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].

Investors interested in Utilities stocks should always be looking to find the best-performing companies in the group. Middlesex Water (MSEX) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Utilities peers, we might be able to answer that question.Middlesex Water is one of 106 individual stocks in the Utilities sector. Collectively, these comp ...

Core Viewpoint - The collaboration between State Grid Corporation and Beijing Normal University aims to enhance education in Maduo County through targeted support and sustainable talent cultivation strategies, addressing the challenges of rural education revitalization [1][2][3]. Group 1: Educational Initiatives - The "Strong Teacher Project" involves experts guiding local teachers to improve course design and increase student interaction, making classes more engaging and effective [2][3]. - State Grid Corporation has signed a strategic cooperation agreement with Beijing Normal University, focusing on overall teaching quality improvement through innovative training models [2][3]. Group 2: Diagnostic and Support Activities - Experts conducted comprehensive classroom observations and provided detailed feedback on teaching design, student interaction, and classroom management, offering actionable improvement suggestions [3]. - The initiative includes selecting 30 motivated teachers for external training to enhance their teaching capabilities and leadership [3]. Group 3: Financial Commitment and Infrastructure Development - Since 2011, State Grid Corporation has invested 33.728 million yuan to improve educational conditions in Maduo County, with plans for additional projects to address high-altitude health issues for students [6]. - In 2025, the company plans to donate an additional 15 million yuan for various educational and healthcare initiatives, aiming to strengthen local talent development and self-sufficiency [6].

Group 1 - The overall performance of credit bonds remains weak, with credit spreads showing a slight upward trend despite a balanced and loose funding environment [1][11][13] - The total market size of wealth management products reached 30.84 trillion yuan as of April 20, 2025, reflecting an increase of 1.82 trillion yuan since the end of March, indicating a significant growth compared to the same period in previous years [2][16] - Wealth management has shifted its investment direction, showing increased buying power for secondary capital bonds and commercial paper, while the buying interest for certificates of deposit has decreased [3][20] Group 2 - The demand for credit bonds is expected to improve, supported by wealth management needs and allocation forces, although the pace and types of bonds require careful consideration [4][27] - The issuance of credit bonds totaled 537.2 billion yuan during the week, with a net financing of 114.8 billion yuan, indicating a stable issuance environment [32][34] - The supply of urban investment bonds continues to be tight, with a net outflow of 409 billion yuan, reflecting a decrease in net financing compared to previous weeks [43][45]

Company Overview - National Grid (NGG) currently holds a Momentum Style Score of B, indicating a positive momentum outlook [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4] Price Performance - Over the past week, NGG shares have increased by 3.23%, outperforming the Zacks Utility - Electric Power industry, which rose by 1.41% [6] - In a longer time frame, NGG's monthly price change is 10.8%, significantly higher than the industry's 0.3% [6] - Over the past quarter, NGG shares have risen by 18.78%, while the S&P 500 has decreased by 11.63% [7] - In the last year, NGG has gained 10.19%, compared to the S&P 500's increase of 6.63% [7] Trading Volume - NGG's average 20-day trading volume is 970,738 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for NGG has increased, while none have decreased, leading to a consensus estimate rise from $4.80 to $4.81 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions during the same period [10] Conclusion - Considering the positive price trends, trading volume, and earnings outlook, NGG is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12]

Core Viewpoint - National Grid (NGG) is positioned to benefit from systematic investments aimed at upgrading and expanding its infrastructure, driven by rising demand from new customer connections and its low-risk, high-quality asset profile, making it a strong investment option in the utility sector [1] Group 1: Earnings Growth Projections - The Zacks Consensus Estimate for fiscal 2025 and 2026 earnings per share (EPS) has increased by 0.21% and 0.58%, respectively, over the past 60 days [2] - National Grid's long-term (three to five years) earnings growth rate is projected at 2.34% [3] Group 2: Focus on Clean Energy - The company is committed to enabling the energy transition and aims to achieve net-zero emissions by 2050, collaborating with partners to accelerate the development of a clean energy future [4] - Significant investments have been made in large-scale renewable energy projects, including wind and solar, particularly in the United States [4] Group 3: Demand from New Customers - National Grid is set to benefit from an additional 2.3 gigawatts of demand from new customer connections in its service region, including requests for transmission-scale data center connections [5] Group 4: Solvency - The time-to-interest earned ratio at the end of fiscal 2024 was 2.8, indicating the company's strong ability to meet future interest obligations [6] Group 5: Dividend Yield - National Grid has consistently increased shareholder value through dividends, with a current dividend yield of 2.84%, compared to the S&P 500 Composite's 1.66% [9] Group 6: Systematic Investments - The company plans to invest nearly $69 billion (£60 billion) across its service territory in the UK and the US over the next five years, with almost half allocated to energy system improvements in Massachusetts and New York [10] Group 7: Stock Performance - Over the past six months, NGG's stock has gained 6.5%, contrasting with a 4% decline in the industry [11]

Core Viewpoint - Heathrow Airport faced significant operational challenges due to a fire at a nearby electrical substation, leading to its temporary closure and widespread flight disruptions, which are expected to incur substantial financial losses for airlines and the UK tourism sector [1][5][10]. Group 1: Incident Overview - A fire at a nearby electrical substation caused Heathrow Airport, Europe's busiest airport, to close temporarily [1]. - National Grid CEO John Pettigrew stated that despite the fire damaging one substation, two others were operational and could supply sufficient power to Heathrow [2]. - Heathrow's spokesperson argued that uninterrupted operations post-fire were impossible due to the complexity of safely rebooting critical systems [3][4]. Group 2: Financial Impact - The closure affected over 1,300 scheduled flights, with more than 120 flights diverted or returned to their departure cities [5]. - The International Air Transport Association (IATA) criticized Heathrow's reliance on a single power source, labeling it a planning failure [7][8]. - Economic estimates suggest the closure could result in £4.5 million ($5.82 million) in lost tourism revenue for the UK [10]. Group 3: Market Reaction - Following the incident, European travel and leisure stocks experienced a selloff, with British Airways owner IAG down approximately 1.9% and Lufthansa down 1.7% [6]. - By the following Monday, travel and leisure shares showed signs of recovery, with IAG up 0.9% and Lufthansa gaining 0.3% [6]. Group 4: Operational Challenges - Heathrow has initiated an internal investigation into the shutdown and its crisis management plan, while the UK government has also commissioned an investigation [5]. - Experts highlighted the significant costs associated with diverting flights, including additional fuel, air traffic control services, and airport fees, as well as potential compensation claims from affected passengers [12].