 2. For the year ended 31 March 2021, this included actuarial losses from the purchase of buy-in policies of \u00a30.1 billion. 3. Amounts shown in the table above include remeasurements of pension assets and post-retirement benefit obligations of \u00a3nil (2022: \u00a3309 million gain; 2021: \u00a3250 million loss) 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Included within operating costs Administration costs 9 11 9 8 7 7 2 2 2 Included within payroll costs Defined benefit plan costs: Current service cost 69 83 28 88 101 104 37 39 43 Past service cost \u2013 augmentations \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Past service cost/(credit) \u2013 redundancies 5 1 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Special termination benefit cost \u2013 redundancies 3 9 5 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Gains on settlement \u2014 \u2014 \u2014 (45) \u2014 \u2014 \u2014 \u2014 \u2014 77 94 32 43 101 104 37 39 43 Included within finance income and costs Net interest (income)/cost (64) (7) (38) (21) \u2014 35 \u2014 5 41 Total included in income statement 22 98 3 30 108 146 39 46 86 Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations1 (1,183) 1,577 (622) (242) 532 1,017 61 372 1,013 Exchange adjustments \u2014 \u2014 \u2014 36 11 83 5 (4) 103 Total included in the statement of other comprehensive income (1,183) 1,577 (622) (206) 543 1,100 66 368 1,116 1. For the year ended 31 March 2021, UK pensions is stated after actuarial losses from the purchase of buy-in policies of \u00a30.1 billion. Reconciliation of the net defined benefit asset
UK pensions US pensions
US other
post-retirement benefits Total
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening net defined benefit asset/(liability)
2,590 1,035 484 (22) 1 (298) 3,075 715
Cost recognised in the income statement (including
discontinued operations)
(22) (98) (30) (108) (39) (46) (91) (252)
Remeasurement and foreign exchange effects recognised
in the statement of other comprehensive income
(1,183) 1,577 (206) 543 66 368 (1,323) 2,488
Employer contributions
197 167 76 116 11 17 284 300
Other movements
2 7 \u2014 \u2014 (26) (29) (24) (22)
Acquisition of NGED
\u2014 566 \u2014 \u2014 \u2014 \u2014 \u2014 566
Reclassification to held for sale (note 10)
30 (664) \u2014 (45) \u2014 (11) 30 (720)
Closing net defined benefit asset
1,614 2,590 324 484 13 1 1,951 3,075
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
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening defined benefit obligations
(14,275) (13,645) (6,779) (6,931) (2,813) (3,031) (23,867) (23,607)
Current service cost
(69) (83) (88) (101) (37) (39) (194) (223)
Interest cost
(334) (88) (252) (240) (111) (100) (697) (428)
Actuarial (losses)/gains \u2013 experience
(235) (627) (17) (24) 48 107 (204) (544)
Actuarial gains \u2013 demographic assumptions
135 133 5 100 10 71 150 304
Actuarial gains \u2013 financial assumptions
3,167 1,387 818 329 443 192 4,428 1,908
Past service cost \u2013 redundancies
(5) (1) \u2014 \u2014 \u2014 \u2014 (5) (1)
Special termination benefit cost \u2013 redundancies
(3) (9) \u2014 \u2014 \u2014 \u2014 (3) (9)
Past service cost \u2013 augmentations
\u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 (1)
Liabilities extinguished on settlements
\u2014 \u2014 616 \u2014 \u2014 \u2014 616 \u2014
Medicare subsidy received
\u2014 \u2014 \u2014 \u2014 (28) (24) (28) (24)
Employee contributions
(10) (8) \u2014 \u2014 \u2014 \u2014 (10) (8)
Benefits paid
711 919 426 403 153 159 1,290 1,481
Exchange adjustments
\u2014 \u2014 (465) (327) (191) (140) (656) (467)
Acquisition of NGED
\u2014 (7,096) \u2014 \u2014 \u2014 \u2014 \u2014 (7,096)
Reclassification to held for sale
(46) 4,844 \u2014 12 \u2014 (8) (46) 4,848
Closing defined benefit obligations
(10,964) (14,275) (5,736) (6,779) (2,526) (2,813) (19,226) (23,867)
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
2023 2022 2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening fair value of plan assets
16,865 14,680 7,263 6,909 2,885 2,799 27,013 24,388
Interest income
398 95 273 240 111 95 782 430
Return on plan assets (less than)/in excess of interest
(4,250) 684 (1,048) 127 (440) 2 (5,738) 813
Administration costs
(9) (11) (8) (7) (2) (2) (19) (20)
Assets distributed on settlements
\u2014 \u2014 (571) \u2014 \u2014 \u2014 (571) \u2014
Employer contributions
197 167 76 116 11 17 284 300
Employee contributions
10 8 \u2014 \u2014 \u2014 \u2014 10 8
Benefits paid
(709) (912) (426) (403) (153) (159) (1,288) (1,474)
Exchange adjustments
\u2014 \u2014 501 338 196 136 697 474
Acquisition of NGED
\u2014 7,662 \u2014 \u2014 \u2014 \u2014 \u2014 7,662
Reclassification to held for sale
76 (5,508) \u2014 (57) \u2014 (3) 76 (5,568)
Closing fair value of plan assets 12,578 16,865 6,060 7,263 2,608 2,885 21,246 27,013
Actual return on plan assets (3,852) 779 (775) 367 (329) 97 (4,956) 1,243
Expected contributions to plans
in the following year
99 146 36 74 14 14 149 234
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 2023 2022 2021 Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Equities 475 179 654 1,458 474 1,932 555 801 1,356 Corporate bonds 1,956 \u2014 1,956 2,741 \u2014 2,741 3,730 37 3,767 Government securities 762 \u2014 762 786 \u2014 786 1,836 \u2014 1,836 Property 23 860\u00b9 883 122 1,002\u00b9 1,124 104 565\u00b9 669 Diversified alternatives 708 680 1,388 1,334 432 1,766 \u2014 712 712 Liability-matching assets 1,958\u00b2 4,873\u00b3 6,831\u2074 2,023 \u00b2 6,090\u00b3 8,113\u2074 1,731 \u00b2 4,133\u00b3 5,864\u2074 Longevity swap \u2014 (88) (88) \u2014 (80) (80) \u2014 (64) (64) Cash and cash equivalents 145 \u2014 145 477 \u2014 477 34 250 284 Other (including net current assets and liabilities) 59 (12) 47 16 (10) 6 \u2014 256 256 6,086 6,492 12,578\u2075 8,957 7,908 16,865\u2075 7,990 6,690 14,680\u2075 1. Includes \u00a3304 million (2022: \u00a3283 million; 2021: \u00a3nil) of investments in forestry funds. 2. Consists of pooled funds which invest mainly in fixed interest securities. 3. Includes buy-in policies held by NGUKPS with a total value of \u00a32.1 billion (2022: \u00a32.7 billion; 2021: \u00a34.1 billion). 4. Included within liability-matching assets above is \u00a33.4 billion (2022: \u00a36.6 billion; 2021: \u00a32.5 billion) of repurchase agreements. These are used to increase the market exposure of the liability-matching portfolios. 5. The fair value of plan assets for NGUKPS Section A includes employer-related investment exposure of \u00a323 million (2022: \u00a332 million; 2021: \u00a3nil). US pensions 2023 2022 2021 Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Equities 154 1,346 1,500 272 1,904 2,176 560 2,359 2,919 Corporate bonds 2,147 528 2,675 2,311 697 3,008 1,547 507 2,054 Government securities 410 514 924 335 715 1,050 354 527 881 Property \u2014 299 299 \u2014 295 295 \u2014 264 264 Diversified alternatives 85 285 370 142 364 506 167 458 625 Infrastructure \u2014 265 265 \u2014 182 182 \u2014 130 130 Cash and cash equivalents 16 \u2014 16 31 \u2014 31 24 \u2014 24 Other (including net current assets and liabilities) 7 4 11 12 3 15 12 \u2014 12 2,819 3,241 6,060 3,103 4,160 7,263 2,664 4,245 6,909 US other post-retirement benefits 2023 2022 2021 Quoted Unquoted Total Quoted Unquoted Total Quoted Unquoted Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Equities 74 510 584 185 1,013 1,198 419 1,303 1,722 Corporate bonds 1,332 2 1,334 723 2 725 13 \u2014 13 Government securities 431 2 433 511 2 513 533 3 536 Diversified alternatives 100 9 109 144 120 264 185 172 357 Other 1 1 147 148 \u2014 185 185 \u2014 171 171 1,938 670 2,608 1,563 1,322 2,885 1,150 1,649 2,799 1. Other primarily comprises insurance contracts. Main defined benefit risks National Grid underwrites the financial and demographic risks associated with our 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. The most significant risks associated with the DB plans are: 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\u2019 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\u2019 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. DB plan 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 2023 are as follows: UK pensions US pensions US other post- retirement benefits % % % Return-seeking assets 24 36 32 Liability-matching assets 76 64 68 The governing bodies generally delegate responsibility for the selection of specific bonds, securities and other investments to appointed investment managers. Investment managers 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\u2019s long-term objectives and accepted risk levels. The extreme volatility of the UK gilt market during 2022 led to significant liquidity pressures on DB pension schemes, with large collateral calls from Liability-Driven Investment (LDI) fund managers requiring some schemes to either sell illiquid assets at short notice or reduce their level of hedging. Whilst these liquidity calls were met by the schemes, the Company provided Section A of NGUKPS with a short-term loan of \u00a3125 million to ensure that any further significant rises in gilt yields would not require a reduction to hedging levels. This loan was repaid in January 2023. Each of our schemes continues to review its strategy for hedging interest rates and inflation, to ensure it is not exposed to undue risk given further future market volatility. In the UK, each of our pension plans has Responsible Investment (RI) Policies, which take into account Environmental, Social and Governance (ESG) factors and generally incorporate the six UN-backed Principles for Responsible Investment (UNPRI). Each of the Trustee boards believes that ESG factors can be material to financial outcomes and should therefore be considered alongside other factors. They recognise that their primary responsibility remains a fiduciary one, i.e. their first duty is to ensure the best possible return on investments with the appropriate level of risk. However, they also recognise the increasing materiality of ESG factors and that they have a fiduciary and regulatory duty to consider RI, including ESG factors and their 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-795": {
"value": "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 \u2018Employee Benefits\u2019. 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-730": {
"value": "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\u2019s 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 \u00a3m Decommissioning \u00a3m Other \u00a3m Total provisions \u00a3m At 1 April 2021 1,700 244 283 2,227 Exchange adjustments 82 4 11 97 Additions 158 37 228 423 Acquisition of NGED (note 37) \u2014 37 29 66 Unused amounts reversed (25) (4) (32) (61) Unwinding of discount 64 6 3 73 Utilised (99) (26) (69) (194) Reclassification to held for sale (note 10) (3) (40) (49) (92) At 31 March 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 rate\u00b9 (176) (48) \u2014 (224) Unwinding of discount 72 10 6 88 Utilised (100) (9) (176) (285) At 31 March 2023 1,891 297 454 2,642 2023 2022 \u00a3m \u00a3m Current 288 240 Non-current 2,354 2,299 2,642 2,539 1. In the year, environmental provisions decreased by \u00a3176 million as a result of the change in the real discount rate from 0.5% to 1.5% (see note 5 for details). Decommissioning provisions decreased by \u00a348 million with an associated decrease in the carrying amount of property, plant and equipment of \u00a348 million. 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: 2023 2022 Discounted \u00a3m Real undiscounted \u00a3m Real discount rate Discounted \u00a3m Real undiscounted \u00a3m Real discount rate UK sites 123 138 1.5 % 152 160 0.5 % US sites 1,768 2,006 1.5 % 1,725 1,789 0.5 % 1,891 2,144 1,877 1,949 The remediation expenditure in the US is expected to be incurred until 2070, of which the majority relates to three Superfund sites (being sites where hazardous substances are present as a result of the historical operations of manufactured gas plants in Brooklyn, New York). The weighted average duration of the cash flows is 11 years. Under the terms of our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers. The provision is calculated based on management\u2019s best estimate of the real 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. The undiscounted amount is the best estimate of the actual cash flows that will be required with regard to these uncertainties. A number of estimation uncertainties affect the calculation of these provisions, including the impact of and possibility of changes to regulations, the accuracy of site surveys, unexpected contaminants, transportation costs, the impact of alternative technologies, the expected timing 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. The 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 2069. The uncertainties regarding the calculation of this provision are similar to those considered in respect of US sites. Changes in the provision arising from revised estimates, discount rates or changes in the expected timing of expenditure are recognised in the income statement. We have included sensitivity analysis in note 35. The cost of remediation may also vary from the amounts provided for as regulations might change or additional work may be required once full site surveys have been conducted. 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. In any case, even if a legal or constructive obligation did exist, it is not currently determinable when remediation work would take place and therefore no provision would be recorded at this point. An initial estimate of decommissioning costs attributable to property, plant and equipment is recorded as part of the original 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 2023 are the following amounts: \u2022 \u00a3182 million (2022: \u00a3163 million) of estimated liabilities in respect of past events insured by insurance subsidiary undertakings, including employer liability claims. In accordance with insurance industry practice, these estimates are based on experience from previous years, but we currently expect that cash flows will be incurred until 2037; \u2022 \u00a3108 million (2022: \u00a3121 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 constructed by Ofgem (see note 3). These estimates are based on the respective interconnectors\u2019 performance against their cumulative caps and cash outflows will be required to settle these liabilities by the financial year ending 31 March 2028; \u2022 \u00a337 million (2022: \u00a328 million) in respect of onerous lease commitments and rates payable on surplus properties with expenditure expected to be incurred until 2039; \u2022 \u00a348 million (2022: \u00a326 million) in respect of emissions provisions with expenditure expected to be incurred until 2024; and \u2022 \u00a35 million (2022: \u00a317 million) relating to restructuring provisions, which are recognised when a formal restructuring plan is in place and a valid expectation has been raised with those affected by it. In 2023, we continued to undertake design and implementation activities in respect of our cost efficiency programme, which resulted in the recognition of an increased provision of \u00a32 million in the year (2022: \u00a316 million). The income statement expense relating to the provision has been treated as an exceptional item, and details are provided in note 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-796": {
"value": "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\u2019s 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-731": {
"value": "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 \u00a3m At 1 April 2021 3,815 474 Issued during the year in lieu of dividends1 89 11 At 31 March 2022 3,904 485 Issued during the year in lieu of dividends1 26 3 At 31 March 2023 3,930 488 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 \u2044 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 is conducting 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\u2019s 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\u2019s strategy in relation to corporate responsibility. During the financial year, the Company received \u00a35 million (2022: \u00a316 million) of proceeds from the sale of untraced shares and derecognised \u00a35 million (2022: \u00a332 million) of liabilities related to unclaimed dividends, which are reflected in share premium and the income statement respectively. Treasury shares At 31 March 2023, the Company held 254 million (2022: 259 million) of its own shares. The market value of these shares as at 31 March 2023 was \u00a32,783 million (2022: \u00a33,038 million). For the benefit of employees and in connection with the operation of the Company\u2019s various share plans, the Company made the following transactions in respect of its own shares during the year ended 31 March 2023: i. During the year, 3 million (2022: 4 million) treasury shares were gifted to National Grid Employee Share Trusts and 2 million (2022: 2 million) treasury shares were reissued in relation to employee share schemes, in total representing approximately 0.1% (2022: 0.2%) of the ordinary shares in issue as at 31 March 2023. The nominal value of these shares was \u00a31 million (2022: \u00a31 million) and the total proceeds received were \u00a316 million (2022: \u00a317 million). 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. ii. During the year, the Company made payments totalling \u00a34 million (2022: \u00a33 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 259 million (2022: 266 million) representing approximately 6.6% (2022: 6.8%) of the ordinary shares in issue as at 31 March 2023 and having a nominal value of \u00a332 million (2022: \u00a333 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-797": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-762": {
"value": "Treasury shares At 31 March 2023, the Company held 254 million (2022: 259 million) of its own shares. The market value of these shares as at 31 March 2023 was \u00a32,783 million (2022: \u00a33,038 million). For the benefit of employees and in connection with the operation of the Company\u2019s various share plans, the Company made the following transactions in respect of its own shares during the year ended 31 March 2023: i. During the year, 3 million (2022: 4 million) treasury shares were gifted to National Grid Employee Share Trusts and 2 million (2022: 2 million) treasury shares were reissued in relation to employee share schemes, in total representing approximately 0.1% (2022: 0.2%) of the ordinary shares in issue as at 31 March 2023. The nominal value of these shares was \u00a31 million (2022: \u00a31 million) and the total proceeds received were \u00a316 million (2022: \u00a317 million). 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. ii. During the year, the Company made payments totalling \u00a34 million (2022: \u00a33 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 259 million (2022: 266 million) representing approximately 6.6% (2022: 6.8%) of the ordinary shares in issue as at 31 March 2023 and having a nominal value of \u00a332 million (2022: \u00a333 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-732": {
"value": "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 \u00a3m Cash flow hedge \u00a3m Cost of hedging \u00a3m FVOCI equity \u00a3m FVOCI debt \u00a3m Own credit \u00a3m Capital redemption \u00a3m Merger \u00a3m Total \u00a3m At 1 April 2020 1,310 (75) (50) 25 31 10 19 (5,165) (3,895) Exchange adjustments\u00b9 (1,345) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (1,345) Net gains/(losses) taken to equity \u2014 14 11 36 80 (11) \u2014 \u2014 130 Share of net losses of associates taken to equity \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1 Transferred to profit or loss \u2014 56 3 \u2014 \u2014 \u2014 \u2014 \u2014 59 Net losses in respect of cash flow hedging of capital expenditure \u2014 (14) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (14) Tax \u2014 (13) 8 (10) \u2014 2 \u2014 \u2014 (13) Cash flow hedges transferred to the statement of financial position, net of tax \u2014 (17) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (17) At 1 April 2021 (35) (48) (28) 51 111 1 19 (5,165) (5,094) Exchange adjustments\u00b9 629 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 629 Net losses taken to equity\u00b2 \u2014 (96) (2) (70) (11) (1) \u2014 \u2014 (180) Share of net gains of associates taken to equity \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1 Transferred to profit or loss \u2014 40 (1) \u2014 \u2014 \u2014 \u2014 \u2014 39 Net losses in respect of cash flow hedging of capital expenditure \u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (1) Tax \u2014 11 2 19 3 \u2014 \u2014 \u2014 35 Cash flow hedges transferred to the statement of financial position, net of tax \u2014 8 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 8 At 1 April 2022 594 (85) (29) \u2014 103 \u2014 19 (5,165) (4,563) Exchange adjustments\u00b9 882 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 882 Exchange differences reclassified to the consolidated income statement on disposal (170) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (170) Net gains/(losses) taken to equity \u2014 142 (12) \u2014 (25) \u2014 \u2014 \u2014 105 Share of net gains of associates taken to equity \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1 Transferred to profit or loss \u2014 (136) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (136) Net gains in respect of cash flow hedging of capital expenditure \u2014 10 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 10 Tax \u2014 2 3 \u2014 1 \u2014 \u2014 \u2014 6 Cash flow hedges transferred to the statement of financial position, net of tax \u2014 5 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5 At 31 March 2023 1,306 (61) (38) \u2014 79 \u2014 19 (5,165) (3,860) 1. The exchange adjustments recorded in the translation reserve comprise a gain of \u00a31,080 million (2022: gain of \u00a3754 million; 2021: loss of \u00a31,507 million) relating to the translation of foreign operations offset by a loss of \u00a3198 million (2022: loss of \u00a3125 million; 2021: gain of \u00a3183 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 \u00a312 million. The accumulated gain of \u00a382 million recognised in other comprehensive income in the year ended 31 March 2022 was transferred to retained earnings on disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-733": {
"value": "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: 2023 2022 2021 \u00a3m \u00a3m \u00a3m Cash and cash equivalents (see note 20) 163 204 157 Current financial investments (see note 15) 2,605 3,145 2,342 Borrowings (see note 21) (42,985) (45,465) (31,220) Financing derivatives 1 (see note 17) (756) (693) 175 (40,973) (42,809) (28,546) 1. The financing derivatives balance included in net debt excludes the commodity derivatives (see note 17). (b) Analysis of changes in net debt Notes Cash and cash equivalents \u00a3m Financial investments1 \u00a3m Borrowings \u00a3m Financing derivatives \u00a3m Total2 \u00a3m At 1 April 2020 73 1,998 (30,794) 133 (28,590) Cash flow 95 429 (2,336) 4 (1,808) Fair value gains and losses \u2014 14 159 31 204 Foreign exchange movements (7) (106) 1,710 \u2014 1,597 Interest income/(charges) 6 \u2014 7 (946) 7 (932) Other non-cash movements \u2014 \u2014 (136) \u2014 (136) Reclassification to held for sale 10 (4) \u2014 1,123 \u2014 1,119 At 1 April 2021 157 2,342 (31,220) 175 (28,546) Cash flow 29(c) 9 752 (9,993) 262 (8,970) Fair value gains and losses \u2014 (12) 286 (604) (330) Foreign exchange movements 5 53 (652) \u2014 (594) Interest income/(charges) 6 \u2014 43 (1,177) (59) (1,193) Other non-cash movements \u2014 (15) 34 \u2014 19 Acquisition of NGED 37 44 69 (8,286) 26 (8,147) Reclassification to held for sale\u00b3 10 (11) (87) 5,543 (493) 4,952 At 1 April 2022 204 3,145 (45,465) (693) (42,809) Cash flow 29(c) (48) (651) 5,268 455 5,024 Fair value gains and losses \u2014 (18) 367 (348) 1 Foreign exchange movements 7 61 (1,311) \u2014 (1,243) Interest income/(charges) 6 \u2014 73 (1,658) (170) (1,755) Other non-cash movements \u2014 \u2014 (283) \u2014 (283) Reclassification to held for sale\u00b3 10 \u2014 (5) 97 \u2014 92 At 31 March 2023 163 2,605 (42,985) (756) (40,973) Balances at 31 March 2023 comprise: Non-current assets \u2014 \u2014 \u2014 263 263 Current assets 163 2,605 \u2014 100 2,868 Current liabilities \u2014 \u2014 (2,955) (93) (3,048) Non-current liabilities \u2014 \u2014 (40,030) (1,026) (41,056) 163 2,605 (42,985) (756) (40,973) 1. Cash flows on current financial investments comprise \u00a365 million (2022: \u00a329 million; 2021: \u00a37 million) of interest received and \u00a3586 million of cash inflows (2022: \u00a3781 million outflows; 2021: \u00a3436 million outflows) of net cash flow movements in short-term financial investments, as presented in the consolidated cash flow statement. 2. Includes accrued interest at 31 March 2023 of \u00a3401 million (2022: \u00a3351 million; 2021: \u00a3263 million). 3. Reclassification to held for sale in the year ended 31 March 2022 represented the opening net debt position of the UK Gas Transmission business (see note 10). In the current year the reclassification to held for sale relates to the disposal of NECO which was not classified as a discontinued operation. (c) Reconciliation of cash flow from liabilities within net debt to cash flow statement 2023 2022 2021 Borrowings and other \u00a3m Financing derivatives \u00a3m Borrowings and other \u00a3m Financing derivatives \u00a3m Borrowings and other \u00a3m Financing derivatives \u00a3m Cash flows per financing activities section of cash flow statement: Proceeds received from loans 11,908 \u2014 12,347 \u2014 5,150 \u2014 Repayment of loans (15,260) \u2014 (1,261) \u2014 (1,654) \u2014 Payments of lease liabilities (155) \u2014 (117) \u2014 (107) \u2014 Net movements in short-term borrowings (511) \u2014 (11) \u2014 (619) \u2014 Cash inflows on derivatives \u2014 190 \u2014 20 \u2014 17 Cash outflows on derivatives \u2014 (118) \u2014 (114) \u2014 (183) Interest paid (1,277) (153) (998) (55) (711) (42) Cash flows per financing activities section of cash flow statement (5,295) (81) 9,960 (149) 2,059 (208) Adjustments: Non-net debt-related items 27 \u2014 33 \u2014 29 \u2014 Derivative cash (outflow)/inflow in relation to capital expenditure \u2014 (12) \u2014 (8) \u2014 10 Derivative cash inflows per investing section of cash flow statement \u2014 \u2014 \u2014 17 \u2014 225 Derivative cash outflows per investing section of cash flow statement \u2014 (362) \u2014 (122) \u2014 (81) Cash flows relating to financing liabilities within net debt (5,268) (455) 9,993 (262) 2,088 (54) Analysis of changes in net debt: Borrowings (5,268) \u2014 9,993 \u2014 2,088 \u2014 Financing derivatives \u2014 (455) \u2014 (262) \u2014 (54) Cash flow movements relating to financing liabilities within net debt (5,268) (455) 9,993 (262) 2,088 (54) (d) Reconciliation of changes in liabilities arising from financing activities The table below reconciles changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. For the purposes of this table, the liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated cash flow statement within financing activities. As a result we have separately disclosed the reconciliation below, excluding derivatives associated with our net investment hedges and derivatives associated with the hedging of capital expenditure, given that they are both classified in the consolidated cash flow statement within investing activities. Notes Borrowings \u00a3m Financing derivatives \u00a3m Total \u00a3m At 1 April 2020 (30,794) 228 (30,566) Cash flow 1 (2,336) 158 (2,178) Fair value gains and losses 159 (301) (142) Foreign exchange movements 1,710 \u2014 1,710 Interest charges 6 (946) 11 (935) Other non-cash movements (136) \u2014 (136) Reclassification to held for sale 10 1,123 \u2014 1,123 At 1 April 2021 (31,220) 96 (31,124) Cash flow (9,993) 149 (9,844) Fair value gains and losses 286 (472) (186) Foreign exchange movements (652) \u2014 (652) Interest charges 6 (1,177) (54) (1,231) Other non-cash movements 34 \u2014 34 Acquisition of NGED 37 (8,286) 26 (8,260) Reclassification to held for sale 2 10 5,543 (495) 5,048 At 1 April 2022 (45,465) (750) (46,215) Cash flow 5,268 81 5,349 Fair value gains and losses 367 46 413 Foreign exchange movements (1,311) \u2014 (1,311) Interest charges 6 (1,658) (170) (1,828) Other non-cash movements (283) \u2014 (283) Reclassification to held for sale 2 97 \u2014 97 At 31 March 2023 (42,985) (793) (43,778) 1. Amounts shown for the year ended 31 March 2021 include financing cash flows attributable to the UK Gas Transmission business which was classified as a discontinued operation (see notes 1 and 10). In order to reconcile financing cash flows to the consolidated cash flow statement for the year ended 31 March 2021, cash flows from financing activities for both continuing operations and discontinued operations should be included, along with non-debt related items in note 29(c). 2. Reclassification to held for sale in the year ended 31 March 2022 represented the opening net debt position of the UK Gas Transmission business (see note 10). ",
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"fact-772": {
"value": "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. 2023 2022 \u00a3m \u00a3m Future capital expenditure Contracted for but not provided 1 3,035 2,881 Energy purchase commitments 2 Less than 1 year 1,391 1,386 In 1 to 2 years 985 1,366 In 2 to 3 years 1,057 1,219 In 3 to 4 years 912 1,189 In 4 to 5 years 929 1,088 More than 5 years 13,920 12,266 19,194 18,514 Guarantees Guarantee of subleases for US properties (expire up to 2040) 219 149 Guarantees of certain obligations of Grain LNG (expire up to 2025) 32 31 Guarantees of certain obligations for construction of HVDC West Coast Link \u2014 84 Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates) 281 569 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 2023) 144 130 Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024) 1,185 1,177 Other guarantees and letters of credit (various expiry dates) 321 380 2,226 2,564 1. Included within future capital expenditure for the year ended 31 March 2022 was \u00a3205 million pertaining to the UK Gas Transmission business. 2. 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 manufactured 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\u2019s 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\u2019s results in the period when they are recognised, it is not possible to reliably estimate the amounts involved at this time. As many environmental remediation costs are recoverable through the Group\u2019s rate-setting processes, the Group does not expect these costs to have a material impact on its liquidity. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-763": {
"value": "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. 2023 2022 \u00a3m \u00a3m Future capital expenditure Contracted for but not provided 1 3,035 2,881 Energy purchase commitments 2 Less than 1 year 1,391 1,386 In 1 to 2 years 985 1,366 In 2 to 3 years 1,057 1,219 In 3 to 4 years 912 1,189 In 4 to 5 years 929 1,088 More than 5 years 13,920 12,266 19,194 18,514 Guarantees Guarantee of subleases for US properties (expire up to 2040) 219 149 Guarantees of certain obligations of Grain LNG (expire up to 2025) 32 31 Guarantees of certain obligations for construction of HVDC West Coast Link \u2014 84 Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates) 281 569 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 2023) 144 130 Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024) 1,185 1,177 Other guarantees and letters of credit (various expiry dates) 321 380 2,226 2,564 1. Included within future capital expenditure for the year ended 31 March 2022 was \u00a3205 million pertaining to the UK Gas Transmission business. 2. 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 manufactured 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\u2019s 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\u2019s results in the period when they are recognised, it is not possible to reliably estimate the amounts involved at this time. As many environmental remediation costs are recoverable through the Group\u2019s rate-setting processes, the Group does not expect these costs to have a material impact on its liquidity. ",
"dimensions": {
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-734": {
"value": "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. 2023 2022 \u00a3m \u00a3m Future capital expenditure Contracted for but not provided 1 3,035 2,881 Energy purchase commitments 2 Less than 1 year 1,391 1,386 In 1 to 2 years 985 1,366 In 2 to 3 years 1,057 1,219 In 3 to 4 years 912 1,189 In 4 to 5 years 929 1,088 More than 5 years 13,920 12,266 19,194 18,514 Guarantees Guarantee of subleases for US properties (expire up to 2040) 219 149 Guarantees of certain obligations of Grain LNG (expire up to 2025) 32 31 Guarantees of certain obligations for construction of HVDC West Coast Link \u2014 84 Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates) 281 569 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 2023) 144 130 Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024) 1,185 1,177 Other guarantees and letters of credit (various expiry dates) 321 380 2,226 2,564 1. Included within future capital expenditure for the year ended 31 March 2022 was \u00a3205 million pertaining to the UK Gas Transmission business. 2. 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 manufactured 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\u2019s 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\u2019s results in the period when they are recognised, it is not possible to reliably estimate the amounts involved at this time. As many environmental remediation costs are recoverable through the Group\u2019s rate-setting processes, the Group does not expect these costs to have a material impact on its liquidity. ",
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-798": {
"value": "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. ",
"dimensions": {
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-735": {
"value": "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. 2023 2022 2021 \u00a3m \u00a3m \u00a3m Sales: Goods and services supplied to a pension plan \u2014 3 3 Sales: Goods and services supplied to joint ventures 1 100 284 79 Sales: Goods and services supplied to associates 1 \u2014 1 Sales: Goods and services supplied to subsidiaries of an associate 6 \u2014 \u2014 Purchases: Goods and services received from joint ventures2 \u2014 19 35 Purchases: Goods and services received from associates2 31 41 43 Receivables from joint ventures3 58 43 263 Receivables from associates \u2014 1 \u2014 Receivables from subsidiaries of an associate 8 \u2014 \u2014 Payables to joint ventures4 19 247 17 Payables to associates 1 4 3 Dividends received from joint ventures5 150 123 49 Dividends received from associates6 32 35 32 1. During the year, \u00a376 million of sales were made to Emerald Energy Venture LLC (2022: \u00a374 million; 2021: \u00a350 million) and a further \u00a37 million and \u00a36 million of sales were made to NGET/SPT Upgrades Limited (a joint venture) in 2022 and 2021 respectively. Prior to the Group\u2019s disposal of its equity interest in St William Homes LLP in the year ended 31 March 2022, \u00a3202 million (2021: \u00a314 million) of property sites were sold to St William Homes LLP. 2. During the 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 \u00a322 million (2022: \u00a338 million; 2021: \u00a341 million) of purchases from Millennium Pipeline Company LLC in the period up until disposal on 7 October 2022. The Group purchased assets of \u00a3nil (2022: \u00a318 million; 2021: \u00a317 million) from BritNed Development Limited. The Group also made purchases of \u00a3nil (2022: \u00a30.3 million; 2021: \u00a35 million) from NGET/SPT Upgrades Limited. 3. Amounts receivable from joint ventures include \u00a355 million (2022: \u00a333 million; 2021: \u00a319 million) from Emerald Energy Venture LLC. Amounts receivable in comparative periods include amounts due from St William Homes LLP, which is no longer a related party of the Group (2022: \u00a3nil; 2021: \u00a3241 million). 4. Amounts payable to joint ventures in the prior year included \u00a3223 million due to Community Offshore Wind, LLC, NGV\u2019s 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 \u00a384 million (2022: \u00a339 million; 2021: \u00a318 million) received from BritNed Development Limited and \u00a347 million (2022: \u00a377 million; 2021: \u00a325 million) from Nemo Link Limited. 6. Includes dividends of \u00a316 million (2022: \u00a334 million; 2021: \u00a331 million) 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\u2019 and key management remuneration, refer to the Directors\u2019 Remuneration Report on pages 90 \u2013106 and note 4(c). ",
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"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-799": {
"value": "Related parties include joint ventures, associates, investments and key management personnel. ",
"dimensions": {
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"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-736": {
"value": "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. Details of key activities in the current year are set out in the Finance Committee report on page 89. We have exposure to the following risks, which are described in more detail below: \u2022 credit risk; \u2022 liquidity risk; \u2022 currency risk; \u2022 interest rate risk; \u2022 commodity price risk; \u2022 valuation risk; and \u2022 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. Hedge accounting relationships are designated in line with risk management activities further described below. The categories of hedging entered into are as follows: \u2022 currency risk arising from our forecast foreign currency transactions (capital expenditure or revenues) is designated in cash flow hedges; \u2022 currency risk arising from our net investments in foreign operations is designated in net investment hedges; and \u2022 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\u2019 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 2023, the following limits were in place for investments and derivative financial instruments held with banks and financial institutions: Maximum limit \u00a3m Utilisation of maximum limit \u00a3m Long-term limit \u00a3m Utilisation of long-term limit \u00a3m Triple \u2018A\u2019 G7 sovereign entities (AAA) 2,502 \u2014 1,877 \u2014 Triple \u2018A\u2019 vehicles (AAA) 500 \u2014 \u2014 \u2014 Triple \u2018A\u2019 range institutions and non-G7 sovereign entities (AAA) 2,275 \u2014 1,706 \u2014 Double \u2018A+\u2019 G7 sovereign entities (AA+) 2,275 \u2014 1,706 \u2014 Double \u2018A\u2019 range institutions (AA) 1,365 to 1,820 27 to 238 1,024 to 1,365 18 to 222 Single \u2018A\u2019 range institutions (A) 455 to 910 8 to 498 341 to 682 6 to 340 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\u2019 time. As at 31 March 2023 and 2022, 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. Further information on financial investments subject to impairment provisioning is included in note 15. 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\u2019s US distribution business temporarily ceased certain cash collection and termination activities in response to regulatory instructions following the COVID-19 pandemic. At the time this resulted in the recognition of expected credit losses. Cash collection and customer termination activities resumed in New England and New York during the year ended 31 March 2022. In the years ended 31 March 2023 and 2022, the Group\u2019s 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). 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\u2019s 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. For bank account balances and bank overdrafts, there are no \u2018Gross amounts offset\u2019 under cash pooling arrangements (2022: \u00a3nil). Our UK bank accounts for National Grid subsidiaries previously participated in GBP, EUR and USD Composite Accounting System overdraft facilities subject to offsetting gross and net overdraft limits. EUR and USD offsetting arrangements were discontinued in the year ended 31 March 2021 and GBP offsetting arrangements have no impact as at 31 March 2023 and 2022. In the US, no offsetting arrangements exist, and cash transactions are settled through National Grid USA Service Company, Inc. (Service Company) bank accounts with subsequent intercompany payables and receivables reported by subsidiaries with the Service Company. 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 2023 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 363 \u2014 363 (204) (76) 83 Commodity contract derivatives 66 \u2014 66 (28) \u2014 38 429 \u2014 429 (232) (76) 121 Liabilities Financing derivatives (1,119) \u2014 (1,119) 204 681 (234) Commodity contract derivatives (174) \u2014 (174) 28 19 (127) (1,293) \u2014 (1,293) 232 700 (361) (864) \u2014 (864) \u2014 624 (240) Related amounts available to be offset but not offset in statement of financial position At 31 March 2022 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 298 \u2014 298 (136) (55) 107 Commodity contract derivatives 289 \u2014 289 (8) (50) 231 587 \u2014 587 (144) (105) 338 Liabilities Financing derivatives (991) \u2014 (991) 136 771 (84) Commodity contract derivatives (22) \u2014 (22) 8 3 (11) (1,013) \u2014 (1,013) 144 774 (95) (426) \u2014 (426) \u2014 669 243 (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 and interest coverage. Failure to comply with these covenants, or to obtain waivers of those requirements, could in some cases trigger a right, at the lender\u2019s 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 2023 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 3 years \u00a3m More than 3 years \u00a3m Total \u00a3m 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) \u2014 \u2014 (4,648) Contingent consideration (19) \u2014 \u2014 \u2014 (19) Derivative financial liabilities Financing derivatives \u2013 receipts2 1,174 2,154 2,381 7,364 13,073 Financing derivatives \u2013 payments2 (1,461) (2,483) (2,705) (8,335) (14,984) Commodity contract derivatives \u2013 receipts2 11 9 1 \u2014 21 Commodity contract derivatives \u2013 payments2 (126) (35) (11) (1) (173) Derivative financial assets Financing derivatives \u2013 receipts2 4,757 701 745 3,299 9,502 Financing derivatives \u2013 payments2 (4,679) (676) (719) (3,183) (9,257) Commodity contract derivatives \u2013 receipts2 48 11 \u2014 \u2014 59 Commodity contract derivatives \u2013 payments2 (11) (6) (3) \u2014 (20) (8,309) (4,809) (4,159) (50,633) (67,910) At 31 March 2022 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 3 years \u00a3m More than 3 years \u00a3m Total \u00a3m Non-derivative financial liabilities Borrowings, excluding lease liabilities (11,589) (1,322) (2,468) (28,119) (43,498) Interest payments on borrowings1 (970) (928) (883) (12,525) (15,306) Lease liabilities (132) (96) (79) (366) (673) Other non-interest-bearing liabilities (3,979) (336) \u2014 \u2014 (4,315) Contingent consideration (37) (8) \u2014 \u2014 (45) Derivative financial liabilities Financing derivatives \u2013 receipts2 3,149 1,008 2,075 4,726 10,958 Financing derivatives \u2013 payments2 (3,401) (1,189) (2,336) (5,468) (12,394) Commodity contract derivatives \u2013 receipts2 1 1 \u2014 \u2014 2 Commodity contract derivatives \u2013 payments2 (29) 2 (1) \u2014 (28) Derivative financial assets Financing derivatives \u2013 receipts2 4,512 316 1,427 464 6,719 Financing derivatives \u2013 payments2 (4,405) (282) (1,313) (405) (6,405) Commodity contract derivatives \u2013 receipts2 234 37 3 \u2014 274 Commodity contract derivatives \u2013 payments2 (52) (8) (3) \u2014 (63) (16,698) (2,805) (3,578) (41,693) (64,774) 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). (c) Currency risk 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 \u2013 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 \u2013 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 \u2013 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Cash and cash equivalents 96 14 53 \u2014 163 111 \u2014 93 \u2014 204 Financial investments 1,031 \u2014 1,574 \u2014 2,605 1,725 \u2014 1,420 \u2014 3,145 Borrowings (14,473) (11,045) (15,741) (1,726) (42,985) (22,910) (7,052) (14,118) (1,385) (45,465) Pre-derivative position (13,346) (11,031) (14,114) (1,726) (40,217) (21,074) (7,052) (12,605) (1,385) (42,116) Derivative effect (6,751) 10,733 (6,476) 1,738 (756) (1,378) 6,849 (7,570) 1,406 (693) Net debt position (20,097) (298) (20,590) 12 (40,973) (22,452) (203) (20,175) 21 (42,809) 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Trade and other receivables 448 \u2014 1,881 \u2014 2,329 407 \u2014 1,788 \u2014 2,195 Trade and other payables (1,624) \u2014 (2,629) \u2014 (4,253) (1,459) \u2014 (2,554) \u2014 (4,013) Other non-current liabilities (147) \u2014 (269) \u2014 (416) (90) \u2014 (253) \u2014 (343) 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 revenues is designated as hedging the exposure to movements in the spot translation rates only. The timing of forecast transactions is not designated as a hedged risk. Gains and losses on hedging instruments arising from 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 below. (d) Interest rate risk National Grid\u2019s 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 LIBOR for USD and Sterling Overnight Index Average (SONIA) for GBP. LIBOR is being replaced as an interest rate benchmark by alternative reference rates in certain currencies including our functional currencies, USD and GBP, and foreign currencies in which we operate. This impacts contracts including financial liabilities that pay LIBOR-based cash flows, and derivatives that receive or pay LIBOR-based cash flows. The change in benchmark also affects discount rates which will impact the valuations of certain liabilities. We have disclosed our exposure to LIBOR on our derivative portfolio in note 17, on our borrowings in note 21 and on our hedging arrangements in note 32(e). We are managing the risk by transitioning LIBOR cash flows to alternative reference rates on our affected contracts in line with the relevant jurisdictions. The migration project is under way, with all affected contracts where we previously paid or received GBP LIBOR amended in the prior year (see note 21). The Finance Committee of the Board has delegated to the treasury department the authority to determine which benchmarks are the most appropriate. A combination of LIBOR and the successor benchmarks, primarily GBP SONIA and USD Secured Overnight Financing Rate (SOFR), will be used in the portfolio during the migration period. 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: 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Inflation linked \u00a3m Other 1 \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Inflation linked \u00a3m Other 1 \u00a3m Total \u00a3m Cash and cash equivalents 53 110 \u2014 \u2014 163 82 118 \u2014 4 204 Financial investments \u2014 2,569 \u2014 36 2,605 \u2014 3,107 \u2014 38 3,145 Borrowings (36,631) (1,744) (4,610) \u2014 (42,985) (30,616) (10,484) (4,365) \u2014 (45,465) Pre-derivative position (36,578) 935 (4,610) 36 (40,217) (30,534) (7,259) (4,365) 42 (42,116) Derivative effect 4,213 (4,869) (100) \u2014 (756) 2,860 (3,366) (187) \u2014 (693) Net debt position (32,365) (3,934) (4,710) 36 (40,973) (27,674) (10,625) (4,552) 42 (42,809) 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. The Group early-adopted Phase I of IFRS Interest Rate Benchmark Reform amendments related to hedge accounting with effect from 1 April 2019, and Phase II with effect from 1 April 2020. The amendments impact our fair value hedging relationships where derivative cash flows will have been transitioned from paying LIBOR to paying an alternative reference rate. The hedged risk must be re-documented to reflect this, and allow existing hedge designations to continue unchanged during the period of uncertainty relating to the timing and method of benchmark migrations. This process completed for sterling LIBOR contracts in the prior year but remains in progress for US dollar contracts as at 31 March 2023. The amendments will be applied until the earliest point in time of the Group\u2019s contracts that reference LIBOR being amended, the hedging relationship being formally discontinued or formal market conventions ending uncertainty being published and widely adopted. If amended cash flows do not cause a hedging relationship to be discontinued, then the amendments will cease to be applied only when that relationship is discontinued under IFRS 9. The IFRS amendments impact fair value and cash flow hedges of interest rate risk and related hedging instruments, and certain net investment hedges that use cross-currency interest rate swaps to pay a foreign currency floating rate and receive a functional currency floating rate. The notional values of hedging instruments, for each type of hedging relationship impacted, are shown in the hedge accounting tables in note 32(e). These amounts also correspond to the exposures designated as hedged. (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 2023 Fair value hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency risk \u00a3m Net investment hedges \u00a3m Consolidated statement of comprehensive income Net gains/(losses) in respect of: Cash flow hedges \u2014 136 10 \u2014 Cost of hedging 4 4 \u2014 (24) Net investment hedges \u2014 \u2014 \u2014 (198) Transferred to profit or loss in respect of: Cash flow hedges \u2014 (136) \u2014 \u2014 Cost of hedging \u2014 \u2014 \u2014 1 Reclassification of foreign currency translation reserve\u00b9 \u2014 \u2014 \u2014 373 Consolidated statement of changes in equity Other equity reserves \u2013 cost of hedging balances (11) (12) \u2014 (27) Consolidated statement of financial position Derivatives \u2013 carrying value of hedging instruments\u00b2 Assets \u2013 current \u2014 \u2014 6 52 Assets \u2013 non-current 25 166 1 \u2014 Liabilities \u2013 current (43) (39) (6) \u2014 Liabilities \u2013 non-current (559) (248) (1) (15) Profiles of the significant timing, price and rate information of hedging instruments Maturity range Aug 2023 \u2013 Sep 2044 Jul 2024 \u2013 Nov 2040 Apr 2023 \u2013 May 2029 Jun 2023 \u2013 Sep 2027 Spot foreign exchange range: GBP:USD n/a 1.30 \u2013 1.66 1.20 \u2013 1.36 1.18 \u2013 1.22 GBP:EUR 1.11 \u2013 1.20 1.08 \u2013 1.24 1.10 \u2013 1.20 1.12 \u2013 1.13 EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a Interest rate range: GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a USD LIBOR +68bps/ SOFR +126bps 2.095% \u2013 3.864% n/a n/a 1. The reclassification of the net investment hedge on the disposals of NECO and Millennium Pipeline Company LLC has been 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. Year ended 31 March 2022 Fair value hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency risk \u00a3m Net investment hedges \u00a3m Consolidated statement of comprehensive income Net gains/(losses) in respect of: Cash flow hedges \u2014 (103) (1) \u2014 Cost of hedging (7) 16 \u2014 (7) Net investment hedges \u2014 \u2014 \u2014 (125) Transferred to profit or loss in respect of: Cash flow hedges \u2014 43 \u2014 \u2014 Cost of hedging 1 \u2014 \u2014 (2) Consolidated statement of changes in equity Other equity reserves \u2013 cost of hedging balances (15) (16) \u2014 (3) Consolidated statement of financial position Derivatives \u2013 carrying value of hedging instruments 1 Assets \u2013 current \u2014 \u2014 1 10 Assets \u2013 non-current 49 67 1 82 Liabilities \u2013 current (21) (22) (37) (16) Liabilities \u2013 non-current (310) (303) (8) \u2014 Profiles of the significant timing, price and rate information of hedging instruments Maturity range Jul 2022 \u2013 Sep 2044 Jun 2022 \u2013 Nov 2040 Apr 2022 \u2013 Feb 2027 Sep 2022 \u2013 Sep 2027 Spot foreign exchange range: GBP:USD n/a 1.30 \u2013 1.66 1.34 \u2013 1.41 1.22 \u2013 1.34 GBP:EUR 1.11 \u2013 1.24 1.08 \u2013 1.24 1.04 \u2013 1.19 1.18 EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a Interest rate range: GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a USD LIBOR \u201368bps/+115bps 2.095% \u2013 3.864% 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. 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 notional values of hedging instruments (and equal hedged exposures) impacted by IFRS 9 Interest Rate Benchmark Reform amendments. (i) Fair value hedges of foreign currency and interest rate risk on recognised borrowings: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (4,779) 789 (43) 398 (351) 47 1. The carrying value of the hedged borrowings is \u00a34,042 million, of which \u00a3511 million is current and \u00a33,531 million is non-current. 2. Included within the hedging instrument notional balance is \u00a3859 million impacted by Interest Rate Benchmark Reform amendments which are still to be transitioned. As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (3,362) 437 (55) 340 (301) 39 1. The carrying value of the hedged borrowings was \u00a32,966 million, of which \u00a3nil was current and \u00a32,966 million was non-current. 2. Included within the hedging instrument notional balance was \u00a32,556 million impacted by Interest Rate Benchmark Reform amendments with \u00a3806 million still to be transitioned. (ii) Cash flow hedges of foreign currency and interest rate risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings (9,357) (73) \u2014 149 (154) (5) Foreign currency risk on forecast cash flows (537) (3) \u2014 (35) 35 \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1 (6,287) (48) \u2014 74 (74) \u2014 Foreign currency risk on forecast cash flows (835) (40) 1 18 (18) \u2014 1. Included within the hedging instrument notional balance was \u00a3100 million impacted by Interest Rate Benchmark Reform amendments. (iii) Net investment hedges of foreign currency risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations (3,095) (129) (2,457) 198 (198) \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations 1 (3,489) (125) (2,643) 125 (125) \u2014 1. Included within the hedging instrument notional balance was \u00a3nil impacted by Interest Rate Benchmark Reform amendments. (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. (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. 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Investments held at FVTPL 1,764 \u2014 452 2,216 2,292 \u2014 417 2,709 Investments held at FVOCI 1 \u2014 407 \u2014 407 \u2014 413 \u2014 413 Financing derivatives \u2014 341 22 363 \u2014 298 \u2014 298 Commodity contract derivatives \u2014 62 4 66 \u2014 238 51 289 1,764 810 478 3,052 2,292 949 468 3,709 Liabilities Financing derivatives \u2014 (997) (122) (1,119) \u2014 (804) (187) (991) Commodity contract derivatives \u2014 (134) (40) (174) \u2014 (15) (7) (22) Contingent consideration 2 \u2014 \u2014 (19) (19) \u2014 \u2014 (41) (41) \u2014 (1,131) (181) (1,312) \u2014 (819) (235) (1,054) 1,764 (321) 297 1,740 2,292 130 233 2,655 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. Fourteen equity investments (out of thirty-one) 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. In addition, we have seventeen investments without a transaction in the last 12 months that underwent an internal valuation process. The internal valuation process utilises a range of valuation techniques including the Black-Scholes Murton Option Pricing Model (OPM Backsolve) where the latest round of funding is within the last 12 months. Between 12 and 18 months a blend between OPM Backsolve and other techniques are 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. The changes in value of our Level 3 financial instruments are as follows: Financing derivatives Commodity contract derivatives Other3 Total 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (187) (183) 44 (12) 376 183 233 (12) Net gains/(losses) for the year 1,2 87 (4) (18) 56 (2) 102 67 154 Purchases \u2014 \u2014 (56) 17 59 93 3 110 Settlements \u2014 \u2014 (6) (17) \u2014 (2) (6) (19) At 31 March (100) (187) (36) 44 433 376 297 233 1. Gain of \u00a387 million (2022: \u00a34 million loss) 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. Loss of \u00a341 million (2022: \u00a327 million gain) is attributable to commodity contract derivative financial instruments held at the end of the reporting period and have 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 as well as the contingent consideration arising from the acquisition of National Grid Renewables. 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 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 10% increase in commodity prices1 \u2014 \u2014 5 9 \u2014 \u2014 10% decrease in commodity prices1 \u2014 \u2014 (6) (8) \u2014 \u2014 +10% market area price change \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 -10% market area price change \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 +20 basis points change in Limited Price Inflation (LPI) market curve\u00b2 (53) (84) \u2014 \u2014 \u2014 \u2014 -20 basis points change in LPI market curve\u00b2 51 82 \u2014 \u2014 \u2014 \u2014 +20 basis point increase between Retail Price Index & Consumer Price Index 43 \u2014 \u2014 \u2014 \u2014 \u2014 -20 basis point decrease between Retail Price Index & Consumer Price Index (38) \u2014 \u2014 \u2014 \u2014 \u2014 +50 basis points change in discount rate \u2014 \u2014 \u2014 \u2014 (9) (10) -50 basis points change in discount rate \u2014 \u2014 \u2014 \u2014 10 10 +10% change in venture capital price \u2014 \u2014 \u2014 \u2014 28 \u2014 -10% change in venture capital price \u2014 \u2014 \u2014 \u2014 (28) \u2014 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 2023. The impacts disclosed above were considered on a contract-by-contract basis with the most significant unobservable inputs identified. (h) Capital risk management The capital structure of the Group consists of shareholders\u2019 equity, as disclosed in the consolidated statement of changes in equity, and net debt (note 29). National Grid\u2019s 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 2023, these metrics for the Group were 9.3% (2022: 8.9%), 71% (2022: 81%) and 3.8x (2022: 4.7x), respectively \u2013 see pages 54 and 245. 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. Regulatory gearing at 31 March 2022 was higher than our long-run projections due to the fact that we were only part way through the transactions making up our strategic pivot. 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, at around 55% to 65%. 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\u2019s debt financing arrangements, we are subject to a number of financial covenants associated with existing borrowings and facility arrangements: \u2022 the requirement to maintain subsidiary indebtedness relating to non-US and US subsidiaries (excluding National Grid North America Inc.) limiting the total indebtedness in absolute terms to \u00a335 billion for non-US subsidiaries and $35 billion for US subsidiaries. As at 31 March 2023, headroom on these covenants exceeds \u00a310 billion; \u2022 The Articles of Association of National Grid plc limit Group total borrowings less cash and short-term investments in absolute terms to \u00a355 billion. As at 31 March 2023 headroom on the limit exceeds \u00a310 billion; \u2022 interest cover ratios relating to the NGED companies within the Group requiring a consolidated EBITDA to interest payable of not less than 3:1. These covenants range in outturn from 3.5:1 to 5.2:1 at the reporting date; and \u2022 net debt to RAV gearing covenants limiting gearing to 85% of RAV for each NGED operating company. As at 31 March 2023, actual gearing of less than 60% is reported for all impacted companies. 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: \u2022 the requirement to notify by certification to regulators and certain lenders; \u2022 dividends must be approved in advance by the relevant US state regulatory commission; \u2022 the subsidiary must have one or two recognised rating agency credit ratings of at least investment grade depending on contractual requirements; \u2022 dividends must be limited to cumulative retained earnings, including pre-acquisition retained earnings and in line with relevant company legislation; \u2022 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; \u2022 the subsidiary must not carry out any activities other than those permitted by the licences; \u2022 the subsidiary must not create any cross-default obligations or give or receive any intra-group cross-subsidies; \u2022 the percentage of equity compared with total capital of the subsidiary must remain above certain levels; and \u2022 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 2023 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 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. ",
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"value": "(a) Credit risk We are exposed to the risk of loss resulting from counterparties\u2019 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 2023, the following limits were in place for investments and derivative financial instruments held with banks and financial institutions: Maximum limit \u00a3m Utilisation of maximum limit \u00a3m Long-term limit \u00a3m Utilisation of long-term limit \u00a3m Triple \u2018A\u2019 G7 sovereign entities (AAA) 2,502 \u2014 1,877 \u2014 Triple \u2018A\u2019 vehicles (AAA) 500 \u2014 \u2014 \u2014 Triple \u2018A\u2019 range institutions and non-G7 sovereign entities (AAA) 2,275 \u2014 1,706 \u2014 Double \u2018A+\u2019 G7 sovereign entities (AA+) 2,275 \u2014 1,706 \u2014 Double \u2018A\u2019 range institutions (AA) 1,365 to 1,820 27 to 238 1,024 to 1,365 18 to 222 Single \u2018A\u2019 range institutions (A) 455 to 910 8 to 498 341 to 682 6 to 340 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\u2019 time. As at 31 March 2023 and 2022, 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. Further information on financial investments subject to impairment provisioning is included in note 15. 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\u2019s US distribution business temporarily ceased certain cash collection and termination activities in response to regulatory instructions following the COVID-19 pandemic. At the time this resulted in the recognition of expected credit losses. Cash collection and customer termination activities resumed in New England and New York during the year ended 31 March 2022. In the years ended 31 March 2023 and 2022, the Group\u2019s 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). 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\u2019s 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. For bank account balances and bank overdrafts, there are no \u2018Gross amounts offset\u2019 under cash pooling arrangements (2022: \u00a3nil). Our UK bank accounts for National Grid subsidiaries previously participated in GBP, EUR and USD Composite Accounting System overdraft facilities subject to offsetting gross and net overdraft limits. EUR and USD offsetting arrangements were discontinued in the year ended 31 March 2021 and GBP offsetting arrangements have no impact as at 31 March 2023 and 2022. In the US, no offsetting arrangements exist, and cash transactions are settled through National Grid USA Service Company, Inc. (Service Company) bank accounts with subsequent intercompany payables and receivables reported by subsidiaries with the Service Company. 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 2023 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 363 \u2014 363 (204) (76) 83 Commodity contract derivatives 66 \u2014 66 (28) \u2014 38 429 \u2014 429 (232) (76) 121 Liabilities Financing derivatives (1,119) \u2014 (1,119) 204 681 (234) Commodity contract derivatives (174) \u2014 (174) 28 19 (127) (1,293) \u2014 (1,293) 232 700 (361) (864) \u2014 (864) \u2014 624 (240) Related amounts available to be offset but not offset in statement of financial position At 31 March 2022 Gross carrying amounts \u00a3m Gross amounts offset \u00a3m Net amount presented in statement of financial position \u00a3m Financial instruments \u00a3m Cash collateral received/ pledged \u00a3m Net amount \u00a3m Assets Financing derivatives 298 \u2014 298 (136) (55) 107 Commodity contract derivatives 289 \u2014 289 (8) (50) 231 587 \u2014 587 (144) (105) 338 Liabilities Financing derivatives (991) \u2014 (991) 136 771 (84) Commodity contract derivatives (22) \u2014 (22) 8 3 (11) (1,013) \u2014 (1,013) 144 774 (95) (426) \u2014 (426) \u2014 669 243 ",
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"fact-765": {
"value": "(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 and interest coverage. Failure to comply with these covenants, or to obtain waivers of those requirements, could in some cases trigger a right, at the lender\u2019s 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 2023 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 3 years \u00a3m More than 3 years \u00a3m Total \u00a3m 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) \u2014 \u2014 (4,648) Contingent consideration (19) \u2014 \u2014 \u2014 (19) Derivative financial liabilities Financing derivatives \u2013 receipts2 1,174 2,154 2,381 7,364 13,073 Financing derivatives \u2013 payments2 (1,461) (2,483) (2,705) (8,335) (14,984) Commodity contract derivatives \u2013 receipts2 11 9 1 \u2014 21 Commodity contract derivatives \u2013 payments2 (126) (35) (11) (1) (173) Derivative financial assets Financing derivatives \u2013 receipts2 4,757 701 745 3,299 9,502 Financing derivatives \u2013 payments2 (4,679) (676) (719) (3,183) (9,257) Commodity contract derivatives \u2013 receipts2 48 11 \u2014 \u2014 59 Commodity contract derivatives \u2013 payments2 (11) (6) (3) \u2014 (20) (8,309) (4,809) (4,159) (50,633) (67,910) At 31 March 2022 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 3 years \u00a3m More than 3 years \u00a3m Total \u00a3m Non-derivative financial liabilities Borrowings, excluding lease liabilities (11,589) (1,322) (2,468) (28,119) (43,498) Interest payments on borrowings1 (970) (928) (883) (12,525) (15,306) Lease liabilities (132) (96) (79) (366) (673) Other non-interest-bearing liabilities (3,979) (336) \u2014 \u2014 (4,315) Contingent consideration (37) (8) \u2014 \u2014 (45) Derivative financial liabilities Financing derivatives \u2013 receipts2 3,149 1,008 2,075 4,726 10,958 Financing derivatives \u2013 payments2 (3,401) (1,189) (2,336) (5,468) (12,394) Commodity contract derivatives \u2013 receipts2 1 1 \u2014 \u2014 2 Commodity contract derivatives \u2013 payments2 (29) 2 (1) \u2014 (28) Derivative financial assets Financing derivatives \u2013 receipts2 4,512 316 1,427 464 6,719 Financing derivatives \u2013 payments2 (4,405) (282) (1,313) (405) (6,405) Commodity contract derivatives \u2013 receipts2 234 37 3 \u2014 274 Commodity contract derivatives \u2013 payments2 (52) (8) (3) \u2014 (63) (16,698) (2,805) (3,578) (41,693) (64,774) 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). ",
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"fact-766": {
"value": "(c) Currency risk 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 \u2013 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 \u2013 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 \u2013 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Cash and cash equivalents 96 14 53 \u2014 163 111 \u2014 93 \u2014 204 Financial investments 1,031 \u2014 1,574 \u2014 2,605 1,725 \u2014 1,420 \u2014 3,145 Borrowings (14,473) (11,045) (15,741) (1,726) (42,985) (22,910) (7,052) (14,118) (1,385) (45,465) Pre-derivative position (13,346) (11,031) (14,114) (1,726) (40,217) (21,074) (7,052) (12,605) (1,385) (42,116) Derivative effect (6,751) 10,733 (6,476) 1,738 (756) (1,378) 6,849 (7,570) 1,406 (693) Net debt position (20,097) (298) (20,590) 12 (40,973) (22,452) (203) (20,175) 21 (42,809) 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: 2023 2022 Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Sterling \u00a3m Euro \u00a3m Dollar \u00a3m Other \u00a3m Total \u00a3m Trade and other receivables 448 \u2014 1,881 \u2014 2,329 407 \u2014 1,788 \u2014 2,195 Trade and other payables (1,624) \u2014 (2,629) \u2014 (4,253) (1,459) \u2014 (2,554) \u2014 (4,013) Other non-current liabilities (147) \u2014 (269) \u2014 (416) (90) \u2014 (253) \u2014 (343) 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 revenues is designated as hedging the exposure to movements in the spot translation rates only. The timing of forecast transactions is not designated as a hedged risk. Gains and losses on hedging instruments arising from 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 below. (d) Interest rate risk National Grid\u2019s 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 LIBOR for USD and Sterling Overnight Index Average (SONIA) for GBP. LIBOR is being replaced as an interest rate benchmark by alternative reference rates in certain currencies including our functional currencies, USD and GBP, and foreign currencies in which we operate. This impacts contracts including financial liabilities that pay LIBOR-based cash flows, and derivatives that receive or pay LIBOR-based cash flows. The change in benchmark also affects discount rates which will impact the valuations of certain liabilities. We have disclosed our exposure to LIBOR on our derivative portfolio in note 17, on our borrowings in note 21 and on our hedging arrangements in note 32(e). We are managing the risk by transitioning LIBOR cash flows to alternative reference rates on our affected contracts in line with the relevant jurisdictions. The migration project is under way, with all affected contracts where we previously paid or received GBP LIBOR amended in the prior year (see note 21). The Finance Committee of the Board has delegated to the treasury department the authority to determine which benchmarks are the most appropriate. A combination of LIBOR and the successor benchmarks, primarily GBP SONIA and USD Secured Overnight Financing Rate (SOFR), will be used in the portfolio during the migration period. 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: 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Inflation linked \u00a3m Other 1 \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Inflation linked \u00a3m Other 1 \u00a3m Total \u00a3m Cash and cash equivalents 53 110 \u2014 \u2014 163 82 118 \u2014 4 204 Financial investments \u2014 2,569 \u2014 36 2,605 \u2014 3,107 \u2014 38 3,145 Borrowings (36,631) (1,744) (4,610) \u2014 (42,985) (30,616) (10,484) (4,365) \u2014 (45,465) Pre-derivative position (36,578) 935 (4,610) 36 (40,217) (30,534) (7,259) (4,365) 42 (42,116) Derivative effect 4,213 (4,869) (100) \u2014 (756) 2,860 (3,366) (187) \u2014 (693) Net debt position (32,365) (3,934) (4,710) 36 (40,973) (27,674) (10,625) (4,552) 42 (42,809) 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. The Group early-adopted Phase I of IFRS Interest Rate Benchmark Reform amendments related to hedge accounting with effect from 1 April 2019, and Phase II with effect from 1 April 2020. The amendments impact our fair value hedging relationships where derivative cash flows will have been transitioned from paying LIBOR to paying an alternative reference rate. The hedged risk must be re-documented to reflect this, and allow existing hedge designations to continue unchanged during the period of uncertainty relating to the timing and method of benchmark migrations. This process completed for sterling LIBOR contracts in the prior year but remains in progress for US dollar contracts as at 31 March 2023. The amendments will be applied until the earliest point in time of the Group\u2019s contracts that reference LIBOR being amended, the hedging relationship being formally discontinued or formal market conventions ending uncertainty being published and widely adopted. If amended cash flows do not cause a hedging relationship to be discontinued, then the amendments will cease to be applied only when that relationship is discontinued under IFRS 9. The IFRS amendments impact fair value and cash flow hedges of interest rate risk and related hedging instruments, and certain net investment hedges that use cross-currency interest rate swaps to pay a foreign currency floating rate and receive a functional currency floating rate. The notional values of hedging instruments, for each type of hedging relationship impacted, are shown in the hedge accounting tables in note 32(e). These amounts also correspond to the exposures designated as hedged. (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. ",
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"value": "(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 2023 Fair value hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency risk \u00a3m Net investment hedges \u00a3m Consolidated statement of comprehensive income Net gains/(losses) in respect of: Cash flow hedges \u2014 136 10 \u2014 Cost of hedging 4 4 \u2014 (24) Net investment hedges \u2014 \u2014 \u2014 (198) Transferred to profit or loss in respect of: Cash flow hedges \u2014 (136) \u2014 \u2014 Cost of hedging \u2014 \u2014 \u2014 1 Reclassification of foreign currency translation reserve\u00b9 \u2014 \u2014 \u2014 373 Consolidated statement of changes in equity Other equity reserves \u2013 cost of hedging balances (11) (12) \u2014 (27) Consolidated statement of financial position Derivatives \u2013 carrying value of hedging instruments\u00b2 Assets \u2013 current \u2014 \u2014 6 52 Assets \u2013 non-current 25 166 1 \u2014 Liabilities \u2013 current (43) (39) (6) \u2014 Liabilities \u2013 non-current (559) (248) (1) (15) Profiles of the significant timing, price and rate information of hedging instruments Maturity range Aug 2023 \u2013 Sep 2044 Jul 2024 \u2013 Nov 2040 Apr 2023 \u2013 May 2029 Jun 2023 \u2013 Sep 2027 Spot foreign exchange range: GBP:USD n/a 1.30 \u2013 1.66 1.20 \u2013 1.36 1.18 \u2013 1.22 GBP:EUR 1.11 \u2013 1.20 1.08 \u2013 1.24 1.10 \u2013 1.20 1.12 \u2013 1.13 EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a Interest rate range: GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a USD LIBOR +68bps/ SOFR +126bps 2.095% \u2013 3.864% n/a n/a 1. The reclassification of the net investment hedge on the disposals of NECO and Millennium Pipeline Company LLC has been 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.Year ended 31 March 2022 Fair value hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency and interest rate risk \u00a3m Cash flow hedges of foreign currency risk \u00a3m Net investment hedges \u00a3m Consolidated statement of comprehensive income Net gains/(losses) in respect of: Cash flow hedges \u2014 (103) (1) \u2014 Cost of hedging (7) 16 \u2014 (7) Net investment hedges \u2014 \u2014 \u2014 (125) Transferred to profit or loss in respect of: Cash flow hedges \u2014 43 \u2014 \u2014 Cost of hedging 1 \u2014 \u2014 (2) Consolidated statement of changes in equity Other equity reserves \u2013 cost of hedging balances (15) (16) \u2014 (3) Consolidated statement of financial position Derivatives \u2013 carrying value of hedging instruments 1 Assets \u2013 current \u2014 \u2014 1 10 Assets \u2013 non-current 49 67 1 82 Liabilities \u2013 current (21) (22) (37) (16) Liabilities \u2013 non-current (310) (303) (8) \u2014 Profiles of the significant timing, price and rate information of hedging instruments Maturity range Jul 2022 \u2013 Sep 2044 Jun 2022 \u2013 Nov 2040 Apr 2022 \u2013 Feb 2027 Sep 2022 \u2013 Sep 2027 Spot foreign exchange range: GBP:USD n/a 1.30 \u2013 1.66 1.34 \u2013 1.41 1.22 \u2013 1.34 GBP:EUR 1.11 \u2013 1.24 1.08 \u2013 1.24 1.04 \u2013 1.19 1.18 EUR:USD 1.13 \u2013 1.17 1.13 \u2013 1.15 n/a n/a Interest rate range: GBP SONIA +84bps/+374bps 0.976% \u2013 7.410% n/a n/a USD LIBOR \u201368bps/+115bps 2.095% \u2013 3.864% 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. 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 notional values of hedging instruments (and equal hedged exposures) impacted by IFRS 9 Interest Rate Benchmark Reform amendments. (i) Fair value hedges of foreign currency and interest rate risk on recognised borrowings: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (4,779) 789 (43) 398 (351) 47 1. The carrying value of the hedged borrowings is \u00a34,042 million, of which \u00a3511 million is current and \u00a33,531 million is non-current. 2. Included within the hedging instrument notional balance is \u00a3859 million impacted by Interest Rate Benchmark Reform amendments which are still to be transitioned. As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1,2 (3,362) 437 (55) 340 (301) 39 1. The carrying value of the hedged borrowings was \u00a32,966 million, of which \u00a3nil was current and \u00a32,966 million was non-current. 2. Included within the hedging instrument notional balance was \u00a32,556 million impacted by Interest Rate Benchmark Reform amendments with \u00a3806 million still to be transitioned. (ii) Cash flow hedges of foreign currency and interest rate risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings (9,357) (73) \u2014 149 (154) (5) Foreign currency risk on forecast cash flows (537) (3) \u2014 (35) 35 \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Foreign currency and interest rate risk on borrowings 1 (6,287) (48) \u2014 74 (74) \u2014 Foreign currency risk on forecast cash flows (835) (40) 1 18 (18) \u2014 1. Included within the hedging instrument notional balance was \u00a3100 million impacted by Interest Rate Benchmark Reform amendments. (iii) Net investment hedges of foreign currency risk: 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations (3,095) (129) (2,457) 198 (198) \u2014 As at 31 March 2022 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 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Currency risk on foreign operations 1 (3,489) (125) (2,643) 125 (125) \u2014 1. Included within the hedging instrument notional balance was \u00a3nil impacted by Interest Rate Benchmark Reform amendments. ",
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"value": "(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.
2023 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Investments held at FVTPL 1,764 \u2014 452 2,216 2,292 \u2014 417 2,709
Investments held at FVOCI
1
\u2014 407 \u2014 407 \u2014 413 \u2014 413
Financing derivatives \u2014 341 22 363 \u2014 298 \u2014 298
Commodity contract derivatives \u2014 62 4 66 \u2014 238 51 289
1,764 810 478 3,052 2,292 949 468 3,709
Liabilities
Financing derivatives \u2014 (997) (122) (1,119) \u2014 (804) (187) (991)
Commodity contract derivatives \u2014 (134) (40) (174) \u2014 (15) (7) (22)
Contingent consideration
2
\u2014 \u2014 (19) (19) \u2014 \u2014 (41) (41)
\u2014 (1,131) (181) (1,312) \u2014 (819) (235) (1,054)
1,764 (321) 297 1,740 2,292 130 233 2,655
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
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. Fourteen equity investments (out of thirty-one) 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. In addition, we have seventeen investments without a
transaction in the last 12 months that underwent an internal valuation process.
The internal valuation process utilises a range of valuation techniques including the Black-Scholes Murton Option Pricing Model (OPM Backsolve)
where the latest round of funding is within the last 12 months. Between 12 and 18 months a blend between OPM Backsolve and other techniques
are 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.
The changes in value of our Level 3 financial instruments are as follows: Financing derivatives Commodity contract derivatives Other3 Total 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (187) (183) 44 (12) 376 183 233 (12) Net gains/(losses) for the year 1,2 87 (4) (18) 56 (2) 102 67 154 Purchases \u2014 \u2014 (56) 17 59 93 3 110 Settlements \u2014 \u2014 (6) (17) \u2014 (2) (6) (19) At 31 March (100) (187) (36) 44 433 376 297 233 1. Gain of \u00a387 million (2022: \u00a34 million loss) 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. Loss of \u00a341 million (2022: \u00a327 million gain) is attributable to commodity contract derivative financial instruments held at the end of the reporting period and have 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 as well as the contingent consideration arising from the acquisition of National Grid Renewables. 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 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 10% increase in commodity prices1 \u2014 \u2014 5 9 \u2014 \u2014 10% decrease in commodity prices1 \u2014 \u2014 (6) (8) \u2014 \u2014 +10% market area price change \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 -10% market area price change \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 +20 basis points change in Limited Price Inflation (LPI) market curve\u00b2 (53) (84) \u2014 \u2014 \u2014 \u2014 -20 basis points change in LPI market curve\u00b2 51 82 \u2014 \u2014 \u2014 \u2014 +20 basis point increase between Retail Price Index & Consumer Price Index 43 \u2014 \u2014 \u2014 \u2014 \u2014 -20 basis point decrease between Retail Price Index & Consumer Price Index (38) \u2014 \u2014 \u2014 \u2014 \u2014 +50 basis points change in discount rate \u2014 \u2014 \u2014 \u2014 (9) (10) -50 basis points change in discount rate \u2014 \u2014 \u2014 \u2014 10 10 +10% change in venture capital price \u2014 \u2014 \u2014 \u2014 28 \u2014 -10% change in venture capital price \u2014 \u2014 \u2014 \u2014 (28) \u2014 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 2023. The impacts disclosed above were considered on a contract-by-contract basis with the most significant unobservable inputs identified. ",
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"value": "(h) Capital risk management The capital structure of the Group consists of shareholders\u2019 equity, as disclosed in the consolidated statement of changes in equity, and net debt (note 29). National Grid\u2019s 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 2023, these metrics for the Group were 9.3% (2022: 8.9%), 71% (2022: 81%) and 3.8x (2022: 4.7x), respectively \u2013 see pages 54 and 245. 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. Regulatory gearing at 31 March 2022 was higher than our long-run projections due to the fact that we were only part way through the transactions making up our strategic pivot. 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, at around 55% to 65%. 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\u2019s debt financing arrangements, we are subject to a number of financial covenants associated with existing borrowings and facility arrangements: \u2022 the requirement to maintain subsidiary indebtedness relating to non-US and US subsidiaries (excluding National Grid North America Inc.) limiting the total indebtedness in absolute terms to \u00a335 billion for non-US subsidiaries and $35 billion for US subsidiaries. As at 31 March 2023, headroom on these covenants exceeds \u00a310 billion; \u2022 The Articles of Association of National Grid plc limit Group total borrowings less cash and short-term investments in absolute terms to \u00a355 billion. As at 31 March 2023 headroom on the limit exceeds \u00a310 billion; \u2022 interest cover ratios relating to the NGED companies within the Group requiring a consolidated EBITDA to interest payable of not less than 3:1. These covenants range in outturn from 3.5:1 to 5.2:1 at the reporting date; and \u2022 net debt to RAV gearing covenants limiting gearing to 85% of RAV for each NGED operating company. As at 31 March 2023, actual gearing of less than 60% is reported for all impacted companies. 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: \u2022 the requirement to notify by certification to regulators and certain lenders; \u2022 dividends must be approved in advance by the relevant US state regulatory commission; \u2022 the subsidiary must have one or two recognised rating agency credit ratings of at least investment grade depending on contractual requirements; \u2022 dividends must be limited to cumulative retained earnings, including pre-acquisition retained earnings and in line with relevant company legislation; \u2022 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; \u2022 the subsidiary must not carry out any activities other than those permitted by the licences; \u2022 the subsidiary must not create any cross-default obligations or give or receive any intra-group cross-subsidies; \u2022 the percentage of equity compared with total capital of the subsidiary must remain above certain levels; and \u2022 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 2023 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 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. ",
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"value": "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 . ",
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"value": "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\u2019s subsidiaries as at 31 March 2023 is given below. The entire share capital of subsidiaries is held within the Group except where the Group\u2019s ownership percentages are shown. These percentages give the Group\u2019s 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\u2019s 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\u2019s financial statements. 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\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). Birch Sites Limited Carbon Sentinel Limited Central Networks Trustees Limited 1 Droylsden Metering Services Limited Gridcom Limited Hyder Profit Sharing Trustees Limited 1 Icelink Interconnector Limited Kelston Properties 2 Limited 1 Lattice Group Employee Benefit Trust Limited Lattice Group Limited Lattice Group Trustees Limited Natgrid Limited2 * NatGrid One Limited 2 * NatgridTW1 Limited National Grid (US) Holdings Limited 3 National Grid (US) Investments 2 Limited 2* National Grid (US) Investments 4 Limited 3 National Grid (US) Partner 1 Limited 3 National Grid Carbon Limited National Grid Commercial Holdings Limited National Grid Continental Limited National Grid Distributed Energy Limited National Grid Electricity Distribution (East Midlands) plc 1 National Grid Electricity Distribution (South Wales) plc 1 National Grid Electricity Distribution (South West) plc 1 National Grid Electricity Distribution (West Midlands) plc 1 National Grid Electricity Distribution Generation Limited 1 National Grid Electricity Distribution Holdings Limited 1 National Grid Electricity Distribution Investment Holdings Limited 1 National Grid Electricity Distribution Investments Limited 1 National Grid Electricity Distribution Midlands Limited 1 National Grid Electricity Distribution Network Holdings Limited 1 National Grid Electricity Distribution plc 1 National Grid Electricity Distribution Property Investments Limited 1 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 Limited 1 National Grid Holdings Limited 3 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 Limited 3 National Grid Lion Link Limited National Grid Nautilus Limited National Grid North Sea Link Limited National Grid Offshore Limited National Grid Partners Limited National Grid Plus Limited National Grid Property Holdings Limited National Grid Smart Limited National Grid Telecoms Limited 1 National Grid Thirty Six Limited2* National Grid Twelve Limited National Grid Twenty Eight Limited National Grid Twenty Seven Limited National Grid Twenty Three Limited 2* National Grid UK Limited National Grid UK Pension Services Limited National Grid Ventures Limited National Grid Viking Link Limited National Grid William Limited NG Nominees Limited 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 Limited 1 Supergrid Electricity Limited2* Supergrid Energy Transmission Limited2* Supergrid Limited2* Thamesport Interchange Limited The National Grid Group Quest Trustee Company Limited The National Grid YouPlan Trustee Limited2 * Transco 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 Limited 1 WPD WEM Limited 1 WW Share Scheme Trustees Limited1 1. Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB. 2. Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB. 3. Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2023 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, United Kingdom, SY5 7JY. 5. Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL. * In liquidation. 34. Subsidiary undertakings, joint ventures and associates 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 Banner Solar, LLC Bazile Creek Wind Farm, LLC Bee Hollow Solar, LLC Bell Plaine Solar, LLC Benevolent Solar, LLC Blaze Solar, LLC Blevins Solar, LLC Blue Ridge Wind, LLC Blue Spring Solar, LLC Blues Solar, LLC Bluewater Solar, LLC Boone Solar, LLC Boston Gas Company1 Bridges Solar, LLC Brock Solar, LLC Broken Bridge Corp.2 Brook Trout Solar, LLC Burley Solar, LLC Burlington 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 Canby Solar, LLC Cass Wind Farm, LLC Cattle Ridge Wind Farm 2, LLC Cedar Grove Solar, LLC Centennial Solar, LLC Charter Oak Solar, LLC Clay Boswell Solar, LLC Clear Creek Solar, LLC Clermont Solar, LLC Clinton County 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 Deer Trail Solar, LLC Dodson Creek Solar, LLC Donnellson Solar, LLC 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 Fillmore County Solar Project, 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 Grand Junction Solar, LLC Granite State Power Link LLC3 Grant Solar 2, LLC Grant Solar, LLC Grayson Solar, LLC Greenbrier Creek Solar, LLC Greensky 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 Hill River Solar, LLC Honeybee Solar, LLC Hoosier Solar, LLC Hoskins Solar, LLC Illumination Solar, LLC Innovation Solar, LLC Itasca Energy Development, LLC 6 Itasca Energy Services, LLC Jack Rabbit Wind, LLC Jackson County Solar, LLC KeySpan CI Midstream Limited3 KeySpan Energy Corporation 4 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 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 Louise Solar Project, LLC Lowlands Solar, LLC Lydia Solar, LLC Marion County Solar, LLC Massachusetts Electric Company1 Maverick Wind Farm, LLC Meadowlands Solar, LLC Metrowest Realty LLC3 Miller Creek Solar, LLC 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 Management LLC3 National Grid Energy Services LLC3 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 Islander East Pipeline LLC3 National Grid LNG GP LLC3 National Grid LNG LLC3 National Grid LNG LP LLC3 National Grid Millennium LLC3 National Grid NE Holdings 2 LLC 1 National Grid North America Inc.3 National Grid Partners Inc.4 National Grid Partners LLC 3 National Grid Port Jefferson Energy Center LLC3 National Grid Renewables Development, LLC National Grid Renewables E Wind, LLC6 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 6 LLC 3,\u2020 National Grid US LLC 3 National Grid USA Service Company, Inc. 1 National Grid USA 3 NEES Energy, Inc. 1 New England Electric Transmission Corporation 2 New England Energy Incorporated 1 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 Company 1 Newport America Corporation 9 Newton Solar, LLC NG Renewables Energy Marketing, LLC 3 NG Renewables Energy Services, LLC NGNE LLC 3 NGV Emerald Energy Venture Holdings, LLC 3 NGV OSW Holdings, LLC 3 NGV US Distributed Energy Inc. 3 NGV US Transmission Inc.3 NGV US, LLC 3 Niagara Mohawk Energy, Inc. 3 Niagara Mohawk Holdings, Inc.4 Niagara Mohawk Power Corporation 4 Niobrara Wind, LLC NM Properties, Inc. 4 Noble Solar, LLC 10 Nordic VOS, LLC North East Transmission Co., Inc. 3 North Fork Wind, LLC Northeast Renewable Link LLC 3 Opinac North America, Inc. 3 Pennington Solar, LLC Peony Solar, LLC Philadelphia Coke Co., Inc.3 Pierce County Solar, LLC Pike County Solar, LLC Pipestone Solar, LLC Plum Creek Wind Farm 2, LLC Plum Creek Wind Farm, LLC Port of the Islands North, LLC 4 Portage Solar, LLC Prairie Oasis Solar, LLC Prairie Rose Wind 2, LLC 6 Prosperity Wind Farm 2, LLC Prosperity Wind Farm, LLC Red Rock Solar SD, LLC Regal Solar 2, LLC Regal 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, LLC 6 Sherco Solar 3, LLC Silver City Solar, LLC Simpson Solar, LLC Spotlight Solar, LLC Spring Brook Solar, LLC Spring River Solar, LLC Stony Brook Wind, LLC Stony Point Solar, LLC Stove Creek Solar, LLC Sturgis 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 Company 4 Torchlight Solar, LLC6 Transgas Inc. 1 Tri-City Solar, LLC Uintah Solar, LLC Unbridled Solar, LLC Upper Hudson Development, Inc.4 Valley Solar, LLC Vermont Green Line Devco, LLC (90%) 3 Vibrant Solar, LLC Violet Storage, LLC Virgo Community Solar Gardens, LLC6 Virtue Solar, LLC Vivid Solar, LLC Wallowa Solar, LLC Wayfinder Group, Inc.1 Wheatfield Solar, LLC White Elm Wind Farm, LLC Wildcat Ridge Wind Farm, LLC Wildhorse Creek Solar, LLC Willard Solar, LLC Williams County Solar, LLC Wiregrass Solar, LLC Woodlands Solar, LLC Worthington Solar, LLC Yellowhammer Solar, LLC Young County Solar, LLC Incorporated in Australia
Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia
National Grid Australia Pty Limited
Incorporated in Canada
Registered office: Stewart McKelvey LLP, c/o Charles Reagh, Queen\u2019s Marque,
600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2, Canada
KeySpan Energy Development Co.
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
\u2020
Registered office: PO Box 155, Mill Court, La Charroterie, St. Peter Port, GY1 4ET,
Guernsey, Channel Islands
Aztec Insurance Limited
Incorporated in Hong Kong
Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
National Grid Hong Kong Limited*
\u2020
Incorporated in the Isle of Man
Registered office: Third Floor, St George\u2019s Court, Upper Church Street,
Douglas, IM1 1EE, Isle of Man, UK
National Grid Insurance Company (Isle of Man) Limited
NGT Holding Company (Isle of Man) Limited*
\u2020
Incorporated in Luxembourg
Registered office: 412F, Route d\u2019Esch, 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: National Grid Renewables Development, LLC, 8400 Normandale Lake Blvd. Suite 1200, Bloomington, MN 55437, USA.
7. Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA.
8. Registered office: AON Insurance Managers USA, Inc., 165 Broadway, One Liberty Plaza, New York, NY, 10006, USA.
9. Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA.
10. Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas, Dallas County TX 75201, USA.
* In liquidation.
\u2020
Entity is tax resident in the United Kingdom .
A list of the Group\u2019s joint ventures as at 31 March 2023 is given below. All joint ventures are included in the Group\u2019s financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: 1\u20133 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). BritNed Development Limited (50%)* National Places LLP (50%) 1 Nemo Link Limited (50%) NGET/SPT Upgrades Limited (50%) \u2020 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%) Islander East Pipeline Company, LLC (50%) 2 LI Energy Storage System, LLC (50%) LI Solar Generation, LLC (50%) Incorporated in France Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 \u2013 9291, Paris La Defense, CEDEX, France IFA2 (50%) A list of the Group\u2019s associates as at 31 March 2023 is given below. Unless otherwise stated, all associates are included in the Group\u2019s 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 Joint Radio Company Limited (25%) 3 ** 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%) 3 Connecticut Yankee Atomic Power Company (19.5%) 4 Direct Global Power Inc. (26%) 3 Energy Impact Fund LP (9.41%) 5 KHB Venture LLC (33.33%) 6 Maine Yankee Atomic Power Company (24%) 7 New York Transco LLC (28.3%) 8 NYSEARCH RMLD, LLC (22.63%) The Hive IV, LLC (28.2%) 3 Yankee Atomic Electric Company (34.5%) 9 Incorporated in Belgium Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium Coreso SA (15.84%) Other investments A list of the Group\u2019s other investments as at 31 March 2023 is given below. Incorporated in England and Wales Registered office: 1 More London Place, London SE1 2AF, UK Energis plc (33.06%) \u2021 Registered office: Third Floor, Northumberland House, 303\u2013306 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: Friars House, Manor House Drive, Coventry, CV1 2TE, UK. 4. Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA. 5. Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA. 6. Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA. 7. Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA. 8. Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 9. Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA. * National Grid Interconnector Holdings Limited owns 284,500,000 \u20ac0.20 C Ordinary shares and one \u00a31.00 Ordinary A share. ** National Grid Electricity Transmission plc owns one \u00a30.50 A Ordinary share. \u2020 National Grid Electricity Transmission plc owns 50 \u00a31.00 A Ordinary shares. \u2021 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 \u2013 and subject to the laws and regulations of \u2013 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 2023: 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 Joint ventures Associates ",
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"value": "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. Note that the sensitivity analysis for the useful economic lives of our gas network assets is included in note 13. 2023 2022 Assumptions used\u00b9 Income statement \u00a3m Net assets \u00a3m Assumptions used Income statement \u00a3m Net assets \u00a3m Pensions and other post-retirement benefit liabilities (pre tax)\u00b2: UK discount rate change\u00b3 1% 29 1,264 0.5% 12 1,002 US discount rate change\u00b3 1% 26 977 0.5% 16 650 UK inflation rate change\u2074 1% 8 933 0.5% 11 733 UK long-term rate of increase in salaries change 1% 4 50 0.5% 4 88 US long-term rate of increase in salaries change 1% 4 57 0.5% 3 41 UK change to life expectancy at age 65 5 one year 2 441 one year 4 635 US change to life expectancy at age 65 one year 3 344 one year 3 444 Assumed US healthcare cost trend rates change 1% 24 324 1% 24 414 Environmental provision: Change in the real discount rate 1.0% 159 159 0.5% 81 81 Change in estimated future cash flows 20% 378 378 10% 188 188 1. We have increased the assumption used in our sensitivity analysis this year from 0.5% to 1.0% in light of the recent quantum of market movements. 2. The changes shown are a change in the annual pension and other post-retirement benefit service charge and change in the defined benefit obligations. 3. A change in the discount rate is likely to occur as a result of 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 \u00a3188 million (2022: \u00a3164 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. 4. The projected impact resulting from a change in RPI reflects the underlying effect on pensions in payment, pensions in deferment and resultant increases in salary assumptions. The buy-in policies would have a \u00a3164 million (2022: \u00a3119 million) net assets offset to the above. 5. In the UK, the buy-in policies and the longevity swap entered into would have a \u00a3136 million (2022: \u00a3111 million) net assets offset to the above. Pensions and other post-retirement benefits assumptions Sensitivities have been prepared to show how the defined benefit obligations and annual service costs could potentially be impacted by changes in the relevant actuarial assumption that were reasonably possible as at 31 March 2023. 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. (b) Sensitivities on financial instruments We are further required to show additional sensitivity analysis under IFRS 7 and these are shown separately in the subsequent 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: \u2022 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 2023 and 2022 respectively; \u2022 the statement of financial position sensitivity to interest rates relates to items presented at their fair values: derivative financial instruments; our investments measured at FVTPL and FVOCI; and our liability measured at FVTPL. Further debt and other deposits are carried at amortised cost and so their carrying value does not change as interest rates move; \u2022 the sensitivity of interest expense to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments; \u2022 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 \u2022 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. 2023 2022 Assumptions used\u00b9 Income statement \u00a3m Other equity reserves \u00a3m Assumptions used Income statement \u00a3m Other equity reserves \u00a3m Financial risk (post tax): UK inflation change\u00b2 1% 35 \u2014 0.5% 18 \u2014 UK interest rates change 1% 34 361 0.5% 41 134 US interest rates change 1% 14 50 0.5% 4 8 US dollar exchange rate change\u00b3 10% 51 291 10% 43 397 1. 1% has been used for sensitivity analysis this year as opposed to 0.5% in the prior year, due to the quantum of market rate movements during the year which mean it is considered that 1% is a more appropriate measure for the year ended 31 March 2023. 2. Excludes sensitivities to LPI curve. Further details on sensitivities are provided in note 32(g). 3. The other equity reserves impact does not reflect the exchange translation in our US subsidiaries\u2019 net assets. It is estimated this would change by \u00a31,680 million (2022: \u00a31,670 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: 2023 2022 Assumptions used Income statement \u00a3m Net assets \u00a3m Assumptions used Income statement \u00a3m Net assets \u00a3m Commodity price risk (post tax): Increase in commodity prices 10% 49 49 10% 53 53 Decrease in commodity prices 10% (40) (40) 10% (54) (54) Assets and liabilities carried at fair value (post tax): Fair value change in derivative financial instruments\u00b9 10% (60) (60) 10% (55) (55) Fair value change in commodity contract derivative liabilities 10% (8) (8) 10% 20 20 1. The effect of a 10% change in fair value assumes no hedge accounting. ",
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"value": "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. ",
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"fact-738": {
"value": "36. Additional disclosures in respect of guaranteed securities Niagara Mohawk Power Corporation, a wholly owned subsidiary of the Group, has issued preferred shares that are listed on a US national securities exchange and are guaranteed by National Grid plc. This guarantor commits to honour any liabilities should the company issuing the debt have any financial difficulties. In order to provide debt holders with information on the financial stability of the company providing the guarantee, we are required to disclose individual financial information for this company. We have chosen to include this information in the Group financial statements rather than submitting separate standalone financial statements. The following summarised financial information is given in respect of Niagara Mohawk Power Corporation as a result of National Grid plc\u2019s guarantee, dated 29 October 2007, of Niagara Mohawk Power Corporation\u2019s 3.6% and 3.9% issued preferred shares, which amount to \u00a319 million ($23 million). National Grid plc\u2019s guarantee of Niagara Mohawk Power Corporation\u2019s preferred shares is full and unconditional. There are no restrictions on the payment of dividends by Niagara Mohawk Power Corporation or limitations on National Grid plc\u2019s guarantee of the preferred shares, and there are no factors that may affect payments to holders of the guaranteed securities. The following summarised financial information for National Grid plc and Niagara Mohawk Power Corporation is presented on a combined basis and is intended to provide investors with meaningful and comparable financial information, and is provided pursuant to the adoption of Rule 13-01 of Regulation S-X in lieu of the separate financial statements of Niagara Mohawk Power Corporation. Summarised financial information is presented, on a combined basis, as at 31 March 2023. The combined amounts are presented under IFRS measurement principles. Intercompany transactions between National Grid plc and Niagara Mohawk Power Corporation have been eliminated. Investments in other non-issuer and non-guarantor subsidiaries are included at cost, subject to impairment. Summarised financial information for the year ended 31 March 2023 \u2013 IFRS National Grid plc and Niagara Mohawk Power Corporation combined \u00a3m Combined statement of financial position Non-current loans to other subsidiaries 124 Non-current assets 11,385 Current loans to other subsidiaries 15,382 Current assets 1,610 Current loans from other subsidiaries (6,181) Current liabilities (1,563) Non-current loans from other subsidiaries (2,096) Non-current liabilities (12,463) Net assets1 6,198 Equity 6,198 Combined income statement \u2013 continuing operations Revenue 3,601 Operating costs (3,463) Operating profit 138 Other income from other subsidiaries 1,691 Other income and costs, including taxation (157) Profit after tax 1,672 1. Excluded from net assets above are investments in other consolidated subsidiaries with a carrying value of \u00a314,488 million. ",
"dimensions": {
"concept": "nationalgridplc:DisclosureOfAdditionalDisclosuresInRespectOfGuaranteedSecurities",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-802": {
"value": "Niagara Mohawk Power Corporation, a wholly owned subsidiary of the Group, has issued preferred shares that are listed on a US national securities exchange and are guaranteed by National Grid plc. This guarantor commits to honour any liabilities should the company issuing the debt have any financial difficulties. In order to provide debt holders with information on the financial stability of the company providing the guarantee, we are required to disclose individual financial information for this company. We have chosen to include this information in the Group financial statements rather than submitting separate standalone financial statements. ",
"dimensions": {
"concept": "nationalgridplc:DescriptionOfAccountingPolicyForAdditionalDisclosuresInRespectOfGuaranteedSecurities",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-739": {
"value": "37. Acquisitions Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognised for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Acquisition-related costs are expensed as incurred and included within other operating costs. Acquisition of NGED On 14 June 2021, National Grid plc acquired 100% of the share capital of PPL WPD Investments Limited (WPD), the holding company of National Grid Electricity Distribution plc (formerly known as Western Power Distribution plc), which is the UK\u2019s largest electricity distribution network operator. The acquisition, along with the two disposals disclosed in note 10, strategically pivots National Grid\u2019s UK portfolio towards electricity, in order to significantly enhance National Grid\u2019s role in the delivery of the UK\u2019s net zero targets, given that electricity distribution is expected to see a high level of asset growth as a result of the ongoing energy transition. The total cash consideration for the transaction was \u00a37.9 billion, all of which was paid upfront, with no further contingent or deferred consideration payable. As a result of the acquisition, one of NGED\u2019s existing borrowing facilities became repayable immediately due to a change in control clause within the original borrowing agreement. The borrowing facility was immediately replaced with an intercompany loan of \u00a3350 million from National Grid plc. National Grid funded the transaction price and the new intercompany loan by taking out a bridge financing facility (see note 33) that was fully repaid substantially with the proceeds from the disposals of NECO and the UK Gas Transmission business in the year ended 31 March 2023. The fair values of the assets and liabilities following the finalisation of the purchase price allocation in the prior year are set out below: IFRS book value at acquisition \u00a3m Fair value adjustments \u00a3m Fair value \u00a3m Non-current assets Property, plant and equipment 14,077 (4,026) 10,051 Other intangible assets 49 1,714 1,763 Pension assets 402 164 566 Other non-current assets 27 \u2014 27 Total non-current assets 14,555 (2,148) 12,407 Current assets Trade and other receivables 268 \u2014 268 Financial and other investments 69 \u2014 69 Cash 44 \u2014 44 Other current assets 42 \u2014 42 Total current assets 423 \u2014 423 Total assets 14,978 (2,148) 12,830 Current liabilities Borrowings (730) \u2014 (730) Trade and other payables (531) 48 (483) Other current liabilities (35) \u2014 (35) Total current liabilities (1,296) 48 (1,248) Non-current liabilities Borrowings (5,967) (1,589) (7,556) Deferred tax (1,013) 224 (789) Contract liabilities (2,706) 2,706 \u2014 Other non-current liabilities (56) (21) (77) Total non-current liabilities (9,742) 1,320 (8,422) Total liabilities (11,038) 1,368 (9,670) Total identifiable net assets 3,940 (780) 3,160 Goodwill 1,254 3,467 4,721 Total consideration transferred 5,194 2,687 7,881 Satisfied by: Cash consideration 7,881 Total consideration transferred 7,881 The goodwill arising from the acquisition represents the future expected growth in the NGED business, the benefits that are expected to be achieved as a result of the combination of the two businesses and the expertise of the management team acquired. No component of goodwill qualifies for recognition as a separate tangible or intangible asset. The goodwill is not deductible for tax purposes and at the acquisition date, there were no material contingent liabilities. The fair value step down of property, plant and equipment related primarily to the distribution network assets and was calculated with reference to estimated future forecast cash flows of the existing asset base. The fair value adjustment is expected to amortise over approximately 59 years, representing the remaining useful economic lives of the assets. The intangible assets recognised of \u00a31,714 million relate to regulatory licences acquired which provide the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. The fair value of the regulatory licences was estimated by subtracting goodwill and property, plant and equipment-related cash flows from the overall business cash flows. The fair value of borrowings acquired was estimated by discounting the contractual cash flows at a market cost of debt, taking into account the debt margin observed on NGED\u2019s listed debt. The fair value of trade and other receivables of \u00a3270 million includes trade receivables with a fair value of \u00a386 million and accrued income of \u00a3139 million. The gross contractual amount for trade receivables due is \u00a3103 million, of which \u00a317 million was expected to be uncollectible. Total acquisition-related costs of \u00a3110 million were recognised within other operating costs, within exceptional items and remeasurements in the consolidated income statement, of which \u00a315 million was recognised in the year ended 31 March 2021 and \u00a395 million in the year ended 31 March 2022. NGED generated revenues of \u00a31,468 million and profit before tax of \u00a3781 million for the period from 14 June 2021 to 31 March 2022. If the acquisition had occurred on 1 April 2021, the Group\u2019s consolidated revenue and consolidated profit before tax from continuing operations for the 12 months ended 31 March 2022 would have been \u00a318,806 million and \u00a33,600 million respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-803": {
"value": "Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognised at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognised for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Acquisition-related costs are expensed as incurred and included within other operating costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-740": {
"value": "38. Post balance sheet events In the period between 1 April 2023 and 17 May 2023, there have been no significant post balance sheet events.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:8R95QZMKZLJX5Q2XR704",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}