National Grid has unveiled its full year results for the period ended 31st March 2024.
Alongside these results, the company has announced a fully underwritten equity raise of £7 billion.
Over the next five years, National Grid plans to invest approximately £60 billion in networks, with over £30 billion earmarked for the UK.
This investment, more than double what National Grid has spent in the UK over the last five years, aims to stimulate substantial economic growth and support an additional 55,000 jobs in the UK by the end of the decade.
National Grid has revealed a financing plan to finance this investment and growth, including the £7 billion fully underwritten rights issue.
The company has reported an underlying operating profit of £4.8 billion, up 4% at actual exchange rates.
This increase is attributed to various factors, including revenue growth in UK Electricity Transmission and higher rates in New York and New England.
John Pettigrew, Chief Executive, said: “Today is a defining moment for National Grid as we announce a significant increase in investment that cements our position as a leader in the energy transition on both sides of the Atlantic.
“Governments and regulators are moving with increased urgency to attract the levels of investment required to meet their net zero ambitions, giving us improved visibility and confidence over our medium term investment plan.
“That is why we’re announcing today a new five-year financial framework. We will be investing £60 billion in the five years to the end of March 2029 – that’s nearly double the level of investment of the past five years.
“We expect this significant step-up in capital investment will deliver annual group asset growth of around 10%, and 6–8% underlying EPS CAGR from a 2024/25 baseline.
“This is an unprecedented time for our industry that is creating significant opportunities for National Grid today, over the next five years and for decades to come.
“Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonisation of the energy system for the digital, electrified economies of the future.”
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