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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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: 01 July 2025
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 01 July
2025— Ofgem’s Draft Determination for
RIIO-ET3
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Exhibit
99.1
1 July 2025
National Grid plc
Ofgem's Draft Determination for RIIO-ET3
As part of the ongoing process towards agreeing a settlement for
RIIO-ET3, Ofgem has today published its draft determination which
covers our National Grid Electricity Transmission business for the
period April 2026 to March 2031. This follows the submission of our
final business plan in December, which was created through
extensive engagement with national, regional and local
stakeholders.
We are pleased to see Ofgem continuing to recognise the need for
significant levels of investment in networks, and the requirement
for an investable framework to support its delivery.
The Draft Determination covers Ofgem's proposed decisions on
awarding allowances for a subset of the projects included in our
submission, with the remainder expected to be confirmed through
in-period processes. As such, we continue to expect to invest
around £60 billion over the 5 years to March 2029 across the
Group.
We will now review the detail contained within the Draft
Determination to assess whether it delivers an investable overall
financial package. We note that progress is needed on incentive
opportunities which are both good for consumers and support
investability, and we will work with Ofgem to provide further
information where requested to support our capital investment
plans.
As we move towards the Final Determination in December, we will
continue working closely with Ofgem to agree a price control that
ensures the reliable and affordable flow of clean electricity
whilst also meeting the ramp-up in demand for power. A resilient,
future-proofed network will be critical to economic competitiveness
and growth for Britain in the years ahead.
Enquiries and contacts
Investors and Analysts:
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Angela
Broad
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+44 (0)
7825 351 918
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Cerys
Reece
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+44 (0)
7860 382 264
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Media:
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Ben Davies
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+44 (0) 7914 539 999
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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 and targets 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
and targets. Many of these assumptions, risks and uncertainties
relate to factors that are beyond National Grid's ability to
control 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; 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 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 proposed sale of certain of its businesses, its
strategic infrastructure projects and joint ventures. For further
details regarding these and other assumptions, risks and
uncertainties that may affect National Grid, please read the
Strategic Report section and the 'Risk factors' on pages 210 to 215
of National Grid's Annual Report and Accounts for the year ended 31
March 2025 published on 29 May 2025. 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. The securities mentioned herein
have not been, and will not be, registered under the Securities Act
or the securities laws of any state or other jurisdiction, and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements. No public
offering of securities is being made in the United
States.
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: 01
July 2025