14 November 2025 | 12:11AM CET Equity Research CARBONOMICS 6th Annual Carbonomics Conference — Key Takeaways 6th Annual Carbonomics Conference: 10 Key Themes We hosted our 6th annual Carbonomics conference on November 12, convening in our London offices over 600 investors, company management, regulators and industry experts, including 30 CEOs of leading corporates. Strong attendance shows that inclusive growth, accelerating energy demand from AI and data centres and de-carbonisation remain key themes for in ...

Group 1 - The FTSE 100 Index remains stable near its all-time high following the Bank of England's interest rate decision [1] - Significant companies such as BT, National Grid, and AstraZeneca have released their financial results [1] - The FTSE 100 Index has increased by 29% from its lowest point in April [1]

Why utilities like National Grid, Duke Energy and AES are investing in AI: https://t.co/kkFIgWEBH2 ...

Financial Data and Key Metrics Changes - The company reported a 13% increase in underlying operating profit to GBP 2.3 billion, driven by higher regulatory revenues in both U.K. and U.S. electricity transmission businesses [13][27] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [14][28] - Capital investment reached a record GBP 5.1 billion, up 12% year-on-year at constant currency [14][28] Business Line Data and Key Metrics Changes - U.K. electricity distribution saw underlying operating profit decrease by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [29] - U.K. electricity transmission reported an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [30] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [31] Market Data and Key Metrics Changes - The company is experiencing strong visibility in its investment program, with a projected investment growth of around 10% per annum and underlying earnings per share growth of 6%-8% [7][8] - The U.S. regulatory environment remains supportive, with approximately 75% of the five-year investment plan approved within rate cases [10] - In New England, capital investment increased by 23% to GBP 1 billion, reflecting increased spending on asset condition and system capacity [24] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks to meet rising energy demand [4][5] - There is a commitment to operational excellence and capital discipline, with an emphasis on delivering cleaner energy and supporting economic growth [5][7] - The company is actively engaging with regulators and stakeholders to ensure the delivery of infrastructure projects and to adapt to evolving energy policies [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, citing strong progress in securing supply chains for major projects [8][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [15] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [16] - The Lost-Time Injury Frequency Rate was reported at 0.09, indicating a strong focus on safety across operations [15] - The company is working on developing AI infrastructure in the U.K., which is expected to drive significant investment in energy infrastructure [12] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the overall investable framework and the workability of the regulatory framework, emphasizing the need for a higher base return [44][46][47] Question: Net debt guidance and working capital effects - Management clarified that the net debt guidance has improved due to transaction proceeds and working capital effects, with a modest increase expected [44][49][50] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track to meet the 50 basis points guide for the year, with expectations to approach 100 basis points by the end of the price control period [52][53][54] Question: Sufficiency of Ofgem allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain a reliable network, with ongoing discussions for future price controls [57][58][59] Question: U.K. infrastructure investment needs - Management emphasized the importance of stable fiscal and regulatory frameworks and streamlined planning processes to facilitate infrastructure investment across the U.K. [59][60]

Financial Data and Key Metrics Changes - The company reported an underlying operating profit of GBP 2.3 billion, a 13% increase year-on-year, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [12][25] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operating performance despite higher finance costs [12][25] - Cash generated from continuing operations increased by 35% to GBP 3.6 billion, attributed to improved profitability and favorable working capital movements [32] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects [26][28] - U.K. electricity transmission saw an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [29] Market Data and Key Metrics Changes - Capital investment in the first half reached GBP 5.1 billion, a record level and up 12% year-on-year [12][26] - U.K. electricity transmission capital investment increased by 31% to GBP 1.7 billion, reflecting ongoing investments in substations and ASTI projects [28][17] - In New England, capital investment rose by 23% to GBP 1 billion, driven by asset condition improvements and smart meter installations [22] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [3][6] - There is a commitment to operational excellence and capital discipline, with a target of 10% annual investment growth and 6%-8% underlying earnings per share growth [6][12] - The company is actively engaging with regulators and policymakers to support infrastructure development and accelerate economic growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, supported by strong regulatory backing and policy developments [6][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [14] - Management highlighted the importance of maintaining momentum and focusing on performance amidst challenges and opportunities in the energy sector [4][5] Other Important Information - The interim dividend declared is GBP 16.35 per share, representing 35% of the previous year's full-year dividend [12][26] - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][28] - The transition to a more balanced geographical footprint, with over three-quarters of operations now in electricity, reflects a successful portfolio repositioning [38] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the investment framework and the need for a higher base return, supported by recent regulatory developments [41][43][44] Question: Net debt guidance and working capital effects - The company provided clarity on net debt guidance, indicating a modest increase due to transaction proceeds and working capital improvements [41][46][47] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track for the year, with expectations to reach closer to 100 basis points by the end of the ED2 period [49][50][51] Question: Sufficiency of allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain network reliability, with a focus on ensuring future regulatory frameworks support necessary capital expenditures [54][55][56] Question: Infrastructure investment and planning regime - Management emphasized the need for stable fiscal and regulatory frameworks to facilitate efficient infrastructure investment across the U.K. [56][57] Question: Update on network windfalls and TOTEX uncertainty - Management clarified that there have been no windfall profits and discussed the expected clarity on TOTEX numbers as new connection offers are issued [59][63][64]

Financial Data and Key Metrics Changes - The underlying operating profit increased by 13% to GBP 2.3 billion, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [13][25][26] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [26][32] - The company achieved a record capital investment of GBP 5.1 billion, up 12% year-on-year at constant currency [13][26] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [26][27] - U.K. electricity transmission saw an increase in underlying operating profit by GBP 122 million to GBP 846 million, supported by higher allowed revenues [26][28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue and recovery of previously unremunerated costs [28][29] Market Data and Key Metrics Changes - Capital investment in the U.S. reached GBP 1.6 billion, up 5%, reflecting increased maintenance replacement expenditure [21][29] - In New England, capital investment increased by 23% to GBP 1 billion, driven by asset condition and system capacity investments [23] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [4][6] - There is a commitment to operational excellence and capital discipline while delivering for customers and creating shareholder value [5][6] - The company is actively engaging with government and industry to support the development of AI infrastructure and data centers in the U.K. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver a compelling investment proposition with expected investment growth around 10% per annum and underlying earnings per share growth of 6%-8% [6][13] - The company is well-prepared for winter with plans in place to ensure reliability and safety across networks [14] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The board declared an interim dividend of GBP 16.35 per share, representing 35% of last year's full-year dividend [26] - The company achieved over GBP 100 million of synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][27] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated that they are focused on the overall investable framework and the workability of the regulatory framework, advocating for a higher base return [40][41][42] Question: Net debt guidance - The net debt guidance improved, with a projected increase of around GBP 1 billion for the full year, accounting for disposals and working capital effects [43][44] Question: U.K. electricity distribution operational performance - Management confirmed that performance is on track for the year, guiding towards 50 basis points and aiming for closer to 100 basis points by the end of ED2 [45][46][47] Question: Ofgem price controls and maintenance allowances - Management expressed satisfaction with past allowances, noting continued delivery of world-class reliability and a resilient network [49][50] Question: Infrastructure investment in the U.K. - Management emphasized the need for stable fiscal and regulatory frameworks and improvements in the planning regime to facilitate efficient infrastructure development [51][52] Question: Select committee focus on network windfalls - Management clarified that they have not received windfall profits and that Ofgem has already addressed this issue [53][54] Question: RIIO-T3 TOTEX expectations - Management indicated that the GBP 35 billion TOTEX is contingent on the speed of connections and that clarity will improve as new connection offers are made [56][57]

Half Year Results 2025/26 London, 6 November 2025 Cautionary statement This presentation 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 opera ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

New York, New York--(Newsfile Corp. - November 5, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of National Grid plc (NYSE: NGG) resulting from allegations that National Grid plc may have issued materially misleading business information to the investing public.SO WHAT: If you purchased National Grid securities you may be entitled to compensation without payment of any out of pocket fees or costs through a cont ...

Group 1 - Willdan Group Inc. has been selected by National Grid to provide energy efficiency services to small businesses in Massachusetts, marking its entry into the Massachusetts market and expanding its presence in the Northeast [1][3] - The new two-year contract involves implementing a small business direct install program aimed at improving energy efficiency, safety, and comfort for local business owners while reducing their monthly energy costs [2][3] - CEO Mike Bieber emphasized that this contract enhances the company's service reach and demonstrates its commitment to delivering measurable energy savings and supporting the energy transition in Massachusetts [3] Group 2 - Willdan Group operates primarily in the US, providing professional, technical, and consulting services through two segments: Energy and Engineering & Consulting [4]