REG - National Grid PLC - Pre-Close Update ahead of 2022/23 HY Results

National GridAnnouncement

10/10/2022 07:00

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RNS Number : 2589C  National Grid PLC  10 October 2022

10 October 2022

 

 

National Grid plc

 

Pre-Close Update ahead of 2022/23 Half Year Results

 

 

National Grid today issues a pre-close update in respect of the half year
ending 30 September 2022. Overall, the group continues to perform in line with
our expectations and remains focused on delivering the clean energy
transition. Half year results will be announced on 10 November 2022.

 

These results will include a full six-month contribution of National Grid
Electricity Distribution (formerly Western Power Distribution) following
completion of the acquisition on 14 June 2021. It will also include a
contribution from Rhode Island up until completion of sale on 25 May 2022.

 

As such, underlying operating profit in UK Electricity Distribution is
expected to be more equally weighted half-on-half in the current year, with
New England being less weighted to the second half than the prior year given
the sale of Rhode Island. As announced alongside the sale of our St William
joint venture in March 2022, we have completed the sale of most of the
additional property sites to Berkeley Group during the first half.

 

Overall, we expect underlying EPS to have a more marginal weighting to the
second half than we have seen in prior years.

 

 

Notes:

 

'Underlying' represents statutory results excluding exceptional items,
remeasurements, timing and major storm costs.

 

Rhode Island does not qualify under the size criteria for its results to be
classified separately from the continuing business as a discontinued
operation.

 

 

CONTACTS

 

Investors and Analysts

 

 Nick Ashworth    +44 (0) 7814 355 590
 Angela Broad     +44 (0) 7825 351 918

 James Flanagan   +44 (0) 7970 778 952
 Jonathan Clay    +44 (0) 7899 928 247

 

Media

 Dan Roberts (Brunswick)  +44 (0) 7980 959590
 Molly Neal               +44 (0) 7583 102 727

 Danielle Dominey-Kent    +44 (0) 7812 485 153

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 United Kingdom's exit from the European Union, announcements from and
decisions by governmental bodies or regulators, including those relating to
the RIIO-T2 and RIIO-ED2 price controls and proposals for the future of system
operation in the United Kingdom; 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
(including any that result in safety and/or environmental events), 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 integration of WPD,
and the sale of a 60% stake in its UK gas transmission and metering
business. 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 253 to 256 of National Grid's most
recent Annual Report and Accounts. 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.

 

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