SEC Form 6-K filed by National Grid Transco PLC National Grid PLC (NEW)
$NGG
Natural Gas Distribution
Utilities
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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Date: 13 September 2024
Commission File Number: 001-14958
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NATIONAL GRID plc
(Translation
of registrant’s name into English)
England and Wales
(Jurisdiction
of Incorporation)
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1-3 Strand, London, WC2N 5EH, United Kingdom
(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3- 2(b) under the Securities
Exchange Act of 1934. ☐ Yes ☒ No
If
“Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):
n/a
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EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Exhibit
99.1 Announcement sent to the London Stock Exchange on 13 September
2024 —
Sale of Electricity System Operator
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Exhibit
99.1
13 September 2024
National Grid plc
Sale of Electricity System Operator
National Grid plc (“National Grid”) is pleased to
announce that it has reached agreement with HM Government on the
terms of the sale of National Grid’s Electricity System
Operator (“ESO”) for an enterprise value of £630
million (the “Transaction”). The final cash
consideration will be subject to customary closing adjustments
(including for timing differences).
The Transaction is an important milestone for the creation of the
independent National Energy System Operator (“NESO”).
National Grid and HM Government expect to complete the Transaction
on 1 October 2024 when HM Government, together with Ofgem, aim to
establish NESO.
Enquiries and contacts
Investors and Analysts:
Angela Broad
+44 (0) 7825 351 918
Tom Edwards
+44 (0) 7976 962
791
Media:
Danielle
Dominey-Kent
+44 (0) 7977 054 575
Notes to Editors
About National Grid
National
Grid lies at the heart of a transforming energy system, spanning
the UK and the US. Our businesses supply gas and electricity,
safely, reliably and efficiently to millions of customers and
communities. But we also drive change through engineering
innovation and by incubating new ideas with the power to
revolutionise our industry.
National
Grid is pioneering ways to decarbonise the energy system including
delivering The Great Grid Upgrade – the largest overhaul of
the UK grid in generations - and building the Upstate Upgrade, the
largest investment in New York’s electricity transmission
network for over a century.
As one
of the largest investor-owned energy companies in the world,
National Grid is at the centre of a clean, fair and affordable
energy future, and is one of the FTSE’s largest investors in
the energy transition.
CAUTIONARY STATEMENT
This
announcement contains certain statements that are neither reported
financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National
Grid’s (the Company) financial condition, its results of
operations and businesses, strategy, plans and objectives. Words
such as ‘aims’, ‘anticipates’,
‘expects’, ‘should’, ‘intends’,
‘plans’, ‘believes’, ‘outlook’,
‘seeks’, ‘estimates’,
‘targets’, ‘may’, ‘will’,
‘continue’, ‘project’ and similar
expressions, as well as statements in the future tense, identify
forward looking statements. This document also references
climate-related targets and climate-related risks which differ from
conventional financial risks in that they are complex, novel and
tend to involve projection over long term scenarios which are
subject to significant uncertainty and change. These
forward-looking statements are not guarantees of National
Grid’s future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements or targets. Many of these assumptions,
risks and uncertainties relate to factors that are beyond National
Grid’s ability to control, predict or estimate precisely,
such as changes in laws or regulations and decisions by
governmental bodies or regulators, including those relating to
current and upcoming price controls in the UK and rate cases in the
US, as well as the future of system operation in the UK; the timing
of construction and delivery by third parties of new generation
projects requiring connection; breaches of, or changes in,
environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption, the inability to carry out critical non-network
operations and damage to infrastructure, due to adverse weather
conditions including the impact of major storms as well as the
results of climate change, due to counterparties being unable to
deliver physical commodities; reliability of and access to IT
systems, including or due to the failure of or unauthorised access
to or deliberate breaches of National Grid’s systems and
supporting technology; failure to adequately forecast and respond
to disruptions in energy supply; performance against regulatory
targets and standards and against National Grid’s peers with
the aim of delivering stakeholder expectations regarding costs and
efficiency savings, as well as against targets and standards
designed to support its role in the energy transition; and
customers and counterparties (including financial institutions)
failing to perform their obligations to the Company. Other factors
that could cause actual results to differ materially from those
described in this announcement include fluctuations in exchange
rates, interest rates and commodity price indices; restrictions and
conditions (including filing requirements) in National Grid’s
borrowing and debt arrangements, funding costs and access to
financing; regulatory requirements for the Company to maintain
financial resources in certain parts of its business and
restrictions on some subsidiaries’ transactions such as
paying dividends, lending or levying charges; the delayed timing of
recoveries and payments in National Grid’s regulated
businesses, and whether aspects of its activities are contestable;
the funding requirements and performance of National Grid’s
pension schemes and other post-retirement benefit schemes; the
failure to attract, develop and retain employees with the necessary
competencies, including leadership and business capabilities, and
any significant disputes arising with National Grid’s
employees or breaches of laws or regulations by its employees; the
failure to respond to market developments, including competition
for onshore transmission; the threats and opportunities presented
by emerging technology; the failure by the Company to respond to,
or meet its own commitments as a leader in relation to, climate
change development activities relating to energy transition,
including the integration of distributed energy resources; and the
need to grow the Company’s business to deliver its strategy,
as well as incorrect or unforeseen assumptions or conclusions
(including unanticipated costs and liabilities) relating to
business development activity, including the announced sale of
certain of its businesses, its strategic infrastructure projects
and joint ventures and the separation and transfer of the ESO to
the public sector. For further details regarding these and other
assumptions, risks and uncertainties that may impact National Grid,
please read the Strategic Report section and the ‘Risk
factors’ on pages 226 to 231 of National Grid’s most
recent Annual Report and Accounts. In addition, new factors emerge
from time to time and National Grid cannot assess the potential
impact of any such factor on its activities or the extent to which
any factor, or combination of factors, may cause actual future
results to differ materially from those contained in any
forward-looking statement. Except as may be required by law or
regulation, the Company undertakes no obligation to update any of
its forward-looking statements, which speak only as of the date of
this announcement. This announcement is for informational purposes
only and does not constitute an offer to sell or the solicitation
of an offer to buy any securities.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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NATIONAL GRID
plc
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By:
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Beth Melges
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Beth Melges
Head of Plc Governance
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Date:
13
September 2024