Core Viewpoint - The article discusses the implementation of the "Opinions on Deepening and Enhancing the 'Access to Electricity' Service Level" by the National Energy Administration, emphasizing the importance of optimizing the electricity business environment as a long-term and systematic project to support China's modernization efforts [1][2]. Group 1: Achievements and Progress - Significant achievements have been made in the "Access to Electricity" initiative, with improvements in power supply service quality and a reduction in low-voltage service costs to the lowest level globally [1]. - The establishment of the world's largest internet-based electricity service system has been completed, with some cities ranking among the best globally for power supply reliability [1]. - A multi-party collaboration mechanism has been significantly improved, with a comprehensive formation of government-enterprise cooperation service mechanisms [1]. Group 2: Future Directions and Goals - The meeting highlighted the need for continuous reform and innovation to enhance the quality and efficiency of the "Access to Electricity" work, aiming for a first-class electricity business environment to support modernization [2]. - Local energy authorities and power supply companies are required to implement the document as a central task for the next five years, focusing on achieving the "Five Modernizations" [2]. - The initiative includes creating a batch of cities with strong international competitiveness in the electricity business environment, establishing benchmark regions, and developing towns and villages with regional influence [2].

Group 1 - National Grid is characterized as a classic utility with monopoly traits, attracting retail investors [1] - The share is perceived as overvalued by analysts [1]

央视网消息：记者从国家电网了解到，6月10日，新疆哈密到重庆正负800千伏特高压直流输电工程投产送电，这是"十四五"规划首个投产的"沙戈荒"大 型基地外送特高压工程。 据介绍，工程起于新疆，途经甘肃、陕西、四川，最终到达重庆，输电距离2260公里，中间新建新疆巴里坤、重庆渝北两座换流站，输送容量800万千 瓦，总投资286亿元。 6月10日投产送电的"疆电入渝"工程，起点位于新能源富集的新疆哈密，2023年"疆电入渝"工程建设后，这里就提前布局，充分利用本地各类资源优 势，打造国家级能源基地。 哈密到重庆的"疆电入渝"特高压工程全长2260公里，其中甘肃省内的线路是全线跨境最长的。进入甘肃以后，特高压沿河西走廊，要经过一段戈壁沙漠 地带。在这里，工程人员克服风沙等自然环境的挑战，在沙漠中建起一座座电力铁塔。 走进甘肃张掖，顶着风沙沿铁塔行进，脚下只有梭梭草与骆驼刺。茫茫的戈壁之中，工人在这里架起一座座高耸的电力铁塔。 "握不住的流沙"，常被用来形容事物难以把握。而铁塔重达上百吨，地面上站立的部分超过50多米。如何才能站稳脚，沙漠里打地基成了一大难题。 "疆电入渝"工程甘肃段第6标段安全质量业主负责人 董德品： ...

Core Insights - A patent titled "A Method, System, and Storage Medium for Understanding Power Grid Scheduling Behavior Based on Cold Start" has been granted to four companies, indicating advancements in power grid technology [1][2] Company Summaries - **State Grid Jiangsu Electric Power Company**: Established in 1988, located in Nanjing, with a registered capital of 11,541.85 million RMB. The company has invested in 52 enterprises, participated in 5,000 bidding projects, holds 50 trademarks, 5,000 patents, and has 288 administrative licenses [1] - **NARI Group Corporation**: Founded in 1993, also based in Nanjing, with a registered capital of 2,000 million RMB. The company has invested in 23 enterprises, engaged in 5,000 bidding projects, possesses 31 trademarks, 4,257 patents, and holds 56 administrative licenses [1] - **Beijing KEDONG Electric Control System Co., Ltd.**: Established in 1995, located in Beijing, with a registered capital of 500 million RMB. The company has participated in 5,000 bidding projects, holds 1,342 patents, and has 18 administrative licenses [2] - **State Grid Corporation of China**: Founded in 2003, based in Beijing, with a registered capital of 130,452.01 million RMB. The company has invested in 71 enterprises, participated in 5,000 bidding projects, holds 183 trademarks, 5,000 patents, and has 43 administrative licenses [2]

Core Viewpoint - National Grid (NGG) is positioned to benefit from strategic investments in infrastructure upgrades and expansion, making it an attractive investment opportunity in the utility electric power industry [1] Earnings Growth Forecast - The Zacks Consensus Estimate for NGG's fiscal 2026 earnings per share (EPS) has increased by 2.7% to $4.94 over the past 30 days [2] - The company's earnings growth rate over the next three to five years is projected at 2.3% [2] Dividend Yield - NGG has consistently increased shareholder value through dividends, with a current dividend yield of 5.73%, significantly higher than the S&P 500 Composite's 1.24% [3] Strategic Investments and Customer Demand - National Grid plans to invest nearly $69 billion (£60 billion) across its service territory in the UK and the US over the next five years [4] - The company anticipates increased demand from new customer connections, with 2.5 gigawatts (GW) of customer projects connected to the transmission network this year, including 1.6 GW from renewables [4] Liquidity Position - NGG's current ratio at the end of fiscal 2025 was 1.35, exceeding the industry's average of 0.93, indicating a strong ability to meet future short-term liabilities [5] Solvency - The times interest earned (TIE) ratio for NGG at the end of fiscal 2025 was 3, suggesting the company can comfortably meet its interest payment obligations in the near term [6] Commitment to Clean Energy - National Grid aims to achieve net-zero emissions by 2050 and is actively investing in large-scale renewable energy projects such as wind and solar in the US [7] Stock Price Performance - Over the past six months, NGG shares have increased by 15.3%, outperforming the industry's growth of 3.9% [9] Other Stocks to Consider - Other top-ranked stocks in the same industry include Evergy, Inc. (EVRG), NiSource Inc. (NI), and CenterPoint Energy (CNP), all holding a Zacks Rank 2 [10][11]

Core Viewpoint - The article discusses the release of the "Opinions on Deepening and Enhancing the Service Level of 'Obtaining Electricity' to Fully Create a Modern Business Environment for Electricity Use," which aims to improve the electricity service environment in China, focusing on convenience, quality, green energy, inclusivity, and regulatory collaboration [6][7]. Group 1: Background and Objectives - The Chinese government emphasizes the importance of optimizing the business environment, with a focus on creating a market-oriented, law-based, and internationalized environment [6]. - The "Obtaining Electricity" service is a key indicator for evaluating the electricity business environment, measuring the cost, speed, and quality of electricity access from the perspective of enterprises and the public [6][7]. - The new "Opinions" document updates the previous guidelines from 2020, aiming to achieve a "five modernization" goal by 2029, which includes convenient electricity access, high-quality power supply, green electricity use, inclusive services, and collaborative regulation [7][8]. Group 2: Key Measures and Achievements - The new policy outlines 14 tasks and 38 specific measures to enhance the electricity service chain, including expanding "zero investment" services for low-voltage users and implementing digital and intelligent services [8]. - Significant achievements since the implementation of previous policies include the realization of "three zeros" (zero on-site visits, zero approvals, zero investments) for low-voltage users and substantial cost savings for users, amounting to over 300 billion yuan [6][12]. - The establishment of the world's largest internet-based electricity service system has led to a 97% online service rate, with over 4 billion registered users across various platforms [13]. Group 3: Future Directions - The government plans to continue promoting the "five modernization" goals and establish a collaborative regulatory system to enhance the overall electricity service level across urban and rural areas [9]. - Specific initiatives include improving electricity access for rural and underserved areas, enhancing the resilience of the distribution network, and ensuring stable electricity supply during peak demand periods [66][68]. - The focus will also be on leveraging artificial intelligence and digital technologies to improve service efficiency and user experience in electricity access [72][73].

Core Viewpoint - The document outlines the strategies and measures to enhance the "Electricity Access" service level in China, aiming to create a modernized business environment for electricity use, thereby supporting high-quality economic and social development [2][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on energy security and a people-centered development approach [3]. - By 2029, the goal is to establish a modernized electricity business environment characterized by convenience, high quality, green energy, inclusivity, and regulatory collaboration [3]. Group 2: Continuous Reform and Innovation - The "Three Zero" service model will be expanded to include low-pressure electricity access for various private economic organizations, with a focus on reducing investment and improving service efficiency [4]. - The document emphasizes the need for proactive electricity service, where power companies will anticipate user needs and streamline the application process for electricity access [5][6]. Group 3: High-Quality Power Supply Management - There is a strong emphasis on enhancing the planning and construction of distribution networks to improve reliability and disaster resilience [8]. - Power companies are encouraged to adopt intelligent inspection systems and reduce outage times through better maintenance and management practices [9][10]. Group 4: Green Electricity Transition - The document supports the integration of green electricity into the grid and promotes the consumption of renewable energy sources [11]. - It encourages the development of electric vehicle charging infrastructure and aims to simplify the application process for users [12]. Group 5: Inclusive Development - The initiative aims to improve electricity access in underprivileged areas, ensuring reliable power supply in old residential communities and rural regions [13][14]. - It promotes a collaborative approach between government and enterprises to enhance service delivery and user experience [15]. Group 6: Strengthening Regulatory Collaboration - The document calls for a robust regulatory framework to ensure accountability and effective supervision of electricity services [16][17]. - It emphasizes the importance of a complaint handling mechanism to address user grievances effectively [17]. Group 7: Organizational Support - The National Development and Reform Commission and the National Energy Administration will coordinate efforts to implement these strategies, ensuring that local authorities and power companies fulfill their responsibilities [18].

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: 29 May 2025 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 annua ...

Financial Performance - National Grid's fiscal year ended March 31, 2025, with significant developments reported in the strategic and financial reviews [11]. - The company reported a consolidated revenue of £X billion for the fiscal year, representing a Y% increase compared to the previous year [16]. - The underlying operating profit for 2024/25 was reported at £4,934 million, reflecting a 10% year-on-year increase [26]. - The company achieved an asset growth of £5,357 million, which is a 12% year-on-year increase [26]. - The dividend per share increased to 60.0p, representing a 3% year-on-year growth [26]. - Underlying operating profit increased by 12% to £5.4 billion at constant currency, driven by increased regulated revenues and flat controllable costs [75]. - Group RoE for 2024/25 was 9.0%, down from 10.5% in the prior year, impacted by lower gearing due to the Rights Issue [187]. - Underlying EPS grew by 2% year-on-year, driven by strong performance in New York, New England, and UK ET [176]. Capital Investment and Growth - National Grid announced a record capital investment of £9.85 billion for the year, contributing to a total investment of approximately £60 billion over five years, nearly doubling the previous investment level [25]. - Capital investment reached a record £9.85 billion over the past year, which is 20% higher than the previous year, reflecting strong activity across all regulated businesses [75]. - The company plans to invest approximately £60 billion over the next five years to expand its networks and connect new clean energy sources [120]. - The company has a target to achieve around £51 billion in green capital investment between April 2024 and March 2029 [184]. - The company delivered £7.7 billion of green capital investment in 2024/25, a £1.7 billion increase from the previous year [184]. Strategic Focus and Sustainability - National Grid's capital investment and asset growth strategies are highlighted, indicating a focus on infrastructure development [13]. - Future outlook includes continued investment in renewable energy and infrastructure to support energy transition [12]. - The company is committed to achieving net-zero emissions by 2030, with significant investments planned in renewable energy projects [15]. - The company is committed to aligning its greenhouse gas emissions reduction targets with the Science Based Targets initiative (SBTi) 1.5°C pathway [120]. - The strategic report emphasizes the importance of climate-related financial disclosures and regulatory compliance [13]. Operational Efficiency and Cost Management - The company has set a target to reduce operational costs by E% through efficiency improvements and digital transformation initiatives [16]. - The company is committed to leveraging advanced technologies and innovative practices to improve the efficiency of energy network operations [25]. Employee Engagement and Community Support - Employee engagement index reached 80% in the latest survey, indicating strong workforce morale [27]. - The company has launched a £13.8 million Grid for Good Energy Affordability Fund to support communities struggling with high living costs [83]. - In the UK, the company has assisted 21,000 customers in saving a total of £22 million through its fuel poverty programme [124]. Regulatory and Market Position - The company is classified as a large accelerated filer under the Securities Exchange Act [9]. - The financial statements are prepared in accordance with International Financial Reporting Standards [11]. - The company is actively working with regulators and governments to establish price controls and rate cases that reflect the growing demand for grid connections [120]. - The company submitted its RIIO-T3 business plan to Ofgem, which will nearly double the power transfer capacity across the UK [153]. Network Reliability and Safety - National Grid's network reliability was maintained at 99.9%, consistent with the previous year [26]. - The company reported a lost time injury frequency rate of 0.10 per 100,000 hours worked, a 25% year-on-year improvement [26]. - Network reliability for 2023/24 is reported at 99.9% with a capital investment of £8.24 billion and an underlying EPS of 72.1p, restated to 10.5% ROE [110].

Core Viewpoint - Achieving carbon peak and carbon neutrality is a profound systemic transformation in the economic and social landscape, with a focus on accelerating energy transition through new power systems [1][2]. Group 1: Energy Transition Strategies - The construction of new power systems has become a priority in energy strategies globally, with China actively contributing a "Chinese solution" to the energy transition [2]. - The National Energy Administration emphasizes the need for mutual respect and cooperation among countries to achieve energy transition, highlighting China's commitment to a community with a shared future for mankind [2]. Group 2: Role of Power Companies - Major power companies are leading the charge in building and developing new power systems, with a consensus on the need for clean and low-carbon energy transitions in response to climate change [2]. - The chairman of State Grid Corporation pointed out the complexities and challenges of constructing new power systems compared to traditional ones, stressing the importance of balancing development and safety [2]. Group 3: Urban Energy Consumption and Green Transition - Cities are the main consumers of energy, and accelerating the creation of new power systems for urban green transitions is a focal point for policy and market attention [3]. - Beijing is actively pursuing its "dual carbon" goals by promoting green transition initiatives, such as the "Beijing Urban Sub-center Green Heart Park" project, which aims for 100% green electricity access and comprehensive electrification of transportation [3]. - The project has received a carbon neutrality certification, marking a significant achievement in the domestic power industry [3]. - By 2025, it is projected that Beijing's external green electricity supply will exceed 40 billion kilowatt-hours, accounting for 35% of total electricity consumption, with renewable energy consumption rising to 18% [3].