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\u00a0relevant note. This section also shows areas of judgement and key sources of estimation uncertainty in these financial statements. In addition, we have summarised new\u00a0International Accounting Standards Board (IASB) and UK endorsed accounting standards, amendments and interpretations and\u00a0whether these are effective for this year end or in later years, explaining how significant changes are expected to affect our reported results. |
This note sets out the financial performance for the year split into the different parts of the business (operating segments). The performance of\u00a0these 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\u00a0on 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 as a matter of course, the Board considers multiple profitability measures by segment, being \u2018adjusted profit\u2019 and \u2018underlying profit\u2019. Adjusted profit excludes exceptional items and remeasurements (as defined in\u00a0note 5) and is used by management and the Board to monitor financial performance as\u00a0it is considered that it aids the comparability of our reported financial performance from\u00a0year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and\u00a0deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is\u00a0operating profit before exceptional items and remeasurements, adjusted profit, 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\u00a015\u00a0\u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are\u00a0accounted for under IFRS 16 \u2018Leases\u2019 as rental income, also presented within revenue. Revenue is recognised to reflect the transfer of goods or\u00a0services 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\u00a0a\u00a0product 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\u00a0over-recoveries, the\u00a0allowed 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\u00a0payroll 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,\u00a0if included, these items could distort understanding of our performance for\u00a0the 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. Current tax charge is the tax payable on this year\u2019s taxable profits. Deferred tax is an accounting adjustment to\u00a0provide 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 as 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\u00a0all 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. |
The results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations and presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale when their carrying amounts are expected to be recovered through sale rather than through continuing use. They only meet the\u00a0held 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\u00a0for sale and the assets\u00a0and 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\u00a0goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a\u00a0potential impairment. |
Other intangible assets are the software assets controlled by us and the electricity distribution licences which provide us with the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. The regulatory licences were acquired following the Group\u2019s acquisition of NGED. |
Property, plant and equipment are the physical assets controlled by us. The Group\u2019s interest comprises legally protected statutory or contractual rights of use. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. |
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 2026. |
The Group holds a range of financial and other investments. These investments include short-term money market funds, quoted investments in\u00a0bonds of other companies, investments in our venture capital portfolio (National Grid Partners), and investments that cannot 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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
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 three months or less 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\u00a0have 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\u00a0maintain 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\u00a0total also includes deferred amounts, some of which represent monies received from customers but for which we have not yet delivered the\u00a0associated 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 2026. It also includes 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\u00a0UK and the US. In the US, we also\u00a0provide healthcare and life insurance benefits to eligible employees, post-retirement. The fair value of associated plan assets and present value of DB\u00a0obligations are updated annually in accordance with IAS 19 \u2018Employee Benefits\u2019. We separately present our UK and US pension plans to\u00a0show 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\u00a0economic benefit is probable and where the amount of the obligation can be reliably estimated. |
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the\u00a0Company 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\u00a0commodity 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\u00a0and 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\u00a0of\u00a0different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well\u00a0as 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\u00a0following sensitivities are presented. These sensitivities are based on assumptions and conditions prevailing at the year end and should be\u00a0used 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 results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations and presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale when their carrying amounts are expected to be recovered through sale rather than through continuing use. They only meet the\u00a0held 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\u00a0for sale and the assets\u00a0and businesses are impaired if the proceeds less sale costs fall short of the carrying value. |
This note sets out the financial performance for the year split into the different parts of the business (operating segments). The performance of\u00a0these 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\u00a0on 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 as a matter of course, the Board considers multiple profitability measures by segment, being \u2018adjusted profit\u2019 and \u2018underlying profit\u2019. Adjusted profit excludes exceptional items and remeasurements (as defined in\u00a0note 5) and is used by management and the Board to monitor financial performance as\u00a0it is considered that it aids the comparability of our reported financial performance from\u00a0year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and\u00a0deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is\u00a0operating profit before exceptional items and remeasurements, adjusted profit, as this is the measure that is most consistent with the IFRS results reported within these financial statements. |
UK Electricity Transmission | The high-voltage electricity transmission networks in England and Wales. This includes our Accelerated Strategic Transmission Investment projects to connect more clean, low-carbon power\u00a0to the transmission network in England and\u00a0Wales. |
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\u00a0Operator | The Great Britain system operator. The Group completed the disposal of the ESO to the UK Government on 1 October 2024 (see\u00a0note 10). |
New England | Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in\u00a0New\u00a0England. |
New York | Electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in\u00a0New\u00a0York. |
National Grid Ventures | Comprises all commercial operations in LNG at the Isle of Grain in the UK and Providence, Rhode\u00a0Island in the US, our electricity generation business in the US, our electricity interconnectors in the UK and our investment in NG Renewables, our\u00a0renewables business in the US. While NGV operates outside our regulated core business, the\u00a0electricity interconnectors in the UK are subject to indirect regulation by Ofgem regarding the level of returns they can earn. NG\u00a0Renewables and Grain LNG were classified as held for sale in the year (see note 10). |
2025 | 2024 | 2023 | |||||||||
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 | 2,619 | (135) | 2,484 | 2,735 | (40) | 2,695 | 1,987 | (41) | 1,946 | ||
UK Electricity Distribution | 2,424 | (3) | 2,421 | 1,795 | (5) | 1,790 | 2,045 | (12) | 2,033 | ||
UK Electricity System Operator | 1,029 | (17) | 1,012 | 3,788 | (35) | 3,753 | 4,690 | (31) | 4,659 | ||
New England | 4,306 | \u2014 | 4,306 | 3,948 | \u2014 | 3,948 | 4,427 | \u2014 | 4,427 | ||
New York | 6,689 | \u2014 | 6,689 | 6,094 | \u2014 | 6,094 | 6,994 | \u2014 | 6,994 | ||
National Grid Ventures | 1,397 | (47) | 1,350 | 1,389 | (57) | 1,332 | 1,341 | (58) | 1,283 | ||
Other | 122 | (6) | 116 | 244 | (6) | 238 | 317 | \u2014 | 317 | ||
Total revenue from continuing\u00a0operations | 18,586 | (208) | 18,378 | 19,993 | (143) | 19,850 | 21,801 | (142) | 21,659 | ||
Split by geographical areas \u2013 continuing operations: | |||||||||||
UK | 6,707 | 9,063 | 9,611 | ||||||||
US | 11,671 | 10,787 | 12,048 | ||||||||
Total revenue from continuing\u00a0operations | 18,378 | 19,850 | 21,659 |
Before exceptional items and remeasurements | Exceptional items and remeasurements | After exceptional items and remeasurements | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Operating segments \u2013 continuing operations: | |||||||||||
UK Electricity Transmission | 1,277 | 1,677 | 995 | \u2014 | (3) | (2) | 1,277 | 1,674 | 993 | ||
UK Electricity Distribution | 1,610 | 993 | 1,091 | (12) | (18) | (22) | 1,598 | 975 | 1,069 | ||
UK Electricity System Operator | (364) | 880 | 238 | 151 | (498) | (1) | (213) | 382 | 237 | ||
New England | 982 | 643 | 708 | 26 | (2) | 424 | 1,008 | 641 | 1,132 | ||
New York | 1,023 | 860 | 741 | 246 | (498) | (200) | 1,269 | 362 | 541 | ||
National Grid Ventures | 380 | 469 | 490 | (375) | 89 | 467 | 5 | 558 | 957 | ||
Other | (143) | (60) | 31 | 133 | (57) | (81) | (10) | (117) | (50) | ||
Total operating profit from continuing\u00a0operations | 4,765 | 5,462 | 4,294 | 169 | (987) | 585 | 4,934 | 4,475 | 4,879 | ||
Split by geographical area \u2013 continuing operations: | |||||||||||
UK | 2,775 | 3,923 | 2,825 | 257 | (487) | 26 | 3,032 | 3,436 | 2,851 | ||
US | 1,990 | 1,539 | 1,469 | (88) | (500) | 559 | 1,902 | 1,039 | 2,028 | ||
Total operating profit from continuing\u00a0operations | 4,765 | 5,462 | 4,294 | 169 | (987) | 585 | 4,934 | 4,475 | 4,879 |
Before exceptional items and remeasurements | Exceptional items and remeasurements | After exceptional items and remeasurements | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Reconciliation to profit before tax: | |||||||||||
Operating profit from continuing operations | 4,765 | 5,462 | 4,294 | 169 | (987) | 585 | 4,934 | 4,475 | 4,879 | ||
Share of post-tax results of joint ventures and\u00a0associates | 75 | 101 | 190 | (2) | (64) | (19) | 73 | 37 | 171 | ||
Finance income | 449 | 244 | 166 | 1 | 4 | (28) | 450 | 248 | 138 | ||
Finance costs | (1,810) | (1,723) | (1,680) | 3 | 11 | 82 | (1,807) | (1,712) | (1,598) | ||
Profit before tax from continuing\u00a0operations | 3,479 | 4,084 | 2,970 | 171 | (1,036) | 620 | 3,650 | 3,048 | 3,590 |
Depreciation, amortisation and impairment1 | 2025 | 2024 | 2023 |
\u00a3m | \u00a3m | \u00a3m | |
Operating segments: | |||
UK Electricity Transmission | (540) | (521) | (484) |
UK Electricity Distribution | (249) | (223) | (223) |
UK Electricity System Operator | \u2014 | (61) | (101) |
New England | (469) | (420) | (393) |
New York | (731) | (658) | (620) |
National Grid Ventures | (173) | (166) | (149) |
Other | (13) | (12) | (14) |
Total | (2,175) | (2,061) | (1,984) |
Asset type: | |||
Property, plant and equipment | (1,878) | (1,769) | (1,700) |
Non-current intangible assets | (297) | (292) | (284) |
Total | (2,175) | (2,061) | (1,984) |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Operating segments: | |||
UK Electricity Transmission | 2,999 | 1,912 | 1,301 |
UK Electricity Distribution | 1,426 | 1,247 | 1,220 |
UK Electricity System Operator | \u2014 | 85 | 108 |
New England | 1,751 | 1,673 | 1,527 |
New York | 3,289 | 2,654 | 2,454 |
National Grid Ventures | 378 | 662 | 970 |
Other | 4 | 2 | 13 |
Total | 9,847 | 8,235 | 7,593 |
Asset type: | |||
Property, plant and equipment | 8,894 | 7,124 | 6,783 |
Non-current intangible assets | 478 | 481 | 578 |
Equity investments in joint ventures and associates | 116 | 332 | 197 |
Capital expenditure prepayments | 359 | 298 | 35 |
Total | 9,847 | 8,235 | 7,593 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Split by geographical area: | |||
UK | 42,623 | 40,065 | 38,043 |
US | 46,131 | 44,270 | 41,761 |
88,754 | 84,335 | 79,804 | |
Reconciliation to total non-current assets: | |||
Pension assets | 2,489 | 2,407 | 2,645 |
Financial and other investments | 798 | 880 | 859 |
Derivative financial assets | 369 | 324 | 276 |
Non-current assets | 92,410 | 87,946 | 83,584 |
This note sets out the financial performance for the year split into the different parts of the business (operating segments). The performance of\u00a0these 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\u00a0on 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 as a matter of course, the Board considers multiple profitability measures by segment, being \u2018adjusted profit\u2019 and \u2018underlying profit\u2019. Adjusted profit excludes exceptional items and remeasurements (as defined in\u00a0note 5) and is used by management and the Board to monitor financial performance as\u00a0it is considered that it aids the comparability of our reported financial performance from\u00a0year to year. Underlying profit, as presented in the Annual Report and Accounts, represents adjusted profit and also excludes the effects of timing, major storm costs and\u00a0deferred tax expenses in our UK Electricity Transmission and UK Electricity Distribution businesses. The measure of profit disclosed in this note and the primary profitability benchmark considered by the chief operating decision maker is\u00a0operating profit before exceptional items and remeasurements, adjusted profit, 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\u00a015\u00a0\u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are\u00a0accounted for under IFRS 16 \u2018Leases\u2019 as rental income, also presented within revenue. Revenue is recognised to reflect the transfer of goods or\u00a0services 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\u00a0a\u00a0product 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\u00a0over-recoveries, the\u00a0allowed 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. |
Revenue for the year ended 31 March 2025 | 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 | ||||||||
Transmission1 | 2,265 | \u2014 | 46 | 85 | 252 | 879 | 1 | 3,528 |
Distribution | \u2014 | 2,327 | \u2014 | 4,193 | 6,371 | \u2014 | \u2014 | 12,891 |
System Operator | \u2014 | \u2014 | 966 | \u2014 | \u2014 | \u2014 | \u2014 | 966 |
Other2 | 29 | 90 | \u2014 | 9 | 16 | 171 | 3 | 318 |
Total IFRS 15 revenue | 2,294 | 2,417 | 1,012 | 4,287 | 6,639 | 1,050 | 4 | 17,703 |
Other revenue | ||||||||
Generation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 384 | \u2014 | 384 |
Other3 | 190 | 4 | \u2014 | 19 | 50 | (84) | 112 | 291 |
Total other revenue | 190 | 4 | \u2014 | 19 | 50 | 300 | 112 | 675 |
Total revenue from continuing\u00a0operations | 2,484 | 2,421 | 1,012 | 4,306 | 6,689 | 1,350 | 116 | 18,378 |
Geographical split for the year ended 31 March 2025 | 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 | 2,294 | 2,417 | 1,012 | \u2014 | \u2014 | 889 | 1 | 6,613 |
US | \u2014 | \u2014 | \u2014 | 4,287 | 6,639 | 161 | 3 | 11,090 |
Total IFRS 15 revenue | 2,294 | 2,417 | 1,012 | 4,287 | 6,639 | 1,050 | 4 | 17,703 |
Other revenue | ||||||||
UK | 190 | 4 | \u2014 | \u2014 | \u2014 | (111) | 11 | 94 |
US | \u2014 | \u2014 | \u2014 | 19 | 50 | 411 | 101 | 581 |
Total other revenue | 190 | 4 | \u2014 | 19 | 50 | 300 | 112 | 675 |
Total revenue from continuing\u00a0operations | 2,484 | 2,421 | 1,012 | 4,306 | 6,689 | 1,350 | 116 | 18,378 |
Revenue for the year ended 31 March 2024 | 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 | ||||||||
Transmission1 | 2,591 | \u2014 | (10) | 73 | 493 | 869 | \u2014 | 4,016 |
Distribution | \u2014 | 1,712 | \u2014 | 3,786 | 5,500 | \u2014 | \u2014 | 10,998 |
System Operator | \u2014 | \u2014 | 3,763 | \u2014 | \u2014 | \u2014 | \u2014 | 3,763 |
Other2 | 25 | 73 | \u2014 | 8 | 15 | 168 | 4 | 293 |
Total IFRS 15 revenue | 2,616 | 1,785 | 3,753 | 3,867 | 6,008 | 1,037 | 4 | 19,070 |
Other revenue | ||||||||
Generation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 360 | \u2014 | 360 |
Other3 | 79 | 5 | \u2014 | 81 | 86 | (65) | 234 | 420 |
Total other revenue | 79 | 5 | \u2014 | 81 | 86 | 295 | 234 | 780 |
Total revenue from continuing\u00a0operations | 2,695 | 1,790 | 3,753 | 3,948 | 6,094 | 1,332 | 238 | 19,850 |
Geographical split for the year ended 31 March 2024 | 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 | 2,616 | 1,785 | 3,753 | \u2014 | \u2014 | 878 | 1 | 9,033 |
US | \u2014 | \u2014 | \u2014 | 3,867 | 6,008 | 159 | 3 | 10,037 |
Total IFRS 15 revenue | 2,616 | 1,785 | 3,753 | 3,867 | 6,008 | 1,037 | 4 | 19,070 |
Other revenue | ||||||||
UK | 79 | 5 | \u2014 | \u2014 | \u2014 | (76) | 22 | 30 |
US | \u2014 | \u2014 | \u2014 | 81 | 86 | 371 | 212 | 750 |
Total other revenue | 79 | 5 | \u2014 | 81 | 86 | 295 | 234 | 780 |
Total revenue from continuing\u00a0operations | 2,695 | 1,790 | 3,753 | 3,948 | 6,094 | 1,332 | 238 | 19,850 |
Revenue for the year ended 31 March 2023 | UK Electricity Transmission \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\u00b9 | 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 |
Other2 | 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 |
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 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\u00a015\u00a0\u2018Revenue from Contracts with Customers\u2019, whereas generation services (which solely relate to the contract with LIPA in the US) are\u00a0accounted for under IFRS 16 \u2018Leases\u2019 as rental income, also presented within revenue. Revenue is recognised to reflect the transfer of goods or\u00a0services 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\u00a0a\u00a0product 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\u00a0over-recoveries, the\u00a0allowed 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\u00a0payroll 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 | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Depreciation, amortisation and\u00a0impairment\u00b9 | 2,175 | 2,061 | 1,984 | \u2014 | \u2014 | \u2014 | 2,175 | 2,061 | 1,984 | ||
Payroll costs | 2,093 | 2,007 | 1,929 | 50 | 36 | 29 | 2,143 | 2,043 | 1,958 | ||
Purchases of electricity | 1,501 | 1,487 | 1,808 | (72) | 10 | 247 | 1,429 | 1,497 | 2,055 | ||
Purchases of gas | 1,633 | 1,323 | 2,413 | (55) | (34) | 103 | 1,578 | 1,289 | 2,516 | ||
Property and other taxes | 1,402 | 1,279 | 1,302 | \u2014 | \u2014 | \u2014 | 1,402 | 1,279 | 1,302 | ||
UK electricity balancing costs | 1,143 | 2,486 | 4,052 | \u2014 | \u2014 | \u2014 | 1,143 | 2,486 | 4,052 | ||
Impairment of joint venture | \u2014 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | ||
Other | 3,466 | 3,578 | 3,670 | (395) | 975 | 12 | 3,071 | 4,553 | 3,682 | ||
Other operating costs | 13,413 | 14,221 | 17,158 | (169) | 987 | 391 | 13,244 | 15,208 | 17,549 | ||
Provision for bad and\u00a0doubtful\u00a0debts | 200 | 179 | 220 | \u2014 | \u2014 | \u2014 | 200 | 179 | 220 | ||
Total operating costs from continuing operations | 13,613 | 14,400 | 17,378 | (169) | 987 | 391 | 13,444 | 15,387 | 17,769 | ||
Operating costs from continuing operations include: | |||||||||||
Inventory consumed | 506 | 408 | 723 | ||||||||
Research and development expenditure | 43 | 32 | 23 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Wages and salaries1 | 3,497 | 3,206 | 2,971 |
Social security costs | 279 | 256 | 244 |
Defined contribution scheme costs | 144 | 129 | 98 |
Defined benefit pension costs | 114 | 96 | 121 |
Share-based payments | 37 | 37 | 46 |
Severance costs (excluding pension costs) | 10 | 12 | 3 |
4,081 | 3,736 | 3,483 | |
Less: payroll costs capitalised | (1,938) | (1,693) | (1,525) |
Total payroll costs from continuing operations | 2,143 | 2,043 | 1,958 |
31 March 2025 | Monthly average 2025 | 31 March 2024 | Monthly average 2024 | 31 March 2023 | Monthly average 2023 | |
UK | 13,477 | 13,919 | 13,956 | 13,439 | 12,572 | 12,024 |
US | 18,177 | 17,888 | 17,469 | 17,406 | 16,878 | 16,539 |
Total number of employees (continuing operations) | 31,654 | 31,807 | 31,425 | 30,845 | 29,450 | 28,563 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Short-term employee benefits | 8 | 7 | 7 |
Share-based payments | 4 | 5 | 6 |
Total key management compensation | 12 | 12 | 13 |
2025 | 2024 | 2023 | |
\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 | 2.8 | 2.8 | 2.9 |
The auditing of accounts of any associate of the Company | 8.7 | 8.8 | 9.0 |
Other services supplied2 | 7.2 | 7.3 | 7.4 |
18.7 | 18.9 | 19.3 | |
Total other services3 | |||
All other fees: | |||
Other assurance services4 | 1.0 | 4.0 | 1.4 |
Other non-audit services not covered above | \u2014 | \u2014 | 0.2 |
1.0 | 4.0 | 1.6 | |
Total auditor\u2019s remuneration | 19.7 | 22.9 | 20.9 |
Below we have presented separately certain items included in our operating costs from continuing operations. These include a breakdown of\u00a0payroll 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 | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Depreciation, amortisation and\u00a0impairment\u00b9 | 2,175 | 2,061 | 1,984 | \u2014 | \u2014 | \u2014 | 2,175 | 2,061 | 1,984 | ||
Payroll costs | 2,093 | 2,007 | 1,929 | 50 | 36 | 29 | 2,143 | 2,043 | 1,958 | ||
Purchases of electricity | 1,501 | 1,487 | 1,808 | (72) | 10 | 247 | 1,429 | 1,497 | 2,055 | ||
Purchases of gas | 1,633 | 1,323 | 2,413 | (55) | (34) | 103 | 1,578 | 1,289 | 2,516 | ||
Property and other taxes | 1,402 | 1,279 | 1,302 | \u2014 | \u2014 | \u2014 | 1,402 | 1,279 | 1,302 | ||
UK electricity balancing costs | 1,143 | 2,486 | 4,052 | \u2014 | \u2014 | \u2014 | 1,143 | 2,486 | 4,052 | ||
Impairment of joint venture | \u2014 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | ||
Other | 3,466 | 3,578 | 3,670 | (395) | 975 | 12 | 3,071 | 4,553 | 3,682 | ||
Other operating costs | 13,413 | 14,221 | 17,158 | (169) | 987 | 391 | 13,244 | 15,208 | 17,549 | ||
Provision for bad and\u00a0doubtful\u00a0debts | 200 | 179 | 220 | \u2014 | \u2014 | \u2014 | 200 | 179 | 220 | ||
Total operating costs from continuing operations | 13,613 | 14,400 | 17,378 | (169) | 987 | 391 | 13,444 | 15,387 | 17,769 | ||
Operating costs from continuing operations include: | |||||||||||
Inventory consumed | 506 | 408 | 723 | ||||||||
Research and development expenditure | 43 | 32 | 23 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Wages and salaries1 | 3,497 | 3,206 | 2,971 |
Social security costs | 279 | 256 | 244 |
Defined contribution scheme costs | 144 | 129 | 98 |
Defined benefit pension costs | 114 | 96 | 121 |
Share-based payments | 37 | 37 | 46 |
Severance costs (excluding pension costs) | 10 | 12 | 3 |
4,081 | 3,736 | 3,483 | |
Less: payroll costs capitalised | (1,938) | (1,693) | (1,525) |
Total payroll costs from continuing operations | 2,143 | 2,043 | 1,958 |
31 March 2025 | Monthly average 2025 | 31 March 2024 | Monthly average 2024 | 31 March 2023 | Monthly average 2023 | |
UK | 13,477 | 13,919 | 13,956 | 13,439 | 12,572 | 12,024 |
US | 18,177 | 17,888 | 17,469 | 17,406 | 16,878 | 16,539 |
Total number of employees (continuing operations) | 31,654 | 31,807 | 31,425 | 30,845 | 29,450 | 28,563 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Short-term employee benefits | 8 | 7 | 7 |
Share-based payments | 4 | 5 | 6 |
Total key management compensation | 12 | 12 | 13 |
2025 | 2024 | 2023 | |
\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 | 2.8 | 2.8 | 2.9 |
The auditing of accounts of any associate of the Company | 8.7 | 8.8 | 9.0 |
Other services supplied2 | 7.2 | 7.3 | 7.4 |
18.7 | 18.9 | 19.3 | |
Total other services3 | |||
All other fees: | |||
Other assurance services4 | 1.0 | 4.0 | 1.4 |
Other non-audit services not covered above | \u2014 | \u2014 | 0.2 |
1.0 | 4.0 | 1.6 | |
Total auditor\u2019s remuneration | 19.7 | 22.9 | 20.9 |
Below we have presented separately certain items included in our operating costs from continuing operations. These include a breakdown of\u00a0payroll 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 | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Depreciation, amortisation and\u00a0impairment\u00b9 | 2,175 | 2,061 | 1,984 | \u2014 | \u2014 | \u2014 | 2,175 | 2,061 | 1,984 | ||
Payroll costs | 2,093 | 2,007 | 1,929 | 50 | 36 | 29 | 2,143 | 2,043 | 1,958 | ||
Purchases of electricity | 1,501 | 1,487 | 1,808 | (72) | 10 | 247 | 1,429 | 1,497 | 2,055 | ||
Purchases of gas | 1,633 | 1,323 | 2,413 | (55) | (34) | 103 | 1,578 | 1,289 | 2,516 | ||
Property and other taxes | 1,402 | 1,279 | 1,302 | \u2014 | \u2014 | \u2014 | 1,402 | 1,279 | 1,302 | ||
UK electricity balancing costs | 1,143 | 2,486 | 4,052 | \u2014 | \u2014 | \u2014 | 1,143 | 2,486 | 4,052 | ||
Impairment of joint venture | \u2014 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | 303 | \u2014 | \u2014 | ||
Other | 3,466 | 3,578 | 3,670 | (395) | 975 | 12 | 3,071 | 4,553 | 3,682 | ||
Other operating costs | 13,413 | 14,221 | 17,158 | (169) | 987 | 391 | 13,244 | 15,208 | 17,549 | ||
Provision for bad and\u00a0doubtful\u00a0debts | 200 | 179 | 220 | \u2014 | \u2014 | \u2014 | 200 | 179 | 220 | ||
Total operating costs from continuing operations | 13,613 | 14,400 | 17,378 | (169) | 987 | 391 | 13,444 | 15,387 | 17,769 | ||
Operating costs from continuing operations include: | |||||||||||
Inventory consumed | 506 | 408 | 723 | ||||||||
Research and development expenditure | 43 | 32 | 23 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Wages and salaries1 | 3,497 | 3,206 | 2,971 |
Social security costs | 279 | 256 | 244 |
Defined contribution scheme costs | 144 | 129 | 98 |
Defined benefit pension costs | 114 | 96 | 121 |
Share-based payments | 37 | 37 | 46 |
Severance costs (excluding pension costs) | 10 | 12 | 3 |
4,081 | 3,736 | 3,483 | |
Less: payroll costs capitalised | (1,938) | (1,693) | (1,525) |
Total payroll costs from continuing operations | 2,143 | 2,043 | 1,958 |
31 March 2025 | Monthly average 2025 | 31 March 2024 | Monthly average 2024 | 31 March 2023 | Monthly average 2023 | |
UK | 13,477 | 13,919 | 13,956 | 13,439 | 12,572 | 12,024 |
US | 18,177 | 17,888 | 17,469 | 17,406 | 16,878 | 16,539 |
Total number of employees (continuing operations) | 31,654 | 31,807 | 31,425 | 30,845 | 29,450 | 28,563 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Short-term employee benefits | 8 | 7 | 7 |
Share-based payments | 4 | 5 | 6 |
Total key management compensation | 12 | 12 | 13 |
2025 | 2024 | 2023 | |
\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 | 2.8 | 2.8 | 2.9 |
The auditing of accounts of any associate of the Company | 8.7 | 8.8 | 9.0 |
Other services supplied2 | 7.2 | 7.3 | 7.4 |
18.7 | 18.9 | 19.3 | |
Total other services3 | |||
All other fees: | |||
Other assurance services4 | 1.0 | 4.0 | 1.4 |
Other non-audit services not covered above | \u2014 | \u2014 | 0.2 |
1.0 | 4.0 | 1.6 | |
Total auditor\u2019s remuneration | 19.7 | 22.9 | 20.9 |
Below we have presented separately certain items included in our operating costs from continuing operations. These include a breakdown of\u00a0payroll costs (including disclosure of amounts paid to key management personnel) and fees paid to our auditors. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Wages and salaries1 | 3,497 | 3,206 | 2,971 |
Social security costs | 279 | 256 | 244 |
Defined contribution scheme costs | 144 | 129 | 98 |
Defined benefit pension costs | 114 | 96 | 121 |
Share-based payments | 37 | 37 | 46 |
Severance costs (excluding pension costs) | 10 | 12 | 3 |
4,081 | 3,736 | 3,483 | |
Less: payroll costs capitalised | (1,938) | (1,693) | (1,525) |
Total payroll costs from continuing operations | 2,143 | 2,043 | 1,958 |
31 March 2025 | Monthly average 2025 | 31 March 2024 | Monthly average 2024 | 31 March 2023 | Monthly average 2023 | |
UK | 13,477 | 13,919 | 13,956 | 13,439 | 12,572 | 12,024 |
US | 18,177 | 17,888 | 17,469 | 17,406 | 16,878 | 16,539 |
Total number of employees (continuing operations) | 31,654 | 31,807 | 31,425 | 30,845 | 29,450 | 28,563 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Short-term employee benefits | 8 | 7 | 7 |
Share-based payments | 4 | 5 | 6 |
Total key management compensation | 12 | 12 | 13 |
2025 | 2024 | 2023 | |
\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 | 2.8 | 2.8 | 2.9 |
The auditing of accounts of any associate of the Company | 8.7 | 8.8 | 9.0 |
Other services supplied2 | 7.2 | 7.3 | 7.4 |
18.7 | 18.9 | 19.3 | |
Total other services3 | |||
All other fees: | |||
Other assurance services4 | 1.0 | 4.0 | 1.4 |
Other non-audit services not covered above | \u2014 | \u2014 | 0.2 |
1.0 | 4.0 | 1.6 | |
Total auditor\u2019s remuneration | 19.7 | 22.9 | 20.9 |
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,\u00a0if included, these items could distort understanding of our performance for\u00a0the 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. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Included within operating profit | |||
Exceptional items: | |||
Provision for UK electricity balancing costs | 151 | (498) | \u2014 |
Net gain on the sale of the ESO | 187 | \u2014 | \u2014 |
Major transformation programme | (74) | \u2014 | \u2014 |
Changes in environmental provisions | 146 | (496) | 176 |
Transaction, separation and integration costs1 | (65) | (44) | (117) |
Impairment of joint venture | (303) | \u2014 | \u2014 |
Cost efficiency programme | \u2014 | (65) | (100) |
IFA fire | \u2014 | 92 | 130 |
Net gain on disposal of NECO | \u2014 | \u2014 | 511 |
Net gain on disposal of Millennium Pipeline Company LLC | \u2014 | \u2014 | 335 |
42 | (1,011) | 935 | |
Remeasurements \u2013 commodity contract derivatives | 127 | 24 | (350) |
169 | (987) | 585 | |
Included within finance income and costs | |||
Remeasurements: | |||
Net gains/(losses) on financial assets at fair value through profit and loss | 1 | 4 | (28) |
Net gains on financing derivatives | 3 | 11 | 82 |
4 | 15 | 54 | |
Included within share of post-tax results of joint ventures and associates | |||
Remeasurements: | |||
Net losses on financial instruments | (2) | (64) | (19) |
Total included within profit before tax | 171 | (1,036) | 620 |
Included within tax | |||
Tax on exceptional items | 76 | 159 | (316) |
Tax on remeasurements | (36) | (7) | 75 |
40 | 152 | (241) | |
Total exceptional items and remeasurements after tax | 211 | (884) | 379 |
Analysis of total exceptional items and remeasurements after tax | |||
Exceptional items after tax | 118 | (852) | 619 |
Remeasurements after tax | 93 | (32) | (240) |
Total exceptional items and remeasurements after tax | 211 | (884) | 379 |
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,\u00a0if included, these items could distort understanding of our performance for\u00a0the 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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
2025 | 2024 | 2023 | |||
Notes | \u00a3m | \u00a3m | \u00a3m | ||
Finance income (excluding remeasurements) | |||||
Net interest income on pensions and other post-retirement benefit obligations | 25 | 98 | 100 | 85 | |
Interest income on financial instruments: | |||||
Bank deposits and other financial assets | 341 | 139 | 80 | ||
Dividends received on equities held at fair value through other comprehensive income (FVOCI) | 1 | 1 | 1 | ||
Other income | 9 | 4 | \u2014 | ||
449 | 244 | 166 | |||
Finance costs (excluding remeasurements) | |||||
Interest expense on financial liabilities held at amortised cost: | |||||
Bank loans and overdrafts | (110) | (140) | (328) | ||
Other borrowings1 | (1,553) | (1,424) | (1,330) | ||
Interest on derivatives | (285) | (277) | (170) | ||
Unwinding of discount on provisions and other payables | (130) | (102) | (88) | ||
Other interest | (26) | (31) | (13) | ||
Less: interest capitalised2 | 294 | 251 | 249 | ||
(1,810) | (1,723) | (1,680) | |||
Remeasurements \u2013 Finance income | |||||
Net gains/(losses) on FVTPL financial assets | 1 | 4 | (28) | ||
1 | 4 | (28) | |||
Remeasurements \u2013 Finance costs | |||||
Net gains on financing derivatives\u00b3 | |||||
Derivatives designated as hedges for hedge accounting | 4 | 13 | 22 | ||
Derivatives not designated as hedges for hedge accounting | (1) | (2) | 60 | ||
3 | 11 | 82 | |||
Total remeasurements \u2013 Finance income and costs | 4 | 15 | 54 | ||
Finance income | 450 | 248 | 138 | ||
Finance costs4 | (1,807) | (1,712) | (1,598) | ||
Net finance costs from continuing operations | (1,357) | (1,464) | (1,460) |
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). |
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). |
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. Current tax charge is the tax payable on this year\u2019s taxable profits. Deferred tax is an accounting adjustment to\u00a0provide for tax that is expected to arise in the future due to differences in the accounting and tax bases. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Tax before exceptional items and remeasurements | 861 | 983 | 635 |
Total tax reported within exceptional items and remeasurements | (40) | (152) | 241 |
Total tax charge from continuing operations | 821 | 831 | 876 |
2025 | 2024 | 2023 | |
% | % | % | |
Before exceptional items and remeasurements \u2013 continuing operations | 24.7 | 24.1 | 21.4 |
After exceptional items and remeasurements \u2013 continuing operations | 22.5 | 27.3 | 24.4 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Current tax: | |||
UK corporation tax at 25% ( 2024: 25% ; 2023 : 19%) | 66 | 410 | 161 |
UK corporation tax adjustment in respect of prior years | (36) | (36) | \u2014 |
30 | 374 | 161 | |
Overseas corporation tax | 47 | 82 | 225 |
Overseas corporation tax adjustment in respect of prior years | (39) | (90) | (16) |
8 | (8) | 209 | |
Total current tax from continuing operations | 38 | 366 | 370 |
Deferred tax: | |||
UK deferred tax | 524 | 388 | 255 |
UK deferred tax adjustment in respect of prior years | 25 | 43 | 13 |
549 | 431 | 268 | |
Overseas deferred tax | 195 | (40) | 233 |
Overseas deferred tax adjustment in respect of prior years | 39 | 74 | 5 |
234 | 34 | 238 | |
Total deferred tax from continuing operations | 783 | 465 | 506 |
Total tax charge from continuing operations | 821 | 831 | 876 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Current tax: | |||
Share-based payments | (1) | (2) | (1) |
Deferred tax: | |||
Investments at fair value through other comprehensive income | \u2014 | 1 | (1) |
Cash flow hedges, cost of hedging and own credit reserve | 36 | 56 | (7) |
Remeasurements of pension assets and post-retirement benefit obligations | (23) | (50) | (344) |
Share-based payments | 2 | \u2014 | 1 |
14 | 5 | (352) | |
Total tax recognised in the statements of comprehensive income from continuing operations | 13 | 7 | (352) |
Total tax relating to share-based payments recognised directly in equity from continuing operations | 1 | (2) | \u2014 |
14 | 5 | (352) |
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 | |
2025 | 2025 | 2024 | 2024 | 2023 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Profit before tax from continuing operations | ||||||
Before exceptional items and remeasurements | 3,479 | 3,479 | 4,084 | 4,084 | 2,970 | 2,970 |
Exceptional items and remeasurements | \u2014 | 171 | \u2014 | (1,036) | \u2014 | 620 |
Profit before tax from continuing operations | 3,479 | 3,650 | 4,084 | 3,048 | 2,970 | 3,590 |
Profit before tax from continuing operations multiplied\u00a0by UK corporation tax rate of 25% (2024:\u00a0 25%; 2023 : 19% ) | 870 | 913 | 1,021 | 762 | 564 | 682 |
Effect of: | ||||||
Adjustments in respect of prior years1 | (11) | (11) | (9) | (9) | 2 | 2 |
Expenses not deductible for tax purposes | 32 | 40 | 28 | 155 | 28 | 92 |
Non-taxable income2 | (18) | (107) | (18) | (43) | (47) | (75) |
Adjustment in respect of foreign tax rates3 | 5 | 4 | (10) | (20) | 73 | 147 |
Deferred tax impact of change in UK tax\u00a0rate | \u2014 | \u2014 | \u2014 | \u2014 | 62 | 66 |
Adjustment in respect of post-tax profits of joint ventures and associates included within profit before tax | (19) | (18) | (25) | (9) | (36) | (27) |
Other4 | 2 | \u2014 | (4) | (5) | (11) | (11) |
Total tax charge from continuing\u00a0operations | 861 | 821 | 983 | 831 | 635 | 876 |
% | % | % | % | % | % | |
Effective tax rate \u2013 continuing operations | 24.7 | 22.5 | 24.1 | 27.3 | 21.4 | 24.4 |
Regulatory licences \u00a3m | Accelerated tax depreciation \u00a3m | Share- based payments \u00a3m | Pensions and other post- retirement benefits \u00a3m | Financial instruments \u00a3m | Other net temporary differences1 \u00a3m | Total \u00a3m | |
Deferred tax liabilities/(assets) | |||||||
At 1 April 2023 | 429 | 8,242 | (21) | 490 | (370) | (1,589) | 7,181 |
Exchange adjustments and other2 | \u2014 | (132) | \u2014 | (1) | \u2014 | 23 | (110) |
Charged/(credited) to income statement | \u2014 | 720 | (5) | 26 | 38 | (312) | 467 |
(Credited)/charged to other comprehensive income and\u00a0equity | \u2014 | \u2014 | \u2014 | (50) | 57 | \u2014 | 7 |
Disposals | \u2014 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
Reclassification to held for sale (note 10) | \u2014 | (12) | 1 | (4) | \u2014 | (9) | (24) |
At 1 April 2024 | 429 | 8,816 | (25) | 461 | (275) | (1,887) | 7,519 |
Exchange adjustments and other2 | \u2014 | (147) | \u2014 | (5) | \u2014 | 57 | (95) |
Charged/(credited) to income statement | \u2014 | 925 | (3) | 58 | 62 | (256) | 786 |
(Credited)/charged to other comprehensive income and\u00a0equity | \u2014 | \u2014 | 2 | (23) | 38 | \u2014 | 17 |
Disposals | \u2014 | (60) | \u2014 | \u2014 | \u2014 | (5) | (65) |
Reclassification to held for sale (note 10) | \u2014 | (122) | \u2014 | \u2014 | \u2014 | (2) | (124) |
At 31 March 2025 | 429 | 9,412 | (26) | 491 | (175) | (2,093) | 8,038 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Capital losses | 2,484 | 2,483 |
Trading losses | 9 | 4 |
Tax is payable in the territories where we operate, mainly the UK and the US. This note gives further details of the total tax charge and tax liabilities, including current and deferred tax. Current tax charge is the tax payable on this year\u2019s taxable profits. Deferred tax is an accounting adjustment to\u00a0provide for tax that is expected to arise in the future due to differences in the accounting and tax bases. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Tax before exceptional items and remeasurements | 861 | 983 | 635 |
Total tax reported within exceptional items and remeasurements | (40) | (152) | 241 |
Total tax charge from continuing operations | 821 | 831 | 876 |
2025 | 2024 | 2023 | |
% | % | % | |
Before exceptional items and remeasurements \u2013 continuing operations | 24.7 | 24.1 | 21.4 |
After exceptional items and remeasurements \u2013 continuing operations | 22.5 | 27.3 | 24.4 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Current tax: | |||
UK corporation tax at 25% ( 2024: 25% ; 2023 : 19%) | 66 | 410 | 161 |
UK corporation tax adjustment in respect of prior years | (36) | (36) | \u2014 |
30 | 374 | 161 | |
Overseas corporation tax | 47 | 82 | 225 |
Overseas corporation tax adjustment in respect of prior years | (39) | (90) | (16) |
8 | (8) | 209 | |
Total current tax from continuing operations | 38 | 366 | 370 |
Deferred tax: | |||
UK deferred tax | 524 | 388 | 255 |
UK deferred tax adjustment in respect of prior years | 25 | 43 | 13 |
549 | 431 | 268 | |
Overseas deferred tax | 195 | (40) | 233 |
Overseas deferred tax adjustment in respect of prior years | 39 | 74 | 5 |
234 | 34 | 238 | |
Total deferred tax from continuing operations | 783 | 465 | 506 |
Total tax charge from continuing operations | 821 | 831 | 876 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Current tax: | |||
Share-based payments | (1) | (2) | (1) |
Deferred tax: | |||
Investments at fair value through other comprehensive income | \u2014 | 1 | (1) |
Cash flow hedges, cost of hedging and own credit reserve | 36 | 56 | (7) |
Remeasurements of pension assets and post-retirement benefit obligations | (23) | (50) | (344) |
Share-based payments | 2 | \u2014 | 1 |
14 | 5 | (352) | |
Total tax recognised in the statements of comprehensive income from continuing operations | 13 | 7 | (352) |
Total tax relating to share-based payments recognised directly in equity from continuing operations | 1 | (2) | \u2014 |
14 | 5 | (352) |
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 | |
2025 | 2025 | 2024 | 2024 | 2023 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Profit before tax from continuing operations | ||||||
Before exceptional items and remeasurements | 3,479 | 3,479 | 4,084 | 4,084 | 2,970 | 2,970 |
Exceptional items and remeasurements | \u2014 | 171 | \u2014 | (1,036) | \u2014 | 620 |
Profit before tax from continuing operations | 3,479 | 3,650 | 4,084 | 3,048 | 2,970 | 3,590 |
Profit before tax from continuing operations multiplied\u00a0by UK corporation tax rate of 25% (2024:\u00a0 25%; 2023 : 19% ) | 870 | 913 | 1,021 | 762 | 564 | 682 |
Effect of: | ||||||
Adjustments in respect of prior years1 | (11) | (11) | (9) | (9) | 2 | 2 |
Expenses not deductible for tax purposes | 32 | 40 | 28 | 155 | 28 | 92 |
Non-taxable income2 | (18) | (107) | (18) | (43) | (47) | (75) |
Adjustment in respect of foreign tax rates3 | 5 | 4 | (10) | (20) | 73 | 147 |
Deferred tax impact of change in UK tax\u00a0rate | \u2014 | \u2014 | \u2014 | \u2014 | 62 | 66 |
Adjustment in respect of post-tax profits of joint ventures and associates included within profit before tax | (19) | (18) | (25) | (9) | (36) | (27) |
Other4 | 2 | \u2014 | (4) | (5) | (11) | (11) |
Total tax charge from continuing\u00a0operations | 861 | 821 | 983 | 831 | 635 | 876 |
% | % | % | % | % | % | |
Effective tax rate \u2013 continuing operations | 24.7 | 22.5 | 24.1 | 27.3 | 21.4 | 24.4 |
Regulatory licences \u00a3m | Accelerated tax depreciation \u00a3m | Share- based payments \u00a3m | Pensions and other post- retirement benefits \u00a3m | Financial instruments \u00a3m | Other net temporary differences1 \u00a3m | Total \u00a3m | |
Deferred tax liabilities/(assets) | |||||||
At 1 April 2023 | 429 | 8,242 | (21) | 490 | (370) | (1,589) | 7,181 |
Exchange adjustments and other2 | \u2014 | (132) | \u2014 | (1) | \u2014 | 23 | (110) |
Charged/(credited) to income statement | \u2014 | 720 | (5) | 26 | 38 | (312) | 467 |
(Credited)/charged to other comprehensive income and\u00a0equity | \u2014 | \u2014 | \u2014 | (50) | 57 | \u2014 | 7 |
Disposals | \u2014 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
Reclassification to held for sale (note 10) | \u2014 | (12) | 1 | (4) | \u2014 | (9) | (24) |
At 1 April 2024 | 429 | 8,816 | (25) | 461 | (275) | (1,887) | 7,519 |
Exchange adjustments and other2 | \u2014 | (147) | \u2014 | (5) | \u2014 | 57 | (95) |
Charged/(credited) to income statement | \u2014 | 925 | (3) | 58 | 62 | (256) | 786 |
(Credited)/charged to other comprehensive income and\u00a0equity | \u2014 | \u2014 | 2 | (23) | 38 | \u2014 | 17 |
Disposals | \u2014 | (60) | \u2014 | \u2014 | \u2014 | (5) | (65) |
Reclassification to held for sale (note 10) | \u2014 | (122) | \u2014 | \u2014 | \u2014 | (2) | (124) |
At 31 March 2025 | 429 | 9,412 | (26) | 491 | (175) | (2,093) | 8,038 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Capital losses | 2,484 | 2,483 |
Trading losses | 9 | 4 |
Tax is payable in the territories where we operate, mainly the UK and the US. This note gives further details of the total tax charge and tax liabilities, including current and deferred tax. Current tax charge is the tax payable on this year\u2019s taxable profits. Deferred tax is an accounting adjustment to\u00a0provide for tax that is expected to arise in the future due to differences in the accounting and tax bases. |
Tax is payable in the territories where we operate, mainly the UK and the US. This note gives further details of the total tax charge and tax liabilities, including current and deferred tax. Current tax charge is the tax payable on this year\u2019s taxable profits. Deferred tax is an accounting adjustment to\u00a0provide 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 as 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\u00a0all 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. |
Earnings | EPS | Earnings | EPS | Earnings | EPS | |
2025 | 2025 | 2024 | 2024\u00b9 | 2023 | 2023\u00b9 | |
\u00a3m | pence | \u00a3m | pence | \u00a3m | pence | |
Adjusted earnings from continuing operations | 2,615 | 55.6 | 3,100 | 77.7 | 2,335 | 59.0 |
Exceptional items and remeasurements after tax from continuing\u00a0operations (see\u00a0note 5) | 211 | 4.4 | (884) | (22.2) | 379 | 9.6 |
Earnings from continuing operations | 2,826 | 60.0 | 2,216 | 55.5 | 2,714 | 68.6 |
Adjusted earnings from discontinued operations (see note 10) | 4 | \u2014 | 13 | 0.3 | 320 | 8.1 |
Exceptional items and remeasurements after tax from discontinued\u00a0operations | 72 | 1.6 | 61 | 1.6 | 4,763 | 120.4 |
Earnings from discontinued operations | 76 | 1.6 | 74 | 1.9 | 5,083 | 128.5 |
Total adjusted earnings | 2,619 | 55.6 | 3,113 | 78.0 | 2,655 | 67.1 |
Total exceptional items and remeasurements after tax (including\u00a0discontinued\u00a0operations) | 283 | 6.0 | (823) | (20.6) | 5,142 | 130.0 |
Total earnings | 2,902 | 61.6 | 2,290 | 57.4 | 7,797 | 197.1 |
2025 | 2024\u00b9 | 2023\u00b9 | ||||
millions | millions | millions | ||||
Weighted average number of ordinary shares \u2013 basic | 4,707 | 3,991 | 3,956 |
Earnings | EPS | Earnings | EPS | Earnings | EPS | |
2025 | 2025 | 2024 | 2024\u00b9 | 2023 | 2023\u00b9 | |
\u00a3m | pence | \u00a3m | pence | \u00a3m | pence | |
Adjusted earnings from continuing operations | 2,615 | 55.4 | 3,100 | 77.3 | 2,335 | 58.8 |
Exceptional items and remeasurements after tax from continuing\u00a0operations (see\u00a0note 5) | 211 | 4.4 | (884) | (22.0) | 379 | 9.5 |
Earnings from continuing operations | 2,826 | 59.8 | 2,216 | 55.3 | 2,714 | 68.3 |
Adjusted earnings from discontinued operations | 4 | \u2014 | 13 | 0.3 | 320 | 8.1 |
Exceptional items and remeasurements after tax from discontinued\u00a0operations (see\u00a0note 10) | 72 | 1.6 | 61 | 1.5 | 4,763 | 119.8 |
Earnings from discontinued operations | 76 | 1.6 | 74 | 1.8 | 5,083 | 127.9 |
Total adjusted earnings | 2,619 | 55.4 | 3,113 | 77.6 | 2,655 | 66.9 |
Total exceptional items and remeasurements after tax (including\u00a0discontinued\u00a0operations) | 283 | 6.0 | (823) | (20.5) | 5,142 | 129.3 |
Total earnings | 2,902 | 61.4 | 2,290 | 57.1 | 7,797 | 196.2 |
2025 | 2024\u00b9 | 2023\u00b9 | ||||
millions | millions | millions | ||||
Weighted average number of ordinary shares \u2013 diluted | 4,729 | 4,008 | 3,973 |
2025 | 2024\u00b9 | 2023\u00b9 | |
millions | millions | millions | |
Weighted average number of ordinary shares \u2013 basic | 4,707 | 3,991 | 3,956 |
Effect of dilutive potential ordinary shares \u2013 employee share plans | 22 | 17 | 17 |
Weighted average number of ordinary shares \u2013 diluted | 4,729 | 4,008 | 3,973 |
EPS is the amount of profit after tax attributable to each ordinary share. Basic EPS is calculated as 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\u00a0all 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. |
2025 | 2024 | 2023 | |||||||||
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 | |||
Final dividend in respect of the prior year | 39.12 | 811 | 643 | 37.60 | 1,325 | 56 | 33.76 | 1,119 | 114 | ||
Interim dividend in respect of the current year | 15.84 | 718 | 59 | 19.40 | 393 | 320 | 17.84 | 488 | 163 | ||
54.96 | 1,529 | 702 | 57.00 | 1,718 | 376 | 51.60 | 1,607 | 277 |
2025 | 2024 | 2023 | |||||||||
Pence per share (actual) | Impact of Rights Issue | Pence per share (adjusted) | Pence per share (actual) | Impact of Rights Issue | Pence per share (adjusted) | Pence per share (actual) | Impact of Rights Issue | Pence per share (adjusted) | |||
Final dividend in respect of the prior year | 39.12 | (2.93) | 36.19 | 37.60 | (2.82) | 34.78 | 33.76 | (2.53) | 31.23 | ||
Interim dividend in respect of the current year | 15.84 | \u2014 | 15.84 | 19.40 | (1.46) | 17.94 | 17.84 | (1.34) | 16.50 | ||
54.96 | (2.93) | 52.03 | 57.00 | (4.28) | 52.72 | 51.60 | (3.87) | 47.73 |
The results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations and presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale when their carrying amounts are expected to be recovered through sale rather than through continuing use. They only meet the\u00a0held 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\u00a0for sale and the assets\u00a0and businesses are impaired if the proceeds less sale costs fall short of the carrying value. |
2025 | 2024 | ||||||
Total assets held for sale \u00a3m | Total liabilities held for sale \u00a3m | Net assets/ (liabilities) held for sale \u00a3m | Total assets held for sale \u00a3m | Total liabilities held for sale \u00a3m | Net assets/ (liabilities) held for sale \u00a3m | ||
UK Electricity System Operator | \u2014 | \u2014 | \u2014 | 1,134 | (1,427) | (293) | |
National Grid Renewables | 1,528 | (108) | 1,420 | \u2014 | \u2014 | \u2014 | |
Grain LNG | 1,100 | (326) | 774 | \u2014 | \u2014 | \u2014 | |
Investment in GasT TopCo Limited | \u2014 | \u2014 | \u2014 | 689 | \u2014 | 689 | |
RAA | \u2014 | \u2014 | \u2014 | \u2014 | (47) | (47) | |
Net assets/(liabilities) held for sale | 2,628 | (434) | 2,194 | 1,823 | (1,474) | 349 |
\u00a3m | |
Intangible assets | 485 |
Property, plant and equipment | 121 |
Trade and other receivables | 375 |
Pension asset | 16 |
Cash and cash equivalents | 51 |
Financial investments | 501 |
Total assets on disposal | 1,549 |
Borrowings | (13) |
Other liabilities | (703) |
Provision for UK electricity balancing costs (note 5) | (347) |
Total liabilities on disposal | (1,063) |
Net assets on disposal | 486 |
Total consideration received\u00b9 | 673 |
Gain on sale | 187 |
National Grid Renewables | Grain LNG | |
\u00a3m | \u00a3m | |
Goodwill | 53 | \u2014 |
Other intangible assets | \u2014 | 25 |
Property, plant and equipment | 340 | 898 |
Investments in joint ventures and associates | 873 | \u2014 |
Trade and other receivables | 51 | 31 |
Cash and cash equivalents | 30 | 123 |
Financial investments | 40 | \u2014 |
Other assets | 141 | 23 |
Total assets | 1,528 | 1,100 |
Borrowings | (2) | (132) |
Other liabilities | (106) | (194) |
Total liabilities | (108) | (326) |
Net assets | 1,420 | 774 |
Before exceptional items and remeasurements | Exceptional items and remeasurements | Total | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Discontinued operations | |||||||||||
Revenue | \u2014 | \u2014 | 1,604 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,604 | ||
Other operating costs | \u2014 | \u2014 | (890) | \u2014 | \u2014 | 1 | \u2014 | \u2014 | (889) | ||
Operating profit | \u2014 | \u2014 | 714 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 715 | ||
Finance income | 5 | 17 | 15 | \u2014 | \u2014 | 6 | 5 | 17 | 21 | ||
Finance costs1 | \u2014 | \u2014 | (310) | 47 | 62 | (53) | 47 | 62 | (363) | ||
Profit before tax | 5 | 17 | 419 | 47 | 62 | (46) | 52 | 79 | 373 | ||
Tax | (1) | (4) | (99) | \u2014 | 3 | 6 | (1) | (1) | (93) | ||
Profit after tax from discontinued operations | 4 | 13 | 320 | 47 | 65 | (40) | 51 | 78 | 280 | ||
Gain/(loss) on disposal | \u2014 | \u2014 | \u2014 | 25 | (4) | 4,803 | 25 | (4) | 4,803 | ||
Total profit after tax from discontinued operations | 4 | 13 | 320 | 72 | 61 | 4,763 | 76 | 74 | 5,083 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Profit after tax from discontinued operations | 76 | 74 | 5,083 |
Other comprehensive (loss)/income from discontinued operations | |||
Items from discontinued operations that will never be reclassified to profit or loss: | |||
Remeasurement losses on pension assets and post-retirement benefit obligations | \u2014 | \u2014 | (313) |
Tax on items that will never be reclassified to profit or loss | \u2014 | \u2014 | 78 |
Total losses from discontinued operations that will never be reclassified to\u00a0profit\u00a0or\u00a0loss | \u2014 | \u2014 | (235) |
Items from discontinued operations that may be reclassified subsequently to profit or loss: | |||
Net gains in respect of cash flow hedges | \u2014 | \u2014 | 6 |
Net gains in respect of cost of hedging | \u2014 | \u2014 | 4 |
Net (losses)/gains on investments in debt instruments measured at fair value through other comprehensive\u00a0income | (13) | 13 | \u2014 |
Tax on items that may be reclassified subsequently to profit or loss | 3 | (3) | (2) |
Total (losses)/gains from discontinued operations that may be reclassified subsequently to\u00a0profit\u00a0or\u00a0loss | (10) | 10 | 8 |
Other comprehensive (loss)/income for the year, net of tax from discontinued operations | (10) | 10 | (227) |
Total comprehensive income for the year from discontinued operations | 66 | 84 | 4,856 |
The results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations and presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale when their carrying amounts are expected to be recovered through sale rather than through continuing use. They only meet the\u00a0held 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\u00a0for sale and the assets\u00a0and businesses are impaired if the proceeds less sale costs fall short of the carrying 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 expected to be recovered through sale rather than through continuing use. They only meet the\u00a0held 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\u00a0for sale and the assets\u00a0and businesses are impaired if the proceeds less sale costs fall short of the carrying value. |
2025 | 2024 | ||||||
Total assets held for sale \u00a3m | Total liabilities held for sale \u00a3m | Net assets/ (liabilities) held for sale \u00a3m | Total assets held for sale \u00a3m | Total liabilities held for sale \u00a3m | Net assets/ (liabilities) held for sale \u00a3m | ||
UK Electricity System Operator | \u2014 | \u2014 | \u2014 | 1,134 | (1,427) | (293) | |
National Grid Renewables | 1,528 | (108) | 1,420 | \u2014 | \u2014 | \u2014 | |
Grain LNG | 1,100 | (326) | 774 | \u2014 | \u2014 | \u2014 | |
Investment in GasT TopCo Limited | \u2014 | \u2014 | \u2014 | 689 | \u2014 | 689 | |
RAA | \u2014 | \u2014 | \u2014 | \u2014 | (47) | (47) | |
Net assets/(liabilities) held for sale | 2,628 | (434) | 2,194 | 1,823 | (1,474) | 349 |
\u00a3m | |
Intangible assets | 485 |
Property, plant and equipment | 121 |
Trade and other receivables | 375 |
Pension asset | 16 |
Cash and cash equivalents | 51 |
Financial investments | 501 |
Total assets on disposal | 1,549 |
Borrowings | (13) |
Other liabilities | (703) |
Provision for UK electricity balancing costs (note 5) | (347) |
Total liabilities on disposal | (1,063) |
Net assets on disposal | 486 |
Total consideration received\u00b9 | 673 |
Gain on sale | 187 |
National Grid Renewables | Grain LNG | |
\u00a3m | \u00a3m | |
Goodwill | 53 | \u2014 |
Other intangible assets | \u2014 | 25 |
Property, plant and equipment | 340 | 898 |
Investments in joint ventures and associates | 873 | \u2014 |
Trade and other receivables | 51 | 31 |
Cash and cash equivalents | 30 | 123 |
Financial investments | 40 | \u2014 |
Other assets | 141 | 23 |
Total assets | 1,528 | 1,100 |
Borrowings | (2) | (132) |
Other liabilities | (106) | (194) |
Total liabilities | (108) | (326) |
Net assets | 1,420 | 774 |
Before exceptional items and remeasurements | Exceptional items and remeasurements | Total | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Discontinued operations | |||||||||||
Revenue | \u2014 | \u2014 | 1,604 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,604 | ||
Other operating costs | \u2014 | \u2014 | (890) | \u2014 | \u2014 | 1 | \u2014 | \u2014 | (889) | ||
Operating profit | \u2014 | \u2014 | 714 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 715 | ||
Finance income | 5 | 17 | 15 | \u2014 | \u2014 | 6 | 5 | 17 | 21 | ||
Finance costs1 | \u2014 | \u2014 | (310) | 47 | 62 | (53) | 47 | 62 | (363) | ||
Profit before tax | 5 | 17 | 419 | 47 | 62 | (46) | 52 | 79 | 373 | ||
Tax | (1) | (4) | (99) | \u2014 | 3 | 6 | (1) | (1) | (93) | ||
Profit after tax from discontinued operations | 4 | 13 | 320 | 47 | 65 | (40) | 51 | 78 | 280 | ||
Gain/(loss) on disposal | \u2014 | \u2014 | \u2014 | 25 | (4) | 4,803 | 25 | (4) | 4,803 | ||
Total profit after tax from discontinued operations | 4 | 13 | 320 | 72 | 61 | 4,763 | 76 | 74 | 5,083 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Profit after tax from discontinued operations | 76 | 74 | 5,083 |
Other comprehensive (loss)/income from discontinued operations | |||
Items from discontinued operations that will never be reclassified to profit or loss: | |||
Remeasurement losses on pension assets and post-retirement benefit obligations | \u2014 | \u2014 | (313) |
Tax on items that will never be reclassified to profit or loss | \u2014 | \u2014 | 78 |
Total losses from discontinued operations that will never be reclassified to\u00a0profit\u00a0or\u00a0loss | \u2014 | \u2014 | (235) |
Items from discontinued operations that may be reclassified subsequently to profit or loss: | |||
Net gains in respect of cash flow hedges | \u2014 | \u2014 | 6 |
Net gains in respect of cost of hedging | \u2014 | \u2014 | 4 |
Net (losses)/gains on investments in debt instruments measured at fair value through other comprehensive\u00a0income | (13) | 13 | \u2014 |
Tax on items that may be reclassified subsequently to profit or loss | 3 | (3) | (2) |
Total (losses)/gains from discontinued operations that may be reclassified subsequently to\u00a0profit\u00a0or\u00a0loss | (10) | 10 | 8 |
Other comprehensive (loss)/income for the year, net of tax from discontinued operations | (10) | 10 | (227) |
Total comprehensive income for the year from discontinued operations | 66 | 84 | 4,856 |
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\u00a0goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a\u00a0potential impairment. |
Total \u00a3m | |
Net book value at 1 April 2023 | 9,847 |
Exchange adjustments | (118) |
Net book value at 1 April 2024 | 9,729 |
Exchange adjustments | (117) |
Reclassification to held for sale (note 10) | (80) |
Net book value at 31 March 2025 | 9,532 |
2025 | 2024 | |
CGU or group of CGUs | \u00a3m | \u00a3m |
Goodwill: | ||
National Grid Ventures \u2013 US | 100 | 188 |
New England | 1,506 | 1,541 |
New York | 3,205 | 3,279 |
UK Electricity Distribution1 | 4,721 | 4,721 |
Total goodwill | 9,532 | 9,729 |
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 |
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\u00a0goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a\u00a0potential impairment. |
Total \u00a3m | |
Net book value at 1 April 2023 | 9,847 |
Exchange adjustments | (118) |
Net book value at 1 April 2024 | 9,729 |
Exchange adjustments | (117) |
Reclassification to held for sale (note 10) | (80) |
Net book value at 31 March 2025 | 9,532 |
2025 | 2024 | |
CGU or group of CGUs | \u00a3m | \u00a3m |
Goodwill: | ||
National Grid Ventures \u2013 US | 100 | 188 |
New England | 1,506 | 1,541 |
New York | 3,205 | 3,279 |
UK Electricity Distribution1 | 4,721 | 4,721 |
Total goodwill | 9,532 | 9,729 |
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 |
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\u00a0goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a\u00a0potential impairment. |
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\u00a0goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a\u00a0potential impairment. |
Other intangible assets are the software assets controlled by us and the electricity distribution licences which provide us with the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. The regulatory licences were acquired following the Group\u2019s acquisition of NGED. |
Regulatory licences \u00a3m | Software \u00a3m | Assets in the course of construction \u00a3m | Total \u00a3m | |
Cost at 1 April 2023 | 1,714 | 3,066 | 561 | 5,341 |
Exchange adjustments | \u2014 | (45) | (6) | (51) |
Additions | \u2014 | 17 | 464 | 481 |
Disposals | \u2014 | (23) | \u2014 | (23) |
Reclassifications1 | \u2014 | 598 | (436) | 162 |
Reclassification to held for sale (note 10) | \u2014 | (520) | (191) | (711) |
Cost at 1 April 2024 | 1,714 | 3,093 | 392 | 5,199 |
Exchange adjustments | \u2014 | (61) | (7) | (68) |
Additions | \u2014 | 16 | 462 | 478 |
Disposals | \u2014 | (7) | \u2014 | (7) |
Reclassifications\u00b9 | \u2014 | 376 | (363) | 13 |
Reclassification to held for sale (note 10) | \u2014 | (16) | \u2014 | (16) |
Cost at 31 March 2025 | 1,714 | 3,401 | 484 | 5,599 |
Accumulated amortisation at 1 April 2023 | \u2014 | (1,727) | (10) | (1,737) |
Exchange adjustments | \u2014 | 23 | \u2014 | 23 |
Amortisation charge for the year | \u2014 | (301) | \u2014 | (301) |
Accumulated amortisation of disposals | \u2014 | 23 | \u2014 | 23 |
Reclassifications\u00b9 | \u2014 | (161) | \u2014 | (161) |
Reclassification to held for sale (note 10) | \u2014 | 385 | \u2014 | 385 |
Accumulated amortisation at 1 April 2024 | \u2014 | (1,758) | (10) | (1,768) |
Exchange adjustments | \u2014 | 36 | \u2014 | 36 |
Amortisation charge for the year | \u2014 | (323) | \u2014 | (323) |
Accumulated amortisation of disposals | \u2014 | 7 | \u2014 | 7 |
Reclassifications\u00b9 | \u2014 | 2 | \u2014 | 2 |
Reclassification to held for sale (note 10) | \u2014 | 11 | \u2014 | 11 |
Accumulated amortisation at 31 March 2025 | \u2014 | (2,025) | (10) | (2,035) |
Net book value at 31 March 2025\u00b2 | 1,714 | 1,376 | 474 | 3,564 |
Net book value at 31 March 2024 | 1,714 | 1,335 | 382 | 3,431 |
Years | ||||
Software | 3 to 10 | |||
Regulatory licences | Indefinite |
Other intangible assets are the software assets controlled by us and the electricity distribution licences which provide us with the right to operate and invest in the relevant network that operates as a monopoly in the licensed geographical area. The regulatory licences were acquired following the Group\u2019s acquisition of NGED. |
Property, plant and equipment are the physical assets controlled by us. The Group\u2019s interest comprises legally protected statutory or contractual rights of use. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. |
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 2023 | 4,066 | 69,765 | 6,760 | 1,222 | 81,813 |
Exchange adjustments | (49) | (841) | (67) | (19) | (976) |
Additions | 59 | 1,157 | 5,754 | 197 | 7,167 |
Disposals | (55) | (271) | (5) | (134) | (465) |
Adjustment for change in discount rate on decommissioning provisions (note 26) | \u2014 | 29 | \u2014 | \u2014 | 29 |
Reclassifications1 | 277 | 4,725 | (5,389) | 218 | (169) |
Reclassification to held for sale (note 10) | (88) | (13) | (31) | (134) | (266) |
Cost at 1 April 2024 | 4,210 | 74,551 | 7,022 | 1,350 | 87,133 |
Exchange adjustments | (55) | (965) | (91) | (21) | (1,132) |
Additions | 60 | 1,172 | 7,529 | 220 | 8,981 |
Disposals | (59) | (387) | (9) | (239) | (694) |
Adjustment for change in discount rate on decommissioning provisions (note 26) | \u2014 | 7 | \u2014 | \u2014 | 7 |
Reclassifications1 | 198 | 4,583 | (4,876) | 83 | (12) |
Reclassification to held for sale (note 10) | (110) | (1,195) | (502) | (19) | (1,826) |
Cost at 31 March 2025 | 4,244 | 77,766 | 9,073 | 1,374 | 92,457 |
Accumulated depreciation at 1 April 2023 | (794) | (15,926) | (55) | (605) | (17,380) |
Exchange adjustments | 10 | 177 | \u2014 | 12 | 199 |
Depreciation charge for the year\u00b2 | (80) | (1,515) | (20) | (189) | (1,804) |
Disposals | 50 | 252 | 2 | 134 | 438 |
Reclassifications1 | (3) | 281 | \u2014 | (112) | 166 |
Reclassification to held for sale (note 10) | 59 | 1 | 6 | 89 | 155 |
Accumulated depreciation at 1 April 2024 | (758) | (16,730) | (67) | (671) | (18,226) |
Exchange adjustments | 12 | 200 | \u2014 | 11 | 223 |
Depreciation charge for the year\u00b2 | (93) | (1,632) | 4 | (203) | (1,924) |
Disposals | 49 | 387 | 9 | 236 | 681 |
Reclassifications1 | (32) | 33 | 3 | (5) | (1) |
Reclassification to held for sale (note 10) | 51 | 817 | \u2014 | 13 | 881 |
Accumulated depreciation at 31 March 2025 | (771) | (16,925) | (51) | (619) | (18,366) |
Net book value at 31 March 2025 | 3,473 | 60,841 | 9,022 | 755 | 74,091 |
Net book value at 31 March 2024 | 3,452 | 57,821 | 6,955 | 679 | 68,907 |
Years | |||
UK | US | Weighted average remaining UEL | |
Freehold and leasehold buildings | up to 60 | up to 100 | 39 |
Plant and machinery: | |||
Electricity transmission plant and wires | up to 100 | 10 to 85 | 31 |
Electricity distribution plant | 14 to 99 | 5 to 85 | 46 |
Electricity generation plant | n/a | 10 to 93 | 8 |
Interconnector plant and other | 5 to 70 | 5 to 54 | 18 |
Gas plant \u2013 mains, services and regulating equipment | n/a | 20 to 95 | 51 |
Gas plant \u2013 storage | n/a | 20 to 60 | 20 |
Gas plant \u2013 meters | n/a | 14 to 45 | 24 |
Motor vehicles and office equipment | up to 30 | up to 34 | 3 |
Increase in depreciation expense for the year ended 31 March 2025 | Increase in depreciation expense for the\u00a0year ended 31 March 2024 | ||||
New York \u00a3m | New England \u00a3m | New York \u00a3m | New England \u00a3m | ||
UELs limited to 2050 | 235 | 78 | 208 | 66 | |
UELs limited to 2060 | 110 | 32 | 100 | 26 | |
UELs limited to 2070 | 54 | 9 | 46 | 6 |
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 2023 | 281 | 150 | \u2014 | 240 | 671 |
Exchange adjustments | (5) | (2) | \u2014 | (5) | (12) |
Additions | 52 | 2 | \u2014 | 146 | 200 |
Reclassifications | \u2014 | (5) | \u2014 | 5 | \u2014 |
Reclassification to held for sale (note 10) | (12) | \u2014 | \u2014 | (1) | (13) |
Disposals | (1) | \u2014 | \u2014 | (2) | (3) |
Depreciation charge for the year | (22) | (17) | \u2014 | (76) | (115) |
Net book value at 31 March 2024 | 293 | 128 | \u2014 | 307 | 728 |
Exchange adjustments | (6) | (2) | \u2014 | (7) | (15) |
Additions | 39 | 2 | \u2014 | 159 | 200 |
Reclassification to held for sale (note 10) | (2) | (15) | \u2014 | \u2014 | (17) |
Disposals | \u2014 | \u2014 | \u2014 | (3) | (3) |
Depreciation charge for the year | (21) | (12) | \u2014 | (87) | (120) |
Net book value at 31 March 2025 | 303 | 101 | \u2014 | 369 | 773 |
2025 | 2024 | ||||
\u00a3m | \u00a3m | ||||
Included within net finance income and costs: | |||||
Interest expense on lease liabilities | (40) | (69) | |||
Included within revenue: | |||||
Lease income1 | 406 | 384 | |||
Included within operating expenses: | |||||
Expense relating to short-term and low-value leases | (24) | (20) |
Property, plant and equipment are the physical assets controlled by us. The Group\u2019s interest comprises legally protected statutory or contractual rights of use. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. |
Property, plant and equipment are the physical assets controlled by us. The Group\u2019s interest comprises legally protected statutory or contractual rights of use. Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. |
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 2023 | 281 | 150 | \u2014 | 240 | 671 |
Exchange adjustments | (5) | (2) | \u2014 | (5) | (12) |
Additions | 52 | 2 | \u2014 | 146 | 200 |
Reclassifications | \u2014 | (5) | \u2014 | 5 | \u2014 |
Reclassification to held for sale (note 10) | (12) | \u2014 | \u2014 | (1) | (13) |
Disposals | (1) | \u2014 | \u2014 | (2) | (3) |
Depreciation charge for the year | (22) | (17) | \u2014 | (76) | (115) |
Net book value at 31 March 2024 | 293 | 128 | \u2014 | 307 | 728 |
Exchange adjustments | (6) | (2) | \u2014 | (7) | (15) |
Additions | 39 | 2 | \u2014 | 159 | 200 |
Reclassification to held for sale (note 10) | (2) | (15) | \u2014 | \u2014 | (17) |
Disposals | \u2014 | \u2014 | \u2014 | (3) | (3) |
Depreciation charge for the year | (21) | (12) | \u2014 | (87) | (120) |
Net book value at 31 March 2025 | 303 | 101 | \u2014 | 369 | 773 |
2025 | 2024 | ||||
\u00a3m | \u00a3m | ||||
Included within net finance income and costs: | |||||
Interest expense on lease liabilities | (40) | (69) | |||
Included within revenue: | |||||
Lease income1 | 406 | 384 | |||
Included within operating expenses: | |||||
Expense relating to short-term and low-value leases | (24) | (20) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Gross lease liabilities are repayable as follows: | ||
Less than 1 year | 143 | 133 |
1 to 5 years | 425 | 370 |
More than 5 years | 494 | 507 |
1,062 | 1,010 | |
Less: finance charges allocated to future periods | (233) | (231) |
829 | 779 | |
The present value of lease liabilities are as follows: | ||
Less than 1 year | 120 | 114 |
1 to 5 years | 347 | 300 |
More than 5 years | 362 | 365 |
829 | 779 |
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 2026. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Other receivables\u00b9 | 299 | 458 |
Prepayments\u00b2 | 660 | 390 |
959 | 848 |
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 2026. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Other receivables\u00b9 | 299 | 458 |
Prepayments\u00b2 | 660 | 390 |
959 | 848 |
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 2026. |
The Group holds a range of financial and other investments. These investments include short-term money market funds, quoted investments in\u00a0bonds of other companies, investments in our venture capital portfolio (National Grid Partners), and investments that cannot be readily used in operations, principally collateral deposited in relation to derivatives. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Non-current | ||
FVOCI debt and other investments | 384 | 397 |
FVTPL investments | 407 | 483 |
Financial assets at amortised cost | 7 | \u2014 |
798 | 880 | |
Current | ||
FVTPL investments | 5,156 | 3,084 |
Financial assets at amortised cost | 597 | 615 |
5,753 | 3,699 | |
6,551 | 4,579 | |
Financial and other investments include the following: | ||
Investments in short-term money market funds | 4,725 | 2,668 |
Investments held by National Grid Partners | 346 | 375 |
Investments in Sunrun | 60 | 108 |
Balances that are restricted or not readily used in operations: | ||
Collateral1 | 506 | 496 |
Insurance company and non-qualified plan investments | 578 | 578 |
Cash surrender value of life insurance policies | 238 | 235 |
Other investments | 98 | 119 |
6,551 | 4,579 |
The Group holds a range of financial and other investments. These investments include short-term money market funds, quoted investments in\u00a0bonds of other companies, investments in our venture capital portfolio (National Grid Partners), and investments that cannot 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. |
2025 | 2024 | ||||||
Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | ||
Share of net assets at 1 April | 158 | 1,262 | 1,420 | 154 | 1,146 | 1,300 | |
Exchange adjustments | (4) | (46) | (50) | (3) | (28) | (31) | |
Additions | 23 | 93 | 116 | 13 | 319 | 332 | |
Share of post-tax results for the year | 11 | 62 | 73 | 9 | 28 | 37 | |
Impairment | \u2014 | (303) | (303) | \u2014 | \u2014 | \u2014 | |
Dividends received | (18) | (53) | (71) | (15) | (152) | (167) | |
Disposals | (1) | \u2014 | (1) | (1) | \u2014 | (1) | |
Reclassification to held for sale (note 10) | \u2014 | (582) | (582) | \u2014 | \u2014 | \u2014 | |
Other movements\u00b9 | 5 | 1 | 6 | 1 | (51) | (50) | |
Share of net assets at 31 March | 174 | 434 | 608 | 158 | 1,262 | 1,420 |
Joint venture1 | % stake | ||
BritNed Development Limited1 | 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 Limited1 | 50% | Nemo is a joint venture with the Belgian transmission operator, Elia, and operates the subsea electricity interconnector between Great\u00a0Britain and Belgium, which became operational in 2019. |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Statement of financial position | |||||
Non-current assets | 352 | 376 | 447 | 478 | |
Cash and cash equivalents | 76 | 69 | 118 | 46 | |
All other current assets | 48 | 36 | 8 | 6 | |
Non-current liabilities | (51) | (57) | (3) | (3) | |
Non-current financial liabilities | (32) | (31) | (32) | (32) | |
Current liabilities | (39) | (39) | (109) | (55) | |
Net assets | 354 | 354 | 429 | 440 | |
Group\u2019s ownership interest in joint venture/associate | 177 | 177 | 215 | 220 | |
Group adjustment: elimination of profits on sales to\u00a0joint\u00a0venture | \u2014 | \u2014 | \u2014 | \u2014 | |
Carrying amount of the Group\u2019s\u00a0investment | 177 | 177 | 215 | 220 |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Income statement | |||||
Revenue | 108 | 158 | 102 | 109 | |
Depreciation and amortisation | (16) | (16) | (23) | (23) | |
Other (costs)/income | (23) | (25) | (16) | (15) | |
Operating profit | 69 | 117 | 63 | 71 | |
Net interest (expense)/income | (1) | (2) | 1 | \u2014 | |
Profit before tax | 68 | 115 | 64 | 71 | |
Income tax expense | (18) | (31) | (16) | (17) | |
Profit for the year | 50 | 84 | 48 | 54 | |
Group\u2019s share of post-tax results for\u00a0the\u00a0year | 25 | 42 | 24 | 27 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Share of post-tax results for the year1 | 24 | 25 |
Impairment | (303) | \u2014 |
Share of total comprehensive income | (279) | 25 |
Aggregate carrying value of the Group\u2019s interests | 216 | 1,023 |
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\u00a0of\u00a0different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well\u00a0as regulatory requirements to have certain activities within separate legal entities. |
Birch Sites Limited |
Carbon Sentinel Limited |
Central Networks Trustees Limited1 |
Icelink Interconnector Limited |
Kelston Properties 2 Limited1 |
Lattice Group Limited |
NatgridTW1 Limited |
National Grid (US) Holdings Limited2 |
National Grid (US) Investments 4 Limited2 |
National Grid (US) Partner 1 Limited2 |
National Grid Carbon Limited |
National Grid Commercial Holdings Limited |
National Grid Continental Limited |
National Grid Distributed Energy Limited |
National Grid Electricity Distribution (East Midlands) plc1 |
National Grid Electricity Distribution (South Wales) plc1 |
National Grid Electricity Distribution (South West) plc1 |
National Grid Electricity Distribution (West Midlands) plc1 |
National Grid Electricity Distribution Generation Limited1 |
National Grid Electricity Distribution Holdings Limited1 |
National Grid Electricity Distribution Investments Limited1 |
National Grid Electricity Distribution Midlands Limited1 |
National Grid Electricity Distribution Network Holdings Limited1 |
National Grid Electricity Distribution plc1 |
National Grid Electricity Distribution Property Investments Limited1 |
National Grid Electricity Group Trustee Limited |
National Grid Electricity Transmission plc |
National Grid Energy Metering Limited |
National Grid Grain LNG Limited |
National Grid Helicopters Limited1 |
National Grid Holdings Limited2 |
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 Limited2 |
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 Telecoms Limited1 |
National Grid Twelve Limited |
National Grid Twenty Eight Limited |
National Grid Twenty Seven Limited |
National Grid UK Limited |
National Grid Ventures Limited |
National Grid Viking Link Limited |
National Grid William Limited |
NG Nominees Limited*2,3 |
NGC Employee Shares Trustee Limited |
NGG Finance plc |
Ngrid Intellectual Property Limited |
Port Greenwich Limited |
Sheet Road Management Company Limited (51%)4 |
South Wales Electricity Share Scheme Trustees Limited1 |
Thamesport Interchange Limited |
The National Grid Group Quest Trustee Company Limited*3 |
Warwick Technology Park Management Company (No 2) Limited (60.56%) 5 |
Western Power Pension Trustee Limited1 |
WPD WEM Holdings Limited1 |
WPD WEM Limited1 |
Apple River Solar, LLC |
Apple River Storage, LLC |
Armenia Solar, LLC |
Bazile Creek Wind Farm, LLC |
Bee Hollow Solar, LLC |
Belle Plaine Solar, LLC |
Blue Ridge Wind, LLC |
Blue Spring Solar, LLC |
Blues Solar, LLC |
Boone Solar, LLC |
Boston Gas Company1 |
Brock Solar, LLC |
Broken Bridge Corp.2 |
Brook Trout Solar, LLC |
Burley Solar, LLC |
Burr Ridge Wind, LLC |
Cage Ranch Solar II, LLC |
Cage Ranch Solar III, LLC |
Cage Ranch Solar, LLC |
Caldwell Solar II, LLC |
Caldwell Solar, LLC |
Camp Creek Wind Farm, LLC |
Carnation Solar, LLC |
Cattle Ridge Wind Farm 2, LLC |
Cedar Grove Solar, LLC |
Charter Oak Solar, LLC |
Charter Oak Storage, LLC |
Clay Boswell Solar, LLC |
Clermont Solar, LLC |
Coles Solar, LLC |
Compass Prairie Wind, LLC |
Conestoga Wind, LLC |
Creekview Solar, LLC |
Crocker Wind Farm 2, LLC |
Dakota Hills Wind Farm, LLC |
Deatsville Solar, LLC |
Donnellson Solar, LLC |
Doorstep Community LLC3 |
Eldena Solar, LLC |
Elk Creek Solar 2, LLC |
Elk Creek Solar, LLC |
EUA Energy Investment Corporation1 |
Exie Solar, LLC |
Firstview Wind Farm, LLC |
Fort Solar, LLC |
Front Range Wind Farm, LLC |
Galaxy Solar 2, LLC |
Galaxy Solar, LLC |
Golden Solar, LLC |
Goldenrod Wind Farm, LLC |
Goldfinch Solar, LLC |
Granite Rock Wind Farm, LLC4 |
Granite State Power Link LLC3 |
Grant Solar 2, LLC |
Grant Solar, LLC |
Grayson Solar, LLC |
Grazing Hills Wind Farm, LLC |
Greenbrier Creek Solar, LLC |
Greenwood Solar, LLC |
Grid NY LLC6 |
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 |
Honeybee Solar, LLC |
Hoosier Solar, LLC |
Illumination Solar, LLC |
Itasca Energy Development, LLC4 |
Itasca Energy Services, LLC |
Jack Rabbit Wind, LLC |
Jackson County Solar, LLC |
KeySpan CI Midstream Limited3 |
KeySpan Energy Corporation6 |
KeySpan Energy Services Inc.3 |
KeySpan Gas East Corporation6 |
KeySpan International Corporation3 |
KeySpan MHK, Inc.3 |
KeySpan Midstream, Inc.3 |
KeySpan Plumbing Solutions, Inc.6 |
Kit Carson Wind, LLC |
Kit Fox Storage, LLC |
Knox Solar, LLC |
Kota Storage, LLC |
KSI Contracting, LLC3 |
KSI Electrical, LLC3 |
KSI Mechanical, LLC3 |
Lake Charlotte Solar, LLC |
Lakeside Solar, LLC |
Land Management & Development, Inc.6 |
Landwest, Inc.6 |
Lansing Solar, LLC |
Las Moras Storage, LLC |
Leola Wind Farm, LLC |
Liberty Solar, LLC |
Lime Creek Wind, LLC |
Livingston County Solar, LLC |
Long Mount Storage, LLC |
Lordsburg Solar, LLC |
Louisa Solar, LLC |
Lowlands Solar, LLC |
Lydia Solar, LLC |
Massachusetts Electric Company1 |
Maverick Wind Farm, LLC |
Meadowlands Solar, LLC |
Mentha Solar, LLC |
Metrowest Realty LLC3 |
Millers Ferry Solar, LLC |
Morgan County Solar, LLC |
Morning Glory Solar, LLC4 |
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 LLC6 |
National Grid Energy Trading Services LLC6 |
National Grid Engineering & Survey Inc.6 |
National Grid Generation LLC6 |
National Grid Generation Ventures LLC6 |
National Grid Glenwood Energy Center LLC3 |
National Grid IGTS Corp.6 |
National Grid Insurance USA Ltd8 |
National Grid LNG LLC3 |
National Grid NE Holdings 2 LLC1 |
National Grid North America Inc.3 |
National Grid Partners Inc.6 |
National Grid Partners LLC3 |
National Grid Port Jefferson Energy Center LLC3 |
National Grid Renewables Development, LLC |
National Grid Renewables E Wind, LLC9 |
National Grid Renewables Operations, LLC |
National Grid Renewables Projects, LLC4 |
National Grid Renewables Stutsman, LLC |
National Grid Renewables, LLC3 |
National Grid Services Inc.3 |
National Grid US LLC3 |
National Grid USA Service Company, Inc.1 |
National Grid USA3 |
NEES Energy, Inc.1 |
New England Electric Transmission Corporation2 |
New England Energy Incorporated1 |
New England Hydro Finance Company, Inc. (53.704%) 1 |
New England Hydro-Transmission Corporation (53.704%) 2 |
New England Hydro-Transmission Electric Company, Inc. (53.704%)1 |
New England Power Company1 |
Newport America Corporation10 |
Newton Solar, LLC |
NG Renewables Energy Marketing, LLC |
NG Renewables Energy Services, LLC |
NG Renewables Remote Operations Center, LLC |
NGNE LLC3 |
NGV Emerald Energy Venture Holdings, LLC3 |
NGV H2 Generation LLC3 |
NGV H2 Holdings LLC3 |
NGV LNG Holdings LLC3 |
NGV NGR Acquisition Co, LLC3 |
NGV NGR Holdco, LC3 |
NGV OSW Holdings, LLC3 |
NGV US Distributed Energy Inc.3 |
NGV US Transmission Inc.3 |
NGV US, LLC3 |
Niagara Mohawk Energy, Inc.3 |
Niagara Mohawk Holdings, Inc.6 |
Niagara Mohawk Power Corporation6 |
Niobrara Wind, LLC |
NM Properties, Inc.6 |
Noble Solar, LLC11 |
Nordic VOS, LLC |
North East Transmission Co., Inc.3 |
North Fork Wind, LLC |
Oakland Solar, LLC |
Opinac North America, Inc.3 |
Pasture Peaks Wind Farm, LLC |
Peony Solar, LLC |
Philadelphia Coke Co., Inc.3 |
Pike County Solar, LLC |
Pipestone Solar, LLC |
Plum Creek Wind Farm 2, LLC |
Plum Creek Wind Farm, LLC |
Port of the Islands North, LLC6 |
Portage Solar, LLC |
Prairie Oasis Solar, LLC |
Prairie Rose Wind 2, LLC4 |
Prosperity Wind Farm 2, LLC |
Prosperity Wind Farm, LLC |
Red Rock Solar SD, LLC |
Regal Solar 2, LLC |
Regal Solar, LLC |
Reunion Solar, LLC |
River North Solar, LLC |
Robertson Solar, LLC |
Rock Ridge Wind Farm, LLC |
Rolling Hills Solar, LLC |
Royal Solar 2, LLC |
Royal Solar, LLC |
Royerton Solar, LLC |
Royerton Storage, LLC |
Saginaw Bay Solar, LLC |
Saltillo Storage, LLC |
Sandbar Solar, LLC |
Sandstone Bluffs Wind Farm, LLC |
Sandstone Creek Solar 2, LLC |
Sandstone Creek Solar, LLC |
Sapphire Sky Wind Farm, LLC |
Sherco Solar 2, LLC4 |
Sherco Solar 3, LLC |
Silver City Solar, LLC |
Simpson Solar, LLC |
Spring Brook Solar, LLC |
Spring River Solar, LLC |
Sprouting Skies Wind Farm, LLC |
Stony Brook Wind, LLC |
Stony Point 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 Company6 |
Torchlight Solar, LLC4 |
Transgas Inc.1 |
Tri-City Solar, LLC |
Trout Lily Wind Farm, LLC |
Uintah Solar, LLC |
Ulysses Crossing Solar, LLC |
Upper Hudson Development, Inc.6 |
Valley Solar, LLC |
Vermont Green Line Devco, LLC (90% )3 |
Violet Storage, LLC |
Virtue Solar, LLC |
Vivid Solar, LLC |
Wallowa Solar, LLC |
Wayfinder Group, Inc.1 |
White Elm Wind Farm, LLC |
Wildcat Ridge Wind Farm, LLC |
Wilder Solar, LLC |
Willard Solar, LLC |
Williams County Solar, LLC |
Wiregrass Solar, LLC |
Woodlands Solar, LLC |
Worthington Solar, LLC |
Young County Solar, LLC |
Company name | Company number |
National Grid Holdings Limited | 3096772 |
National Grid International Limited | 2537092 |
National Grid (US) Holdings Limited | 2630496 |
National Grid (US) Investments 4 Limited | 3867128 |
National Grid (US) Partner 1 Limited | 4314432 |
NG Nominees Limited* | 2489329 |
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. |
2025 | 2024 | ||||||
Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | ||
Share of net assets at 1 April | 158 | 1,262 | 1,420 | 154 | 1,146 | 1,300 | |
Exchange adjustments | (4) | (46) | (50) | (3) | (28) | (31) | |
Additions | 23 | 93 | 116 | 13 | 319 | 332 | |
Share of post-tax results for the year | 11 | 62 | 73 | 9 | 28 | 37 | |
Impairment | \u2014 | (303) | (303) | \u2014 | \u2014 | \u2014 | |
Dividends received | (18) | (53) | (71) | (15) | (152) | (167) | |
Disposals | (1) | \u2014 | (1) | (1) | \u2014 | (1) | |
Reclassification to held for sale (note 10) | \u2014 | (582) | (582) | \u2014 | \u2014 | \u2014 | |
Other movements\u00b9 | 5 | 1 | 6 | 1 | (51) | (50) | |
Share of net assets at 31 March | 174 | 434 | 608 | 158 | 1,262 | 1,420 |
Joint venture1 | % stake | ||
BritNed Development Limited1 | 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 Limited1 | 50% | Nemo is a joint venture with the Belgian transmission operator, Elia, and operates the subsea electricity interconnector between Great\u00a0Britain and Belgium, which became operational in 2019. |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Statement of financial position | |||||
Non-current assets | 352 | 376 | 447 | 478 | |
Cash and cash equivalents | 76 | 69 | 118 | 46 | |
All other current assets | 48 | 36 | 8 | 6 | |
Non-current liabilities | (51) | (57) | (3) | (3) | |
Non-current financial liabilities | (32) | (31) | (32) | (32) | |
Current liabilities | (39) | (39) | (109) | (55) | |
Net assets | 354 | 354 | 429 | 440 | |
Group\u2019s ownership interest in joint venture/associate | 177 | 177 | 215 | 220 | |
Group adjustment: elimination of profits on sales to\u00a0joint\u00a0venture | \u2014 | \u2014 | \u2014 | \u2014 | |
Carrying amount of the Group\u2019s\u00a0investment | 177 | 177 | 215 | 220 |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Income statement | |||||
Revenue | 108 | 158 | 102 | 109 | |
Depreciation and amortisation | (16) | (16) | (23) | (23) | |
Other (costs)/income | (23) | (25) | (16) | (15) | |
Operating profit | 69 | 117 | 63 | 71 | |
Net interest (expense)/income | (1) | (2) | 1 | \u2014 | |
Profit before tax | 68 | 115 | 64 | 71 | |
Income tax expense | (18) | (31) | (16) | (17) | |
Profit for the year | 50 | 84 | 48 | 54 | |
Group\u2019s share of post-tax results for\u00a0the\u00a0year | 25 | 42 | 24 | 27 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Share of post-tax results for the year1 | 24 | 25 |
Impairment | (303) | \u2014 |
Share of total comprehensive income | (279) | 25 |
Aggregate carrying value of the Group\u2019s interests | 216 | 1,023 |
Company name | Company number |
National Grid Holdings Limited | 3096772 |
National Grid International Limited | 2537092 |
National Grid (US) Holdings Limited | 2630496 |
National Grid (US) Investments 4 Limited | 3867128 |
National Grid (US) Partner 1 Limited | 4314432 |
NG Nominees Limited* | 2489329 |
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. |
2025 | 2024 | ||||||
Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | ||
Share of net assets at 1 April | 158 | 1,262 | 1,420 | 154 | 1,146 | 1,300 | |
Exchange adjustments | (4) | (46) | (50) | (3) | (28) | (31) | |
Additions | 23 | 93 | 116 | 13 | 319 | 332 | |
Share of post-tax results for the year | 11 | 62 | 73 | 9 | 28 | 37 | |
Impairment | \u2014 | (303) | (303) | \u2014 | \u2014 | \u2014 | |
Dividends received | (18) | (53) | (71) | (15) | (152) | (167) | |
Disposals | (1) | \u2014 | (1) | (1) | \u2014 | (1) | |
Reclassification to held for sale (note 10) | \u2014 | (582) | (582) | \u2014 | \u2014 | \u2014 | |
Other movements\u00b9 | 5 | 1 | 6 | 1 | (51) | (50) | |
Share of net assets at 31 March | 174 | 434 | 608 | 158 | 1,262 | 1,420 |
Joint venture1 | % stake | ||
BritNed Development Limited1 | 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 Limited1 | 50% | Nemo is a joint venture with the Belgian transmission operator, Elia, and operates the subsea electricity interconnector between Great\u00a0Britain and Belgium, which became operational in 2019. |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Statement of financial position | |||||
Non-current assets | 352 | 376 | 447 | 478 | |
Cash and cash equivalents | 76 | 69 | 118 | 46 | |
All other current assets | 48 | 36 | 8 | 6 | |
Non-current liabilities | (51) | (57) | (3) | (3) | |
Non-current financial liabilities | (32) | (31) | (32) | (32) | |
Current liabilities | (39) | (39) | (109) | (55) | |
Net assets | 354 | 354 | 429 | 440 | |
Group\u2019s ownership interest in joint venture/associate | 177 | 177 | 215 | 220 | |
Group adjustment: elimination of profits on sales to\u00a0joint\u00a0venture | \u2014 | \u2014 | \u2014 | \u2014 | |
Carrying amount of the Group\u2019s\u00a0investment | 177 | 177 | 215 | 220 |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Income statement | |||||
Revenue | 108 | 158 | 102 | 109 | |
Depreciation and amortisation | (16) | (16) | (23) | (23) | |
Other (costs)/income | (23) | (25) | (16) | (15) | |
Operating profit | 69 | 117 | 63 | 71 | |
Net interest (expense)/income | (1) | (2) | 1 | \u2014 | |
Profit before tax | 68 | 115 | 64 | 71 | |
Income tax expense | (18) | (31) | (16) | (17) | |
Profit for the year | 50 | 84 | 48 | 54 | |
Group\u2019s share of post-tax results for\u00a0the\u00a0year | 25 | 42 | 24 | 27 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Share of post-tax results for the year1 | 24 | 25 |
Impairment | (303) | \u2014 |
Share of total comprehensive income | (279) | 25 |
Aggregate carrying value of the Group\u2019s interests | 216 | 1,023 |
Company name | Company number |
National Grid Holdings Limited | 3096772 |
National Grid International Limited | 2537092 |
National Grid (US) Holdings Limited | 2630496 |
National Grid (US) Investments 4 Limited | 3867128 |
National Grid (US) Partner 1 Limited | 4314432 |
NG Nominees Limited* | 2489329 |
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. |
2025 | 2024 | ||||||
Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | Associates \u00a3m | Joint ventures \u00a3m | Total \u00a3m | ||
Share of net assets at 1 April | 158 | 1,262 | 1,420 | 154 | 1,146 | 1,300 | |
Exchange adjustments | (4) | (46) | (50) | (3) | (28) | (31) | |
Additions | 23 | 93 | 116 | 13 | 319 | 332 | |
Share of post-tax results for the year | 11 | 62 | 73 | 9 | 28 | 37 | |
Impairment | \u2014 | (303) | (303) | \u2014 | \u2014 | \u2014 | |
Dividends received | (18) | (53) | (71) | (15) | (152) | (167) | |
Disposals | (1) | \u2014 | (1) | (1) | \u2014 | (1) | |
Reclassification to held for sale (note 10) | \u2014 | (582) | (582) | \u2014 | \u2014 | \u2014 | |
Other movements\u00b9 | 5 | 1 | 6 | 1 | (51) | (50) | |
Share of net assets at 31 March | 174 | 434 | 608 | 158 | 1,262 | 1,420 |
Joint venture1 | % stake | ||
BritNed Development Limited1 | 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 Limited1 | 50% | Nemo is a joint venture with the Belgian transmission operator, Elia, and operates the subsea electricity interconnector between Great\u00a0Britain and Belgium, which became operational in 2019. |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Statement of financial position | |||||
Non-current assets | 352 | 376 | 447 | 478 | |
Cash and cash equivalents | 76 | 69 | 118 | 46 | |
All other current assets | 48 | 36 | 8 | 6 | |
Non-current liabilities | (51) | (57) | (3) | (3) | |
Non-current financial liabilities | (32) | (31) | (32) | (32) | |
Current liabilities | (39) | (39) | (109) | (55) | |
Net assets | 354 | 354 | 429 | 440 | |
Group\u2019s ownership interest in joint venture/associate | 177 | 177 | 215 | 220 | |
Group adjustment: elimination of profits on sales to\u00a0joint\u00a0venture | \u2014 | \u2014 | \u2014 | \u2014 | |
Carrying amount of the Group\u2019s\u00a0investment | 177 | 177 | 215 | 220 |
BritNed Development Limited | Nemo Link Limited | ||||
2025 | 2024 | 2025 | 2024 | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Income statement | |||||
Revenue | 108 | 158 | 102 | 109 | |
Depreciation and amortisation | (16) | (16) | (23) | (23) | |
Other (costs)/income | (23) | (25) | (16) | (15) | |
Operating profit | 69 | 117 | 63 | 71 | |
Net interest (expense)/income | (1) | (2) | 1 | \u2014 | |
Profit before tax | 68 | 115 | 64 | 71 | |
Income tax expense | (18) | (31) | (16) | (17) | |
Profit for the year | 50 | 84 | 48 | 54 | |
Group\u2019s share of post-tax results for\u00a0the\u00a0year | 25 | 42 | 24 | 27 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Share of post-tax results for the year1 | 24 | 25 |
Impairment | (303) | \u2014 |
Share of total comprehensive income | (279) | 25 |
Aggregate carrying value of the Group\u2019s interests | 216 | 1,023 |
Company name | Company number |
National Grid Holdings Limited | 3096772 |
National Grid International Limited | 2537092 |
National Grid (US) Holdings Limited | 2630496 |
National Grid (US) Investments 4 Limited | 3867128 |
National Grid (US) Partner 1 Limited | 4314432 |
NG Nominees Limited* | 2489329 |
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. |
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. |
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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | 113 | (381) | (268) | 44 | (335) | (291) | |
Non-current | 369 | (821) | (452) | 324 | (909) | (585) | |
482 | (1,202) | (720) | 368 | (1,244) | (876) | ||
Financing derivatives | 375 | (1,138) | (763) | 333 | (1,126) | (793) | |
Commodity contract derivatives | 107 | (64) | 43 | 35 | (118) | (83) | |
482 | (1,202) | (720) | 368 | (1,244) | (876) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Interest rate swaps | 98 | (196) | (98) | 43 | (110) | (67) | |
Cross-currency interest rate swaps | 193 | (766) | (573) | 234 | (844) | (610) | |
Foreign exchange forward contracts\u00b9 | 53 | (81) | (28) | 16 | (68) | (52) | |
Inflation-linked swaps | 31 | (95) | (64) | 40 | (104) | (64) | |
375 | (1,138) | (763) | 333 | (1,126) | (793) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | |||||||
Less than 1 year | 19 | (355) | (336) | 18 | (249) | (231) | |
19 | (355) | (336) | 18 | (249) | (231) | ||
Non-current | |||||||
In 1 to 2 years | 46 | (61) | (15) | 6 | (80) | (74) | |
In 2 to 3 years | 41 | (77) | (36) | 31 | (44) | (13) | |
In 3 to 4 years | 47 | (73) | (26) | 32 | (74) | (42) | |
In 4 to 5 years | 6 | (25) | (19) | 49 | (83) | (34) | |
More than 5 years | 216 | (547) | (331) | 197 | (596) | (399) | |
356 | (783) | (427) | 315 | (877) | (562) | ||
375 | (1,138) | (763) | 333 | (1,126) | (793) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Interest rate swaps | (7,763) | (2,175) |
Cross-currency interest rate swaps | (16,019) | (15,602) |
Foreign exchange forward contracts | (7,761) | (7,675) |
Inflation-linked swaps | (3,190) | (3,190) |
(34,733) | (28,642) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Commodity purchase contracts accounted for as derivative contracts | |||||||
Forward purchases of gas | 3 | (7) | (4) | \u2014 | (3) | (3) | |
Derivative financial instruments linked to commodity prices | |||||||
Electricity capacity | 2 | (17) | (15) | \u2014 | \u2014 | \u2014 | |
Electricity swaps | 74 | (38) | 36 | 33 | (82) | (49) | |
Electricity options | 1 | (1) | \u2014 | \u2014 | (1) | (1) | |
Gas swaps | 15 | (1) | 14 | 2 | (22) | (20) | |
Gas options | 12 | \u2014 | 12 | \u2014 | (10) | (10) | |
107 | (64) | 43 | 35 | (118) | (83) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | |||||||
Less than one year | 94 | (26) | 68 | 26 | (86) | (60) | |
94 | (26) | 68 | 26 | (86) | (60) | ||
Non-current | |||||||
In 1 to 2 years | 12 | (20) | (8) | 3 | (28) | (25) | |
In 2 to 3 years | 1 | (12) | (11) | 5 | (4) | 1 | |
In 3 to 4 years | \u2014 | (2) | (2) | 1 | \u2014 | 1 | |
In 4 to 5 years | \u2014 | (2) | (2) | \u2014 | \u2014 | \u2014 | |
More than 5 years | \u2014 | (2) | (2) | \u2014 | \u2014 | \u2014 | |
13 | (38) | (25) | 9 | (32) | (23) | ||
107 | (64) | 43 | 35 | (118) | (83) |
2025 | 2024 | |
Forward purchases of gas1 | 74m Dth | 38m Dth |
Electricity capacity | 5 TWh | \u2014 TWh |
Electricity swaps | 14,040 GWh | 14,128 GWh |
Gas swaps | 30m Dth | 44m Dth |
Gas options | 89m Dth | 78m Dth |
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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | 113 | (381) | (268) | 44 | (335) | (291) | |
Non-current | 369 | (821) | (452) | 324 | (909) | (585) | |
482 | (1,202) | (720) | 368 | (1,244) | (876) | ||
Financing derivatives | 375 | (1,138) | (763) | 333 | (1,126) | (793) | |
Commodity contract derivatives | 107 | (64) | 43 | 35 | (118) | (83) | |
482 | (1,202) | (720) | 368 | (1,244) | (876) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Interest rate swaps | 98 | (196) | (98) | 43 | (110) | (67) | |
Cross-currency interest rate swaps | 193 | (766) | (573) | 234 | (844) | (610) | |
Foreign exchange forward contracts\u00b9 | 53 | (81) | (28) | 16 | (68) | (52) | |
Inflation-linked swaps | 31 | (95) | (64) | 40 | (104) | (64) | |
375 | (1,138) | (763) | 333 | (1,126) | (793) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | |||||||
Less than 1 year | 19 | (355) | (336) | 18 | (249) | (231) | |
19 | (355) | (336) | 18 | (249) | (231) | ||
Non-current | |||||||
In 1 to 2 years | 46 | (61) | (15) | 6 | (80) | (74) | |
In 2 to 3 years | 41 | (77) | (36) | 31 | (44) | (13) | |
In 3 to 4 years | 47 | (73) | (26) | 32 | (74) | (42) | |
In 4 to 5 years | 6 | (25) | (19) | 49 | (83) | (34) | |
More than 5 years | 216 | (547) | (331) | 197 | (596) | (399) | |
356 | (783) | (427) | 315 | (877) | (562) | ||
375 | (1,138) | (763) | 333 | (1,126) | (793) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Interest rate swaps | (7,763) | (2,175) |
Cross-currency interest rate swaps | (16,019) | (15,602) |
Foreign exchange forward contracts | (7,761) | (7,675) |
Inflation-linked swaps | (3,190) | (3,190) |
(34,733) | (28,642) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Commodity purchase contracts accounted for as derivative contracts | |||||||
Forward purchases of gas | 3 | (7) | (4) | \u2014 | (3) | (3) | |
Derivative financial instruments linked to commodity prices | |||||||
Electricity capacity | 2 | (17) | (15) | \u2014 | \u2014 | \u2014 | |
Electricity swaps | 74 | (38) | 36 | 33 | (82) | (49) | |
Electricity options | 1 | (1) | \u2014 | \u2014 | (1) | (1) | |
Gas swaps | 15 | (1) | 14 | 2 | (22) | (20) | |
Gas options | 12 | \u2014 | 12 | \u2014 | (10) | (10) | |
107 | (64) | 43 | 35 | (118) | (83) |
2025 | 2024 | ||||||
Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | Assets \u00a3m | Liabilities \u00a3m | Total \u00a3m | ||
Current | |||||||
Less than one year | 94 | (26) | 68 | 26 | (86) | (60) | |
94 | (26) | 68 | 26 | (86) | (60) | ||
Non-current | |||||||
In 1 to 2 years | 12 | (20) | (8) | 3 | (28) | (25) | |
In 2 to 3 years | 1 | (12) | (11) | 5 | (4) | 1 | |
In 3 to 4 years | \u2014 | (2) | (2) | 1 | \u2014 | 1 | |
In 4 to 5 years | \u2014 | (2) | (2) | \u2014 | \u2014 | \u2014 | |
More than 5 years | \u2014 | (2) | (2) | \u2014 | \u2014 | \u2014 | |
13 | (38) | (25) | 9 | (32) | (23) | ||
107 | (64) | 43 | 35 | (118) | (83) |
2025 | 2024 | |
Forward purchases of gas1 | 74m Dth | 38m Dth |
Electricity capacity | 5 TWh | \u2014 TWh |
Electricity swaps | 14,040 GWh | 14,128 GWh |
Gas swaps | 30m Dth | 44m Dth |
Gas options | 89m Dth | 78m Dth |
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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
Derivatives are 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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
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\u00a0commodity 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. |
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\u00a0manage 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\u00a0manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and \u2022 commodity contract derivatives \u2013 these are used to manage exposure to price and supply risks related to our US customers and UK\u00a0business. Some forward contracts for\u00a0the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including options and swaps, which are used to manage market price volatility. |
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). |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Fuel stocks | 95 | 188 |
Raw materials and consumables | 356 | 542 |
Emission allowances | 106 | 98 |
557 | 828 |
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 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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade receivables | 3,050 | 2,501 |
Accrued income | 1,083 | 885 |
Provision for impairment of receivables and accrued income | (578) | (559) |
Trade receivables and accrued\u00a0income, net | 3,555 | 2,827 |
Prepayments | 340 | 385 |
Contract assets | \u2014 | 76 |
Other receivables | 197 | 127 |
4,092 | 3,415 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
At 1 April | 559 | 560 |
Exchange adjustments | (11) | (12) |
Charge for the year, net of recoveries | 200 | 179 |
Uncollectible amounts written off | (168) | (163) |
Reclassification to held for sale (note 10) | (2) | (5) |
At 31 March | 578 | 559 |
As at 31 March 2025 | As at 31 March 2024 | ||||||
UK | US | Total | UK | US | Total | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Trade receivables | 265 | 2,785 | 3,050 | 162 | 2,339 | 2,501 | |
Accrued income | 513 | 570 | 1,083 | 337 | 548 | 885 | |
Provision for impairment of receivables and accrued income | (3) | (575) | (578) | (3) | (556) | (559) | |
775 | 2,780 | 3,555 | 496 | 2,331 | 2,827 |
2025 | 2024 | ||||
% | \u00a3m | % | \u00a3m | ||
Accrued income | 5 | 546 | 3 | 533 | |
0 \u2013 30 days past due | 5 | 1,033 | 3 | 822 | |
30 \u2013 60 days past due | 16 | 313 | 14 | 219 | |
60 \u2013 90 days past due | 24 | 154 | 21 | 125 | |
3 \u2013 6 months past due | 31 | 172 | 27 | 173 | |
6 \u2013 12 months past due | 38 | 186 | 34 | 191 | |
Over 12 months past due | 53 | 409 | 73 | 374 | |
2,813 | 2,437 |
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 three months or less that are readily convertible to cash. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Cash at bank | 625 | 259 |
Short-term deposits | 553 | 300 |
Cash and cash equivalents | 1,178 | 559 |
Cash and cash equivalents include cash balances, together with short-term investments with an original maturity of three months or less 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\u00a0have 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\u00a0maintain 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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Current | ||
Bank loans | 488 | 460 |
Bonds | 1,828 | 2,841 |
Commercial paper | 2,226 | 1,444 |
Lease liabilities | 120 | 114 |
4,662 | 4,859 | |
Non-current | ||
Bank loans | 1,834 | 2,434 |
Bonds | 40,334 | 39,114 |
Lease liabilities | 709 | 665 |
42,877 | 42,213 | |
Total borrowings | 47,539 | 47,072 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Less than 1 year | 4,662 | 4,859 |
In 1 to 2 years | 3,283 | 2,706 |
In 2 to 3 years | 2,458 | 3,134 |
In 3 to 4 years | 4,281 | 2,948 |
In 4 to 5 years | 2,261 | 4,375 |
More than 5 years: | ||
By instalments | 337 | 736 |
Other than by instalments | 30,257 | 28,314 |
47,539 | 47,072 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Gross lease liabilities are repayable as follows: | ||
Less than 1 year | 143 | 133 |
1 to 5 years | 425 | 370 |
More than 5 years | 494 | 507 |
1,062 | 1,010 | |
Less: finance charges allocated to future periods | (233) | (231) |
829 | 779 | |
The present value of lease liabilities are as follows: | ||
Less than 1 year | 120 | 114 |
1 to 5 years | 347 | 300 |
More than 5 years | 362 | 365 |
829 | 779 |
To support our liquidity requirements and provide backup to commercial paper and other borrowings, we agree committed credit facilities with financial institutions over\u00a0and above the value of borrowings that may be required. These committed credit facilities are undrawn. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Undrawn committed borrowing facilities expiring: | ||
Less than 1 year | \u2014 | \u2014 |
In 1 to 2 years | \u2014 | \u2014 |
In 2 to 3 years | 5,982 | 195 |
In 3 to 4 years | 105 | 5,859 |
In 4 to 5 years | 1,745 | 106 |
More than 5 years | \u2014 | 1,745 |
7,832 | 7,905 |
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\u00a0have 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\u00a0maintain 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\u00a0and above the value of borrowings that may be required. These committed credit facilities are undrawn. |
Trade and other payables include amounts owed to suppliers, tax authorities and other parties which are due to be settled within 12 months. The\u00a0total also includes deferred amounts, some of which represent monies received from customers but for which we have not yet delivered the\u00a0associated service. These amounts are recognised as revenue when the service is provided. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Trade payables | 2,965 | 2,786 |
Deferred payables | 401 | 327 |
Customer contributions1 | 32 | 34 |
Social security and other taxes | 131 | \u2014 |
Other payables | 943 | 929 |
4,472 | 4,076 |
Trade and other payables include amounts owed to suppliers, tax authorities and other parties which are due to be settled within 12 months. The\u00a0total also includes deferred amounts, some of which represent monies received from customers but for which we have not yet delivered the\u00a0associated 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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Current | 96 | 127 |
Non-current | 2,418 | 2,119 |
2,514 | 2,246 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
As at 1 April | 2,246 | 2,006 |
Exchange adjustments | (28) | (27) |
Revenue recognised that was included in the contract liability balance at the beginning of the period | (129) | (252) |
Increases due to cash received, excluding amounts recognised as revenue during the period | 425 | 519 |
At 31 March | 2,514 | 2,246 |
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 2026. It also includes other payables that are not due until after that date. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred income | 6 | 11 |
Customer contributions1 | 403 | 411 |
Other payables\u00b2 | 467 | 458 |
876 | 880 |
Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March 2026. It also includes other payables that are not due until after that date. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Deferred income | 6 | 11 |
Customer contributions1 | 403 | 411 |
Other payables\u00b2 | 467 | 458 |
876 | 880 |
Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March 2026. It also includes 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\u00a0UK and the US. In the US, we also\u00a0provide healthcare and life insurance benefits to eligible employees, post-retirement. The fair value of associated plan assets and present value of DB\u00a0obligations are updated annually in accordance with IAS 19 \u2018Employee Benefits\u2019. We separately present our UK and US pension plans to\u00a0show 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 pensions | US pensions | US other post-retirement benefits | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
% | % | % | % | % | % | % | % | % | |||
Discount rate \u2013 past service | 5.73 | 4.87 | 4.80 | 5.50 | 5.15 | 4.85 | 5.50 | 5.15 | 4.85 | ||
Discount rate \u2013 future service | 5.95 | 4.92 | 4.80 | 5.50 | 5.15 | 4.85 | 5.50 | 5.15 | 4.85 | ||
Rate of increase in RPI \u2013 past service | 2.99 | 3.05 | 3.17 | n/a | n/a | n/a | n/a | n/a | n/a | ||
Rate of increase in RPI \u2013 future service | 2.85 | 2.92 | 3.07 | n/a | n/a | n/a | n/a | n/a | n/a | ||
Salary increases | 3.08 | 3.10 | 3.11 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | ||
Initial healthcare cost trend rate | n/a | n/a | n/a | n/a | n/a | n/a | 7.80 | 7.10 | 6.80 | ||
Ultimate healthcare cost trend rate | n/a | n/a | n/a | n/a | n/a | n/a | 4.50 | 4.50 | 4.50 |
UK pensions | US pensions | ||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||
years | years | years | years | years | years | ||
Assumed life expectation for a retiree aged 65 | |||||||
Males | 21.5 | 21.5 | 21.9 | 21.8 | 21.6 | 21.6 | |
Females | 23.9 | 23.5 | 23.7 | 23.8 | 23.9 | 23.8 | |
In 20 years: | |||||||
Males | 22.4 | 22.6 | 23.0 | 23.4 | 23.3 | 23.2 | |
Females | 25.3 | 24.9 | 25.1 | 25.4 | 25.5 | 25.4 |
UK pensions | US pensions | US other post-retirement benefits | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
% | % | % | % | % | % | |||
Active members | 11 | 14 | 40 | 37 | 28 | 29 | ||
Deferred members | 7 | 8 | 10 | 10 | \u2014 | \u2014 | ||
Pensioner members | 82 | 78 | 50 | 53 | 72 | 71 |
UK pensions | US pensions | US other post-retirement benefits | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
Present value of funded obligations | (9,424) | (10,465) | (4,508) | (4,702) | (2,222) | (2,434) | (16,154) | (17,601) | |||
Fair value of plan assets | 10,603 | 11,782 | 5,180 | 5,320 | 2,658 | 2,631 | 18,441 | 19,733 | |||
1,179 | 1,317 | 672 | 618 | 436 | 197 | 2,287 | 2,132 | ||||
Present value of unfunded obligations | (51) | (56) | (196) | (210) | \u2014 | \u2014 | (247) | (266) | |||
Other post-employment liabilities | \u2014 | \u2014 | \u2014 | \u2014 | (47) | (52) | (47) | (52) | |||
1,128 | 1,261 | 476 | 408 | 389 | 145 | 1,993 | 1,814 | ||||
Restrictions on asset recognised | \u2014 | \u2014 | \u2014 | \u2014 | (77) | \u2014 | (77) | \u2014 | |||
Net defined benefit asset | 1,128 | 1,261 | 476 | 408 | 312 | 145 | 1,916 | 1,814 | |||
Represented by: | |||||||||||
Liabilities | (51) | (56) | (196) | (210) | (326) | (327) | (573) | (593) | |||
Assets | 1,179 | 1,317 | 672 | 618 | 638 | 472 | 2,489 | 2,407 | |||
1,128 | 1,261 | 476 | 408 | 312 | 145 | 1,916 | 1,814 |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Included within operating costs | |||
Administration costs | 22 | 22 | 19 |
Included within payroll costs | |||
Defined benefit plan costs: | |||
Current service cost | 138 | 143 | 194 |
Past service cost \u2013 augmentations and\u00a0redundancies | 1 | 9 | 8 |
Gains on settlement | \u2014 | (30) | (45) |
139 | 122 | 157 | |
Included within finance income and costs | |||
Net interest income | (98) | (100) | (85) |
Total included in income statement | 63 | 44 | 91 |
Exchange adjustments | (20) | (6) | 41 |
Remeasurement losses of pension assets and post-retirement benefit obligations | (29) | (218) | (1,364) |
Adjustments for restrictions on the defined benefit asset | (77) | \u2014 | \u2014 |
Total included in the statement of other comprehensive income | (126) | (224) | (1,323) |
UK pensions | US pensions | US other post-retirement benefits | |||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Included within operating costs | |||||||||||
Administration costs | 14 | 13 | 9 | 6 | 7 | 8 | 2 | 2 | 2 | ||
Included within payroll costs | |||||||||||
Defined benefit plan costs: | |||||||||||
Current service cost | 45 | 45 | 69 | 68 | 72 | 88 | 25 | 26 | 37 | ||
Past service cost \u2013 augmentations and\u00a0redundancies | 1 | 9 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||
Gains on settlement | \u2014 | \u2014 | \u2014 | \u2014 | (30) | (45) | \u2014 | \u2014 | \u2014 | ||
46 | 54 | 77 | 68 | 42 | 43 | 25 | 26 | 37 | |||
Included within finance income and\u00a0costs | |||||||||||
Net interest income | (68) | (84) | (64) | (19) | (13) | (21) | (11) | (3) | \u2014 | ||
Total included in income statement | (8) | (17) | 22 | 55 | 36 | 30 | 16 | 25 | 39 | ||
Exchange adjustments | \u2014 | \u2014 | \u2014 | (10) | (5) | 36 | (10) | (1) | 5 | ||
Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations | (257) | (474) | (1,183) | 106 | 99 | (242) | 122 | 157 | 61 | ||
Adjustments for restrictions on the defined benefit asset | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (77) | \u2014 | \u2014 | ||
Total included in the statement of other comprehensive\u00a0income | (257) | (474) | (1,183) | 96 | 94 | (206) | 35 | 156 | 66 |
UK pensions | US pensions | US other post-retirement benefits | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
Opening net defined benefit asset | 1,261 | 1,614 | 408 | 324 | 145 | 13 | 1,814 | 1,951 | |||
Income/(cost) recognised in the income statement (including\u00a0discontinued operations) | 8 | 17 | (55) | (36) | (16) | (25) | (63) | (44) | |||
Remeasurement and foreign exchange effects recognised in\u00a0the statement of other comprehensive income | (257) | (474) | 96 | 94 | 112 | 156 | (49) | (224) | |||
Employer contributions | 112 | 118 | 27 | 26 | 143\u00b9 | 21 | 282 | 165 | |||
Other movements | 4 | 3 | \u2014 | \u2014 | 5 | (20) | 9 | (17) | |||
Reclassification to held for sale (note 10) | \u2014 | (17) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (17) | |||
1,128 | 1,261 | 476 | 408 | 389 | 145 | 1,993 | 1,814 | ||||
Restrictions on the defined benefit asset | \u2014 | \u2014 | \u2014 | \u2014 | (77) | \u2014 | (77) | \u2014 | |||
Closing net defined benefit asset | 1,128 | 1,261 | 476 | 408 | 312 | 145 | 1,916 | 1,814 |
UK pensions | US pensions | US other post-retirement benefits | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
Opening defined benefit obligations | (10,521) | (10,964) | (4,912) | (5,736) | (2,434) | (2,526) | (17,867) | (19,226) | |||
Current service cost | (45) | (45) | (68) | (72) | (25) | (26) | (138) | (143) | |||
Interest cost | (533) | (536) | (246) | (258) | (120) | (117) | (899) | (911) | |||
Actuarial (losses)/gains \u2013 experience | (41) | (2) | (4) | (34) | 116 | 73 | 71 | 37 | |||
Actuarial gains/(losses) \u2013 demographic assumptions\u00b9 | (74) | 98 | (22) | 12 | 19 | (4) | (77) | 106 | |||
Actuarial gains/(losses) \u2013 financial assumptions | 989 | 165 | 156 | 190 | 36 | (7) | 1,181 | 348 | |||
Past service cost \u2013 augmentations and redundancies | (1) | (9) | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (9) | |||
Liabilities extinguished on settlements | \u2014 | \u2014 | \u2014 | 543 | \u2014 | \u2014 | \u2014 | 543 | |||
Medicare subsidy received | \u2014 | \u2014 | \u2014 | \u2014 | (31) | (26) | (31) | (26) | |||
Employee contributions | (5) | (10) | \u2014 | \u2014 | \u2014 | \u2014 | (5) | (10) | |||
Benefits paid | 756 | 710 | 282 | 312 | 165 | 152 | 1,203 | 1,174 | |||
Exchange adjustments | \u2014 | \u2014 | 110 | 131 | 52 | 58 | 162 | 189 | |||
Reclassification from other post-employment liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) | \u2014 | (11) | |||
Reclassification to held for sale (note 10) | \u2014 | 72 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 72 | |||
Closing defined benefit obligations | (9,475) | (10,521) | (4,704) | (4,912) | (2,222) | (2,434) | (16,401) | (17,867) |
UK pensions | US pensions | US other post-retirement benefits | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
Opening fair value of plan assets | 11,782 | 12,578 | 5,320 | 6,060 | 2,631 | 2,608 | 19,733 | 21,246 | |||
Interest income | 601 | 620 | 265 | 271 | 131 | 120 | 997 | 1,011 | |||
Return on plan assets (less than)/in excess of interest1 | (1,131) | (735) | (24) | (69) | (49) | 95 | (1,204) | (709) | |||
Administration costs | (14) | (13) | (6) | (7) | (2) | (2) | (22) | (22) | |||
Assets distributed on settlements | \u2014 | \u2014 | \u2014 | (513) | \u2014 | \u2014 | \u2014 | (513) | |||
Employer contributions | 112 | 118 | 27 | 26 | 143 | 21 | 282 | 165 | |||
Employee contributions | 5 | 10 | \u2014 | \u2014 | \u2014 | \u2014 | 5 | 10 | |||
Benefits paid | (752) | (707) | (282) | (312) | (134) | (152) | (1,168) | (1,171) | |||
Exchange adjustments | \u2014 | \u2014 | (120) | (136) | (62) | (59) | (182) | (195) | |||
Reclassification to held for sale (note 10) | \u2014 | (89) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (89) | |||
Closing fair value of plan assets | 10,603 | 11,782 | 5,180 | 5,320 | 2,658 | 2,631 | 18,441 | 19,733 | |||
Actual return on plan assets | (530) | (115) | 241 | 202 | 82 | 215 | (207) | 302 | |||
Expected contributions to plans in\u00a0the\u00a0following year | 89 | 108 | 19 | 28 | \u2014 | 15 | 108 | 151 |
2025 | 2024 | 2023 | |||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Equities | 716 | 123 | 839 | 576 | 153 | 729 | 475 | 179 | 654 | ||
Corporate bonds | 1,338 | (1) | 1,337 | 1,910 | \u2014 | 1,910 | 1,892 | \u2014 | 1,892 | ||
Government securities and liability- driven\u00a0investments | \u2014 | 3,938 | 3,938 | \u2014 | 5,259 | 5,259 | 762 | 4,906 | 5,668 | ||
Property1 | \u2014 | 451 | 451 | \u2014 | 679 | 679 | 23 | 860 | 883 | ||
Diversified alternatives | 381 | 428 | 809 | 669 | 572 | 1,241 | 708 | 680 | 1,388 | ||
Bulk annuity policies | \u2014 | 3,239 | 3,239 | \u2014 | 2,060 | 2,060 | \u2014 | 2,126 | 2,126 | ||
Longevity swap | \u2014 | \u2014 | \u2014 | \u2014 | (94) | (94) | \u2014 | (88) | (88) | ||
Cash and cash equivalents | 1 | \u2014 | 1 | 3 | \u2014 | 3 | 8 | \u2014 | 8 | ||
Other (including net current assets and\u00a0liabilities) | \u2014 | (11) | (11) | \u2014 | (5) | (5) | 59 | (12) | 47 | ||
2,436 | 8,167 | 10,6032 | 3,158 | 8,624 | 11,7822 | 3,927 | 8,651 | 12,5782 |
2025 | 2024 | 2023 | |||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Equities | \u2014 | 887 | 887 | 99 | 1,224 | 1,323 | 154 | 1,346 | 1,500 | ||
Corporate bonds | 1,955 | 401 | 2,356 | 1,987 | 403 | 2,390 | 2,147 | 528 | 2,675 | ||
Government securities | 737 | 467 | 1,204 | 360 | 444 | 804 | 410 | 514 | 924 | ||
Property | \u2014 | 196 | 196 | \u2014 | 237 | 237 | \u2014 | 299 | 299 | ||
Diversified alternatives | \u2014 | 384 | 384 | 54 | 502 | 556 | 85 | 550 | 635 | ||
Cash and cash equivalents | 152 | \u2014 | 152 | 9 | \u2014 | 9 | 16 | \u2014 | 16 | ||
Other (including net current assets and\u00a0liabilities) | (2) | 3 | 1 | 1 | \u2014 | 1 | 7 | 4 | 11 | ||
2,842 | 2,338 | 5,180 | 2,510 | 2,810 | 5,320 | 2,819 | 3,241 | 6,060 |
2025 | 2024 | 2023 | |||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Equities | 31 | 522 | 553 | 37 | 524 | 561 | 74 | 510 | 584 | ||
Corporate bonds | 1,350 | 47 | 1,397 | 1,351 | 46 | 1,397 | 1,332 | 2 | 1,334 | ||
Government securities | 441 | 1 | 442 | 410 | 1 | 411 | 431 | 2 | 433 | ||
Diversified alternatives | 103 | \u2014 | 103 | 92 | 9 | 101 | 100 | 9 | 109 | ||
Other (including insurance contracts) | \u2014 | 163 | 163 | \u2014 | 161 | 161 | 1 | 147 | 148 | ||
1,925 | 733 | 2,658 | 1,890 | 741 | 2,631 | 1,938 | 670 | 2,608 |
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 policies. The investment strategies allow for the use of\u00a0synthetic 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 the investment in bulk annuity policies for NGEG\u00a0of 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. Measurement and management of counterparty risk is delegated to the relevant investment managers. For our bulk annuity policies, various termination provisions were included in the contracts, managing our exposure to counterparty risk. The insurers\u2019 operational performance and financial strength are monitored on a\u00a0regular 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\u00a0prudent levels and subject to agreed ranges, to\u00a0control 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. |
UK pensions | US pensions | US other post- retirement benefits | |
% | % | % | |
Return-seeking assets | 20 | 28 | 31 |
Liability-matching assets | 80 | 72 | 69 |
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\u00a0UK and the US. In the US, we also\u00a0provide healthcare and life insurance benefits to eligible employees, post-retirement. The fair value of associated plan assets and present value of DB\u00a0obligations are updated annually in accordance with IAS 19 \u2018Employee Benefits\u2019. We separately present our UK and US pension plans to\u00a0show 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\u00a0economic benefit is probable and where the amount of the obligation can be reliably estimated. |
Environmental \u00a3m | Decommissioning \u00a3m | Other \u00a3m | Total provisions \u00a3m | |
At 1 April 2023 | 1,891 | 297 | 454 | 2,642 |
Exchange adjustments | (37) | (2) | (8) | (47) |
Additions1 | 600 | 34 | 138 | 772 |
Unused amounts reversed | (18) | (7) | (100) | (125) |
Adjustment for change in discount rate | 4 | 29 | \u2014 | 33 |
Unwinding of discount | 85 | 11 | 6 | 102 |
Utilised | (107) | (9) | (149) | (265) |
Reclassification to held for sale (note 10) | \u2014 | \u2014 | (3) | (3) |
At 31 March 2024 | 2,418 | 353 | 338 | 3,109 |
Exchange adjustments | (47) | (5) | (1) | (53) |
Additions | 60 | 45 | 211 | 316 |
Unused amounts reversed | (126) | (8) | (16) | (150) |
Adjustment for change in discount rate\u00b2 | (82) | 7 | \u2014 | (75) |
Unwinding of discount | 105 | 13 | 5 | 123 |
Utilised | (139) | (6) | (58) | (203) |
Reclassification to held for sale (note 10) | (17) | \u2014 | (1) | (18) |
At 31 March 2025 | 2,172 | 399 | 478 | 3,049 |
2025 | 2024 | ||
\u00a3m | \u00a3m | ||
Current | 357 | 298 | |
Non-current | 2,692 | 2,811 | |
3,049 | 3,109 |
2025 | 2024 | ||||||||||
Discounted \u00a3m | Real undiscounted \u00a3m | Real discount rate | Discounted \u00a3m | Real undiscounted \u00a3m | Real discount rate | ||||||
UK sites | 107 | 115 | 1.0% | 108 | 118 | 1.0% | |||||
US sites | 2,065 | 2,440 | 2.0% | 2,310 | 2,579 | 1.5% | |||||
2,172 | 2,555 | 2,418 | 2,697 |
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\u00a0economic benefit is probable and where the amount of the obligation can be reliably estimated. |
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\u00a0economic benefit is probable and where the amount of the obligation can be reliably estimated. |
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the\u00a0Company 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. |
Allotted, called-up and fully paid | ||
Shares million | Nominal value \u00a3m | |
At 1 April 2023 | 3,930 | 488 |
Issued during the year in lieu of dividends1 | 37 | 5 |
At 31 March 2024 | 3,967 | 493 |
Rights Issue | 1,085 | 135 |
Issued during the year in lieu of dividends1 | 81 | 10 |
At 31 March 2025 | 5,133 | 638 |
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. |
Translation \u00a3m | Cash flow hedge \u00a3m | Cost of hedging \u00a3m | FVOCI debt \u00a3m | Capital redemption \u00a3m | Merger \u00a3m | Total \u00a3m | |
At 1 April 2022 | 594 | (85) | (29) | 103 | 19 | (5,165) | (4,563) |
Exchange adjustments1 | 882 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882 |
Exchange differences reclassified to the consolidated income statement\u00a0on\u00a0disposal | (170) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (170) |
Net gains/(losses) taken to equity | \u2014 | 142 | (12) | (25) | \u2014 | \u2014 | 105 |
Share of net gains of associates taken to\u00a0equity | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Transferred to profit or loss | \u2014 | (136) | \u2014 | \u2014 | \u2014 | \u2014 | (136) |
Net gains in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | 10 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
Tax | \u2014 | 2 | 3 | 1 | \u2014 | \u2014 | 6 |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
At 1 April 2023 | 1,306 | (61) | (38) | 79 | 19 | (5,165) | (3,860) |
Exchange adjustments1 | (335) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (335) |
Net gains taken to equity | \u2014 | 16 | 37 | 34 | \u2014 | \u2014 | 87 |
Transferred to profit or loss | \u2014 | 224 | (11) | \u2014 | \u2014 | \u2014 | 213 |
Net losses in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | (37) | \u2014 | \u2014 | \u2014 | \u2014 | (37) |
Tax | \u2014 | (50) | (6) | (4) | \u2014 | \u2014 | (60) |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
At 1 April 2024 | 971 | 94 | (18) | 109 | 19 | (5,165) | (3,990) |
Exchange adjustments\u00b9 | (352) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (352) |
Net gains/(losses) taken to equity | \u2014 | 30 | (46) | (12) | \u2014 | \u2014 | (28) |
Transferred to profit or loss | \u2014 | 188 | (6) | \u2014 | \u2014 | \u2014 | 182 |
Rights Issue\u00b2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,704 | 6,704 |
Transfer to retained earnings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,704) | (6,704) |
Net losses in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | (16) | \u2014 | \u2014 | \u2014 | \u2014 | (16) |
Tax | \u2014 | (50) | 13 | 3 | \u2014 | \u2014 | (34) |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
At 31 March 2025 | 619 | 251 | (57) | 100 | 19 | (5,165) | (4,233) |
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the\u00a0Company 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. |
Allotted, called-up and fully paid | ||
Shares million | Nominal value \u00a3m | |
At 1 April 2023 | 3,930 | 488 |
Issued during the year in lieu of dividends1 | 37 | 5 |
At 31 March 2024 | 3,967 | 493 |
Rights Issue | 1,085 | 135 |
Issued during the year in lieu of dividends1 | 81 | 10 |
At 31 March 2025 | 5,133 | 638 |
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the\u00a0Company 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. |
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the\u00a0Company 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. |
Translation \u00a3m | Cash flow hedge \u00a3m | Cost of hedging \u00a3m | FVOCI debt \u00a3m | Capital redemption \u00a3m | Merger \u00a3m | Total \u00a3m | |
At 1 April 2022 | 594 | (85) | (29) | 103 | 19 | (5,165) | (4,563) |
Exchange adjustments1 | 882 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 882 |
Exchange differences reclassified to the consolidated income statement\u00a0on\u00a0disposal | (170) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (170) |
Net gains/(losses) taken to equity | \u2014 | 142 | (12) | (25) | \u2014 | \u2014 | 105 |
Share of net gains of associates taken to\u00a0equity | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Transferred to profit or loss | \u2014 | (136) | \u2014 | \u2014 | \u2014 | \u2014 | (136) |
Net gains in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | 10 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
Tax | \u2014 | 2 | 3 | 1 | \u2014 | \u2014 | 6 |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
At 1 April 2023 | 1,306 | (61) | (38) | 79 | 19 | (5,165) | (3,860) |
Exchange adjustments1 | (335) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (335) |
Net gains taken to equity | \u2014 | 16 | 37 | 34 | \u2014 | \u2014 | 87 |
Transferred to profit or loss | \u2014 | 224 | (11) | \u2014 | \u2014 | \u2014 | 213 |
Net losses in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | (37) | \u2014 | \u2014 | \u2014 | \u2014 | (37) |
Tax | \u2014 | (50) | (6) | (4) | \u2014 | \u2014 | (60) |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
At 1 April 2024 | 971 | 94 | (18) | 109 | 19 | (5,165) | (3,990) |
Exchange adjustments\u00b9 | (352) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (352) |
Net gains/(losses) taken to equity | \u2014 | 30 | (46) | (12) | \u2014 | \u2014 | (28) |
Transferred to profit or loss | \u2014 | 188 | (6) | \u2014 | \u2014 | \u2014 | 182 |
Rights Issue\u00b2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,704 | 6,704 |
Transfer to retained earnings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,704) | (6,704) |
Net losses in respect of cash flow hedging of\u00a0capital\u00a0expenditure | \u2014 | (16) | \u2014 | \u2014 | \u2014 | \u2014 | (16) |
Tax | \u2014 | (50) | 13 | 3 | \u2014 | \u2014 | (34) |
Cash flow hedges transferred to the statement of\u00a0financial position, net of tax | \u2014 | 5 | \u2014 | \u2014 | \u2014 | \u2014 | 5 |
At 31 March 2025 | 619 | 251 | (57) | 100 | 19 | (5,165) | (4,233) |
We define net debt as the amount of borrowings and financing derivatives less cash and current financial investments. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Cash and cash equivalents (see note 20) | 1,178 | 559 | 163 |
Current financial investments (see note 15) | 5,753 | 3,699 | 2,605 |
Borrowings (see note 21) | (47,539) | (47,072) | (42,985) |
Financing derivatives1 (see note 17) | (763) | (793) | (756) |
(41,371) | (43,607) | (40,973) |
Notes | Borrowings \u00a3m | Financing derivatives used to hedge\u00a0debt \u00a3m | Total liabilities from financing activities \u00a3m | Cash and cash equivalents \u00a3m | Financial investments \u00a3m | Other financing derivatives \u00a3m | Total1 \u00a3m | |
At 1 April 2024 | (47,072) | (764) | (47,836) | 559 | 3,699 | (29) | (43,607) | |
Net increase in cash and cash equivalents | \u2014 | \u2014 | \u2014 | 765 | \u2014 | \u2014 | 765 | |
Included within financing cash flows: | ||||||||
Proceeds received from loans | (3,237) | \u2014 | (3,237) | \u2014 | \u2014 | \u2014 | (3,237) | |
Repayment of loans | 2,861 | \u2014 | 2,861 | \u2014 | \u2014 | \u2014 | 2,861 | |
Payments of lease liabilities | 130 | \u2014 | 130 | \u2014 | \u2014 | \u2014 | 130 | |
Net movements in short-term borrowings | (925) | \u2014 | (925) | \u2014 | \u2014 | \u2014 | (925) | |
Cash inflows on derivatives | \u2014 | (62) | (62) | \u2014 | \u2014 | \u2014 | (62) | |
Cash outflows on derivatives | \u2014 | 106 | 106 | \u2014 | \u2014 | \u2014 | 106 | |
Interest paid | 1,608 | 312 | 1,920 | \u2014 | \u2014 | \u2014 | 1,920 | |
Non-net debt financing cash flows | (8) | \u2014 | (8) | \u2014 | \u2014 | \u2014 | (8) | |
Included within investing cash flows: | ||||||||
Net movements in short-term financial investments | \u2014 | \u2014 | \u2014 | \u2014 | 2,606 | \u2014 | 2,606 | |
Cash inflows on derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) | (11) | |
Cash outflows on derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 | 6 | |
Derivative cash flows included in capital expenditure | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9 | 9 | |
Interest received | \u2014 | \u2014 | \u2014 | \u2014 | (332) | \u2014 | (332) | |
Derivative cash flows included in revenue | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (8) | (8) | |
Fair value gains and losses | (26) | (30) | (56) | \u2014 | 1 | (7) | (62) | |
Foreign exchange movements | 866 | \u2014 | 866 | (23) | (25) | \u2014 | 818 | |
Interest (charges)/income | 6 | (1,663) | (295) | (1,958) | \u2014 | 338 | 10 | (1,610) |
Other non-cash movements | (207) | \u2014 | (207) | \u2014 | \u2014 | \u2014 | (207) | |
Reclassification to held for sale2 | 10 | 134 | \u2014 | 134 | (123) | (534) | \u2014 | (523) |
At 31 March 2025 | (47,539) | (733) | (48,272) | 1,178 | 5,753 | (30) | (41,371) | |
Balances at 31 March 2025 comprise: | ||||||||
Non-current assets | \u2014 | 340 | 340 | \u2014 | \u2014 | 16 | 356 | |
Current assets | \u2014 | 5 | 5 | 1,178 | 5,753 | 14 | 6,950 | |
Current liabilities | (4,662) | (347) | (5,009) | \u2014 | \u2014 | (8) | (5,017) | |
Non-current liabilities | (42,877) | (731) | (43,608) | \u2014 | \u2014 | (52) | (43,660) | |
(47,539) | (733) | (48,272) | 1,178 | 5,753 | (30) | (41,371) |
Notes | Borrowings \u00a3m | Financing derivatives used to hedge\u00a0debt \u00a3m | Total liabilities from financing activities \u00a3m | Cash and cash equivalents \u00a3m | Financial investments \u00a3m | Other financing derivatives \u00a3m | Total\u00b9 \u00a3m | |
At 1 April 2023 | (42,985) | (793) | (43,778) | 163 | 2,605 | 37 | (40,973) | |
Net increase in cash and cash equivalents | \u2014 | \u2014 | \u2014 | 427 | \u2014 | \u2014 | 427 | |
Included within financing cash flows: | ||||||||
Proceeds received from loans | (5,563) | \u2014 | (5,563) | \u2014 | \u2014 | \u2014 | (5,563) | |
Repayment of loans | 1,701 | \u2014 | 1,701 | \u2014 | \u2014 | \u2014 | 1,701 | |
Payments of lease liabilities | 118 | \u2014 | 118 | \u2014 | \u2014 | \u2014 | 118 | |
Net movements in short-term borrowings | (544) | \u2014 | (544) | \u2014 | \u2014 | \u2014 | (544) | |
Cash inflows on derivatives | \u2014 | (86) | (86) | \u2014 | \u2014 | \u2014 | (86) | |
Cash outflows on derivatives | \u2014 | 58 | 58 | \u2014 | \u2014 | \u2014 | 58 | |
Interest paid | 1,330 | 297 | 1,627 | \u2014 | \u2014 | \u2014 | 1,627 | |
Non-net debt financing cash flows | (18) | \u2014 | (18) | \u2014 | \u2014 | \u2014 | (18) | |
Included within investing cash flows: | ||||||||
Net movements in short-term financial investments | \u2014 | \u2014 | \u2014 | \u2014 | 1,141 | \u2014 | 1,141 | |
Cash inflows on derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (123) | (123) | |
Cash outflows on derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Derivative cash flows included in capital expenditure | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5 | 5 | |
Interest received | \u2014 | \u2014 | \u2014 | \u2014 | (148) | \u2014 | (148) | |
Derivative cash flows included in revenue | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) | (11) | |
Fair value gains and losses | (69) | 40 | (29) | \u2014 | 4 | 60 | 35 | |
Foreign exchange movements | 718 | \u2014 | 718 | (1) | (49) | \u2014 | 668 | |
Interest (charges)/income | 6 | (1,564) | (284) | (1,848) | \u2014 | 152 | 7 | (1,689) |
Other non-cash movements | (209) | 4 | (205) | \u2014 | \u2014 | (4) | (209) | |
Reclassification to held for sale2 | 13 | \u2014 | 13 | (30) | (6) | \u2014 | (23) | |
At 31 March 2024 | (47,072) | (764) | (47,836) | 559 | 3,699 | (29) | (43,607) |
Notes | Borrowings \u00a3m | Financing derivatives used to hedge\u00a0debt \u00a3m | Total liabilities from financing activities \u00a3m | Cash and cash equivalents1 \u00a3m | Financial investments \u00a3m | Other financing derivatives \u00a3m | Total2 \u00a3m | |
At 1 April 2022 | (45,465) | (750) | (46,215) | 204 | 3,145 | 57 | (42,809) | |
Net decrease in cash and cash equivalents | \u2014 | \u2014 | \u2014 | (48) | \u2014 | \u2014 | (48) | |
Included within financing cash flows: | ||||||||
Proceeds received from loans | (11,908) | \u2014 | (11,908) | \u2014 | \u2014 | \u2014 | (11,908) | |
Repayment of loans | 15,260 | \u2014 | 15,260 | \u2014 | \u2014 | \u2014 | 15,260 | |
Payments of lease liabilities | 155 | \u2014 | 155 | \u2014 | \u2014 | \u2014 | 155 | |
Net movements in short-term borrowings | 511 | \u2014 | 511 | \u2014 | \u2014 | \u2014 | 511 | |
Cash inflows on derivatives | \u2014 | (190) | (190) | \u2014 | \u2014 | \u2014 | (190) | |
Cash outflows on derivatives | \u2014 | 118 | 118 | \u2014 | \u2014 | \u2014 | 118 | |
Interest paid | 1,277 | 153 | 1,430 | \u2014 | \u2014 | \u2014 | 1,430 | |
Non-net debt financing cash flows | (27) | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (27) | |
Included within investing cash flows: | ||||||||
Net movements in short-term financial investments | \u2014 | \u2014 | \u2014 | \u2014 | (586) | \u2014 | (586) | |
Cash outflows on derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 362 | 362 | |
Derivative cash outflow in relation to capital expenditure | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 | 12 | |
Interest received | \u2014 | \u2014 | \u2014 | \u2014 | (65) | \u2014 | (65) | |
Fair value gains and losses | 367 | 46 | 413 | \u2014 | (18) | (394) | 1 | |
Foreign exchange movements | (1,311) | \u2014 | (1,311) | 7 | 61 | \u2014 | (1,243) | |
Interest (charges)/income | 6 | (1,658) | (170) | (1,828) | \u2014 | 73 | \u2014 | (1,755) |
Other non-cash movements | (283) | \u2014 | (283) | \u2014 | \u2014 | \u2014 | (283) | |
Reclassification to held for sale3 | 97 | \u2014 | 97 | \u2014 | (5) | \u2014 | 92 | |
At 31 March 2023 | (42,985) | (793) | (43,778) | 163 | 2,605 | 37 | (40,973) |
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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Future capital expenditure | ||
Contracted for but not provided | 5,017 | 3,329 |
Energy purchase commitments1 | ||
Less than 1 year | 1,265 | 1,244 |
In 1 to 2 years | 1,259 | 982 |
In 2 to 3 years | 1,147 | 1,062 |
In 3 to 4 years | 1,011 | 941 |
In 4 to 5 years | 927 | 866 |
More than 5 years | 8,271 | 9,080 |
13,880 | 14,175 | |
Guarantees | ||
Guarantee of subleases for US properties (expire up to 2037) | 66 | 67 |
Guarantees of certain obligations of Eastern Green Link Joint Operations (various\u00a0expiry dates) | 2,296 | 2,465 |
Guarantees of certain obligations of Grain LNG (expected expiry 2025) | 20 | 32 |
Guarantees of certain obligations of National Grid North Sea Link Limited (various\u00a0expiry\u00a0dates) | 251 | 271 |
Guarantees of certain obligations of St William Homes LLP (various\u00a0expiry\u00a0dates) | 25 | 44 |
Guarantees of certain obligations of National Grid IFA 2 Limited (various expiry dates) | 100 | 121 |
Guarantees of certain obligations of National Grid Viking Link Limited (expected\u00a0expiry 2025) | 60 | 243 |
Other guarantees and letters of credit (various expiry dates) | 334 | 123 |
3,152 | 3,366 |
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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Future capital expenditure | ||
Contracted for but not provided | 5,017 | 3,329 |
Energy purchase commitments1 | ||
Less than 1 year | 1,265 | 1,244 |
In 1 to 2 years | 1,259 | 982 |
In 2 to 3 years | 1,147 | 1,062 |
In 3 to 4 years | 1,011 | 941 |
In 4 to 5 years | 927 | 866 |
More than 5 years | 8,271 | 9,080 |
13,880 | 14,175 | |
Guarantees | ||
Guarantee of subleases for US properties (expire up to 2037) | 66 | 67 |
Guarantees of certain obligations of Eastern Green Link Joint Operations (various\u00a0expiry dates) | 2,296 | 2,465 |
Guarantees of certain obligations of Grain LNG (expected expiry 2025) | 20 | 32 |
Guarantees of certain obligations of National Grid North Sea Link Limited (various\u00a0expiry\u00a0dates) | 251 | 271 |
Guarantees of certain obligations of St William Homes LLP (various\u00a0expiry\u00a0dates) | 25 | 44 |
Guarantees of certain obligations of National Grid IFA 2 Limited (various expiry dates) | 100 | 121 |
Guarantees of certain obligations of National Grid Viking Link Limited (expected\u00a0expiry 2025) | 60 | 243 |
Other guarantees and letters of credit (various expiry dates) | 334 | 123 |
3,152 | 3,366 |
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. |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Future capital expenditure | ||
Contracted for but not provided | 5,017 | 3,329 |
Energy purchase commitments1 | ||
Less than 1 year | 1,265 | 1,244 |
In 1 to 2 years | 1,259 | 982 |
In 2 to 3 years | 1,147 | 1,062 |
In 3 to 4 years | 1,011 | 941 |
In 4 to 5 years | 927 | 866 |
More than 5 years | 8,271 | 9,080 |
13,880 | 14,175 | |
Guarantees | ||
Guarantee of subleases for US properties (expire up to 2037) | 66 | 67 |
Guarantees of certain obligations of Eastern Green Link Joint Operations (various\u00a0expiry dates) | 2,296 | 2,465 |
Guarantees of certain obligations of Grain LNG (expected expiry 2025) | 20 | 32 |
Guarantees of certain obligations of National Grid North Sea Link Limited (various\u00a0expiry\u00a0dates) | 251 | 271 |
Guarantees of certain obligations of St William Homes LLP (various\u00a0expiry\u00a0dates) | 25 | 44 |
Guarantees of certain obligations of National Grid IFA 2 Limited (various expiry dates) | 100 | 121 |
Guarantees of certain obligations of National Grid Viking Link Limited (expected\u00a0expiry 2025) | 60 | 243 |
Other guarantees and letters of credit (various expiry dates) | 334 | 123 |
3,152 | 3,366 |
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. |
2025 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | |
Sales: Goods and services supplied to joint ventures1 | 153 | 221 | 100 |
Sales: Goods and services supplied to associates | 1 | 1 | 1 |
Sales: Goods and services supplied to subsidiary of an associate1 | 51 | 70 | 6 |
Purchases: Goods and services received from joint ventures | \u2014 | 6 | \u2014 |
Purchases: Goods and services received from associates2 | 29 | 4 | 31 |
Purchases: Goods and services received from subsidiaries of an associate | \u2014 | 1 | \u2014 |
Interest received from joint ventures | 6 | \u2014 | \u2014 |
Interest paid to joint ventures | 2 | \u2014 | \u2014 |
Receivables from joint ventures3 | 323 | 80 | 58 |
Receivables from associates | 1 | \u2014 | \u2014 |
Receivables from subsidiaries of an associate | \u2014 | 8 | 8 |
Payables to joint ventures | 15 | \u2014 | 19 |
Payables to associates | \u2014 | 1 | 1 |
Dividends received from joint ventures4 | 62 | 152 | 150 |
Dividends received from associates5 | 39 | 117 | 32 |
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\u00a0commodity 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. |
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) | 2,818 | \u2014 | 2,114 | \u2014 |
Triple \u2018A\u2019 vehicles (AAA) | 500 | 453 | \u2014 | \u2014 |
Triple \u2018A\u2019 range institutions and non-G7 sovereign entities (AAA) | 2,562 | \u2014 | 1,922 | \u2014 |
Double \u2018A+\u2019 G7 sovereign entities (AA+) | 2,562 | \u2014 | 1,922 | \u2014 |
Double \u2018A\u2019 range institutions (AA) | 1,537 to 2,050 | 0 to 337 | 1,153 to 1,537 | 0 to 325 |
Single \u2018A\u2019 range institutions (A) | 512 to 1,025 | 0 to 617 | 384 to 769 | 0 to 375 |
Related amounts available to be offset but not offset in statement of financial position | ||||||||
At 31 March 2025 | 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 | 375 | \u2014 | 375 | (296) | (12) | 67 | ||
Commodity contract derivatives | 107 | \u2014 | 107 | (20) | \u2014 | 87 | ||
482 | \u2014 | 482 | (316) | (12) | 154 | |||
Liabilities | ||||||||
Financing derivatives | (1,138) | \u2014 | (1,138) | 296 | 462 | (380) | ||
Commodity contract derivatives | (64) | \u2014 | (64) | 20 | (7) | (51) | ||
(1,202) | \u2014 | (1,202) | 316 | 455 | (431) | |||
(720) | \u2014 | (720) | \u2014 | 443 | (277) |
Related amounts available to be offset but not offset in statement of financial position | ||||||||
At 31 March 2024 | 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 | 333 | \u2014 | 333 | (246) | (28) | 59 | ||
Commodity contract derivatives | 35 | \u2014 | 35 | (27) | \u2014 | 8 | ||
368 | \u2014 | 368 | (273) | (28) | 67 | |||
Liabilities | ||||||||
Financing derivatives | (1,126) | \u2014 | (1,126) | 246 | 441 | (439) | ||
Commodity contract derivatives | (118) | \u2014 | (118) | 27 | 11 | (80) | ||
(1,244) | \u2014 | (1,244) | 273 | 452 | (519) | |||
(876) | \u2014 | (876) | \u2014 | 424 | (452) |
At 31 March 2025 | 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 | (4,111) | (3,159) | (2,404) | (36,381) | (46,055) |
Interest payments on borrowings1 | (1,552) | (1,497) | (1,397) | (16,707) | (21,153) |
Lease liabilities | (143) | (131) | (117) | (671) | (1,062) |
Other non-interest-bearing liabilities | (3,908) | (467) | \u2014 | \u2014 | (4,375) |
Derivative financial liabilities | |||||
Financing derivatives \u2013 receipts2 | 4,236 | 3,179 | 4,710 | 2,822 | 14,947 |
Financing derivatives \u2013 payments2 | (4,777) | (3,514) | (5,072) | (3,380) | (16,743) |
Commodity contract derivatives \u2013 receipts2 | 9 | 5 | 1 | \u2014 | 15 |
Commodity contract derivatives \u2013 payments2 | (67) | (36) | (29) | (43) | (175) |
Derivative financial assets | |||||
Financing derivatives \u2013 receipts2 | 1,907 | 4,032 | 2,598 | 1,460 | 9,997 |
Financing derivatives \u2013 payments2 | (1,897) | (3,970) | (2,467) | (1,369) | (9,703) |
Commodity contract derivatives \u2013 receipts2 | 84 | 8 | \u2014 | \u2014 | 92 |
Commodity contract derivatives \u2013 payments2 | (16) | (6) | (3) | \u2014 | (25) |
(10,235) | (5,556) | (4,180) | (54,269) | (74,240) |
At 31 March 2024 | 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 | (4,480) | (2,627) | (3,036) | (35,243) | (45,386) |
Interest payments on borrowings1 | (1,505) | (1,442) | (1,386) | (17,247) | (21,580) |
Lease liabilities | (133) | (118) | (97) | (662) | (1,010) |
Other non-interest-bearing liabilities | (3,715) | (458) | \u2014 | \u2014 | (4,173) |
Derivative financial liabilities | |||||
Financing derivatives \u2013 receipts2 | 5,583 | 2,993 | 2,672 | 5,246 | 16,494 |
Financing derivatives \u2013 payments2 | (6,068) | (3,496) | (2,909) | (5,756) | (18,229) |
Commodity contract derivatives \u2013 receipts2 | 8 | 3 | \u2014 | \u2014 | 11 |
Commodity contract derivatives \u2013 payments2 | (79) | (24) | (7) | \u2014 | (110) |
Derivative financial assets | |||||
Financing derivatives \u2013 receipts2 | 1,927 | 311 | 3,993 | 2,485 | 8,716 |
Financing derivatives \u2013 payments2 | (1,884) | (312) | (3,935) | (2,305) | (8,436) |
Commodity contract derivatives \u2013 receipts2 | 23 | 8 | 1 | \u2014 | 32 |
Commodity contract derivatives \u2013 payments2 | (9) | (5) | (1) | \u2014 | (15) |
(10,332) | (5,167) | (4,705) | (53,482) | (73,686) |
2025 | 2024 | ||||||||||
Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | ||
Cash and cash equivalents | 1,047 | \u2014 | 131 | \u2014 | 1,178 | 402 | \u2014 | 157 | \u2014 | 559 | |
Financial investments | 5,129 | \u2014 | 624 | \u2014 | 5,753 | 1,514 | \u2014 | 2,185 | \u2014 | 3,699 | |
Borrowings | (13,913) | (12,968) | (19,217) | (1,441) | (47,539) | (14,498) | (11,936) | (18,938) | (1,700) | (47,072) | |
Pre-derivative position | (7,737) | (12,968) | (18,462) | (1,441) | (40,608) | (12,582) | (11,936) | (16,596) | (1,700) | (42,814) | |
Derivative effect | (8,539) | 13,886 | (7,755) | 1,645 | (763) | (9,102) | 12,976 | (6,625) | 1,958 | (793) | |
Net debt position | (16,276) | 918 | (26,217) | 204 | (41,371) | (21,684) | 1,040 | (23,221) | 258 | (43,607) |
2025 | 2024 | ||||||||||
Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | ||
Trade and other receivables | 424 | \u2014 | 2,272 | \u2014 | 2,696 | 280 | \u2014 | 1,878 | \u2014 | 2,158 | |
Trade and other payables | (1,359) | \u2014 | (2,549) | \u2014 | (3,908) | (1,330) | \u2014 | (2,385) | \u2014 | (3,715) | |
Other non-current liabilities | (171) | \u2014 | (296) | \u2014 | (467) | (169) | \u2014 | (289) | \u2014 | (458) |
2025 | 2024 | ||||||||||
Fixed rate \u00a3m | Floating rate \u00a3m | Inflation linked \u00a3m | Other1 \u00a3m | Total \u00a3m | Fixed rate \u00a3m | Floating rate \u00a3m | Inflation linked \u00a3m | Other1 \u00a3m | Total \u00a3m | ||
Cash and cash equivalents | 131 | 1,047 | \u2014 | \u2014 | 1,178 | 157 | 402 | \u2014 | \u2014 | 559 | |
Financial investments | \u2014 | 5,719 | \u2014 | 34 | 5,753 | \u2014 | 3,640 | \u2014 | 59 | 3,699 | |
Borrowings\u00b2 | (39,847) | (3,061) | (4,631) | \u2014 | (47,539) | (39,948) | (2,378) | (4,746) | \u2014 | (47,072) | |
Pre-derivative position | (39,716) | 3,705 | (4,631) | 34 | (40,608) | (39,791) | 1,664 | (4,746) | 59 | (42,814) | |
Derivative effect | 3,841 | (4,540) | (64) | \u2014 | (763) | 5,034 | (5,763) | (64) | \u2014 | (793) | |
Net debt position | (35,875) | (835) | (4,695) | 34 | (41,371) | (34,757) | (4,099) | (4,810) | 59 | (43,607) |
Year ended 31 March 2025 | Fair value hedges of foreign currency and/or interest rate risk \u00a3m | Cash flow hedges of foreign currency and/or 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 | 26 | (12) | \u2014 |
Cost\u00a0of\u00a0hedging | (14) | (36) | \u2014 | 4 |
Net investment hedges | \u2014 | \u2014 | \u2014 | 56 |
Transferred to profit or loss in respect of: | ||||
Cash flow hedges | \u2014 | 182 | 6 | \u2014 |
Cost of hedging | 1 | (3) | \u2014 | (4) |
Consolidated statement of changes in equity | ||||
Other equity reserves \u2013 cost of hedging balances | (24) | (54) | \u2014 | 3 |
Consolidated statement of financial position | ||||
Borrowings \u2013 carrying value of hedging instruments | ||||
Liabilities \u2013 non-current | \u2014 | \u2014 | \u2014 | (1,734) |
Derivatives \u2013 carrying value of hedging instruments1 | ||||
Assets \u2013 current | \u2014 | 1 | 3 | 6 |
Assets \u2013 non-current | 32 | 194 | 1 | \u2014 |
Liabilities \u2013 current | (253) | (50) | (6) | (2) |
Liabilities \u2013 non-current | (397) | (183) | (41) | (1) |
Profiles of the significant timing, price and rate information of hedging instruments | ||||
Maturity range | Jan 2026 \u2013 Sep 2044 | Jun 2025 \u2013 Nov 2040 | Apr 2025 \u2013 Jun 2031 | Apr 2025 \u2013 Jan 2034 |
Spot foreign exchange range: | ||||
GBP:USD | n/a | 1.30 \u2013 1.66 | 1.25 \u2013 1.30 | 1.26 \u2013 1.29 |
GBP:EUR | 1.11 \u2013 1.24 | 1.08 \u2013 1.19 | 1.11 \u2013 1.21 | 1.19 \u2013 1.21 |
EUR:USD | 1.05 \u2013 1.15 | 1.06 \u2013 1.15 | n/a | n/a |
Interest rate range: | ||||
GBP | SONIA -260 bps/+374bps | 0.976% \u2013 7.410% | n/a | n/a |
USD | SOFR +83bps/+ 223bps | 2.095% \u2013 5.989% | n/a | n/a |
Year ended 31 March 2024 | Fair value hedges of foreign currency and/or interest rate risk \u00a3m | Cash flow hedges of foreign currency and/or 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 | 5 | (26) | \u2014 |
Cost\u00a0of\u00a0hedging | \u2014 | (1) | \u2014 | 38 |
Net investment hedges | \u2014 | \u2014 | \u2014 | 62 |
Transferred to profit or loss in respect of: | ||||
Cash flow hedges | \u2014 | 220 | 4 | \u2014 |
Cost of hedging | 1 | (4) | \u2014 | (8) |
Consolidated statement of changes in equity | ||||
Other equity reserves \u2013 cost of hedging balances | (11) | (16) | \u2014 | 3 |
Consolidated statement of financial position | ||||
Borrowings \u2013 carrying value of hedging instruments | ||||
Liabilities \u2013 non-current | \u2014 | \u2014 | \u2014 | (1,768) |
Derivatives \u2013 carrying value of hedging instruments1 | ||||
Assets \u2013 current | \u2014 | \u2014 | 5 | 11 |
Assets \u2013 non-current | 33 | 161 | 1 | \u2014 |
Liabilities \u2013 current | (96) | (112) | (4) | (8) |
Liabilities \u2013 non-current | (499) | (164) | (32) | \u2014 |
Profiles of the significant timing, price and rate information of hedging instruments | ||||
Maturity range | Jul 2024 \u2013 Sep 2044 | Jul 2024 \u2013 Nov 2040 | Apr 2024 \u2013 Feb 2030 | Apr 2024 \u2013 Jan 2034 |
Spot foreign exchange range: | ||||
GBP:USD | n/a | 1.30 \u2013 1.66 | 1.23 \u2013 1.27 | 1.22 \u2013 1.29 |
GBP:EUR | 1.11 \u2013 1.24 | 1.08 \u2013 1.19 | 1.11 \u2013 1.18 | 1.17 \u2013 1.17 |
EUR:USD | 1.07 \u2013 1.15 | 1.07 \u2013 1.15 | n/a | n/a |
Interest rate range: | ||||
GBP | SONIA +56 bps/+374bps | 0.976% \u2013 7.410% | n/a | n/a |
USD | SOFR +83 bps/+ 223 bps | 2.095% \u2013 5.989% | n/a | n/a |
As at 31 March 2025 | Balance of fair value hedge adjustments in\u00a0borrowings | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 borrowings1 | (6,767) | 756 | (25) | 106 | (94) | 12 |
As at 31 March 2024 | Balance of fair value hedge adjustments in\u00a0borrowings | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 borrowings1 | (5,096) | 720 | (35) | 40 | (22) | 18 |
As at 31 March 2025 | Balance in cash flow hedge reserve | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 and forecast cash flows | (14,769) | 376 | \u2014 | (33) | 27 | (6) | |||
Foreign currency risk on forecast cash flows | (1,907) | (43) | \u2014 | 12 | (12) | \u2014 |
As at 31 March 2024 | Balance in cash flow hedge reserve | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 and forecast cash flows | (9,892) | 154 | \u2014 | (18) | 3 | (15) | |||
Foreign currency risk on forecast cash flows | (2,039) | (31) | \u2014 | 28 | (28) | \u2014 |
As at 31 March 2025 | Balance in translation reserve | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 | (2,641) | 55 | (2,523) | (56) | 56 | \u2014 |
As at 31 March 2024 | Balance in translation reserve | Change in value used for calculating\u00a0ineffectiveness | |||||||
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 | (2,999) | 40 | (2,564) | (62) | 62 | \u2014 |
2025 | 2024 | ||||||||
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 | 5,156 | \u2014 | 407 | 5,563 | 3,084 | \u2014 | 483 | 3,567 | |
Investments held at FVOCI1 | \u2014 | 384 | \u2014 | 384 | \u2014 | 397 | \u2014 | 397 | |
Financing derivatives | \u2014 | 344 | 31 | 375 | \u2014 | 293 | 40 | 333 | |
Commodity contract derivatives | \u2014 | 102 | 5 | 107 | \u2014 | 35 | \u2014 | 35 | |
5,156 | 830 | 443 | 6,429 | 3,084 | 725 | 523 | 4,332 | ||
Liabilities | |||||||||
Financing derivatives | \u2014 | (1,043) | (95) | (1,138) | \u2014 | (1,022) | (104) | (1,126) | |
Commodity contract derivatives | \u2014 | (39) | (25) | (64) | \u2014 | (105) | (13) | (118) | |
\u2014 | (1,082) | (120) | (1,202) | \u2014 | (1,127) | (117) | (1,244) | ||
5,156 | (252) | 323 | 5,227 | 3,084 | (402) | 406 | 3,088 |
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\u00a0inactive 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\u00a0data. |
Financing derivatives | Commodity contract derivatives | Other3 | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
At 1 April | (64) | (100) | (13) | (36) | 483 | 433 | 406 | 297 | |||
Net gains/(losses) for the year1,2 | \u2014 | 36 | (41) | \u2014 | (77) | 6 | (118) | 42 | |||
Purchases | \u2014 | \u2014 | \u2014 | (16) | 45 | 35 | 45 | 19 | |||
Settlements | \u2014 | \u2014 | 25 | 39 | (44) | 9 | (19) | 48 | |||
Reclassifications/transfers out of Level 3\u2074 | \u2014 | \u2014 | 9 | \u2014 | \u2014 | \u2014 | 9 | \u2014 | |||
At 31 March | (64) | (64) | (20) | (13) | 407 | 483 | 323 | 406 |
Financing derivatives | Commodity contract derivatives | Other3 | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
10% increase in commodity prices1 | \u2014 | \u2014 | 8 | 4 | \u2014 | \u2014 | ||
10% decrease in commodity prices1 | \u2014 | \u2014 | (7) | (4) | \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 | (33) | (41) | \u2014 | \u2014 | \u2014 | \u2014 | ||
-20 basis points change in LPI market curve\u00b2 | 33 | 41 | \u2014 | \u2014 | \u2014 | \u2014 | ||
+20 basis points increase between RPI and\u00a0Consumer\u00a0Price\u00a0Index (CPI) | 31 | 37 | \u2014 | \u2014 | \u2014 | \u2014 | ||
-20 basis points decrease between RPI and CPI | (29) | (34) | \u2014 | \u2014 | \u2014 | \u2014 | ||
+100 basis points change in discount rate | \u2014 | \u2014 | \u2014 | \u2014 | (6) | (7) | ||
-100 basis points change in discount rate | \u2014 | \u2014 | \u2014 | \u2014 | 7 | 9 | ||
+10% change in venture capital price | \u2014 | \u2014 | \u2014 | \u2014 | 26 | 28 | ||
-10% change in venture capital price | \u2014 | \u2014 | \u2014 | \u2014 | (26) | (28) |
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\u00a0commodity 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. |
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) | 2,818 | \u2014 | 2,114 | \u2014 |
Triple \u2018A\u2019 vehicles (AAA) | 500 | 453 | \u2014 | \u2014 |
Triple \u2018A\u2019 range institutions and non-G7 sovereign entities (AAA) | 2,562 | \u2014 | 1,922 | \u2014 |
Double \u2018A+\u2019 G7 sovereign entities (AA+) | 2,562 | \u2014 | 1,922 | \u2014 |
Double \u2018A\u2019 range institutions (AA) | 1,537 to 2,050 | 0 to 337 | 1,153 to 1,537 | 0 to 325 |
Single \u2018A\u2019 range institutions (A) | 512 to 1,025 | 0 to 617 | 384 to 769 | 0 to 375 |
Related amounts available to be offset but not offset in statement of financial position | ||||||||
At 31 March 2025 | 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 | 375 | \u2014 | 375 | (296) | (12) | 67 | ||
Commodity contract derivatives | 107 | \u2014 | 107 | (20) | \u2014 | 87 | ||
482 | \u2014 | 482 | (316) | (12) | 154 | |||
Liabilities | ||||||||
Financing derivatives | (1,138) | \u2014 | (1,138) | 296 | 462 | (380) | ||
Commodity contract derivatives | (64) | \u2014 | (64) | 20 | (7) | (51) | ||
(1,202) | \u2014 | (1,202) | 316 | 455 | (431) | |||
(720) | \u2014 | (720) | \u2014 | 443 | (277) |
Related amounts available to be offset but not offset in statement of financial position | ||||||||
At 31 March 2024 | 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 | 333 | \u2014 | 333 | (246) | (28) | 59 | ||
Commodity contract derivatives | 35 | \u2014 | 35 | (27) | \u2014 | 8 | ||
368 | \u2014 | 368 | (273) | (28) | 67 | |||
Liabilities | ||||||||
Financing derivatives | (1,126) | \u2014 | (1,126) | 246 | 441 | (439) | ||
Commodity contract derivatives | (118) | \u2014 | (118) | 27 | 11 | (80) | ||
(1,244) | \u2014 | (1,244) | 273 | 452 | (519) | |||
(876) | \u2014 | (876) | \u2014 | 424 | (452) |
At 31 March 2025 | 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 | (4,111) | (3,159) | (2,404) | (36,381) | (46,055) |
Interest payments on borrowings1 | (1,552) | (1,497) | (1,397) | (16,707) | (21,153) |
Lease liabilities | (143) | (131) | (117) | (671) | (1,062) |
Other non-interest-bearing liabilities | (3,908) | (467) | \u2014 | \u2014 | (4,375) |
Derivative financial liabilities | |||||
Financing derivatives \u2013 receipts2 | 4,236 | 3,179 | 4,710 | 2,822 | 14,947 |
Financing derivatives \u2013 payments2 | (4,777) | (3,514) | (5,072) | (3,380) | (16,743) |
Commodity contract derivatives \u2013 receipts2 | 9 | 5 | 1 | \u2014 | 15 |
Commodity contract derivatives \u2013 payments2 | (67) | (36) | (29) | (43) | (175) |
Derivative financial assets | |||||
Financing derivatives \u2013 receipts2 | 1,907 | 4,032 | 2,598 | 1,460 | 9,997 |
Financing derivatives \u2013 payments2 | (1,897) | (3,970) | (2,467) | (1,369) | (9,703) |
Commodity contract derivatives \u2013 receipts2 | 84 | 8 | \u2014 | \u2014 | 92 |
Commodity contract derivatives \u2013 payments2 | (16) | (6) | (3) | \u2014 | (25) |
(10,235) | (5,556) | (4,180) | (54,269) | (74,240) |
At 31 March 2024 | 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 | (4,480) | (2,627) | (3,036) | (35,243) | (45,386) |
Interest payments on borrowings1 | (1,505) | (1,442) | (1,386) | (17,247) | (21,580) |
Lease liabilities | (133) | (118) | (97) | (662) | (1,010) |
Other non-interest-bearing liabilities | (3,715) | (458) | \u2014 | \u2014 | (4,173) |
Derivative financial liabilities | |||||
Financing derivatives \u2013 receipts2 | 5,583 | 2,993 | 2,672 | 5,246 | 16,494 |
Financing derivatives \u2013 payments2 | (6,068) | (3,496) | (2,909) | (5,756) | (18,229) |
Commodity contract derivatives \u2013 receipts2 | 8 | 3 | \u2014 | \u2014 | 11 |
Commodity contract derivatives \u2013 payments2 | (79) | (24) | (7) | \u2014 | (110) |
Derivative financial assets | |||||
Financing derivatives \u2013 receipts2 | 1,927 | 311 | 3,993 | 2,485 | 8,716 |
Financing derivatives \u2013 payments2 | (1,884) | (312) | (3,935) | (2,305) | (8,436) |
Commodity contract derivatives \u2013 receipts2 | 23 | 8 | 1 | \u2014 | 32 |
Commodity contract derivatives \u2013 payments2 | (9) | (5) | (1) | \u2014 | (15) |
(10,332) | (5,167) | (4,705) | (53,482) | (73,686) |
2025 | 2024 | ||||||||||
Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | ||
Cash and cash equivalents | 1,047 | \u2014 | 131 | \u2014 | 1,178 | 402 | \u2014 | 157 | \u2014 | 559 | |
Financial investments | 5,129 | \u2014 | 624 | \u2014 | 5,753 | 1,514 | \u2014 | 2,185 | \u2014 | 3,699 | |
Borrowings | (13,913) | (12,968) | (19,217) | (1,441) | (47,539) | (14,498) | (11,936) | (18,938) | (1,700) | (47,072) | |
Pre-derivative position | (7,737) | (12,968) | (18,462) | (1,441) | (40,608) | (12,582) | (11,936) | (16,596) | (1,700) | (42,814) | |
Derivative effect | (8,539) | 13,886 | (7,755) | 1,645 | (763) | (9,102) | 12,976 | (6,625) | 1,958 | (793) | |
Net debt position | (16,276) | 918 | (26,217) | 204 | (41,371) | (21,684) | 1,040 | (23,221) | 258 | (43,607) |
2025 | 2024 | ||||||||||
Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | Sterling \u00a3m | Euro \u00a3m | Dollar \u00a3m | Other \u00a3m | Total \u00a3m | ||
Trade and other receivables | 424 | \u2014 | 2,272 | \u2014 | 2,696 | 280 | \u2014 | 1,878 | \u2014 | 2,158 | |
Trade and other payables | (1,359) | \u2014 | (2,549) | \u2014 | (3,908) | (1,330) | \u2014 | (2,385) | \u2014 | (3,715) | |
Other non-current liabilities | (171) | \u2014 | (296) | \u2014 | (467) | (169) | \u2014 | (289) | \u2014 | (458) |
2025 | 2024 | ||||||||||
Fixed rate \u00a3m | Floating rate \u00a3m | Inflation linked \u00a3m | Other1 \u00a3m | Total \u00a3m | Fixed rate \u00a3m | Floating rate \u00a3m | Inflation linked \u00a3m | Other1 \u00a3m | Total \u00a3m | ||
Cash and cash equivalents | 131 | 1,047 | \u2014 | \u2014 | 1,178 | 157 | 402 | \u2014 | \u2014 | 559 | |
Financial investments | \u2014 | 5,719 | \u2014 | 34 | 5,753 | \u2014 | 3,640 | \u2014 | 59 | 3,699 | |
Borrowings\u00b2 | (39,847) | (3,061) | (4,631) | \u2014 | (47,539) | (39,948) | (2,378) | (4,746) | \u2014 | (47,072) | |
Pre-derivative position | (39,716) | 3,705 | (4,631) | 34 | (40,608) | (39,791) | 1,664 | (4,746) | 59 | (42,814) | |
Derivative effect | 3,841 | (4,540) | (64) | \u2014 | (763) | 5,034 | (5,763) | (64) | \u2014 | (793) | |
Net debt position | (35,875) | (835) | (4,695) | 34 | (41,371) | (34,757) | (4,099) | (4,810) | 59 | (43,607) |
2025 | 2024 | ||||||||
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 | 5,156 | \u2014 | 407 | 5,563 | 3,084 | \u2014 | 483 | 3,567 | |
Investments held at FVOCI1 | \u2014 | 384 | \u2014 | 384 | \u2014 | 397 | \u2014 | 397 | |
Financing derivatives | \u2014 | 344 | 31 | 375 | \u2014 | 293 | 40 | 333 | |
Commodity contract derivatives | \u2014 | 102 | 5 | 107 | \u2014 | 35 | \u2014 | 35 | |
5,156 | 830 | 443 | 6,429 | 3,084 | 725 | 523 | 4,332 | ||
Liabilities | |||||||||
Financing derivatives | \u2014 | (1,043) | (95) | (1,138) | \u2014 | (1,022) | (104) | (1,126) | |
Commodity contract derivatives | \u2014 | (39) | (25) | (64) | \u2014 | (105) | (13) | (118) | |
\u2014 | (1,082) | (120) | (1,202) | \u2014 | (1,127) | (117) | (1,244) | ||
5,156 | (252) | 323 | 5,227 | 3,084 | (402) | 406 | 3,088 |
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\u00a0inactive 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\u00a0data. |
Financing derivatives | Commodity contract derivatives | Other3 | Total | ||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
At 1 April | (64) | (100) | (13) | (36) | 483 | 433 | 406 | 297 | |||
Net gains/(losses) for the year1,2 | \u2014 | 36 | (41) | \u2014 | (77) | 6 | (118) | 42 | |||
Purchases | \u2014 | \u2014 | \u2014 | (16) | 45 | 35 | 45 | 19 | |||
Settlements | \u2014 | \u2014 | 25 | 39 | (44) | 9 | (19) | 48 | |||
Reclassifications/transfers out of Level 3\u2074 | \u2014 | \u2014 | 9 | \u2014 | \u2014 | \u2014 | 9 | \u2014 | |||
At 31 March | (64) | (64) | (20) | (13) | 407 | 483 | 323 | 406 |
Financing derivatives | Commodity contract derivatives | Other3 | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
10% increase in commodity prices1 | \u2014 | \u2014 | 8 | 4 | \u2014 | \u2014 | ||
10% decrease in commodity prices1 | \u2014 | \u2014 | (7) | (4) | \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 | (33) | (41) | \u2014 | \u2014 | \u2014 | \u2014 | ||
-20 basis points change in LPI market curve\u00b2 | 33 | 41 | \u2014 | \u2014 | \u2014 | \u2014 | ||
+20 basis points increase between RPI and\u00a0Consumer\u00a0Price\u00a0Index (CPI) | 31 | 37 | \u2014 | \u2014 | \u2014 | \u2014 | ||
-20 basis points decrease between RPI and CPI | (29) | (34) | \u2014 | \u2014 | \u2014 | \u2014 | ||
+100 basis points change in discount rate | \u2014 | \u2014 | \u2014 | \u2014 | (6) | (7) | ||
-100 basis points change in discount rate | \u2014 | \u2014 | \u2014 | \u2014 | 7 | 9 | ||
+10% change in venture capital price | \u2014 | \u2014 | \u2014 | \u2014 | 26 | 28 | ||
-10% change in venture capital price | \u2014 | \u2014 | \u2014 | \u2014 | (26) | (28) |
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\u00a0of\u00a0different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well\u00a0as regulatory requirements to have certain activities within separate legal entities. |
Birch Sites Limited |
Carbon Sentinel Limited |
Central Networks Trustees Limited1 |
Icelink Interconnector Limited |
Kelston Properties 2 Limited1 |
Lattice Group Limited |
NatgridTW1 Limited |
National Grid (US) Holdings Limited2 |
National Grid (US) Investments 4 Limited2 |
National Grid (US) Partner 1 Limited2 |
National Grid Carbon Limited |
National Grid Commercial Holdings Limited |
National Grid Continental Limited |
National Grid Distributed Energy Limited |
National Grid Electricity Distribution (East Midlands) plc1 |
National Grid Electricity Distribution (South Wales) plc1 |
National Grid Electricity Distribution (South West) plc1 |
National Grid Electricity Distribution (West Midlands) plc1 |
National Grid Electricity Distribution Generation Limited1 |
National Grid Electricity Distribution Holdings Limited1 |
National Grid Electricity Distribution Investments Limited1 |
National Grid Electricity Distribution Midlands Limited1 |
National Grid Electricity Distribution Network Holdings Limited1 |
National Grid Electricity Distribution plc1 |
National Grid Electricity Distribution Property Investments Limited1 |
National Grid Electricity Group Trustee Limited |
National Grid Electricity Transmission plc |
National Grid Energy Metering Limited |
National Grid Grain LNG Limited |
National Grid Helicopters Limited1 |
National Grid Holdings Limited2 |
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 Limited2 |
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 Telecoms Limited1 |
National Grid Twelve Limited |
National Grid Twenty Eight Limited |
National Grid Twenty Seven Limited |
National Grid UK Limited |
National Grid Ventures Limited |
National Grid Viking Link Limited |
National Grid William Limited |
NG Nominees Limited*2,3 |
NGC Employee Shares Trustee Limited |
NGG Finance plc |
Ngrid Intellectual Property Limited |
Port Greenwich Limited |
Sheet Road Management Company Limited (51%)4 |
South Wales Electricity Share Scheme Trustees Limited1 |
Thamesport Interchange Limited |
The National Grid Group Quest Trustee Company Limited*3 |
Warwick Technology Park Management Company (No 2) Limited (60.56%) 5 |
Western Power Pension Trustee Limited1 |
WPD WEM Holdings Limited1 |
WPD WEM Limited1 |
Apple River Solar, LLC |
Apple River Storage, LLC |
Armenia Solar, LLC |
Bazile Creek Wind Farm, LLC |
Bee Hollow Solar, LLC |
Belle Plaine Solar, LLC |
Blue Ridge Wind, LLC |
Blue Spring Solar, LLC |
Blues Solar, LLC |
Boone Solar, LLC |
Boston Gas Company1 |
Brock Solar, LLC |
Broken Bridge Corp.2 |
Brook Trout Solar, LLC |
Burley Solar, LLC |
Burr Ridge Wind, LLC |
Cage Ranch Solar II, LLC |
Cage Ranch Solar III, LLC |
Cage Ranch Solar, LLC |
Caldwell Solar II, LLC |
Caldwell Solar, LLC |
Camp Creek Wind Farm, LLC |
Carnation Solar, LLC |
Cattle Ridge Wind Farm 2, LLC |
Cedar Grove Solar, LLC |
Charter Oak Solar, LLC |
Charter Oak Storage, LLC |
Clay Boswell Solar, LLC |
Clermont Solar, LLC |
Coles Solar, LLC |
Compass Prairie Wind, LLC |
Conestoga Wind, LLC |
Creekview Solar, LLC |
Crocker Wind Farm 2, LLC |
Dakota Hills Wind Farm, LLC |
Deatsville Solar, LLC |
Donnellson Solar, LLC |
Doorstep Community LLC3 |
Eldena Solar, LLC |
Elk Creek Solar 2, LLC |
Elk Creek Solar, LLC |
EUA Energy Investment Corporation1 |
Exie Solar, LLC |
Firstview Wind Farm, LLC |
Fort Solar, LLC |
Front Range Wind Farm, LLC |
Galaxy Solar 2, LLC |
Galaxy Solar, LLC |
Golden Solar, LLC |
Goldenrod Wind Farm, LLC |
Goldfinch Solar, LLC |
Granite Rock Wind Farm, LLC4 |
Granite State Power Link LLC3 |
Grant Solar 2, LLC |
Grant Solar, LLC |
Grayson Solar, LLC |
Grazing Hills Wind Farm, LLC |
Greenbrier Creek Solar, LLC |
Greenwood Solar, LLC |
Grid NY LLC6 |
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 |
Honeybee Solar, LLC |
Hoosier Solar, LLC |
Illumination Solar, LLC |
Itasca Energy Development, LLC4 |
Itasca Energy Services, LLC |
Jack Rabbit Wind, LLC |
Jackson County Solar, LLC |
KeySpan CI Midstream Limited3 |
KeySpan Energy Corporation6 |
KeySpan Energy Services Inc.3 |
KeySpan Gas East Corporation6 |
KeySpan International Corporation3 |
KeySpan MHK, Inc.3 |
KeySpan Midstream, Inc.3 |
KeySpan Plumbing Solutions, Inc.6 |
Kit Carson Wind, LLC |
Kit Fox Storage, LLC |
Knox Solar, LLC |
Kota Storage, LLC |
KSI Contracting, LLC3 |
KSI Electrical, LLC3 |
KSI Mechanical, LLC3 |
Lake Charlotte Solar, LLC |
Lakeside Solar, LLC |
Land Management & Development, Inc.6 |
Landwest, Inc.6 |
Lansing Solar, LLC |
Las Moras Storage, LLC |
Leola Wind Farm, LLC |
Liberty Solar, LLC |
Lime Creek Wind, LLC |
Livingston County Solar, LLC |
Long Mount Storage, LLC |
Lordsburg Solar, LLC |
Louisa Solar, LLC |
Lowlands Solar, LLC |
Lydia Solar, LLC |
Massachusetts Electric Company1 |
Maverick Wind Farm, LLC |
Meadowlands Solar, LLC |
Mentha Solar, LLC |
Metrowest Realty LLC3 |
Millers Ferry Solar, LLC |
Morgan County Solar, LLC |
Morning Glory Solar, LLC4 |
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 LLC6 |
National Grid Energy Trading Services LLC6 |
National Grid Engineering & Survey Inc.6 |
National Grid Generation LLC6 |
National Grid Generation Ventures LLC6 |
National Grid Glenwood Energy Center LLC3 |
National Grid IGTS Corp.6 |
National Grid Insurance USA Ltd8 |
National Grid LNG LLC3 |
National Grid NE Holdings 2 LLC1 |
National Grid North America Inc.3 |
National Grid Partners Inc.6 |
National Grid Partners LLC3 |
National Grid Port Jefferson Energy Center LLC3 |
National Grid Renewables Development, LLC |
National Grid Renewables E Wind, LLC9 |
National Grid Renewables Operations, LLC |
National Grid Renewables Projects, LLC4 |
National Grid Renewables Stutsman, LLC |
National Grid Renewables, LLC3 |
National Grid Services Inc.3 |
National Grid US LLC3 |
National Grid USA Service Company, Inc.1 |
National Grid USA3 |
NEES Energy, Inc.1 |
New England Electric Transmission Corporation2 |
New England Energy Incorporated1 |
New England Hydro Finance Company, Inc. (53.704%) 1 |
New England Hydro-Transmission Corporation (53.704%) 2 |
New England Hydro-Transmission Electric Company, Inc. (53.704%)1 |
New England Power Company1 |
Newport America Corporation10 |
Newton Solar, LLC |
NG Renewables Energy Marketing, LLC |
NG Renewables Energy Services, LLC |
NG Renewables Remote Operations Center, LLC |
NGNE LLC3 |
NGV Emerald Energy Venture Holdings, LLC3 |
NGV H2 Generation LLC3 |
NGV H2 Holdings LLC3 |
NGV LNG Holdings LLC3 |
NGV NGR Acquisition Co, LLC3 |
NGV NGR Holdco, LC3 |
NGV OSW Holdings, LLC3 |
NGV US Distributed Energy Inc.3 |
NGV US Transmission Inc.3 |
NGV US, LLC3 |
Niagara Mohawk Energy, Inc.3 |
Niagara Mohawk Holdings, Inc.6 |
Niagara Mohawk Power Corporation6 |
Niobrara Wind, LLC |
NM Properties, Inc.6 |
Noble Solar, LLC11 |
Nordic VOS, LLC |
North East Transmission Co., Inc.3 |
North Fork Wind, LLC |
Oakland Solar, LLC |
Opinac North America, Inc.3 |
Pasture Peaks Wind Farm, LLC |
Peony Solar, LLC |
Philadelphia Coke Co., Inc.3 |
Pike County Solar, LLC |
Pipestone Solar, LLC |
Plum Creek Wind Farm 2, LLC |
Plum Creek Wind Farm, LLC |
Port of the Islands North, LLC6 |
Portage Solar, LLC |
Prairie Oasis Solar, LLC |
Prairie Rose Wind 2, LLC4 |
Prosperity Wind Farm 2, LLC |
Prosperity Wind Farm, LLC |
Red Rock Solar SD, LLC |
Regal Solar 2, LLC |
Regal Solar, LLC |
Reunion Solar, LLC |
River North Solar, LLC |
Robertson Solar, LLC |
Rock Ridge Wind Farm, LLC |
Rolling Hills Solar, LLC |
Royal Solar 2, LLC |
Royal Solar, LLC |
Royerton Solar, LLC |
Royerton Storage, LLC |
Saginaw Bay Solar, LLC |
Saltillo Storage, LLC |
Sandbar Solar, LLC |
Sandstone Bluffs Wind Farm, LLC |
Sandstone Creek Solar 2, LLC |
Sandstone Creek Solar, LLC |
Sapphire Sky Wind Farm, LLC |
Sherco Solar 2, LLC4 |
Sherco Solar 3, LLC |
Silver City Solar, LLC |
Simpson Solar, LLC |
Spring Brook Solar, LLC |
Spring River Solar, LLC |
Sprouting Skies Wind Farm, LLC |
Stony Brook Wind, LLC |
Stony Point 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 Company6 |
Torchlight Solar, LLC4 |
Transgas Inc.1 |
Tri-City Solar, LLC |
Trout Lily Wind Farm, LLC |
Uintah Solar, LLC |
Ulysses Crossing Solar, LLC |
Upper Hudson Development, Inc.6 |
Valley Solar, LLC |
Vermont Green Line Devco, LLC (90% )3 |
Violet Storage, LLC |
Virtue Solar, LLC |
Vivid Solar, LLC |
Wallowa Solar, LLC |
Wayfinder Group, Inc.1 |
White Elm Wind Farm, LLC |
Wildcat Ridge Wind Farm, LLC |
Wilder Solar, LLC |
Willard Solar, LLC |
Williams County Solar, LLC |
Wiregrass Solar, LLC |
Woodlands Solar, LLC |
Worthington Solar, LLC |
Young County Solar, LLC |
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\u00a0of\u00a0different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well\u00a0as 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\u00a0following sensitivities are presented. These sensitivities are based on assumptions and conditions prevailing at the year end and should be\u00a0used with caution. The effects provided are not necessarily indicative of the actual effects that would be experienced because our actual exposures are constantly changing. |
2025 | 2024 | ||||||
Assumptions used | Income statement \u00a3m | Net assets \u00a3m | Assumptions used | Income statement \u00a3m | Net assets \u00a3m | ||
Pensions and other post-retirement benefit liabilities (pre-tax): | |||||||
UK discount rate change\u00b9 | 1% | 20 | 920 | 1% | 22 | 1,147 | |
US discount rate change\u00b9 | 1% | 18 | 784 | 1% | 18 | 801 | |
UK inflation rate change\u00b2 | 1% | 6 | 701 | 1% | 8 | 902 | |
UK long-term rate of increase in salaries change | 1% | 1 | 52 | 1% | 4 | 81 | |
US long-term rate of increase in salaries change | 1% | 3 | 46 | 1% | 2 | 37 | |
UK change to life expectancy at age 653 | one year | \u2014 | 320 | one year | 2 | 402 | |
US change to life expectancy at age 65 | one year | 2 | 181 | one year | 2 | 288 | |
Assumed US healthcare cost trend rates change | 1% | 19 | 245 | 1% | 18 | 276 | |
US environmental provision: | |||||||
Change in the real discount rate | 1% | 155 | 155 | 1% | 173 | 173 | |
Change in estimated future cash flows | 20% | 413 | 413 | 20% | 462 | 462 |
2025 | 2024 | ||||||
Assumptions used | Income statement \u00a3m | Other equity reserves \u00a3m | Assumptions used | Income statement \u00a3m | Other equity reserves \u00a3m | ||
Financial risk (post tax): | |||||||
UK inflation change\u00b9 | 1% | 35 | \u2014 | 1% | 36 | \u2014 | |
UK interest rates change | 1% | 13 | 376 | 1% | 24 | 304 | |
US interest rates change | 1% | 18 | 134 | 1% | 5 | 39 | |
US dollar exchange rate change\u00b2 | 10% | 69 | 225 | 10% | 58 | 268 |
2025 | 2024 | ||||||
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% | 62 | 62 | 10% | 43 | 43 | |
Decrease in commodity prices | 10% | (61) | (61) | 10% | (43) | (43) | |
Assets and liabilities carried at fair value (post tax): | |||||||
Fair value change in derivative financial instruments\u00b9 | 10% | (57) | (57) | 10% | (59) | (59) | |
Fair value change in commodity contract derivative liabilities | 10% | 3 | 3 | 10% | (6) | (6) |
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\u00a0following sensitivities are presented. These sensitivities are based on assumptions and conditions prevailing at the year end and should be\u00a0used with caution. The effects provided are not necessarily indicative of the actual effects that would be experienced because our actual exposures are constantly changing. |