National Grid (LSE:NG.) reported a 4% decline in annual revenue to £17.6 billion, while operating profit increased 10% to £5.4 billion as the company outlined plans to invest at least £70 billion across its energy networks over the next five years.
During the year, the utility group completed a series of asset disposals aimed at streamlining operations and lowering costs. This included the sale of National Grid Renewables and the divestment of the Grain LNG terminal.
Earlier in the year, National Grid agreed to sell its US onshore renewables business to Brookfield Asset Management for $1.74 billion, including debt. The company also finalised the sale of the Grain LNG facility in November to a consortium formed by Centrica plc and Energy Capital Partners.
Chief executive Zoë Yujnovich said the company delivered strong financial performance during the year, including underlying earnings per share growth of 8% at constant currency and record capital investment of £11.6 billion.
Capital expenditure increased from £9.8 billion in the previous year and contributed to asset growth of 10.9%. Management said the company’s updated Five-Year Financial Framework through to 2030/31 now targets at least £70 billion of capital investment, reflecting increased visibility across its operations and developments linked to the RIIO-T3 regulatory framework.
More than £30 billion of the planned investment has been allocated to UK electricity transmission infrastructure as the group seeks to strengthen energy security, support decarbonisation targets and accommodate rising electricity demand linked to artificial intelligence and broader electrification trends.
The RIIO-T3 price control framework governs revenue and regulation for Britain’s electricity and gas transmission networks, with final determinations from Ofgem expected later in 2025.
Zoë Yujnovich said the company is embarking on the largest investment programme in its history, focused on modernising and expanding energy infrastructure across both the UK and the northeastern United States. She added that the initiative is also expected to support large-scale job creation as National Grid expands the skilled workforce required to deliver the programme.
More about National Grid
National Grid is a multinational energy infrastructure company operating electricity and gas transmission networks across the UK and the northeastern United States. The group plays a central role in energy distribution, grid modernisation and decarbonisation efforts, with major ongoing investment focused on strengthening energy security and supporting the transition toward cleaner energy systems.
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