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
99.1 Announcement sent to the London Stock Exchange on 10
April
2024 — 3-year rate plan proposal filed for
KEDNY-KEDLI
Exhibit
99.1
10 April 2024
National Grid plc
Three-year rate plan proposal filed for National
Grid's
downstate New York Gas Businesses
National Grid has filed a Joint Proposal with the New York Public
Service Commission for a multi-year rate settlement for its two
downstate New York gas distribution businesses (KEDNY and
KEDLI).
The proposed settlement is for a three-year rate plan with new
rates effective April 2024. A final decision from the New York
Public Service Commission is expected in the next few
months.
The proposed settlement will fund programmes necessary to modernise
the gas network and continue a safe and reliable service for our
customers. It will maintain a focus on customer affordability
through delivering efficiencies and bill assistance programmes over
the duration of the proposed rate plan. The
plan includes funding for capital investment of $924 million for
KEDNY and $646 million for KEDLI in the first rate year, and a
Return on Equity of 9.35%. It also includes programmes to reduce
methane emissions, promote non-gas alternatives, and expand energy
efficiency in support of the State's environmental
goals.
For additional information on these filings,
please follow this link to the
factsheet section of our investor's website.
Notes
The two utilities with approximately 1.9 million gas customers
consist of KeySpan Energy Delivery New York (KEDNY) serving parts
of New York City and KeySpan Energy Delivery Long Island (KEDLI)
serving Long Island and the Rockaway Peninsula.
Investors and Analysts
Nick Ashworth
Angela Broad
+44 (0) 7814 355 590
+44 (0) 7825 351 918
James Flanagan
+44 (0) 7970 778 952
Media
Molly Neal
Karen Young
+44 (0) 7583 102 727
+1 718 541 8662
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, including any arising as a result of the current
energy crisis, announcements from and decisions by governmental
bodies or regulators, including those relating to the RIIO-T2 and
RIIO-ED2 price controls and the proposals for 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, or due
to the failure of or unauthorised access to or deliberate breaches
of National Grid's IT 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 deliver net zero; 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 the breach 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 sale of the Company's UK gas
transmission and metering business, its strategic infrastructure
projects and joint ventures and the separation and transfer of the
electricity system operator 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 225 to 228
of National Grid's most recent Annual Report and Accounts, as
updated by National Grid's unaudited half-year financial
information for the six months ended 30 September 2023 published on
9 November 2023. 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.
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.
