UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_______________________________________________________
FORM 6-K
_______________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: 03 October 2024
Commission File Number: 001-14958
_______________________________________________________
NATIONAL GRID plc
(Translation
of registrant’s name into English)
England and Wales
(Jurisdiction
of Incorporation)
_______________________________________________________
1-3
Strand, London, WC2N 5EH, United Kingdom
(Address
of principal executive office)
_______________________________________________________
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
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 03 October
2024 —
Pre-Close Update ahead of HY 2024/25 Results
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Exhibit
99.1
3 October
2024
National Grid plc
Pre-Close Update ahead of 2024/25 Half Year Results
National Grid today issues a pre-close update for the six months
ended 30 September 2024 ahead of announcing half year results on 7
November. Overall, the group's performance is in line with our
expectations and, as usual, underlying EPS is expected to be
weighted to the second half of the year.
Contribution to operating profit is expected to be
consistent with historical periods:
●
In UK
Electricity Transmission and UK Electricity Distribution,
we anticipate operating profit to be broadly evenly split
across the year. We expect an additional c.£70 million
contribution from the Electricity System Operator compared to
guidance, reflecting ownership and held for sale accounting
treatment up to 30 September 2024.
●
In our
US regulated businesses, operating profits
are expected to be weighted to the second half. This
includes our New York business where operating
profit weighting is expected to be more typical of historical
trends than the same period last year (H1 of FY24 was impacted by
an environmental
provision charge).
●
In
NG Ventures we anticipate a
roughly 40:60 weighting for operating profit between the
first and second half.
We expect a more even split of interest costs between the first and
second half of the year and a weighted average number of shares for
the first half of 4,526 million, taking into account the effect of
the rights issue on net debt and our issued share
capital.
Notes:
'Underlying' represents statutory results from continuing
operations, but excluding exceptional items, remeasurements, major
storm costs (when greater than $100 million), timing and the impact
on underlying results of deferred tax in UK Electricity
Transmission and UK Electricity Distribution.
Enquiries and contacts
Investors and Analysts:
Angela Broad
+44 (0) 7825 351 918
Tom Edwards
+44 (0) 7976 962 791
Media:
Dan Roberts,
Brunswick
+44 (0) 207
404 5959
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:
03 October
2024
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