National Grid's Q4 2025: Diverging Views on Inflation Sharing, CapEx, and Supply Chain Strategies
Earnings DecryptTuesday, May 20, 2025 10:46 pm ET
2min read
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Record Capital Investment and Asset Growth:
- announced a record capital investment of £9.8 billion, 20% higher than the previous year.
- This was driven by a ramp-up in regulated business activities, including significant progress in the ASTI portfolio and projects like the $4 billion Upstate Upgrade in New York.
Strong Financial Performance:
- Underlying operating profit increased by 12% to £5.4 billion, with underlying earnings per share slightly ahead of guidance at 73.3p, up 2%.
- The strong performance was supported by increased regulated revenues and flat controllable costs.
Regulatory and Policy Developments:
- submitted a £35 billion business plan to Ofgem for RIIO-T3, focusing on enhancing visibility and investment alignment with the Clean Power Plan.
- The company expects its investment plans to avoid constraint costs of around £12 billion over the price control period, offsetting impacts to customer bills.
Reliability and Network Performance:
- Reliability across UK and U.S. networks remained strong, with 95% of customers restored within 48 hours after Storm Darragh, which affected the , South Wales, and West Midlands.
- The company continues to invest in system resilience and safety, maintaining a lost time injury frequency rate of 0.1%.
Record Capital Investment and Asset Growth:
- announced a record capital investment of £9.8 billion, 20% higher than the previous year.
- This was driven by a ramp-up in regulated business activities, including significant progress in the ASTI portfolio and projects like the $4 billion Upstate Upgrade in New York.
Strong Financial Performance:
- Underlying operating profit increased by 12% to £5.4 billion, with underlying earnings per share slightly ahead of guidance at 73.3p, up 2%.
- The strong performance was supported by increased regulated revenues and flat controllable costs.
Regulatory and Policy Developments:
- submitted a £35 billion business plan to Ofgem for RIIO-T3, focusing on enhancing visibility and investment alignment with the Clean Power Plan.
- The company expects its investment plans to avoid constraint costs of around £12 billion over the price control period, offsetting impacts to customer bills.
Reliability and Network Performance:
- Reliability across UK and U.S. networks remained strong, with 95% of customers restored within 48 hours after Storm Darragh, which affected the , South Wales, and West Midlands.
- The company continues to invest in system resilience and safety, maintaining a lost time injury frequency rate of 0.1%.
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