REG - National Grid PLC - UK Electricity Distribution Investor Event

National GridAnnouncement

06/07/2023 07:00

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RNS Number : 1174F  National Grid PLC  06 July 2023

 

 

 

 

 

6 July 2023

National Grid plc

 

UK Electricity Distribution Investor Event

 

 

National Grid is hosting an investor event in London today focusing on its UK
Electricity Distribution business.

 

Following the acquisition of Western Power Distribution two years ago, UK
Electricity Distribution accounts for 20% of the Group's regulated assets.
Under the recently agreed RIIO-ED2 5-year price control, capital investment is
expected to be £7.5 billion, an increase of over 30% in annual investment
compared to RIIO-ED1. This green investment(1) will connect significant new
renewable generation capacity, enable up to 1.5 million electric vehicle
chargers and up to 600,000 heat pumps, whilst ensuring our networks remain
resilient and reliable.

 

With electricity demand in the UK anticipated to double by 2050, our networks
play a critical role at the heart of the energy transition, and this will
continue to drive growth opportunities throughout this decade and beyond.

 

Following an introduction from John Pettigrew, Chief Executive, the session
will be led by Cordi O'Hara, National Grid Electricity Distribution President,
together with senior members of her leadership team. Copies of the
presentations and a video recording will be available on National Grid's
investor website
(https://www.nationalgrid.com/investors/events/events-and-materials-centre) on
Monday 10 July 2023.

 

 

No material updates on current trading will be provided.

 

 

 

Footnote 1: Aligned to EU Taxonomy, directly invested in the decarbonisation
of energy networks

 

 

 

 

 

 

Investors and Analysts

 

 Nick Ashworth   +44 (0) 7814 355 590

 Angela Broad    +44 (0) 7825 351 918

 James Flanagan  +44 (0) 7970 778 952

Media

 

 Christopher Hayton  +44 (0) 7894 994 235

 

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 creation of a future system operator; 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 its UK Electricity Distribution business, 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 225 to 228 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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