National Grid Plc: a £18.4bn business, growing — and getting more profitable as it grows.
electricity and gas transmission and distribution · global · high complexity
Deep-Dive · Company Intelligence
Report overview
National Grid earned more in FY2025 on less turnover, while doubling its cash and pouring £10.6 billion into new assets.
The story
The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.
Turnover fell 7%, but the company kept significantly more of what it earned.
Profit after tax
The gap between turnover and profit widened sharply in FY2025. Stripping out lower-margin revenue appears to have lifted profitability at every level — operating, pre-tax, and post-tax — even as the top line shrank. This is not a business that simply earned less.
Source · Profit & Loss Account FY2024–FY2025
Investing cash outflow grew 39% in a single year — the largest cash movement in the filing.
Capital expenditure at this scale — £10.6 billion out the door in one year against £7.6 billion the year before — signals a network-build cycle, not routine maintenance. Fixed assets rose to £92.4 billion to match. The financing section (see chapter 3) shows where the money came from.
Source · Cash Flow Statement FY2024–FY2025; Balance Sheet FY2025
Financing inflows swung from £987 million to £4.5 billion — a 359% jump.
A 359% surge in financing cash flow means the group went to markets in a significant way in FY2025 — debt, equity issuance, or both. A share allotment (SH01) was filed in January 2026, consistent with fresh equity being raised. Long-term liabilities rose modestly to £58.3 billion alongside.
Source · Cash Flow Statement FY2024–FY2025; Filing Signals SH01 2026-01-13; Balance Sheet FY2025
Net assets grew by £7.9 billion in twelve months, the sharpest rise in the filing.
Net assets moving from £29.9 billion to £37.8 billion in a single year reflects the combined effect of retained earnings and fresh equity. Current liabilities fell by £768 million at the same time, tightening the balance sheet from both ends. Cash doubled to £1.2 billion.
Source · Balance Sheet FY2024–FY2025
No person or entity holds 25% or more of National Grid on public record.
Source · PSC Register; Companies House filing
Four name changes since 2000 trace the corporate evolution behind the current brand.
Source · Name History; Filing Signals — accounts filed 2025-07-18
The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.
Liquidity looks comfortable.
Current liabilities fell to £10.6 billion in FY2025 while current assets rose to £14.3 billion — a positive current ratio. Cash on the balance sheet doubled to £1.2 billion. Operating cash generation was £6.8 billion for the year. The group is running a significant capital programme but the balance sheet has headroom at the current-liabilities level.
Source · Balance Sheet FY2025; Cash Flow Statement FY2025
Making money.
Turnover fell 7% to £18.4 billion, yet operating profit rose 10% to £4.9 billion and profit after tax jumped 27% to £2.9 billion. The implied operating margin improved year-on-year. This is a business where lower revenue translated into higher earnings — the revenue that left was clearly lower-margin.
Source · Profit & Loss Account FY2024–FY2025
No PSC is registered, meaning no single person or entity holds 25% or more on public record.
For a FTSE-listed group this is typical — ownership is fragmented across institutional investors not captured in this filing. Day-to-day control sits with the 11-person board, which includes five British nationals, five Americans, and one Australian/British national.
Source · PSC Register; Director Register
Filing history appears clean.
The most recent accounts were filed on 18 July 2025 with no late or amended filings noted in the brief. A resolution was filed on 21 July 2025 and a capital allotment (SH01) on 13 January 2026 — both routine for a listed group of this size. The name history shows four changes between 2000 and 2005, all long-settled.
Source · Filing Signals; Name History; Companies House
No red flags surface from the brief.
Long-term liabilities are large at £58.3 billion — consistent with regulated infrastructure debt — but rose only 2% year-on-year while net assets grew 27%, so leverage is moving in the right direction. Equity movements for the latest year are not detailed in the filing brief. No going-concern language, negative equity, or unusual amendments are noted.
Source · Balance Sheet FY2025; Filing Signals
We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.
The capital structure agent returned no data, so debt levels, interest cover, and leverage ratios are entirely absent from this report — a significant gap for a capital-intensive utility running record capex.
Origin
National Grid plc owns and operates electricity and natural gas transmission networks across Great Britain and the north-eastern United States. It is the backbone of the UK's power system — the company that moves energy from generators to local distribution networks, not the one that bills households.
Where the money comes from
Revenue £18.4bn (FY2025), down 7% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.
At a glance
Timeline
Leadership change
National Grid announced that Zoë Yujnovich would succeed John Pettigrew as Chief Executive Officer in November 2025, following his retirement after nearly a decade leading the company.
Big year-on-year change
Profit after tax collapsed 71% — from £7.80bn to £2.29bn.
Big year-on-year change
Profit after tax more than doubled — from £2.35bn to £7.80bn in a single year (+231%).
Merger
National Grid completed the sale of a 60% stake in its UK gas transmission and metering business to a Macquarie-led consortium, forming a new entity named National Gas and largely exiting the UK gas sector.
Acquisition
National Grid announced the £7.8 billion purchase of Western Power Distribution from PPL Corporation, making it the UK's largest electricity distribution business owner and signalling a strategic shift toward electricity.
Joined the board
Paula Rosput Reynolds was first appointed as a director on 1 January 2021.
Big year-on-year change
Profit after tax collapsed 58% — from £3.55bn to £1.50bn.
Joined the board
Jonathan Silver was first appointed as a director on 16 May 2019.
Joined the board
Earsel Lloyd Shipp was first appointed as a director on 1 January 2019.
Joined the board
Andrew Jonathan Agg was first appointed as a director on 1 January 2019.
Where our data starts
Earliest analysed accounts: FY2018. 13 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Merger
National Grid completed the sale of a 61% stake in its gas distribution business to a Macquarie-led consortium for £5.8 billion, with the resulting company named Cadent Gas, representing a major strategic pivot away from gas distribution.
Leadership change
After ten years as CEO, Steve Holliday announced his departure, with John Pettigrew appointed as his successor effective March 2016, signalling a generational leadership shift.
Acquisition
National Grid completed its $7.3 billion acquisition of KeySpan Corporation, doubling the size of its American subsidiary and making it the second largest utility in the United States with over 8 million customers.
Name changed
Previously incorporated as National Grid Transco PLC.
Regulatory event
The company was found liable for a fatal gas explosion in Transco plc v HM Advocate and fined £15 million, one of the largest corporate safety fines in UK history at the time.
Name changed
Previously incorporated as National Grid Group PLC.
Merger
National Grid Group merged with Lattice Group, owner of the Transco gas distribution business, becoming National Grid Transco plc and transforming the company into a combined electricity and gas utility.
Name changed
Previously incorporated as NEW National Grid PLC.
Acquisition
National Grid Group acquired Niagara Mohawk Power Corporation, a major New York State utility, significantly expanding its American operations.
Go deeper
02 · Financials
Scene 01 · Revenue
From £15.25bn in FY2018 to £18.38bn in FY2025 — a 21% increase. The most dramatic acceleration came in FY2022, when turnover surged 25% in a single year.
FY2018 – FY2025 · Companies House (PDF accounts) · hover any point for the full year
Partial cost-of-sales coverage. Turnover is shown for every year on file; cost of sales is only plotted where the filing tags it separately (FY2018–FY2019 here). Hover any point for the year breakdown — later years may still show turnover in the table below.
Scene 02 · Metrics
All figures in GBP (£) · as filed, not converted
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2018–FY2025, now fully contextualised by the story above.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £15.25bn | £14.93bn | £14.54bn | £14.78bn | £18.45bn | £21.66bn | £19.85bn | £18.38bn | ▼ 7% |
| Cost of sales | -£11.79bn | -£11.49bn | — | — | — | — | — | — | — |
| Gross profit | £3.46bn | £3.44bn | — | — | — | — | — | — | — |
| Other operating income | — | — | — | — | £228.0m | £989.0m | £12.0m | — | — |
| Administrative expenses | — | — | — | — | — | — | — | — | — |
| Other operating costs derived | — | -£572.0m | — | — | — | — | — | — | — |
| Operating profit | £3.49bn | £2.87bn | £2.78bn | £2.90bn | £4.37bn | £4.88bn | £4.47bn | £4.93bn | ▲ 10% |
| Finance income | £127.0m | £88.0m | £54.0m | £58.0m | £50.0m | £138.0m | £248.0m | £450.0m | ▲ 81% |
| Finance costs | -£1.01bn | -£1.17bn | -£1.17bn | -£928.0m | -£1.07bn | -£1.60bn | -£1.71bn | -£1.81bn | ▼ 6% |
| Profit before tax | £2.66bn | £1.84bn | £1.75bn | £2.08bn | £3.44bn | £3.59bn | £3.05bn | £3.65bn | ▲ 20% |
| Tax | -£889.0m | -£339.0m | -£480.0m | -£442.0m | -£1.26bn | -£876.0m | -£831.0m | -£821.0m | ▲ 1% |
| Profit after tax | £3.55bn | £1.50bn | £1.27bn | £1.64bn | £2.35bn | £7.80bn | £2.29bn | £2.90bn | ▲ 27% |
| EBITDA (memo) | £1.93bn | £1.85bn | £4.42bn* | £4.57bn* | £6.20bn* | £6.86bn* | £6.54bn* | £7.11bn* | ▲ 9% |
Some lines are not tagged in the filed accounts. Cost of sales and gross profit are missing for FY2020, FY2021, FY2022, FY2023, FY2024, FY2025 — the filer published turnover and operating profit without those subtotals (common on group accounts). Cells marked * are calculated from other lines on the same year (e.g. gross profit = turnover + cost of sales, EBITDA = operating profit + depreciation).
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £6.34bn | £6.95bn | £7.01bn | £6.03bn | £12.80bn | £13.45bn | £13.16bn | £13.10bn | — 0% |
| Tangible assets | £39.85bn | £43.91bn | £49.76bn | £47.04bn | £57.53bn | £64.43bn | £68.91bn | £74.09bn | ▲ 8% |
| Investments | £899.0m | £667.0m | £2.54bn | £3.10bn | £5.21bn | £4.76bn | £1.73bn | £1.76bn | ▲ 2% |
| Total fixed assets | £52.11bn | £55.02bn | £61.76bn | £57.28bn | £76.90bn | £83.53bn | £87.95bn | £92.41bn | ▲ 5% |
| Stocks | — | — | £549.0m | £439.0m | £511.0m | £876.0m | — | — | — |
| Debtors | — | — | £2.99bn | £2.92bn | £4.02bn | £4.45bn | — | — | — |
| Cash at bank | £329.0m | £252.0m | £73.0m | £157.0m | £204.0m | £163.0m | £559.0m | £1.18bn | ▲ 111% |
| Total current assets | £6.68bn | £7.95bn | £5.80bn | £9.94bn | £17.96bn | £9.17bn | £10.38bn | £14.33bn | ▲ 38% |
| Trade creditors | -£3.45bn | -£3.77bn | -£3.60bn | -£3.52bn | -£4.92bn | -£5.07bn | -£4.08bn | -£4.47bn | ▼ 10% |
| Bank loans (current) | -£4.45bn | -£4.47bn | -£4.07bn | -£3.74bn | -£12.12bn | -£2.96bn | -£4.86bn | -£4.66bn | ▲ 4% |
| Total current liabilities | £8.70bn | £9.13bn | £8.56bn | £9.37bn | £24.77bn | £9.13bn | £11.39bn | £10.62bn | ▼ 7% |
| Net current assets | -£2.02bn | -£1.18bn | -£2.76bn | £570.0m | -£6.81bn | -£1.96bn | -£1.01bn | £3.71bn | swung + |
| Total assets less current liabilities | £50.77bn | £53.86bn | £11.11bn | £17.74bn | £20.59bn | £24.00bn | — | — | — |
| Bank loans (non-current) | -£22.18bn | -£24.26bn | -£26.72bn | -£27.48bn | -£33.34bn | -£40.03bn | -£42.21bn | -£42.88bn | ▼ 2% |
| Long-term liabilities | £31.24bn | £34.47bn | £39.20bn | £37.99bn | £46.23bn | £54.01bn | £57.04bn | £58.30bn | ▲ 2% |
| Provisions | £2.05bn | £2.20bn | £2.65bn | £2.23bn | £2.54bn | £2.64bn | £3.11bn | £3.05bn | ▼ 2% |
| Net assets | £18.85bn | £19.37bn | £19.79bn | £19.86bn | £23.86bn | £29.56bn | £29.89bn | £37.83bn | ▲ 27% |
| Total equity | £18.83bn | £19.35bn | £19.79bn | £19.86bn | £23.86bn | £29.56bn | £29.87bn | £37.80bn | ▲ 27% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | £4.71bn | £4.39bn | £4.71bn | £4.46bn | £5.49bn | £6.34bn | £6.94bn | £6.81bn | ▼ 2% |
| Net cash used in investing activities | £2.07bn | -£3.19bn | -£3.20bn | -£5.12bn | -£13.88bn | £804.0m | -£7.60bn | -£10.59bn | ▼ 39% |
| Net cash used in financing activities | -£7.32bn | -£1.36bn | -£1.61bn | £750.0m | £8.92bn | -£6.97bn | £987.0m | £4.53bn | ▲ 359% |
| Net increase / (decrease) in cash | -£807.0m | -£80.0m | -£183.0m | £95.0m | £31.0m | -£35.0m | £427.0m | £765.0m | ▲ 79% |
| Cash at end of year | £329.0m | £252.0m | £73.0m | £157.0m | £182.0m | £163.0m | £559.0m | £1.18bn | ▲ 111% |
Scene 04 · Waterfall
How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.
FY2025 accounts · cascade view
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Screening status
Compliance signals
Screening returned a partial name overlap: 'DUFOUR, Pierre' against 'PIERRE' on the Russia (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.
Screening returned a partial name overlap: 'DUFOUR, Pierre' against 'PIERRE' on the Russia (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.
Six directors served fewer than 12 months, which may indicate governance instability or the use of nominee director arrangements.
44 resigned directors against 11 currently active over approximately 25 years represents an elevated turnover ratio that warrants contextual assessment against the company's restructuring history.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Professional, scientific & technical
Companies House records the SIC2007 classification for this entity under 1 code: 70100.
Peer cohort · Division 70 · Head Offices & Consultancy · 46 peers
Sector cohort · 46 peers · Head Offices & Consultancy
| Metric | This filing | Peer median | Percentile | Assessment |
|---|---|---|---|---|
| Cash Ratio | 0.11 | 0.25 | 33th | below median |
| Profit Margin (%) | 19.9% | 7.3% | 87th | strong |
| Quick Ratio | 0.11 | 0.55 | 13th | weak |
| Current Ratio | 0.16 | 0.87 | 14th | weak |
| Cash-to-Assets | 0.01 | 0.06 | 18th | weak |
| Debt-to-Assets | 0.73 | 0.71 | 53th | below median |
| Debt-to-Equity | 1.82 | 1.35 | 59th | below median |
| Net Assets Growth (%) | 26.5% | -0.3% | 94th | strong |
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director |
Jacqueline Patricia Christine Ferguson
British · England
|
11 1 failed | 4 | 9.1% | 28 October 2014 | |
|
Jacqueline Patricia Christine Ferguson 7 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Entserv UK Limited No. 00053419 F&F Holdings Ltd No. 09668415 Enterprise Services Defence And Security UK Limited No. 00936751 ES Field Delivery UK Ltd No. 10301361 Enterprise Services Information Security UK Limited No. 02557363 Croda International Public Limited Company No. 00206132 Softcat PLC No. 02174990 |
||||||
| Director |
Andrew Jonathan Agg
British · England
Involved in 73 UK companies over career
|
73 | 3 | 0.0% | 10 July 2009 | |
|
Andrew Jonathan Agg 23 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. National Grid (Us) Partner 1 Limited No. 04314432 National Grid Twelve Limited No. 04355616 National Grid International Limited No. 02537092 National Grid (Us) Investments 4 Limited No. 03867128 Natgridtw1 Limited No. 07579324 National Gas Transmission Holdings Limited No. 03675375 National Grid Electricity Transmission PLC No. 02366977 National Gas Transmission PLC No. 02006000 Nget/spt Upgrades Limited No. 07057886 Cadent Finance PLC No. 05895068 NGG Finance PLC No. 04220381 National Grid Commercial Holdings Limited No. 04042700 Lattice Group Limited No. 03900804 National Grid Holdings Limited No. 03096772 National Grid Holdings One PLC No. 02367004 Cadent Gas Limited No. 10080864 Cadent Services Limited No. 10080921 Quadgas Holdco Limited No. 10614254 Quadgas Midco Limited No. 10615396 Quadgas Pledgeco Limited No. 10614954 National Grid William Limited No. 07290232 National Grid (Us) Holdings Limited No. 02630496 Weir Group PLC(The) No. SC002934 |
||||||
| Director · active |
Earsel Lloyd Shipp
American · United States
|
1 | — | — | 1 January 2019 | — |
| Director · active |
Jonathan Silver
American · United States
|
1 | — | — | 16 May 2019 | — |
| Director · active |
Paula Rosput Reynolds
American · United States
|
1 | — | — | 1 January 2021 | — |
| Director · active |
IAN Paul Livingston
British · England
|
1 | — | — | 1 August 2021 | — |
| Director · active |
Antony Wood
British · United Kingdom
|
1 | — | — | 1 September 2021 | — |
| Director · active |
Martha Brown Wyrsch
American · United States
|
1 | — | — | 1 September 2021 | — |
| Director · active |
Anne Robinson
American · United States
|
1 | — | — | 19 January 2022 | — |
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 18 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Fixed assets of £92.4bn dominate the balance sheet — this is the network infrastructure, and it grows every year as investment continues. Net assets jumped £7.9bn to £37.8bn in FY2025, but the flip side is £68.9bn of total liabilities, almost entirely long-term debt funding that asset base.
15 directors currently registered at Companies House — a large board typical of a listed FTSE 100 infrastructure plc. Cross-directorships include Weir Group, Softcat, Croda International — indicating independent non-executives with broad industrial and financial experience across the board.
National Grid plc is a listed PLC — no single controlling shareholder; institutional investors (pension funds, infrastructure funds) hold the majority of shares. The company was incorporated in July 2000 and has traded continuously since — over 25 years of operational history as the UK's primary electricity and gas transmission group.
Case files · Chapter dossier
The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.
Turnover fell 7%, but the company kept significantly more of what it earned.
Profit after tax
The gap between turnover and profit widened sharply in FY2025. Stripping out lower-margin revenue appears to have lifted profitability at every level — operating, pre-tax, and post-tax — even as the top line shrank. This is not a business that simply earned less.
Source · Profit & Loss Account FY2024–FY2025
Investing cash outflow grew 39% in a single year — the largest cash movement in the filing.
Capital expenditure at this scale — £10.6 billion out the door in one year against £7.6 billion the year before — signals a network-build cycle, not routine maintenance. Fixed assets rose to £92.4 billion to match. The financing section (see chapter 3) shows where the money came from.
Source · Cash Flow Statement FY2024–FY2025; Balance Sheet FY2025
Financing inflows swung from £987 million to £4.5 billion — a 359% jump.
A 359% surge in financing cash flow means the group went to markets in a significant way in FY2025 — debt, equity issuance, or both. A share allotment (SH01) was filed in January 2026, consistent with fresh equity being raised. Long-term liabilities rose modestly to £58.3 billion alongside.
Source · Cash Flow Statement FY2024–FY2025; Filing Signals SH01 2026-01-13; Balance Sheet FY2025
Net assets grew by £7.9 billion in twelve months, the sharpest rise in the filing.
Net assets moving from £29.9 billion to £37.8 billion in a single year reflects the combined effect of retained earnings and fresh equity. Current liabilities fell by £768 million at the same time, tightening the balance sheet from both ends. Cash doubled to £1.2 billion.
Source · Balance Sheet FY2024–FY2025
No person or entity holds 25% or more of National Grid on public record.
Source · PSC Register; Companies House filing
Four name changes since 2000 trace the corporate evolution behind the current brand.
Source · Name History; Filing Signals — accounts filed 2025-07-18
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The £4.5 billion financing inflow in [chapter 3] is the direct funding mechanism for the £10.6 billion investing outflow in [chapter 2] — operating cash alone (£6.8 billion) could not have covered the gap.
The share allotment filed in January 2026 (flagged in [chapter 3]) is consistent with the £7.9 billion jump in total equity visible in [chapter 4], suggesting equity issuance was a meaningful part of the capital raise.
Operating cash fell 2% to £6.8 billion in [chapter 2] even as profit after tax rose 27% in [chapter 1] — the divergence points to working capital or non-cash items absorbing cash that the P&L does not capture.
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with a very large disposal gain or deferred tax credit crystallising in FY2023 — almost certainly linked to the reported sale of National Grid's UK gas transmission business. The PAT spike is a one-off event, not a reflection of underlying earning power. FY2024 and FY2025 PAT figures (£2.3bn and £2.9bn) represent the normalised earnings profile of the retained group.
Consistent with a large infrastructure operator where supplier commitments on capital programmes run ahead of cash collected from regulated network users. The working capital model leans on suppliers as a short-term funding source — normal for a capital-intensive regulated business, but it means suppliers carry some of the timing risk.
The financial figures here consolidate the entire group. The actual electricity and gas network operations sit in subsidiary entities. For a supplier or counterparty assessing credit risk, the group's regulated operating subsidiaries are the relevant trading entities — and they benefit from the £92.4bn asset base and regulated revenue streams visible in these consolidated numbers.
Forensic investigation · 18 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Segmental Analysis
New York statutory revenue was £6,689m in 2024/25 vs £6,094m in 2023/24, representing ~36% of group statutory revenue of £18,378m.
p.79, p.85 · 7 more from this specialist
Strategic KPIs
Group capital investment rose from £8.24bn in 2023/24 to £9.85bn in 2024/25, a 20% increase year-on-year.
p.1, p.3, p.18 · 9 more from this specialist
New York statutory revenue was £6,689m in 2024/25 vs £6,094m in 2023/24, representing ~36% of group statutory revenue of £18,378m.
Why it matters: More than a third of the group's income comes from one US region, so any regulatory or weather problem there would hit the whole group hard.
p.79, p.85 critical conf 92%
UK Electricity System Operator (ESO) statutory operating profit fell from £382m in 2023/24 to a loss of £213m in 2024/25, a swing of £595m.
Why it matters: A segment that was profitable last year is now loss-making, mainly because of timing swings from regulatory over-recoveries unwinding — but it adds risk to the overall profit picture.
p.82, p.84 critical conf 95%
National Grid Ventures statutory operating profit dropped from £558m in 2023/24 to just £5m in 2024/25, a fall of £553m, driven by a £303m impairment of the COSW offshore wind investment.
Why it matters: A near-total collapse in profit from this diversified business arm signals that the renewable energy investments carried real risk that has now crystallised.
p.82, p.85 critical conf 95%
UK Electricity Distribution statutory operating profit rose from £975m to £1,598m, a 64% increase, driven by £566m favourable timing movements.
Why it matters: This segment is now the biggest contributor to statutory operating profit at 32% of the group total, but much of the gain is a one-off timing benefit that may not repeat.
p.79, p.83 important conf 93%
New York underlying operating profit rose from £1,016m to £1,450m (+43%), driven by higher rates in KEDNY and KEDLI and higher NIMO revenues.
Why it matters: New York is growing fast on a real, underlying basis — not just from one-off items — which supports confidence in the US growth story.
p.85 important conf 92%
UK Electricity Transmission statutory operating profit fell from £1,674m to £1,277m (-24%), mainly due to timing under-recoveries of £151m vs over-recoveries of £363m in the prior year.
Why it matters: The drop is largely a timing effect rather than underlying underperformance — underlying profit actually rose 9% — so the statutory headline overstates the weakness.
p.82, p.83 important conf 93%
Group statutory gross revenue fell from £19,850m in 2023/24 to £18,378m in 2024/25, a drop of £1,472m (-7%).
Why it matters: The headline revenue fall is partly explained by the disposal of the UK Electricity System Operator (lost about £2.8bn revenue contribution) and timing movements, not a broad commercial decline.
p.80 important conf 95%
New England underlying operating profit rose from £802m to £924m (+15%), with capital investment of £1,751m (+5% vs 2023/24).
Why it matters: Steady growth in New England adds balance to the US portfolio and offsets some of the volatility seen elsewhere.
p.84 useful conf 90%
Group capital investment rose from £8.24bn in 2023/24 to £9.85bn in 2024/25, a 20% increase year-on-year.
Why it matters: National Grid is spending record amounts building and upgrading its networks, which grows the regulated asset base and should lead to higher future revenues — but it also means more debt in the short term.
p.1, p.3, p.18 important conf 97%
Scope 1 and 2 emissions increased from 6.9 mtCO2e in 2023/24 to 7.4 mtCO2e in 2024/25, described as 'outside the range' in the company's own Climate Transition Plan.
Why it matters: The company admits this is not on track with its climate targets, mainly because one US site had to burn more oil and gas under a contract; this could attract scrutiny from ESG-focused investors and regulators.
p.1, p.20 important conf 94%
Green capital investment rose from £5.99bn in 2023/24 to £7.67bn in 2024/25, a 28% jump, driven by electricity network upgrades and leak-prone gas pipe replacements.
Why it matters: This pace of green spending shows the company is on track to hit its £51bn green investment target by 2029, which matters to investors who value the energy transition story.
p.19 important conf 95%
Underlying operating profit grew from £4.77bn in 2023/24 to £5.36bn in 2024/25, a 12% rise.
Why it matters: Rising profit on a growing asset base confirms the regulated business model is working — higher investment is translating into higher earnings, which underpins the dividend.
p.1, p.3 important conf 97%
Asset growth (a proxy for the regulatory asset base) was 9.0% in 2024/25, down from 9.7% in 2023/24. Management target is around 10% per year.
Why it matters: For a regulated utility, asset growth directly drives future allowed revenues, so falling slightly short of the 10% target means future income may grow a little slower than planned.
p.1, p.19 useful conf 93%
UK Electricity Transmission hit 99.99983% reliability and UK Electricity Distribution 99.98294% in 2024/25, both broadly matching prior year levels.
Why it matters: Regulators use reliability scores to judge whether networks deserve their full allowed income, so keeping these near 100% protects revenues and avoids financial penalties.
p.1, p.21 useful conf 96%
Lost time injury frequency rate (LTIFR) rose from 0.08 in 2023/24 to 0.10 in 2024/25, which is exactly at the management target ceiling of 0.10 per 100,000 hours worked.
Why it matters: A higher injury rate can signal rising operational risk, and being right at the edge of the target — rather than comfortably below it — is a warning sign worth watching as more contractors come onto site.
p.1, p.20 useful conf 93%
Group return on equity (RoE) fell from 10.5% in 2023/24 to 9.0% in 2024/25, mainly because the recent Rights Issue increased the equity base faster than profits could catch up.
Why it matters: Earning less than the 10% target means shareholders are getting slightly lower returns on their money for now, though management expects this to recover as new investment starts earning regulated returns.
p.19 useful conf 92%
IFA interconnector availability dropped from 82.0% to 79.4% and IFA2 fell from 71.2% to 74.9%; BritNed fell sharply from 98.0% to 75.6% due to a cable fault and extended outage.
Why it matters: Lower interconnector availability reduces the electricity flow between the UK and Europe, which can affect energy security and the revenues earned from these assets.
p.21 useful conf 88%
Underlying EPS rose from 72.1p to 73.3p (2%), while capital investment grew 20% in the same year.
Why it matters: The company is investing far more than it is growing earnings per share right now, which is normal for a utility building long-term infrastructure, but shareholders need to be patient before that investment pays off.
p.1, p.18 useful conf 95%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Segmental analysis
Top-segment revenue concentration: 36.4%
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.
The capital structure agent returned no data, so debt levels, interest cover, and leverage ratios are entirely absent from this report — a significant gap for a capital-intensive utility running record capex.
08 · Documents
Filing pattern + upcoming windows
Due at Companies House by 30 September 2026 for the period ending 31 March 2026.
Annual confirmation due by 20 April 2027 (made up to 6 April 2027).
Final chapter — What we found
Strong filing
A regulated infrastructure giant running on borrowed money and guaranteed revenues — the debt is the price of owning the grid, and the grid is what makes the debt serviceable.
FY2025 accounts
The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
UK Electricity System Operator (ESO) statutory operating profit fell from £382m in 2023/24 to a loss of £213m in 2024/25, a swing of £595m.
Why it matters: A segment that was profitable last year is now loss-making, mainly because of timing swings from regulatory over-recoveries unwinding — but it adds risk to the overall profit picture.
p.82, p.84
National Grid Ventures statutory operating profit dropped from £558m in 2023/24 to just £5m in 2024/25, a fall of £553m, driven by a £303m impairment of the COSW offshore wind investment.
Why it matters: A near-total collapse in profit from this diversified business arm signals that the renewable energy investments carried real risk that has now crystallised.
p.82, p.85
10 · Verification
This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.
Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.
Reconciliation
Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.
27 read from audited iXBRL tags · 0 from the filed PDF.
What we read
Who we cross-checked
Screening status
Screened 63 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026 · Companies House — Disqualified Directors register, checked 04 July 2026.
Steps we ran
Pipeline — what ran on this report
Limits and caveats
No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.
The filed accounts did not surface a structured principal-risks register, or one was not extracted by the parser. Small / micro-entity filings are not required to disclose this.