National Grid PLC (NGG) 2024 Q4 法說會逐字稿

Good morning, everybody, and welcome to National Grid's Full Year Results Presentation. I'm going to start by saying it's great to actually we've found a venue and not have to make such a big announcement standing outside in the pouring rain. So hopefully, it's a good start. Anyway, I'm Nick Ashworth, Head of Investor Relations here at Grid. And I'm really pleased to see so many of you here at the IET, and I'm sure listening in online as well.

大家早安，歡迎參加國家電網全年業績發表會。首先我想說，我們真的找到了一個場地，不用在傾盆大雨中站在外面宣布這麼重大的消息，這真是太好了。所以希望這是一個好的開始。無論如何，我是 Grid 投資者關係主管尼克·阿什沃思 (Nick Ashworth)。我很高興在 IET 看到這麼多的你們，我相信在線上收聽你們的演講也同樣如此。

As always, we'll start with safety. There are no plan to fire alarm test this morning. So if you hear an alarm, you'll need to leave the building and gather under Waterloo bridge. The second important thing to draw your attention to is the cautionary statement, which is included at the front of the presentation. As usual, all of today's materials are on the website, and there will be Q&A with John and Andy at the end of the presentation. For any further queries, please feel free to get in touch with me or any of the IR team later today. So with that, we'll start the presentation.

像往常一樣，我們將從安全開始。今天早上沒有進行火警測試的計畫。所以，如果您聽到警報，您就需要離開大樓並聚集在滑鐵盧橋下。需要您注意的第二件重要事情是警告聲明，它位於簡報的前面。像往常一樣，今天的所有材料都在網站上，演講結束時將有 John 和 Andy 的問答環節。如果您還有其他疑問，請隨時在今天晚些時候與我或 IR 團隊聯繫。那麼，我們就開始示範吧。

(presentation)

（推介會）

Well, thank you, Nick, and good morning, everyone. It's great to see so many of you here this morning, with others joining virtually. Today, we've made several important announcements which launched a new phase of growth for National Grid. Alongside strong full year results, we're also setting out a significant step-up in growth for the new 5-year financial framework. Around GBP 60 billion of capital investment between now and 2029, that's nearly double over the past 5 years, and driving annual group asset growth of around 10%. And a 6% to 8% EPS CAGR from an FY '25 baseline. All of which will be supported by a comprehensive financing plan that puts on a range of levers, including a GBP 7 billion equity raise.

好吧，謝謝你，尼克，大家早安。很高興今天早上看到這麼多人來到這裡，還有其他人也透過虛擬方式加入進來。今天，我們發布了幾個重要公告，開啟了國家電網新的發展階段。除了強勁的全年業績外，我們還為新的五年財務框架制定了顯著的成長計劃。從現在到 2029 年，資本投資將達到約 600 億英鎊，幾乎是過去 5 年的兩倍，並推動集團資產年增長率達到約 10%。與 25 財年基線相比，每股盈餘複合年增長率為 6% 至 8%。所有這些都將得到一項綜合融資計劃的支持，該計劃採用了一系列槓桿，包括 70 億英鎊的股權融資。

And as we enter this new phase of growth, we're updating our strategy to make National Grid the preeminent pure-play networks business. So there's quite a bit for Andy and I to cover this morning. And as soon as we've done that, of course we'll be happy to take your questions.

隨著我們進入新的成長階段，我們正在更新我們的策略，使國家電網成為卓越的純網路企業。所以今天早上安迪和我要講的內容比較多。一旦我們完成這些，我們當然很樂意回答您的問題。

So personally, this is the most exciting period I've seen not just in our industry but for National Grid since I started over 33 years ago. Let me just set the context. The energy transition is accelerating at pace. On the supply side, coal's annual contribution of generation in the U.K. has reduced from 40% to 1% over the last 10 years, with significant reductions also seen in the U.S. Nearly half the electricity used last year in the U.K. and the U.S. Northeast was from zero carbon sources. And on the demand side, we're starting to see increased load due to the acceleration of artificial intelligence and the data centers needed to support it.

所以就我個人而言，這是我 33 年前開始工作以來見過的最激動人心的時期，不僅是在我們行業，而且對於國家電網來說也是如此。讓我先簡單介紹一下背景。能源轉型正在加速進行。從供應方面來看，過去10年裡，英國煤炭年發電量貢獻率從40%降至1%，美國也大幅下降。在需求方面，由於人工智慧和支援人工智慧所需的資料中心的加速發展，我們開始看到負載的增加。

These mega trends are at the forefront of every politician, regulator and consumer's mind. They're driving this incredible journey of change that we're only just starting. Governments on both sides of the Atlantic recognize the need to accelerate the transition, and they're acting with greater urgency. To incentivize increased levels of renewable generation, evolve regulatory frameworks to unlock the investment needed to transform networks, increase energy security and ultimately reduce consumer bills. Our pivot towards electricity over the last 3 years has cemented our position as a major player in the energy transition, and we're ready to take advantage of the significant growth opportunities ahead.

這些大趨勢是每個政治家、監管者和消費者最關注的。他們正在推動我們才剛開始的這場令人難以置信的變革之旅。大西洋兩岸的政府都意識到加速轉型的必要性，並且正在採取更迫切的行動。為了激勵再生能源發電水準的提高，發展監管框架以釋放改造網路所需的投資，提高能源安全，並最終減少消費者帳單。過去三年來，我們致力於轉向電力，鞏固了我們在能源轉型領域的主要參與者地位，我們已準備好利用未來巨大的成長機會。

Now you'll recall, last November, Andy and I talked about 3 areas where we wanted to see progress and increased clarity before setting out a new financial frame. The scale and the investment ahead of us, the profile of its delivery and the regulatory frameworks that sit around it. And I'm pleased to say we've seen significant progress in each of these areas giving us the confidence today to set out our plans for the next 5 years.

現在你會記得，去年 11 月，在製定新的財務框架之前，安迪和我討論了我們希望看到進展和提高清晰度的 3 個領域。我們面臨的規模和投資、其交付情況以及相關的監管框架。我很高興地說，我們在每個領域都取得了重大進展，這使我們今天有信心製定未來五年的計劃。

So starting with the scale of investment. In the U.K., as you know, we've been awarded 17 major projects as part of Ofgem's Accelerated Strategic Transmission Investment program, or ASTI, with the time scales to delivery now embedded within our license obligations. At half year, we said that this required investment and is expected to be in the mid- to high teens billions. Last month, the system operator published its Beyond 2030 report, which starts to provide more clarity on projects that will be largely delivered in the 2030s, giving us sufficient confidence on the scope of large-scale transmission investments for the rest of this decade.

所以從投資規模開始。如您所知，在英國，我們已獲得英國電力市場辦公室 (Ofgem) 加速戰略輸電投資計劃 (ASTI) 的 17 個重大項目，其交付時間表現已納入我們的許可義務之中。半年後，我們說這需要投資，預計需要數十億美元的投資。上個月，該系統營運商發布了《2030年後》報告，該報告開始對將在2030年代主要交付的項目提供更清晰的說明，讓我們對本世紀剩餘時間大規模輸電投資的範圍有足夠的信心。

Since November, we've continued to develop our business plan for RIIO-T3, which has given us further clarity on the levels of investment needed. We're due to submit this to Ofgem later this year. We also have much better visibility in New York, where we agreed a joint proposal our new 3-year rate plan for our KEDLI and KEDNY gas businesses, and will soon be filing for new rates in our Niagara Mohawk business. And in New England, we filed for new rates in our electric business in November. And in January, we filed for a further $2 billion of clean energy investment through our Electric Sector Monetization Plan, or ESMP. So there's been substantial development since our last update, strengthening our confidence in the levels of CapEx required as we look to the next 5 years.

自 11 月以來，我們一直在繼續制定 RIIO-T3 的業務計劃，這使我們進一步明確了所需的投資水準。我們將於今年稍後將此提交給 Ofgem。我們在紐約的知名度也大大提高，我們在那裡就針對 KEDLI 和 KEDNY 天然氣業務的新的三年期費率計劃達成了聯合提案，並且很快將為我們的尼亞加拉莫霍克業務提交新的費率。在新英格蘭，我們在11月申請了電力業務的新費率。今年 1 月，我們透過電力產業貨幣化計畫（ESMP）申請再投資 20 億美元清潔能源。因此，自上次更新以來，我們已經取得了實質進展，增強了我們對未來五年所需資本支出水準的信心。

Turning now to the profile of that investment where we've seen improved transparency both in supply chain capacity and planning. In the U.K., we now -- been awarded 17 major projects as part of Ofgem's Accelerated Strategic Transmission Investment program, or ASTI, with the time scales and delivery now embedded within our license obligations. At half year, we said that this required investment and is expected to be in the mid- to high teens billions. Last month, the system operator published its Beyond 2030 report, which starts to provide more clarity on projects that will be largely delivered in the 2030s, giving us sufficient confidence on the scope of large-scale transmission investments for the rest of this decade.

現在來看看該投資的概況，我們看到供應鏈能力和規劃的透明度都有提升。在英國，我們現在已經獲得了英國電力市場辦公室 (Ofgem) 加速戰略輸電投資計劃 (ASTI) 的 17 個重大項目，其時間表和交付內容現已納入我們的許可義務之中。半年後，我們說這需要投資，預計需要數十億美元的投資。上個月，該系統營運商發布了《2030年後》報告，該報告開始對將在2030年代主要交付的項目提供更清晰的說明，讓我們對本世紀剩餘時間大規模輸電投資的範圍有足夠的信心。

Since November, we've continued to develop our business plan for RIIO-T3, which has given us further clarity on the levels of investment needed. We're due to submit the store Ofgem later this year. We also have much better visibility in New York, where we agreed a joint proposal and our new 3-year rate plan for our KEDLI and KEDNY gas businesses, and will soon be filing for new rates in our Niagara Mohawk business. And in New England, we filed new rates in our electric business in November. And in January, we filed for a further $2 billion of clean energy investment through our Electric Sector Monetization Plan, or ESMP. So there's been substantial development since our last update, strengthening our confidence in the levels of CapEx required as we look to the next 5 years.

自 11 月以來，我們一直在繼續制定 RIIO-T3 的業務計劃，這使我們進一步明確了所需的投資水準。我們將於今年稍後向 Ofgem 提交商店申請。我們在紐約的知名度也大大提高，我們在那裡達成了一項聯合提案，並針對我們的 KEDLI 和 KEDNY 天然氣業務制定了新的三年費率計劃，並且很快將為我們的尼亞加拉莫霍克業務申請新的費率。在新英格蘭，我們於11月針對電力業務制定了新的費率。今年 1 月，我們透過電力產業貨幣化計畫（ESMP）申請再投資 20 億美元清潔能源。因此，自上次更新以來，我們已經取得了實質進展，增強了我們對未來五年所需資本支出水準的信心。

Turning now to the profile of that investment, where we've seen improved transparency both in supply chain capacity and planning. In the U.K., we now have better clarity around the time lines on our large projects. We signed GBP 1.8 billion in contracts for cable and converter stations for Eastern Green Link 1 in December, as well as the contracts on the GBP 4.4 billion Eastern Green Link 2 project in February. We've also selected 7 suppliers as part of our new GBP 9 billion enterprise partnership model to able delivery of onshore projects. We made progress on planning with consent orders approved for 4 ASTI as projects and several others moving through the wider consultation process as we expected.

現在來看看該投資的概況，我們看到供應鏈能力和規劃的透明度都有提升。在英國，我們現在對大型專案的時間表有了更清晰的了解。我們於12月簽署了價值18億英鎊的東部綠色幹線1號電纜和換流站合同，並於2月簽署了價值44億英鎊的東部綠色幹線2號項目合同。我們還選擇了 7 家供應商作為我們新的 90 億英鎊企業合作夥伴模式的一部分，以交付陸上專案。我們在規劃方面取得了進展，4 個 ASTI 項目的同意令已獲批准，其他幾個項目也正如我們預期的那樣，通過了更廣泛的協商程序。

On the policy front, the updated National Policy Statements have given transmission infrastructure critical national priority status. And the Transmission Acceleration Action Plan aims to significantly shorten the time sales of the planning and delivery of major projects to 7 years. And we've seen a similar trend in the U.S. alongside rate filings, we've began awarding and engineering contracts with $2.9 billion Climate Leadership and Community Protection Act, or CLCPA transmission projects. With increased visibility on supply chain and planning, we have more certainty on the scale and timing of spend as we develop our delivery models.

在政策方面，更新後的國家政策聲明賦予輸電基礎設施重要的國家優先地位。而輸電加速行動計畫則旨在將重大專案的規劃和交付銷售時間大幅縮短至7年。我們在美國也看到了類似的趨勢，除了費率申報之外，我們還開始授予和設計價值 29 億美元的《氣候領導和社區保護法案》（CLCPA）輸電項目合約。隨著供應鏈和規劃的可見性不斷提高，我們在開發交付模式時對支出的規模和時間有了更多的確定性。

And finally, we've also seen progress in regulatory frameworks, which are clearly key to how we finance and step up the investment required. In the U.K., Ofgem indicated its intent to create an investable proposition for future regulation in its recent sector methodology consultation. We were pleased to see enabling infrastructure for net zero at pace, include as 1 of the 5 pillars in its recent strategy update. And most importantly, the government have given Ofgem 2 new opportunities of growth in net zero.

最後，我們也看到監管框架取得了進展，這顯然對於我們如何融資和增加所需投資至關重要。在英國，英國天然氣電力市場辦公室 (Ofgem) 在最近的行業方法諮詢中表示，其有意為未來監管制定可投資的提案。我們很高興看到淨零排放基礎建設正在迅速推進，並被列為近期策略更新中的五大支柱之一。最重要的是，政府給了 Ofgem 2 個淨零成長的新機會。

This all supports the need to agree a regulatory framework that can attract the step-up in investment required. And these positive developments are in addition to the decisive regulatory actions that we've seen to date on the early ASTI projects. Moving to the U.S. We've agreed a joint proposal for new rates for our Downstate New York KEDNY and KEDLI gas distribution businesses, with an increase in CapEx around 30% and a step-up in allowed returns from 8.8% in to 9.35%. We're in final preparations to file for new rates in our Niagara Mohawk business. And in Massachusetts, we've had productive conversations with the DPU and our electric and ESMP filings. All of this gives us increased confidence that the regulatory frameworks are evolving to attract the investment required and the pace needed for delivery.

所有這些都表明有必要達成一個能夠吸引所需投資的監管框架。這些積極的發展是對我們迄今為止在早期 ASTI 項目中看到的決定性監管行動的補充。轉向美國，我們已就紐約州下州 KEDNY 和 KEDLI 天然氣分銷業務的新利率達成聯合提案，其中資本支出增加約 30%，允許回報率從 8.8% 提高到 9.35%。我們正為尼亞加拉莫霍克業務申請新稅率做最後的準備。在馬薩諸塞州，我們與 DPU 以及我們的電力和 ESMP 檔案進行了富有成效的對話。所有這些都使我們更加相信，監管框架正在不斷發展，以吸引所需的投資和交付所需的速度。

So it's against that context of greater clarity and confidence that we're announcing our new 5-year financial framework today and the financing plan that sits behind it that will enable us to deliver a step-up in investment whilst maintaining our strong investment-grade balance sheet. We expect to deliver around GBP 60 billion of CapEx, that's near double our investment over the prior 5 years. It will be split broadly 50-50 between the U.K. and the U.S., and 85% will be green investment aligned to the EU taxonomy, making National Grid one of the biggest investors in decarbonizing energy in the FTSE.

因此，在更清晰和自信的背景下，我們今天宣布了新的五年財務框架及其背後的融資計劃，這將使我們能夠增加投資，同時保持強勁的投資等級資產負債表。我們預計將實現約 600 億英鎊的資本支出，幾乎是過去五年投資的兩倍。英國和美國將大致各佔50%，其中85%將是符合歐盟分類標準的綠色投資，這使得國家電網成為富時指數中最大的能源脫碳投資者之一。

This investment will drive Group asset growth of around 10% per annum, which will see the Group's regulated asset base reach almost GBP 100 billion by 2029. And it will also deliver a 6% to 8% EPS CAGR from an FY '25 baseline and an inflation-protected dividend from a rebased level, representing ongoing attractive investor proposition of growth and yield. And it's this combination of growth and yield that has enabled National Grid to sustain strong total shareholder returns, where we've delivered over 30 percentage points more TSR than the FTSE 100 over the past decade.

這項投資將推動集團資產每年增長約 10%，到 2029 年，集團的受監管資產基數將達到近 1000 億英鎊。正是這種成長與收益的結合使得國家電網能夠保持強勁的股東總回報，過去十年來，我們的股東總回報比富時 100 指數高出 30 個百分點以上。

And our track record of delivering large-scale structure projects on time and budget speaks for itself, with recent examples including the GBP 1 billion Hinkley Point C connection, the GBP 1 billion London Power Tunnels project, and our strong progress on the $4 billion Electricity Transmission Program in New York, or the Upstate Upgrade as we call it. We've developed the capabilities to deliver large scale projects offshore as well. With the recent completion of Viking Link, our interconnector portfolio is now nearly 8 gigawatts, which represents around 80% of the U.K.'s interconnector market.

我們在按時、按預算交付大型結構項目方面的業績不言而喻，最近的例子包括耗資 10 億英鎊的欣克利角 C 核電站項目、耗資 10 億英鎊的倫敦電力隧道項目，以及我們在紐約 40 億美元電力傳輸計劃（我們稱之為上州升級計劃）上取得的重大進展。我們也具備了在海上交付大型專案的能力。隨著 Viking Link 專案的近期完工，我們的互連線組合現已接近 8 千兆瓦，約佔英國互連線市場的 80%。

In the U.K., we've implemented an organizational structure to deliver with a strategic infrastructure business unit set up a year ago and now employing over 375 people. And the strong progress we made in creating innovative new supply chain frameworks for the ASTI projects. And we've a proven track record of outperformance in delivery against our regulatory contracts.

在英國，我們實施了一種組織結構，該結構於一年前成立了戰略基礎設施業務部門，目前擁有 375 多名員工。我們在為 ASTI 專案創建創新型新供應鏈框架方面取得了重大進展。我們在遵守監管合約方面有著出色的表現。

So as we look to the future, our networks will be a key enabler to economic growth and job creation as we help to enable decarbonization of energy. As we progress on this path, it's clear to me that not only we will continue to growth in energy networks, we'll also see the blurring of the boundaries between transmission and distribution, onshore and offshore networks and what is awarded directly by regulators and what goes out to competition. National Grid has built the capabilities to win across all of these areas.

展望未來，我們的網路將成為經濟成長和創造就業的關鍵推動因素，因為我們有助於實現能源脫碳。隨著我們在這條道路上不斷前進，我清楚地看到，我們不僅會繼續發展能源網絡，而且還會看到輸電和配電、陸上和海上網絡之間的界限越來越模糊，以及監管機構直接授予的權力和競爭對手的權力之間的界限也越來越模糊。國家電網已具備在所有這些領域取得勝利的能力。

And whilst the focus of the new 5-year plan is very much growth in our regulated networks, National Grid Ventures will continue to play an important role. Going forward, we'll focus this business on interconnectors, including offshore hybrid assets in the U.K. and competitive electricity transmission projects in the U.S. To support this, we've made the decision to sell our National Grid Renewables, our U.S. onshore renewables business, as well as our Isle of Grain LNG terminal in the U.K. And in doing so, we expect to continue our record of crystallizing good value.

雖然新五年計畫的重點是監管網路的成長，但國家電網企業仍將繼續發揮重要作用。展望未來，我們將把這項業務重點放在互連器上，包括英國的海上混合資產和美國有競爭力的電力傳輸項目。

So we have an incredibly exciting few years to look forward to as we look to make National Grid the preeminent pure play networks business, delivering a big step-up in investment and continuing along the path of delivering decarbonized energy networks across our jurisdictions.

因此，我們期待接下來的幾年能夠取得令人難以置信的輝煌成就，我們將努力將國家電網打造成卓越的純網絡企業，大幅增加投資，繼續在我們的管轄範圍內沿著脫碳能源網絡的道路前進。

So with that, I want to share some of the key headlines from our full year results before Andy takes you through the detail. We've delivered another year of strong financial performance demonstrated by underlying operating profit of GBP 4.8 billion and underlying earnings per share of 78p, both at 6% on the prior year at constant currency. Our regulated businesses delivered a record GBP 7.6 billion of investment, up 17% year-on-year, again at constant currency. Reliabilities remain strong across our transmission and distribution networks despite severe weather in most jurisdictions, and we achieved a lost time injury frequency rate of 0.08, which compares to our group target of 0.1.

因此，在安迪向您介紹詳細資訊之前，我想分享我們全年業績的一些主要標題。我們又取得了強勁的財務業績，基本營業利潤為 48 億英鎊，基本每股收益為 78 便士，按固定匯率計算均比上年增長 6%。我們監管的業務實現了創紀錄的 76 億英鎊投資，以固定匯率計算年增 17%。儘管大多數地區天氣惡劣，但我們的輸電和配電網路仍然保持較高的可靠性，並且我們的工傷損失頻率達到了 0.08，而我們的集團目標是 0.1。

However, this good performance was overshadowed by the tragic incidents in which 2 of our colleagues lost their lives. Both tragedies have been acutely felt across the group and have led to further reinforcements of our safety protocols.

然而，我們的兩位同事不幸喪生，這一良好表現卻被掩蓋了。這兩起悲劇都為整個集團帶來了深切的震撼，促使我們進一步加強了安全規程。

Moving to our operating performance, where there's been a number of highlights. Firstly, in UK Electricity Transmission, we delivered a 47% increase in capital investment, reflecting early progress on our ASTI projects. We also reached important milestones of the installation of the new (inaudible) on the Hinkley Connection Point of our project alongside completing tunneling on the London Pilot Tunnels project. It was also an impressive year of firsts as we connected the world's largest wind farm, Dogger Bank, and the Lark Green Solar Project, first of its kind to be connected directly to the U.K. transmission network.

談到我們的營運業績，有很多亮點。首先，在英國電力傳輸領域，我們的資本投資增加了 47%，這反映了我們的 ASTI 專案的早期進展。我們在完成倫敦試點隧道工程的隧道施工的同時，也達到了工程欣克利連接點新（聽不清楚）安裝的重要里程碑。這也是令人印象深刻的首次之年，我們連接了世界上最大的風電場 Dogger Bank 和 Lark Green 太陽能項目，這是第一個直接連接到英國輸電網路的項目。

Secondly, in New York, where investment increase of GBP 300 million to GBP 2.7 billion, we made strong progress on the $4 billion Upstate Upgrade program, which includes 70 products all enabling clean energy over the next decade. In Massachusetts, we filed for $2 billion of ESMP funding, an important milestone in setting up the investment required over the next 5 years to help the state meet its clean energy goals. In National Grid Ventures, our sixth interconnected the Viking Link to Denmark came online in December within budget and earlier than planned. At 765 kilometers, it's the world's longest onshore and subsea HVDC cable, and it's a great example of world-class capabilities within National Grid.

其次，在紐約，我們的投資額增加了3億英鎊，達到27億英鎊，我們在40億美元的上州升級計畫上取得了重大進展，該計畫包括70種產品，均可在未來十年內實現清潔能源。在麻薩諸塞州，我們申請了 20 億美元的 ESMP 資金，這是在未來 5 年內設立所需投資以幫助該州實現清潔能源目標的重要里程碑。在國家電網投資公司，我們第六個與丹麥互聯的Viking Link於12月上線，且在預算之內，比計劃提前。這條電纜全長 765 公里，是世界上最長的陸上和海底高壓直流電纜，也是國家電網世界一流能力的典範。

And finally, the team has made great progress on the separation of the electricity system operator, and we expect to complete the sale and transfer to the government later this year. So it's been a year of strong progress, both financially and operationally, and we've taken the necessary steps that we'll set up the group for success over the long term. I'll stop there, and I'll hand over to Andy, who will discuss this year's results, our new 5-year framework and financing plan in more detail, and then I'll come back and talk about the priorities for the coming 12 months. Thank you.

最後，團隊在電力系統營運商分離方面取得了重大進展，我們預計將在今年稍後完成出售並移交給政府。因此，無論是在財務上還是在營運上，這都是取得長足進步的一年，並且我們已經採取了必要的措施，為集團的長期成功做好準備。我的演講就到此結束，然後交給安迪，他將更詳細地討論今年的業績、我們新的五年框架​​和融資計劃，然後我會回過頭來談談未來 12 個月的優先事項。謝謝。

Thank you, John, and good morning, everyone. I'll start by going through the financial performance for the past year, before turning to the details around our comprehensive financing plan. I'd like to highlight that, as usual, we're presenting our underlying results excluding timing, major storms and exceptional items, and those results are provided at constant exchange rates.

謝謝你，約翰，大家早安。我將首先介紹過去一年的財務業績，然後再介紹我們的綜合融資計劃的細節。我想強調的是，像往常一樣，我們展示的是不包括時間、重大風暴和特殊專案的基本結果，這些結果是按固定匯率提供的。

As announced in our pre-close update, we are now reporting underlying earnings excluding the impact of deferred tax in our UK Electricity Transmission and Distribution businesses, and we report our 20% remaining stake within National Gas as a discontinued operation with this business, therefore, excluded from the underlying earnings of the continuing group.

正如我們在收盤前更新中所宣布的那樣，我們目前報告的基礎收益不包括英國電力傳輸和配電業務的遞延稅項的影響，並且我們將在國家天然氣公司中剩餘的 20% 的股份報告為與該業務相關的已停止運營的業務，因此，不包括在持續經營集團的基礎收益中。

So turning to our numbers. I'm pleased to be reporting another year of strong results. Underlying operating profit on a continuing basis increased by GBP 255 million to GBP 4.8 billion, up 6% on the prior year. This was mainly driven by good performance across our regulated businesses, including higher rates and strong cost efficiency delivery. Higher operating profit has consequently led to an underlying earnings per share increase of 6% to 78p per share.

讓我們來看看我們的數字。我很高興向大家報告我們又一年的強勁業績。基本營業利潤持續增加 2.55 億英鎊，達到 48 億英鎊，較上年增長 6%。這主要得益於我們監管業務的良好表現，包括更高的利率和強大的成本效益。更高的營業利潤導致每股基本收益增加 6% 至每股 78 便士。

We delivered a further GBP 139 million of efficiency savings, significantly exceeding our 3-year GBP 400 million target, and we aim to maintain broadly flat controllable costs going forward, even as we target asset growth of nearly 60% over our new 5-year plan. Group return on equity at 8.9% is in line with expectations following the reset in Electricity Distribution for the first year of RIIO-ED2 and higher U.K. revs. And in line with our policy, the Board has recommended a final dividend of 39.12p, taking the full year dividend to 58.52p per share, representing a 5.55% increase compared to the prior year, reflecting 2024 average CPIH inflation.

我們進一步實現了 1.39 億英鎊的效率節約，大大超過了我們 3 年 4 億英鎊的目標，並且我們計劃在未來保持基本平穩的可控成本，即使我們的目標是在新的 5 年計劃中實現近 60% 的資產增長率。在 RIIO-ED2 第一年電力分配重置和英國收入增加之後，集團股本回報率為 8.9%，符合預期。根據我們的政策，董事會建議派發 39.12 便士的末期股息，使全年股息達到每股 58.52 便士，比上年增長 5.55%，反映了 2024 年平均 CPIH 通膨率。

We continue to deliver record levels of investment with capital investment from continuing operations increasing 11% to GBP 8.2 billion. This increase was principally driven by early ASTI investment in the U.K. and increased spend on our new transmission projects in New York, partially offset by lower investment in National Grid Ventures compared to the prior period as we near completion on a number of projects.

我們持續實現創紀錄的投資水平，來自持續經營的資本投資成長 11%，達到 82 億英鎊。這一增長主要得益於英國早期的 ASTI 投資以及我們在紐約的新輸電項目的支出增加，但由於我們已接近完成一些項目，與上一時期相比，對國家電網創投公司的投資有所減少，從而部分抵消了這一增長。

Now let me take you through the performance of each of our business segments. Starting with the UK Electricity Distribution. Underlying operating profit was GBP 1.15 billion, GBP 78 million lower than the prior year, reflecting the shift from RIIO-ED1 to ED2, alongside lower incentives in the first year of the price control. Capital investment was GBP 1.2 billion, slightly higher than last year, with increased investment in overhead line work. We are on track to deliver our GBP 100 million group synergies target by 2026, having achieved GBP 28 million in the year from areas such as procurement and operations. This will continue to help partly underpin ROE outperformance in UK Electricity Distribution and performance more widely across the group.

現在讓我帶您了解我們各個業務部門的表現。從英國電力分配開始。基本營業利潤為 11.5 億英鎊，比上年減少 7,800 萬英鎊，反映了從 RIIO-ED1 到 ED2 的轉變，以及價格管制第一年的激勵措施降低。資本投資為12億英鎊，略高於去年，架空線路工程的投資增加。我們預計在 2026 年前實現 1 億英鎊的集團協同效應目標，今年我們已經從採購和營運等領域實現了 2800 萬英鎊的協同效應。這將繼續在一定程度上支撐英國電力分銷公司的 ROE 優異表現以及整個集團的業績。

We achieved an ROE of 8.5% in the year, outperforming our allowance by 110 basis points in line with our 100 to 125 basis point outperformance guidance for RIIO-ED2.

我們今年的 ROE 達到了 8.5%，超出準備金 110 個基點，符合 RIIO-ED2 100 至 125 個基點的超出預期表現指導。

Moving to Electricity Transmission, where underlying operating profit was GBP 1.31 billion, 19% higher than last year. This was helped by indexation and higher allowed returns, as well the nonrecurrence of the Western Link return in the prior year. Capital investment of GBP 1.9 billion was up 47% versus the prior year. This included early work on Eastern Green Links 1 and 2 as well as a number of onshore projects, and construction activities on new connections projects, partly offset by lower spend on London Power Tunnels 2 and the Hinkley Connection as we near completion.

電力傳輸業務的基本營業利潤為 13.1 億英鎊，比去年增長 19%。這得益於指數化和更高的允許回報，以及前一年 Western Link 回報未發生。資本投資為19億英鎊，比上年增長了47%。這包括東部綠化連接線一號和二號以及一些陸上項目的前期工作，以及新連接項目的建設活動，但因接近完工，倫敦電力隧道二號線和欣克利連接線的支出減少而部分抵消了這一影響。

We've achieved an 8% return on equity, 100 basis points ahead of baseline allowance, and we remain on track to achieve 100 basis points of average annual outperformance throughout RIIO-T2. Finally, in the U.K., the electricity system operator saw underlying operating profit of GBP 80 million and RAV growth of 20% to GBP 425 million.

我們已實現 8% 的股本回報率，比基準準備金高出 100 個基點，並且我們仍有望在 RIIO-T2 期間實現平均每年 100 個基點的優異表現。最後，在英國，該電力系統營運商的基礎營業利潤為 8,000 萬英鎊，RAV 成長 20%，達到 4.25 億英鎊。

Moving now to the U.S. Our New York business achieved an 8.5% return on equity, 96% of its allowance. Underlying operating profit was GBP 1.02 billion, 21% higher than the prior year. This reflects rate increases as well as early recovery on Smart Path Connect investment. Capital investment was GBP 2.7 billion, 12% up on the prior year. This was driven by higher electric investment where we're on track to energize our Smart Path Connect transmission project in December 2025 as well as higher gas investment with investment in mains upgrades as we continue our work to reduce emissions from the system.

現在轉向美國。基本營業利潤為10.2億英鎊，比上年高出21%。這反映了利率的上漲以及 Smart Path Connect 投資的早期復甦。資本投資為 27 億英鎊，比上年增長 12%。這是由於電力投資增加所致，我們預計在 2025 年 12 月為我們的智慧路徑連接傳輸專案通電，同時隨著我們繼續致力於減少系統排放，天然氣投資也隨之增加，包括對幹線升級的投資。

In New England, the return on equity was 9.2%, 90 basis points improved on the prior year and 40 basis points higher after adjusting for a one-off property tax recovery. Underlying operating profit was GBP 802 million, up 9%, excluding the contribution from Rhode Island in the prior year. This was driven by higher rates in our electricity and gas businesses, partly offset by higher depreciation and other costs. Capital investment was GBP 1.7 billion, 14% higher driven by electric investment growth equally weighted across transmission and distribution projects, and continued investment in our gas networks, including replacement of 130 miles of leak-prone pipe.

在新英格蘭，股本回報率為 9.2%，比前一年提高 90 個基點，調整一次性房產稅追回後提高 40 個基點。不包括上年羅德島的貢獻，基本營業利潤為 8.02 億英鎊，成長 9%。這是由於我們的電力和天然氣業務費率上漲所致，但被折舊和其他成本的提高部分抵消。資本投資為 17 億英鎊，成長 14%，這得益於輸配電項目各部分平等的電力投資成長，以及對天然氣網路的持續投資，包括更換 130 英里的易洩漏管道。

Moving to National Grid Ventures. Underlying operating profit including joint ventures was GBP 571 million, GBP 120 million lower than the prior year. Higher profitability as our NSL interconnector, following a post-construction review cap increase was more than offset by lower profitability at our BritNed interconnector, given lower auction revenues and lower business interruption recoveries at IFA1 following its rebuild. Capital investment decreased to GBP 662 million as we successfully completed the majority of work at our Isle of Grain expansion project and Viking Link interconnector, and completed the rebuild work at IFA1.

轉向國家電網創投公司。包括合資企業在內的基本營業利潤為5.71億英鎊，比上年減少1.2億英鎊。由於在建設後審查上限增加，我們的 NSL 互連線的盈利能力提高，但被 BritNed 互連線的盈利能力下降所抵消，因為重建後 IFA1 的拍賣收入較低且業務中斷恢復較低。由於我們成功完成了格雷恩島擴建項目和維京鏈路互連器的大部分工作，並完成了 IFA1 的重建工作，資本投資減少至 6.62 億英鎊。

We recorded an operating loss for other activities of GBP 60 million given the nonrecurrence of property sales from the prior year. Net finance costs were GBP 1.48 billion, GBP 13 million lower than the prior year, with the higher cost of new issuances more than offset by lower inflation movements on index-linked debt costs and repayment of the bridge loan facility during the prior year.

由於前一年未發生房地產銷售，我們記錄了 6,000 萬英鎊的其他活動營運虧損。淨融資成本為 14.8 億英鎊，比上年減少 1,300 萬英鎊，新發行成本的增加被上年指數掛鉤債務成本的較低通膨變動和過橋貸款的償還所抵消。

For the full year, the underlying effective tax rate, excluding the share of joint ventures was 15.6%, 170 basis points lower than the prior year. This reflects higher levels of capital expenditure qualifying for full expensing in FY '24 compared to levels in FY '23. Underlying earnings were GBP 2.9 billion, with EPS at 78p, up 6% on the prior year.

全年不包括合資企業份額的基本有效稅率為15.6%，較上年下降170個基點。這反映出與23財年的水準相比，24財年符合全額費用條件的資本支出水準有所提高。基本收益為 29 億英鎊，每股收益為 78 便士，較上年增長 6%。

Moving now to cash flow. Cash generated from continuing operations was GBP 7.3 billion, up 13% compared to the prior year, largely driven by timing items in our U.K. regulated businesses. Net cash outflow at GBP 3.7 billion was nearly GBP 600 million higher than the prior year, reflecting higher levels of capital investment. Net debt at the full year was GBP 43.6 billion, in line with the guidance we gave at the half year after adjusting for foreign exchange movements. And we expect net debt to be around GBP 500 million lower by year-end at a U.S. dollar exchange rate of $1.25 to the pound, taken into consideration proceeds from the rights issue.

現在轉向現金流。持續經營產生的現金為 73 億英鎊，比上年增長 13%，這主要得益於我們英國監管業務中的計時項目。淨現金流出為 37 億英鎊，比前一年高出近 6 億英鎊，反映出資本投資水準的提高。全年淨債務為 436 億英鎊，與我們根據外匯變動進行調整後給出的半年指引一致。我們預計，考慮到配股收益，以 1.25 美元兌 1 英鎊的匯率計算，到年底淨債務將減少約 5 億英鎊。

Turning now to the announcements we've made this morning. And starting with the new 5-year capital program. With greater visibility around quantum and pace of this investment, we expect to deliver around GBP 60 billion of investment through to 2029. This will be split broadly 50-50 across the U.K. and U.S. Northeast, with around 80% of the investment expected to be in Electricity Networks over the 5 years, continuing the group shift towards electric, with nearly 80% of group assets expected to be electric by 2029.

現在來談談我們今天早上所宣布的消息。並啟動新的五年資本計畫。隨著這項投資的數量和速度更加清晰，我們預計到 2029 年將實現約 600 億英鎊的投資。

At GBP 23 billion UK Electricity Transmission has the largest share, including the 17 ASTI projects. And you'll also see a major step-up in the U.S. and New York in particular, given the supportive backdrop that we see there, with more transmission investment coming forward through the CLCPA program, which forms part of our Upstate Upgrade work. Just over 10% of our investment is expected to be offshore as ASTI projects move into the North Sea, demonstrating the blurring of onshore and offshore that John referenced earlier.

英國電力傳輸公司佔有最大份額，達 230 億英鎊，其中包括 17 個 ASTI 項目。鑑於我們所看到的支持性背景，您還將看到美國，尤其是紐約的輸電投資大幅增加，透過 CLCPA 計畫將有更多的輸電投資，而 CLCPA 計畫是我們上州升級工作的一部分。隨著 ASTI 項目進入北海，預計我們的投資將有超過 10% 將在海上，這反映了 John 之前提到的陸上和海上界限的模糊。

With visibility of our committed capital program, we also recognize the need to provide the market clarity around how it will be financed and have announced a comprehensive financing plan, including a GBP 7 billion fully underwritten rights issue. This plan will support our investment program, whilst allowing us to maintain a resilient balance sheet and our strong investment-grade credit rating. This plan pulls on many levers including the ongoing use of senior debt, crystallizing value through asset sales and redeploying that capital, future expected use of hybrids, the continuing use of the scrip, given the high level of growth that we are delivering, raising equity as well as action on the dividend, where we will continue to grow the overall dividend.

隨著我們承諾的資本計劃的透明度，我們也認識到需要向市場提供清晰的融資方式，並宣布了一項全面的融資計劃，包括 70 億英鎊的全額承銷配股。該計劃將支持我們的投資計劃，同時使我們能夠保持穩健的資產負債表和強勁的投資級信用評級。該計劃利用了許多槓桿，包括繼續使用優先債務、透過資產出售實現價值並重新部署資本、未來預期使用混合債券、繼續使用股票代金券（考慮到我們正在實現的高成長）、提高股本以及採取股息行動，我們將繼續增加整體股息。

But U.K. CPIH inflation growth for the FY '25 dividend per share will come from a rebased FY '24 DPS, taking into account the new shares issued.

但考慮到新發行的股票，英國CPIH通膨率對25財年每股股利的影響將來自於重新調整後的24財年DPS。

Moving to the terms and timing of the rights issue. We have announced a GBP 7 billion fully underwritten rights issue with just under 1.1 billion new shares to be issued on the basis of 7 new shares for every 24 shares currently in issue. The new shares will be issued at GBP 6.45 per share, which is a 34.7% discount to the dividend-adjusted theoretical ex-rights price, or TERP. The nil-paid rights will start trading tomorrow, the 24th of May, and a subscription period will end on the 10th of June, and the results of the rights issue will be announced on the 12th of June.

轉向配股的條款和時間。我們宣布進行 70 億英鎊的全額承銷配股，將按照每 24 股現有股票配發 7 股新股的比例發行近 11 億股新股。新股發行價為每股 6.45 英鎊，較股息調整後的理論除權價（TERP）折價 34.7%。未繳股款配股權將於明天即5月24日開始交易，認購期將於6月10日結束，配股結果將於6月12日公佈。

The prospectus, which has all the terms and details of the transaction will be published later today. The outstanding ordinary shares trading today will go ex dividend on the 6th of June, with the 7th of June being the record date for the final dividend.

包含交易全部條款和細節的招股說明書將於今天稍後發布。今天交易的流通普通股將於 6 月 6 日除息，6 月 7 日為末期股息的登記日。

Turning to our full year 2025 guidance, where as usual full business unit guidance has been provided in our results statement. We continue to expect strong operational performance across the group. However, this will not be fully reflected in underlying EPS following the rights issue. Under IFRS rules, we adjust the FY '24 underlying EPS of 78p by the bonus element of the rights issue, which is an adjustment factor of 1.1 as of last night's close. This leads to an adjusted FY '24 EPS of 70.8p per share.

談到我們的 2025 年全年指引，與往常一樣，我們的業績聲明中提供了完整的業務部門指引。我們持續期待整個集團的營運表現強勁。然而，這不會完全反映在配股後的基礎每股盈餘中。根據國際財務報告準則 (IFRS) 規定，我們根據配股的紅利部分對 24 財年基本每股收益 78 便士進行了調整，截至昨晚收盤，調整係數為 1.1。這導致調整後的24財年每股收益為70.8便士。

With FY '25 underlying EPS, taking into account all of the new shares issued on a pro rata basis, we expect to deliver broadly flat underlying EPS for FY '25. From an FY '25 baseline, we expect to deliver 6% to 8% EPS CAGR for the remaining 4 years of our new financial framework out to FY '29.

根據 25 財年的基本每股收益，考慮到所有按比例發行的新股，我們預計 25 財年的基本每股盈餘將基本持平。以 25 財年為基準，我們預期在新的財務架構直至 29 財年的剩餘 4 年內，每股盈餘複合年增長率將達到 6% 至 8%。

So to bring this all together, our new 5-year financial framework will deliver a near doubling of capital investment to around GBP 60 billion. This is expected to drive group asset growth CAGR of around 10%, a strong step-up in real terms growth compared with the past 5 years, translating into a strong underlying EPS CAGR of 6% to 8% from full year 2025, once adjusting for the new issue of shares and dividend per share growth to continue in line with U.K. CPIH inflation once adjusted for the share issue.

總而言之，我們新的 5 年財政框架將使資本投資增加近一倍，達到約 600 億英鎊。預計這將推動集團資產複合年增長率達到 10% 左右，與過去 5 年相比實際增長強勁，從 2025 年全年起，一旦調整新股發行和每股股息增長，每股收益複合年增長率將達到 6% 至 8%，並將繼續與英國 CPIH 通膨保持一致。

We continue to be committed to our strong investment-grade credit rating. And this plan will enable us to maintain credit metrics above our thresholds to at least the end of the RIIO-T3 period with S&P's FFO to debt threshold above 10% and Moody's RCF to debt threshold above 7%. The package of financing measures we have announced this morning brings clarity of funding, which will enable us to deliver this step change in investment. And we believe our new 5-year financial framework achieves an optimal balance of growth and yield, enabling us to continue to deliver attractive shareholder returns as we have done over the past decade.

我們將繼續致力於維持強勁的投資等級信用評級。該計劃將使我們能夠至少在 RIIO-T3 期結束時將信用指標維持在門檻以上，即標準普爾的 FFO 與債務門檻高於 10%，穆迪的 RCF 與債務門檻高於 7%。我們今天上午宣布的一攬子融資措施使資金來源變得清晰，這將使我們能夠實現投資方面的重大轉變。我們相信，我們新的五年財務框架實現了成長和收益的最佳平衡，使我們能夠像過去十年一樣繼續為股東提供有吸引力的回報。

So with that, I'll hand you back to John to talk about the outlook.

因此，我將把話題交還給約翰，由他來討論前景。

Okay. Thank you, Andy. Let me now briefly take you through our priorities for the year ahead and the detail on the medium-term growth drivers we're seeing across all of our regulated businesses.

好的。謝謝你，安迪。現在，讓我簡要地向您介紹我們未來一年的重點以及我們在所有受監管業務中看到的中期成長動力的細節。

So starting with the U.S., where we're investing nearly half of the GBP 60 billion of capital investment, that's a 60% increase compared to the last 5 years and demonstrates our commitment to the ambitious decarbonization targets that the New York and Massachusetts governments have set. In New York, we're increasing our investments over the next 5 years by 60%, with expected CapEx of GBP 17 billion. This is driven by our $4 billion Upstate Upgrade investment I mentioned earlier. This program will transform the network and improve reliability and resilience and represents the largest investment in the New York's electricity transmission network in over a century.

首先從美國開始，我們在美國投資了600億英鎊資本投資的近一半，與過去5年相比增長了60%，顯示了我們對紐約和馬薩諸塞州政府設定的雄心勃勃的脫碳目標的承諾。在紐約，我們將在未來5年增加60%的投資，預計資本支出為170億英鎊。這是由我之前提到的 40 億美元 Upstate Upgrade 投資所推動的。該計畫將改造網路、提高可靠性和彈性，也是紐約一個多世紀以來電力傳輸網路的最大投資。

We also plan to invest $5 billion over the next 3 years in our downstate gas business as part of the new rate plans for KEDLI and KEDNY. Looking at the priorities of the year ahead, downstate, alongside stepping up the levels of investment, will be focused on earning our new higher allowed returns of 9.35%. Upstate, we're focused on finalizing the submission of our next rate case for Niagara Mohawk, which in addition to transmission projects I've already mentioned, will include significant investment to support the connection of EVs, heat pumps and distributed generation.

作為 KEDLI 和 KEDNY 新費率計劃的一部分，我們還計劃在未來 3 年內向我們的州下天然氣業務投資 50 億美元。展望未來一年的重點工作，下州在加大投資水平的同時，也將致力於獲得新的更高的 9.35% 的允許回報率。在紐約州北部，我們正致力於最終提交尼加拉莫霍克的下一個費率案例，除了我已經提到的輸電項目之外，它還包括大量投資以支持電動車、熱泵和分散式發電的連接。

As part of the filing, we're also working with customers to progress large demand-side projects, including the connection for the first phase of Micron's $100 billion investment in microchip manufacturing in New York. To put the scale of this into context, Micron's announced plans in the state could have the same power demand as 850,000 homes. And on the policy front, we'll continue to advocate for our clean energy vision and the work that we're doing to support a balanced and affordable energy transition. This includes the need for integrated energy planning on how electric and gas networks interact on the path to decarbonization.

作為備案的一部分，我們也與客戶合作推動大型需求方項目，包括美光公司在紐約投資 1,000 億美元建造微晶片製造項目第一階段的連結。具體來說，美光科技在該州宣布的計畫可能產生與 85 萬戶家庭相同的電力需求。在政策方面，我們將繼續倡導我們的清潔能源願景以及我們為支持平衡且可負擔的能源轉型所做的工作。這包括在脫碳道路上電力和天然氣網路如何相互作用的綜合能源規劃的需要。

Moving to New England, where today, we've set out our expected investment of GBP 11 billion over the next 5 years. This 60% increase includes an expected $2 billion in incremental investment as part of our Massachusetts ESMP, ongoing investments in advanced metering, grid modernization, storm hardening and asset health work, alongside our continued investment in leak-prone pipe replacement. With another 10 to 15 years to go on the program, we have a good line of sight to the investment needed well into the next decade.

轉向新英格蘭，今天我們已確定未來 5 年預計投資 110 億英鎊。這 60% 的成長包括作為我們馬薩諸塞州 ESMP 的一部分預計 20 億美元的增量投資、對先進計量、電網現代化、防風雨和資產健康工作的持續投資，以及我們對易洩漏管道更換的持續投資。該計劃還有10到15年的實施時間，我們對未來十年所需的投資有了很好的預期。

A key priority this year is to agree on new rates in our Massachusetts Electric business. We expect to reach a settlement this autumn. And alongside this, we'll advance discussions with DPU on our ESMP filing. In December, the DPU issued an order on the role of local gas networks in achieving the state's 2050 climate goals. Alongside providing guidance on evaluating nonpipeline alternatives, we are pleased to see support for increased energy efficiency measures and targeted network geothermal. And the clarity that the existing investments will not be impacted. And as in New York, we'll continue to advocate for further reforms consistent with our Clean Energy Vision.

今年的一個主要任務是就馬薩諸塞州電力業務的新費率達成協議。我們預計今年秋天將達成和解。除此之外，我們也將與 DPU 就 ESMP 檔案進行進一步討論。 12 月，DPU 發布了有關當地天然氣網路在實現該州 2050 年氣候目標中的作用的命令。除了提供評估非管道替代方案的指導之外，我們很高興看到對提高能源效率措施和有針對性的網路地熱的支持。且明確現有投資不會受到影響。正如在紐約一樣，我們將繼續倡導符合我們清潔能源願景的進一步改革。

Turning to the U.K., where the next 5 years, we'll see us invest over GBP 30 billion and connect more renewable energy to the system more quickly than ever before. This investment is creating green jobs right now supporting significant economic growth and will decrease consumers' bills in the long term whilst bolstering the nation's energy security. Focusing on our UK Electricity Transmission business, where we'll invest around GBP 23 billion over the next 5 years as we look to enable the government's target for a decarbonized power sector.

談到英國，未來5年，我們將投資超過300億英鎊，以比以往更快的速度將更多的再生能源連接到電網。這項投資正在創造綠色就業機會，支持顯著的經濟成長，並將在長期內減少消費者的帳單，同時增強國家的能源安全。我們專注於英國電力傳輸業務，將在未來 5 年內投資約 230 億英鎊，以實現政府的電力產業脫碳目標。

This investment is underway already and our priorities are focused on ensuring we make significant progress this year. As you heard already, our ASTI projects are moving ahead at pace. And over the next 12 months, we'll commence construction on the Eastern Green Links 1 and 2 offshore bootstraps, the latter being the largest ever investment in electricity transmission in Great Britain as well as for further onshore projects across England. We'll also make progress on several other ASTI projects, including progressing planning and consents on the further 6.

這項投資已在進行中，我們的首要任務是確保今年取得重大進展。正如您已經聽到的，我們的 ASTI 專案正在快速推進。在接下來的 12 個月內，我們將開始建造東部綠化連結 1 號和 2 號海上引導線，後者是英國有史以來最大的電力傳輸投資，也是英格蘭境內進一步陸上計畫的最大投資。我們還將在其他幾個 ASTI 項目上取得進展，包括推進另外 6 個項目的規劃和許可。

Another of our key priorities is to ensure we have the right supply chain to support our capital program. We've already announced 7 supply chain partners as part of our GBP 9 billion enterprise delivery model for our onshore projects. Our next step is to put in place the GBP 57 billion HVDC framework contract, and with this, secure the critical equipment for the Eastern Green Links 2, 3 and 4 and [ceiling] projects. But it's not just our ASTI projects where we're moving forward, this year, we also expect to connect over 4 gigawatts, including the Green Link interconnector and the Dogger Bank Sofia wind farm, energize the northern section of our Hinkley project and commission the Hurst to Crayford circuit on the London Power Tunnels project.

我們的另一個主要優先事項是確保我們擁有正確的供應鏈來支持我們的資本計劃。我們已經宣布了 7 家供應鏈合作夥伴，作為我們陸上專案 90 億英鎊企業交付模式的一部分。我們的下一步是落實價值 570 億英鎊的高壓直流輸電框架合同，並以此確保東部綠色互聯互通 2、3 和 4 號線和（天花板）項目的關鍵設備。但我們推進的不僅是 ASTI 項目，今年我們還預計連接超過 4 千兆瓦的電力，包括 Green Link 互連器和 Dogger Bank Sofia 風電場，為 Hinkley 項目的北部部分通電，並在倫敦電力隧道項目中投入使用赫斯特至克雷福德電路。

On the policy front, we'll continue to work with government on the implementation of the Transmission Acceleration Action Plan, and we'll also work to continue to support the delivery of the Connections Action Plan to reprioritize the Connections queue. And finally, on the regulatory front, Ofgem is due to publish its methodology decision document for RIIO-T3, which will form the basis of negotiations with Ofgem. With a comprehensive financing plan we've announced today, we'll be submitting a fully funded business plan at the end of this year, ahead of the new price control beginning in 2026.

在政策方面，我們將繼續與政府合作實施傳輸加速行動計劃，我們也將繼續支持連接行動計劃的實施，以重新確定連接隊列的優先順序。最後，在監管方面，Ofgem 將發布其針對 RIIO-T3 的方法決策文件，這將成為與 Ofgem 談判的基礎。透過今天我們宣布的全面融資計劃，我們將在今年年底提交一份資金充足的商業計劃，以應對 2026 年開始的新價格管制。

Moving next to UK Electricity Distribution, where we expect to invest GBP 8 billion over the next 5 years. With 4 years remaining on our ED2 price control, we have a high degree of confidence and visibility around the investment levels, where 95% of our [cap] is agreed within baseline allowances. This represents a more than 30% increase in annual investment versus ED1, driven by an expected 60% increase in the volume of new connections and more than 70% increase in network reinforcements to meet growing electricity demand due to the increase in connections of low-carbon technologies, such as solar and EVs, and another 15% increase in asset health and maintenance.

接下來是英國電力分配，我們預計未來 5 年將投資 80 億英鎊。我們的 ED2 價格控制還剩 4 年，我們對投資水準有很高的信心和透明度，其中 95% 的 [上限] 都在基線限額之內。與 ED1 相比，這意味著年度投資將增加 30% 以上，主要原因是預計新連接量將增加 60%，網路增強量將增加 70% 以上，以滿足由於太陽能和電動汽車等低碳技術連接增加而不斷增長的電力需求，資產健康和維護成本也將增加 15%。

In the year ahead, a key priority is to continue to deliver the capital program efficiently, with a focus on delivering a target of 100 to 125 basis points of outperformance and synergies of GBP 100 million over 3 years. We'll also continue to progress connections reform at the distribution level, and we're making good headway. Following the announcement a few months ago of plans to release 10 gigawatts of capacity, we've already signed contracts to accelerate nearly 1 gigawatt of projects. And last, we're building out our distribution system operator function, helping to deliver smarter 2-way networks. As the largest flexibility provider amongst the U.K. DNOs, we're focusing on creating further offerings for our customers.

在未來的一年裡，首要任務是繼續有效地執行資本計劃，重點是實現 3 年內 100 至 125 個基點的優異業績和 1 億英鎊的協同效應的目標。我們也將繼續推動分銷層面的連結改革，並且正在取得良好進展。繼幾個月前宣布釋放10千兆瓦產能的計劃後，我們已經簽署了合同，加速近1千兆瓦的項目。最後，我們正在建立我們的配送系統營運商功能，幫助提供更智慧的雙向網路。作為英國 DNO 中最大的靈活性提供者，我們專注於為客戶創造更多產品。

And finally, in National Grid Ventures, our key priority this year is to progress the sales processes for our Isle of Grain LNG terminal and National Grid Renewables business. In both of these businesses, we've delivered impressive growth in value and believe there will be significant interest in these assets.

最後，在國家電網創投公司，我們今年的首要任務是推動格雷恩島液化天然氣終端和國家電網再生能源業務的銷售流程。在這兩項業務中，我們都實現了令人矚目的價值成長，並相信人們對這些資產將產生濃厚的興趣。

So in summary, this is a defining moment for National Grid as we enter into a new and exciting phase of growth to deliver network investment of unprecedented magnitude. I believe National Grid is a unique investor proposition with low risk, high-quality asset growth, strong earnings growth and an inflation-protected dividend. Today, we set out unmatched visibility of GBP 60 billion of investment through to 2029, and we're already taking action to deliver this. We're also giving the certainty around the financing of those plans.

總而言之，對於國家電網來說，這是一個決定性的時刻，因為我們進入了一個新的、令人興奮的成長階段，可以提供前所未有的規模的網路投資。我相信國家電網是一個獨特的投資者選擇，具有低風險、高品質資產成長、強勁獲利成長和通膨保護股息的特徵。今天，我們提出了到 2029 年投資 600 億英鎊的無可比擬的願景，而我們已經開始採取行動來實現這一目標。我們也對這些計劃的融資提供了確定性。

The business is increasingly weighted towards electricity, ensuring that we can continue to access attractive growth for many years to come. This will be supported by governments and regulators on both sides of the Atlantic who are urgently looking for more ways to attract the level of investment required to meet the decarbonization targets. National Grid is at the heart of this change, enabling the digital, electrified and decarbonized economies of the future. This is opening up opportunities for us today, over the next 5 years and for decades to come, ensuring that we can drive long-term value growth and returns for our shareholders and enable Net Zero across the communities we serve.

業務越來越偏向電力，確保我們能在未來許多年繼續獲得可觀的成長。大西洋兩岸的政府和監管機構將支持這項舉措，他們正在迫切尋找更多方式來吸引實現脫碳目標所需的投資。國家電網是這項變革的核心，推動未來經濟的數位化、電氣化和脫碳化。這為我們今天、未來五年甚至幾十年帶來了機遇，確保我們能夠推動長期價值成長和股東回報，並在我們服務的社區中實現淨零排放。

So with that, Andy and I would love to take your questions.

因此，安迪和我很樂意回答您的問題。

Okay. So in terms of the questions, we're going to take questions from within the room. (Operator Instructions) And I'll start with questions in the room. Dominic.

好的。就問題而言，我們將在房間內回答問題。 (操作員指示) 我將從房間裡的問題開始。多米尼克。

Just Dominic Nash here from Barclays. Two questions from me. Firstly, we've always known that your CapEx was going to go up a lot and you used to always sit and kind of explain other options of financing that you had available to you. Is it possible just to explain to us what other options that you have and what you've examined for you since selling minority stakes, raising hybrids, trimming your dividend, and why you've chosen this particular route? So that's question one.

我是巴克萊銀行的多明尼克‧納許 (Dominic Nash)。我有兩個問題。首先，我們一直都知道您的資本支出將會大幅增加，而且您總是坐下來解釋您可以獲得的其他融資選擇。您能否向我們解釋一下，您還有哪些其他選擇，自從出售少數股權、籌集混合資金、削減股息以來，您進行了哪些研究，以及為什麼選擇這條特定的路線？這是第一個問題。

And question 2 is on the divergence between asset growth and earnings growth, which has kind of been there for a little while. Could you give some color as to why your earnings growth is always kind of a couple of percentage points below that of your asset growth when, all things being equal, you would kind of expect them to be kind of matching what's kind of going? Or is there an accounting issue or why? Because you will be releveraging up even as the years go by. So I just want some color on that one as well.

問題 2 是關於資產成長和獲利成長之間的差異，這種差異已經存在一段時間了。您能否解釋為什麼您的獲利成長總是比資產成長低幾個百分點，而在其他條件相同的情況下，您會期望它們與目前的狀況相符？或有會計問題或為什麼？因為即使隨著時間的推移，你仍會不斷增加槓桿。所以我也想在這個上添加一些顏色。

Okay. Well, I'll take question 1 and then Andy take question 2. I mean I'll take you back to November when we said the 3 questions we wanted to get clarity on. One was of the scale of the CapEx, the second is the shape of it and the third is the regulatory framework. And what we've set out today is the development for the last 6 months has given us a very clear view of what scale of that CapEx is. And it is a significant step up to GBP 60 billion over the next 5 years. And I haven't got clarity on what the scale of that CapEx was, we then feel very carefully as a board around the pros and cons of all the tools that are available to us. And we've talked about many of those tools before in terms of -- as well as equity, which we're talking about today. We talked about dividend rebates. We talked about hybrids. We talked about crystallizing a lot of the assets. And you'll see today that actually we're using many of those tools in that toolbox.

好的。好吧，我來回答問題 1，然後安迪來回答問題 2。一是資本支出的規模，二是資本支出的形式，三是監理架構。今天我們闡述的是，過去 6 個月的發展讓我們非常清楚地了解了資本支出的規模。這是未來 5 年內達到 600 億英鎊的重要一步。儘管我還不清楚資本支出的規模到底有多大，但董事會還是非常謹慎地考慮了我們可用的所有工具的優缺點。我們之前已經討論過許多此類工具，包括我們今天要討論的公平問題。我們討論了股息回扣。我們討論了混合動力車。我們討論過很多資產的具體化。今天您會看到我們實際上正在使用該工具箱中的許多工具。

To the specifics of your question, we did consider things like should we bring in equity into one of our existing regulated businesses. But when we stood back from that and we looked right across all of our jurisdictions, we've got strong growth in all of those businesses in an area where National Grid has got world-class capabilities. We've got regulatory support. We've got policy support. And it's driving growth and earnings, which supports the investor proposition. So from our perspective, that didn't make sense.

對於您問題的具體細節，我們確實考慮過一些事情，例如是否應該將股權引入我們現有的受監管業務之一。但當我們退一步考慮並放眼所有管轄範圍時，我們就會發現，在國家電網擁有世界一流能力的領域，我們的所有業務都實現了強勁增長。我們得到了監管支持。我們得到了政策支持。它正在推動成長和獲利，從而支持投資者的主張。所以從我們的角度來看，這沒有意義。

And then given the size of the capital raise of GBP 60 billion, you quite quickly get to equity is going to be needed, which is why we've led the GBP 7 billion equity raise. But it comes as one of many elements that we'll be taking forward including, as Andy mentioned in his speech, that hybrids will be part of that solution as we get later into the period as well. Andy?

然後考慮到 600 億英鎊的融資規模，你很快就會得到需要的股權，這就是我們領投 70 億英鎊股權融資的原因。但它只是我們將要採取的眾多因素之一，正如安迪在演講中提到的，隨著我們進入後期，混合動力汽車也將成為解決方案的一部分。安迪？

Yes, Dominic, in terms of your second question on the delta between the 10% asset growth and 6% to 8% earnings CAGR, I think there's a couple of main drivers in there. There's a particular thing within Electricity Distribution, whereas part of ED2 asset lives are lengthening, so that is part of the delta. And then also as higher interest rates feed through the holdco debt book, again, that will cause a slight drag on earnings. And then there will be the ongoing small dilution from the scrip as that runs in the years ahead as well. But what I would say, of course, is all that that asset growth ultimately does turn up in earnings in the long run.

是的，Dominic，關於你的第二個問題，即 10% 的資產增長率和 6% 至 8% 的收益複合年增長率之間的差異，我認為其中有幾個主要驅動因素。電力分配中存在一個特殊情況，而部分 ED2 資產的壽命正在延長，因此這是增量的一部分。而且隨著更高的利率滲透到控股公司債務帳簿，這將再次對獲利造成輕微的拖累。然後，在未來幾年中，股票價格還會持續小幅稀釋。但我想說的是，從長遠來看，資產成長最終都會轉化為收益。

So we're going to Pavan next.

接下來我們要去 Pavan。

It's Pavan from JPMorgan. My first question is you've guided to March 2029, which is clearly 3 years into the expected RIIO-T3 period. Can you lay out or give some visibility on what assumptions you've made on things like the allowed return, the asset lives, fast versus slow money, to give us a steer on how we should see certainly your view of the earnings evolution? And my second question is on clarification on some of the assumptions. Can you give more color on when you assume hybrids to be issued? And I assume that's factored into your EPS guidance. And similarly on disposal proceeds or assumptions for dilution, if you can give some more clarity on the timing or quantum there, that would be helpful.

我是摩根大通的帕萬。我的第一個問題是，您將其引導至 2029 年 3 月，這顯然是預期的 RIIO-T3 時期的 3 年後。您能否闡述或說明您對允許回報、資產壽命、快錢與慢錢等方面所做的假設，以便讓我們了解應該如何準確看待您對盈利變化的看法？我的第二個問題是澄清一些假設。您能否詳細說明混合動力汽車何時上市？我認為這已計入您的每股收益預測。同樣，關於處置收益或稀釋假設，如果您可以更清楚地說明時間或量，那將會很有幫助。

Yes. So in terms of the -- so I'll let Andy take the second question. In terms of the assumptions that we've included in our projections, I think what I'd say is at the macro level, we've taken sensible prudent and conservative assumptions. It would be lovely to be able to say for the whole period that we've crossed every T and dotted every I and every regulatory frame across every jurisdiction, but that's not the reality of where we are. Electricity Transmission forms a big part of the GBP 60 billion. So as you heard, it's GBP 23 billion. We are in the midst of the regulatory process. One of the things that was important to us as we laid out the financial -- the package today was that it was a financial package that provides a support to the balance sheet to at least 2031.

是的。因此就——我請安迪回答第二個問題。就我們在預測中包含的假設而言，我認為在宏觀層面，我們採取了合理、審慎和保守的假設。如果我們能夠說在整個期間內，我們已經做到了每一個細節，並且遵守了每個司法管轄區內的所有監管框架，那將是多麼美好，但這並不是我們的現實。電力傳輸佔了600億英鎊的很大一部分。正如您所聽到的，這個數字是 230 億英鎊。我們正處於監管流程之中。當我們今天的財務方案製定時，對我們來說最重要的一件事是，這是一個為資產負債表提供至少到 2031 年的支持的財務方案。

And the reason we think that's important is that when we submit the business plan to Ofgem later this year, it is a fully financed plan. And I think Ofgem will look at that in a very positive way. In terms of things like returns and speed of money, well, Ofgem have obviously just recently published their sector-specific consultation document, you would have seen National Grid's response to that. We have said, amongst other things, that it's really important that we set the right unit costs in the context of the new supply chain. As always, we do believe there's an opportunity for incentives that will drive value for consumers and for National Grid. And then we've talked about the financial package, which in the context of the fundamentals, we believe should be higher than RIIO-T2. But it's not just the ROE. It's also about the speed of cash and things like depreciation. So as always, it's about the overall finance package.

我們認為這很重要的原因是，當我們今年稍後向 Ofgem 提交商業計劃時，這是一個資金充足的計劃。我認為 Ofgem 將會以非常積極的方式看待此事。至於回報和資金速度等方面，顯然，英國天然氣電力市場辦公室 (Ofgem) 最近剛發布了針對特定行業的諮詢文件，您會看到國家電網對此的回應。我們曾經說過，除其他事項外，在新的供應鏈背景下設定正確的單位成本確實非常重要。像往常一樣，我們確實相信激勵措施能夠為消費者和國家電網創造價值。然後我們討論了財務方案，從基本面來看，我們認為該方案應該高於 RIIO-T2。但這不僅僅是 ROE。這也與現金速度和折舊等有關。因此，一如既往，這和整體財務方案有關。

We'll expect to see the decision document from Ofgem relatively soon in terms of the sector-specific methodology. But as you all know, it will be a long time, actually back end of 2025, beginning of 2026, before we get the final decision. So we've taken a very sensible, prudent and conservative view in the numbers that we've set out today. Andy?

我們希望很快就能看到 Ofgem 關於特定產業方法的決策文件。但眾所周知，我們還需要很長時間，實際上要到 2025 年底或 2026 年初才能做出最終決定。因此，我們在今天列出的數字中採取了非常明智、謹慎和保守的觀點。安迪？

Yes. So just in terms of the 2 points, I think you raised, Pavan, on the second part. So in terms of hybrids, as a reminder, we've got around GBP 2 billion of issued hybrid in the stack today, and we have today around capacity of GBP 8 billion to GBP 9 billion further. So what we said very clearly is the plan overall assumes some issuance towards the latter part of the 5 years. We're not being specific about how much that is. That will obviously depend on a lot of factors, but that would also leave some element of contingency in our hybrid capacity as well for unexpected things. So definitely, some hybrid issuance assumed towards the back end.

是的。因此，就帕萬 (Pavan) 提出的第二部分中的兩點而言，我認為您已經提到了。因此，就混合債券而言，提醒一下，我們今天已發行了約 20 億英鎊的混合債券，目前我們的容量約為 80 億至 90 億英鎊。因此，我們非常明確地說，該計劃總體上假設在 5 年的後半段進行一些發行。我們並沒有具體說明這個數字是多少。這顯然取決於許多因素，但這也會在我們的混合容量中留下一些應急因素，以應對意外情況。因此可以肯定的是，一些混合發行是在後端進行的。

In terms of asset disposals, the clarity that we'll give, we're not going to guide specifically on timing. We're announcing an intention to sell not a process today, the CAGR that we've announced assumes that they are all gone by FY '29. So therefore, they're out of the endpoint of the CAGR. And in terms of impact on sort of financing, because they are Grain, in particular, is a cash-generative asset, it's relatively neutral in terms of impact on credit metrics over that time frame.

在資產處置方面，我們會明確表示，我們不會在時間安排上給予具體的指導。我們今天宣布的是出售意向，而不是出售流程，我們宣布的複合年增長率假設它們將在 29 財年全部消失。因此，他們已經超越了複合年增長率的終點。就對融資的影響而言，由於穀物是現金生成資產，因此在這段時間內對信貸指標的影響相對中立。

Should we go along the lines, so just make it easier.

我們應該照這樣的思路去做，這樣就更容易了。

This is Deepa from Bernstein. I have 3 questions. Firstly, on the disposals, how much have you penciled in, in your plan? And is there any indication of the timing? Is it next year or a couple of years? I think the second question is, I mean, right now, your FFO to net debt is 13% this year. Presumably after the rights issue, you're going to have a massive headroom, which comes down. Could you tell us where your FFO to net debt lands by end of '29 and '31, just to know how much you've kind of prefunded this growth, because I think the $7 billion did sound a bit higher? So I think that was my second question.

這是來自伯恩斯坦的 Deepa。我有 3 個問題。首先，關於處置，您在計劃中預留了多少資金？有沒有跡象表明具體時間？是明年還是幾年後？我認為第二個問題是，我的意思是，目前，您今年的 FFO 與淨債務之比為 13%。據推測，配股發行後，你將擁有巨大的淨空空間，但淨空空間會下降。您能否告訴我們到 29 年和 31 年底，您的 FFO 與淨債務的比率是多少，只是為了知道您為這一增長預先提供了多少資金，因為我認為 70 億美元聽起來確實有點高？我想這是我的第二個問題。

And the third one is, is there any upside to your growth numbers? Because if I just look at it simply from '27 -- sorry, the '24 reported numbers, your growth CAGR is in 6% to 8%, obviously, because of dilution, the CAGR would actually be 3% to 4%, right, when we take the share count into account. Therefore, are you assuming -- I mean, so I was wondering whether that is good enough, 3% to 4%. And therefore, are you being very conservative on what you're assuming on fast money or returns? Or is there any leeway to kind of see any improvement from the regulators just to get a grip on how conservative you are on your numbers?

第三個問題是，你們的成長數字還有上升空間嗎？因為如果我只是從 27 年（抱歉，是 24 年報告的數字）來看，您的複合年增長率在 6% 到 8% 之間，顯然，由於稀釋，當我們考慮到股票數量時，複合年增長率實際上是 3% 到 4%，對吧。因此，您是否假設——我的意思是，我想知道 3% 到 4% 是否足夠好。那麼，您對快速賺錢或回報的假設是否非常保守？或者是否有任何迴旋餘地可以看到監管機構的任何改進，只是為了了解您對數字的保守程度？

Okay. Deepa, I'll take the first, and I'll leave you the second and third, Andy. I mean in terms of the disposals, as Andy said, we're announcing the intent today. We're not going to put a number out there because obviously we want to maximize the value for our shareholders and will, in due course, start a process. Our intent is to start that process in the not-too-distant future. So again, we'll make sure we do the timing to reflect that we want to maximize value for shareholders. But as I said in my speech, I think these will be attractive assets and there will be a lot of interest given what we've done with them over the last few years. Andy?

好的。 Deepa，我會拿第一個，第二和第三個留給你，Andy。我的意思是，就處置而言，正如安迪所說，我們今天宣布了這一意圖。我們不會公佈具體數字，因為我們顯然想為股東實現價值最大化，並將在適當的時候啟動相關流程。我們的目的是在不久的將來啟動這項進程。因此，我們再次強調，我們將確保時機的掌握，並體現出我們希望實現股東價值最大化的願望。但正如我在演講中所說，我認為這些都是很有吸引力的資產，考慮到我們過去幾年對它們所做的努力，它們將會引起人們的極大興趣。安迪？

Yes. Thanks. So Deepa on the metrics. So first of all, just to note that the reported numbers that we've set out today for the current year, they're actually slightly higher because of some timing issues I mentioned in my presentation in terms of the timing inflows we've seen in the U.K. transmission and the system operator. So the underlying numbers are not quite as high as the ones that are reported.

是的。謝謝。所以 Deepa 關注的是指標。首先，需要注意的是，我們今天公佈的本年度報告數字實際上略高一些，因為我在演講中提到了英國傳輸和系統運營商的時序流入方面的一些時間問題。因此，實際數字並不像報告的數字那麼高。

In terms of what we're assuming or what we're planning through to 2031. I think obviously, we've scaled the GBP 7 billion really around the -- both the GBP 60 billion of CapEx, but also to ensure that, as we always do, we want to maintain an appropriate level of buffer against the key credit metrics, the S&P limit of 10% and the Moody's 7% on RCF, and have a buffer against those by the time we get to 31. So no different from what we've always looked to do against those credit metrics. You're absolutely right that there will be a pickup in the near term as a result of the upfront equity raise, but then we'd expect metrics to trend back towards that level as by the end of the time frame.

就我們對 2031 年的假設或計劃而言。您說得完全正確，由於前期股權融資的增加，短期內會出現回升，但我們預計，到時間段結束時，各項指標將回到這一水平。

In terms of your growth point, I think one thing you'll see the maths you're doing I'm assuming is ignoring the bonus element, for example, which is effectively a free number of shares which comes alongside as part of the mechanics of the rights issue. So I wouldn't -- I don't think your 3 to 4 is a sensible number to work from. And I think remember that that's why we've sort of ignored the noise, if you like, of FY '24, rebasing and the full dilution that comes in '25 and guided on the growth from there. And as we said, ultimately, yes, we recognize there will always be a degree of dilution from the rights issue of this size, and that's why we're focused on the clarity of the growth that we have, and not just for a year or 2, but for the long term from that point onwards.

就你的成長點而言，我認為你會看到你所做的數學計算忽略了獎金元素，例如，獎金元素實際上是配股機制中附帶的免費股票數量。所以我不會——我不認為你給的 3 到 4 是一個合理的數字。而且我認為請記住，這就是為什麼我們忽略了 24 財年的噪音、25 年的重新定基和全面稀釋，並從那裡引導成長。正如我們所說，最終，是的，我們認識到這種規模的配股總是會帶來一定程度的稀釋，這就是為什麼我們專注於我們現有的增長的清晰度，而不僅僅是一兩年，而是從那時起的長期增長。

Should we take the next one.

我們應該選擇下一個嗎？

It's Harry Wyburd from Exane. So it's just one question but with a few clauses. I think big picture here and getting away from the detail, you've raised a lot of money, probably a bit more than people expected for what's ultimately the same EPS CAGR as you had before. So what do you think, in your view, you've gained here? Do you feel like you've gained more headroom, which might give you more optionality later if CapEx goes up or even to expand in ways we haven't thought of yet? Do you think you've gained more headroom and do you sleep easier because of this? And therefore, your margins are safety much bigger and therefore investing in your equity is a much calmer proposition now?

他是 Exane 的 Harry Wyburd。因此，這只是一個問題，但包含幾個從句。我認為，從大局來看，拋開細節，你已經籌集了很多資金，可能比人們預期的要多一點，因為你最終的每股收益複合年增長率與之前相同。那麼，您認為您在這裡獲得了什麼？您是否覺得自己獲得了更多的發展空間，如果資本支出增加，這可能會為您以後帶來更多選擇，甚至以我們還沒有想到的方式進行擴張？您是否認為您獲得了更多的淨空並且因此睡得更安穩了？因此，您的安全利潤率會更高，因此現在投資您的股權會更平靜？

Or do you feel that you've now financed yourself for longer than you might otherwise have done, and therefore, we should be -- I guess, it's some way valuing the fact that you don't have to come back to the market later in the decade and you've now fully cleared an overhang for nearly a decade? So what, in your view, have we sort of got here beyond, I guess, just the headline, which is a similar EPS CAGR that we had before, but with perhaps a bit more dilution than we expected?

或者您覺得您現在已經為自己融資的時間比本來可能的時間要長，因此，我們應該——我想，這是在某種程度上重視這樣一個事實：您不必在十年後重返市場，而且您現在已經完全清除了近十年的懸而未決的問題？那麼，您認為，除了標題之外，我們還能得到什麼呢？

One, I'll start and then Andy can pick up. I mean, first of all, I'll just pick up the second point you made around longer or duration. So we were very clear when we sort of fought through this that we wanted to give guidance to the market, which is something the market has been asking for, for a very long time in terms of the CapEx over the next 5 years, which we've done. But we also want to make that we had a balance sheet that would support us right out to the end of Q3. So the financing package we put together takes us right out to at least 2031, so that when we submit our business plan to Ofgem, we can do that, showing that it's fully financeable. So that is sort of what sort of helped scale the size of the GBP 7 million rights issue.

首先，我先開始，然後安迪接手。我的意思是，首先，我只想談談你關於更長或持續時間提出的第二點。因此，當我們努力解決這個問題時，我們非常清楚，我們希望為市場提供指導，這是市場長期以來一直要求的，就未來 5 年的資本支出而言，我們已經做到了。但我們也希望確保我們擁有一份能夠支持我們到第三季末的資產負債表。因此，我們制定的融資方案至少可以持續到 2031 年，這樣當我們向 Ofgem 提交商業計劃時，我們就可以做到這一點，表明它是完全可融資的。這在某種程度上有助於擴大 700 萬英鎊的配股規模。

In terms of what you gain, I mean, I think it's probably worth just standing back and thinking about the investor proposition. So it is clear that what we're setting out today is a tilt away from yield and towards growth. But this is a GBP 60 billion capital investment program, so it's near double what we've been investing over the last 5 years. That investment obviously goes into a regulated asset base that's going to grow at double-digit levels of 10% over the next 5 years, which gives a lot of certainty to the market in terms of what that growth looks like.

就您所獲得的利益而言，我的意思是，我認為也許值得退後一步，思考一下投資者的提議。因此很顯然，我們今天所設定的目標不再是追求收益，而是追求成長。但這是一項 600 億英鎊的資本投資計劃，因此它幾乎是我們過去五年投資金額的兩倍。這些投資顯然會進入受監管的資產基礎，該資產基礎將在未來 5 年內以 10% 的兩位數速度成長，這為市場提供了很大的確定性，可以預測這種成長前景。

And in terms of the growth, if you just compare it with the last 5 years where we were sort of 8% to 10%, with higher inflation rates, the real growth that you're going to see over the next 5 years, our assumption in terms of the 10% is a CPIH number of around 2.5%. So when you compare the real growth that you're going to be getting over the next 5 years relative to what you've seen over the last 5 years, then you're getting something real, as well as being supported by a 6% to 8% earnings growth, as Andy set out and the reasons for that, and an index-linked dividend, albeit from a rebased level.

就成長而言，如果將其與過去 5 年（當時成長率為 8% 到 10%）進行比較，考慮到通貨膨脹率較高，那麼未來 5 年的實際成長率，我們假設 10% 的 CPIH 數字約為 2.5%。因此，當您將未來 5 年內將獲得的實際增長與過去 5 年內的增長進行比較時，您會發現，您會獲得一些實實在在的東西，同時，正如安迪所述，公司還將獲得 6% 到 8% 的盈利增長及其原因，以及與指數掛鉤的股息，儘管是從重新調整的水平計算的。

So that's what this package provides and gives you over and above the sort of what you've in the past. Andy, I don't know if you want to add anything.

這就是這個軟體包提供的內容，它給你的服務比你過去得到的還要多。安迪，我不知道您是否想補充什麼。

Not really. I think that's a pretty good summary. so...

並不真地。我認為這是一個非常好的總結。所以...

And sorry, just to follow-up one thing. Can you give us any kind of quantification of the additional [hundreds] of maybe basis points, hopefully, of additional credit metric headroom that this gives you? Any -- I know Deepa asked as well, but could you put any numbers around where you're aiming for by 2031 and where we might be by FY '26 in terms of RCF to debt and FFO to debt?

很抱歉，我只是想跟進一件事。您能否對我們由此獲得的額外信用指標空間（可能為數百個基點）進行量化？任何—我知道 Deepa 也問過，但您能否提供一些數字來說明您在 2031 年的目標以及我們在 26 財年在 RCF 與債務和 FFO 與債務方面的比率可能達到什麼水平？

I mean we -- as I said, what we've said today and the guidance we give is we do always look to maintain a sensible buffer against our thresholds, the 7% of the 10%. We're not explicit about what that buffer is, but you can imagine that that's designed to ensure that we can withstand shocks. As I mentioned earlier, the actual reported numbers today are slightly elevated in terms of what we'd expect to underline because of the timing inflows we've seen in the U.K. But I'm not going to sort of estimate what we'll see those metrics bump up to in the short term.

我的意思是，正如我所說，我們今天所說的話以及我們給出的指導是，我們始終尋求對我們的閾值（10% 中的 7%）保持合理的緩衝。我們沒有明確說明緩衝區是什麼，但你可以想像，它是為了確保我們能夠承受衝擊而設計的。正如我之前提到的，由於我們看到英國的資金流入時間，今天實際報告的數字比我們預期的要略高。

It's Ahmed from Jefferies, a couple of questions from my side. Could you give us a sense of the overall -- so you talked about GBP 7 billion equity raise, it's hybrid plus some disposals. Is there a -- can you give us a sense of the overall size of the proceeds that you're looking to raise to sort of fund the plan? That's the first question. Then secondly, you talked about -- and in your sort of presentation, you referenced the 71p EPS for -- as a baseline for '25. And I sort of think that comes alongside a 4.7 billion share count, so it implies almost a GBP 3.3 billion net income, which is a couple of hundred million better than consensus expectations for next year. So just any thoughts on where that upgrade on earnings is coming out from? And what are the assumptions behind deferred taxes and full expensing in that number? And just finally, in terms of the profile of the EPS growth, could you give us some color on how you expect the EPS growth to come through during the 5-year plan?

我是 Jefferies 的 Ahmed，我有幾個問題想問。您能否向我們介紹一下總體情況？您能否向我們介紹您希望籌集的用於資助該計劃的收益總額？這是第一個問題。其次，您談到 - 並且在您的演示中，您引用了 71p EPS - 作為 '25 的基準。我認為這與 47 億股股票數量有關，因此它意味著淨收入接近 33 億英鎊，比明年的普遍預期高出數億英鎊。那麼，對於獲利升級的原因您有什麼看法嗎？那麼該數字中的遞延稅項和全額費用背後的假設是什麼？最後，就每股盈餘成長概況而言，您能否向我們介紹一下您預期的五年計畫期間每股盈餘成長？

I'll leave them all with you, Andy.

我會把它們都留給你，安迪。

Okay. So on the first, in terms of the overall framework. As we said, I think a couple of times in the presentation this morning, we've looked at all the different tools and we've tried to put together a package that delivers both the GBP 60 billion and then maintaining the metrics in that place, obviously anchored around the GBP 7 billion. If you touched on a couple of things. The disposals, as we said, I think, in answer to one of the previous questions, while we will want to achieve the optimal equity proceeds from those transactions as we can, it's actually relatively neutral in terms of credit metrics because you're disposing of what is a cash-generative asset. So that's much more of a strategic move. It doesn't -- I don't think it's appropriate to consider that as part of the total funding requirements.

好的。首先，就總體框架而言。正如我們所說，我想在今天早上的演講中我們已經多次研究過所有不同的工具，我們試圖制定一個一攬子計劃，既能提供 600 億英鎊的資金，又能將指標維持在這個水平，顯然固定在 70 億英鎊左右。如果您觸及了幾件事。正如我們在回答前面的一個問題時所說的那樣，我認為，雖然我們希望盡可能從這些交易中獲得最佳的股權收益，但就信用指標而言，這實際上是相對中性的，因為你正在處置的是現金生成資產。所以這更像是策略性舉措。不——我認為將其視為總資金需求的一部分並不合適。

Obviously, hybrids, we've touched on it as well. That is an element of that, but we will deploy those further out in the frame. And then of course, I'd point back to operating cash flows and debt. And remembering that, ultimately, this is delivering an asset base that will grow to around GBP 100 billion by 2029. Of course, leverage will continue at around a sensible level, and therefore, our net debt will grow. So we will continue to raise a significant amount of debt in the markets over the 5 years as well. So it's very hard to put a precise number on the total package, but those are sort of the key elements that we think about.

顯然，我們也討論過混合動力汽車。這是其中的一個元素，但我們會將其進一步部署在框架中。然後當然，我會回顧一下經營現金流和債務。請記住，這最終將提供一個資產基礎，到 2029 年將增長到約 1000 億英鎊。因此，我們將在未來五年內繼續在市場上籌集大量債務。所以很難對總體方案給出一個精確的數字，但這些是我們考慮的關鍵因素。

In terms of the guidance point, I think the 2 key things I'd point to, as a reminder that you've -- in the way the FY '24 rebase happens, that is effectively what's described as the bonus element flowing through that. When you look at FY '25, you've got the full number of shares issued, but of course, just on a sort of a 10-month pro rata-ing. So it's not quite the full share count that feeds through the reported EPS for FY '25. Underneath that, we will absolutely be looking to deliver a strong operational performance. But obviously because of that additional dilution, that doesn't get reflected in the reported numbers.

就指導點而言，我認為我要指出的兩個關鍵點是，提醒您 - 按照 24 財年重新定基的方式，這實際上就是所謂的流經其中的獎金元素。當您查看 25 財年時，您會發現已發行的全部股票數量，但當然，只是按照 10 個月的比例計算。因此，這並不是報告的 25 財年每股收益的全部股份數量。在此之下，我們絕對會努力實現強勁的營運表現。但顯然由於額外的稀釋，這並沒有反映在報告的數字中。

You mentioned deferred tax as an example. I think what we've said previously is we would anticipate that number, the impact of that growing gradually over time as the level of capital investment also grows. But that's just one of the drivers. But overall, we expect a strong operational performance next year. But as I say, our guidance is broadly flat to EPS because of the dilution.

您提到了遞延稅項作為例子。我想我們之前說過的是，我們會預期這個數字，隨著資本投資水準的成長，其影響也會隨著時間的推移而逐漸成長。但這只是其中一個驅動因素。但總體而言，我們預計明年的營運業績將強勁。但正如我所說，由於稀釋，我們的預期與每股盈餘基本持平。

Where are you going? You've got the mic, sorry.

你要去哪裡？抱歉，你拿了麥克風。

It's Alex Wheeler, RBC. Just one from me, please. Just on the CapEx. Can you give an indication of the expected phasing of that GBP 60 billion over the 5-year period? And then also just adding to that, is there an element of variability based on the outcome of RIIO-T3 for the transmission CapEx?

我是加拿大皇家銀行的亞歷克斯‧惠勒 (Alex Wheeler)。請給我一個。僅關於資本支出。您能否透露一下這 600 億英鎊在五年內預計的分階段投入情況？然後還要補充一點，根據 RIIO-T3 的結果，傳輸資本支出是否會出現變動因素？

Yes. So in terms of the shape of the CapEx, I think we're guiding next year to GBP 10 billion, so the GBP 60 billion over the 5-year period probably gets up to a peak of around GBP 12 billion or GBP 13 billion as you gradually move through that period, stepping up in a relatively uniform way actually as we go forward. In terms of T3, we're in pretty good shape in terms of the work that we needed to do to prepare our business plan for T3. Obviously, we've been doing a huge amount of work on the 17 ASTI projects, so we've got a good sense of them. They're now in our license with an obligation to deliver in certain time scales. Alison and the team have been working on the remaining part of T3.

是的。因此就資本支出的形式而言，我認為我們預計明年將達到 100 億英鎊，因此隨著 5 年期間的逐漸推進，600 億英鎊可能會達到峰值 120 億英鎊或 130 億英鎊左右，實際上隨著我們前進，會以相對統一的方式逐步增加。就 T3 而言，我們為 T3 制定商業計劃所需的工作已經完成得相當順利。顯然，我們已經在 17 個 ASTI 專案上做了大量工作，因此我們對它們有很好的了解。他們現在已獲得我們的許可，並有義務在一定時間內交貨。艾莉森和團隊一直在致力於 T3 的剩餘部分。

So we feel relatively confident that we've got good articulation of what that CapEx will be, which will be a makeup of the usual sort of asset health, reliability, resilience type CapEx, but also there's a lot of onshore transmission investment within ET, to support the energy transition as well. So we're expecting it to be a step-up from where we were in RIIO-T2. But we think that the rationale for it will be supported by Ofgem, given a lot of it's driven by that energy transition.

因此，我們相對有信心，我們已經很好地闡明了資本支出是什麼，它將由通常的資產健康、可靠性、彈性類型的資本支出組成，但 ET 內也有大量的陸上輸電投資，以支持能源轉型。因此，我們預計它將比 RIIO-T2 有所進步。但我們認為，鑑於其很大一部分是由能源轉型推動的，其基本原理將得到英國天然氣和電力市場辦公室 (Ofgem) 的支持。

Rob Pulleyn from Morgan Stanley. This is unbelievable, there's a few left. So first of all, you talked about the cadence of the balance sheet. And obviously, you're going to have a lot more cash initially this year. Does that mean your finance costs in the near years could be a bit lower, and that supports the, shall we say, net income that I think everyone is calculating? And there was a previous question on just to understand how we should think about that.

摩根士丹利的 Rob Pulleyn。這真是令人難以置信，還剩下一些。首先，您談到了資產負債表的節奏。顯然，今年初期你會擁有更多的現金。這是否意味著您近期的財務成本可能會低一些，並且這支持了我認為每個人都在計算的淨收入？之前有一個問題只是為了了解我們應該如何看待這個問題。

Secondly, you talked about keeping the scrip, I was interested in why given you just issued a lot of equity. And again, there are some questions on EPS CAGR. And of course, not having a scrip would help the EPS CAGR. And lastly, I don't think this has been asked yet. But I assume almost assuredly you spoke with the credit rating agencies before embarking upon this. If there's any feedback around their input to this funding plan that you can share, that would be wonderful.

其次，您談到了保留股票，我感興趣的是為什麼，因為您剛剛發行了大量股票。再一次，關於每股盈餘複合年增長率 (EPS CAGR) 還有一些問題。當然，沒有股票有助於 EPS CAGR。最後，我認為這個問題還沒有被問到。但我幾乎肯定會在開始這項工作之前與信用評級機構進行過交談。如果您能分享他們對這項融資計劃的意見和回饋，那就太好了。

Come then to you, Andy.

那麼來吧，安迪。

Okay. Thank you. No, you're right. In terms of financing costs, I think a couple of things. We'll have to guided to this morning, net debt being expected to be around GBP 500 million lower by the end of FY '25 as a result of the rights issue. And that will -- because of that flow-through, as you say, to a slight impact to probably on what was all out there in consensus on expectations around financing for the year ahead. What we will do just in terms of the proceeds, obviously, as you'd expect us to, we will look to optimize how we utilize that in the near term in terms of sort of investment in cash instruments. Again, we've just for clarity, we've announced this morning that we would expect to use around GBP 750 million of the proceeds in the very near term to redeem the equity portion of a couple of our hybrid instruments, which have a very near-term maturity.

好的。謝謝。不，你是對的。在融資成本方面，我認為有幾點。根據今天上午的指導，由於配股，預計到 25 財年末淨債務將減少約 5 億英鎊。正如您所說，由於這種流動性，這可能會對未來一年融資預期的共識產生輕微影響。就收益而言，我們顯然會像您所期望的那樣，在短期內優化如何利用這些收益進行現金工具的投資。再次，為了清楚起見，我們今天早上宣布，我們預計將在短期內使用約 7.5 億英鎊的收益來贖回我們的幾種混合工具的股權部分，這些工具將在短期內到期。

That's just an efficient use of proceeds in the very near term. Actually, because of where investment rates are, the cost of carry is relatively small at the moment, but we'll take all of that into account as we think about how we manage the proceeds in the near term. On the second point on scrip, yes, as John said earlier, the Board thought very hard about all the different elements of this. And we've had a scrip arrangement in place for a long time, and it's been a very useful tool as we've gone through high periods of growth. And I think we see that as a valuable tool going forward as well.

這只是短期內收益的有效利用方式。實際上，由於投資利率的原因，目前的持有成本相對較小，但我們在考慮如何管理短期收益時會將所有這些都考慮在內。關於代金券的第二點，是的，正如約翰之前所說，董事會認真考慮了這方面的所有不同因素。我們很早就實行了股票制度，在我們經歷高速成長時期，這是一個非常有用的工具。我認為我們也將其視為一種有價值的工具。

And we see, on average, around a 25% take up. It obviously fluctuates year-on-year, but that's what it works out at. And we decided that it's appropriate to allow that to continue.

我們發現，平均採用率約為 25%。顯然，它每年都會有波動，但這就是它的實際情況。我們認為，讓這種情況繼續下去是適當的。

And then on rating agencies, yes, as you'd expect, we're in dialogue with the rating agencies throughout the year. I think we would expect them to look at this in the same way that we do which is what is the long-term impact on metrics. Hopefully, we've been very clear about our views on where we want to deliver those metrics over the time frame. So I'm sure that's what they'll take into account when they -- I'm sure they'll be updating reasonably quickly.

然後關於評級機構，是的，正如您所期望的，我們全年都在與評級機構進行對話。我認為我們希望他們以與我們相同的方式看待這個問題，即對指標的長期影響是什麼。希望我們已經非常清楚我們想要在時間範圍內實現這些指標的想法。所以我確信他們會考慮到這一點——我相信他們會相當快地進行更新。

We go back. You got a mic. Excellent.

我們回去吧。你有麥克風。出色的。

It's Mark Freshney from UBS. Two questions. Firstly, Andy, and apologies for keeping on digging up this point. But previously, in the new financial -- well, in the post the strategic pivot, you were talking about 70 to low 70s net debt to RAV, and the holding structure or the holding company debt was clearly a key part of that. Do you envisage on the same basis at the end of the GBP 60 billion 5-year frame being below on that 70% to 73%? And is there any -- further to the last question, is there any scope to actually go up a notch on the credit ratings?

我是瑞銀的馬克‧弗雷什尼。兩個問題。首先，安迪，對於不斷挖掘這一點，我深感抱歉。但此前，在新的金融領域——嗯，在策略轉型之後，您談到的是 RAV 的淨債務為 70% 到 70% 出頭，而控股結構或控股公司債務顯然是其中的關鍵部分。您是否預計，在 600 億英鎊的 5 年期框架結束時，這一比例將低於 70% 至 73%？而且還有沒有──進一步問最後一個問題，信用評等是否還有上升的空間？

And just secondly, John, just on timing, I mean, it's almost unfair just to talk about ET given it's only 25% of the business. But clearly, it is the one with ASTI in it. The returns for that business as they stand, in my view, inadequate one. The base allowed returns are just not appropriate for the bond yield environment we're in at the moment. And clearly, Ofgem has signaled investability. But can I ask why you've actually moved ahead raising capital ahead of Ofgem, taking a decision on this topic in the methodology document? And why you haven't kept the pressure on them to come after? Because it's clear from your own consultation response, you need a sizable increase in returns that CMA may not be ready to let them do.

其次，約翰，就時間而言，我的意思是，僅僅談論 ET 幾乎是不公平的，因為它只佔業務的 25%。但很顯然，它是含有 ASTI 的。在我看來，目前的這項業務的回報是不夠的。基本允許回報率並不適合我們目前所處的債券殖利率環境。顯然，Ofgem 已發出了可投資的信號。但我可以問一下，為什麼你們實際上在 Ofgem 之前就籌集資金並在方法文件中就此主題做出決定？那為什麼你沒有繼續對他們施加壓力呢？因為從您自己的諮詢回覆中可以清楚地看出，您需要大幅增加回報，而 CMA 可能還沒有準備好讓他們這樣做。

Yes. So why don't I take the second question and Andy can take the first. So in terms of the timing, we thought very carefully. As I said earlier, One of the things we've heard from the market repeatedly over the last 12 months is give us transparency in terms of what the capital investment plans look like as soon as you've got it, and that's exactly what we now have. So we're sharing the GBP 60 billion of capital investment out to end of the decade. In doing that given that actually the outcome of RIIO-T3 wouldn't actually be until the end of 2025, beginning of 2026. That's an incredibly long time to have uncertainty in the market about -- you can see the level of CapEx, we can't see how it's being funded. So that's why we're announcing the package today.

是的。那我為什麼不回答第二個問題，而讓安迪回答第一個問題呢？因此，在時間安排方面，我們考慮得非常仔細。正如我之前所說，過去 12 個月我們反覆從市場上聽到的一件事就是，一旦獲得資本投資計劃，就應讓我們了解其透明度，而這正是我們現在所擁有的。因此，我們將在十年末之前分享 600 億英鎊的資本投資。考慮到 RIIO-T3 的結果實際上要到 2025 年底或 2026 年初才會公佈，這段時間對於市場來說是一個相當長的不確定性時期——你可以看到資本支出的水平，但我們看不到它是如何融資的。這就是我們今天宣布這項方案的原因。

Also, as I mentioned earlier, it is really important when we make our submission to Ofgem for RIIO-T3 that we can also show that the business plan we're submitting is financeable, which is why, as I mentioned earlier, the plan that we set out takes us to at least the end of 2031. So those are the reasons why now, is because that uncertainty, together with what we want to do with Ofgem and we have the clarity on what is a significant step-up in investment.

此外，正如我之前提到的，當我們向 Ofgem 提交 RIIO-T3 提案時，我們能夠證明我們提交的商業計劃是可融資的，這一點非常重要，這就是為什麼，正如我之前提到的，我們制定的計劃至少要到 2031 年底。

Ofgem over the last period, as you know, has indicated publicly and through its consultation documents that it recognizes that we're entering into a different phase. So the sector-specific consultation talked about the need for a regulatory framework that was attractive to investors and was investable. We saw more recently that Ofgem published their strategy document and their 5 pillars. One of their pillars is to accelerate the infrastructure to support the energy transition. They've got the new duties, which I do think have shifted the mindset that came on to the Energy Bill last year, where the duty now to help to deliver net zero in the energy transition as well as to facilitate growth.

如您所知，Ofgem 在過去一段時間內已公開並透過其諮詢文件表示，它認識到我們正在進入一個不同的階段。因此，針對特定產業的諮詢討論了建立一個對投資者有吸引力且可投資的監管框架的必要性。我們最近看到，Ofgem 發布了他們的策略文件和五大支柱。他們的支柱之一是加速基礎設施建設以支持能源轉型。他們有了新的職責，我認為這確實改變了去年《能源法案》中的思維模式，現在的職責是幫助實現能源轉型的淨零排放並促進成長。

And the actions they've taken as well in the early ASTI projects, they have been decisive. So we have had to change the way that we procure for equipment. We're having to make upfront payments into the supply chain to lock in that capacity. Ofgem has supported that and allowed us to put that on the regulated asset base, which we will get return on. So they've demonstrated the -- understand that it's a different world we're operating in. Having said all that, we can't cross every T and dot every I at this point, but we take some confidence from that. And often house, talk to investors and set an expectation, they understand that it's important to have a framework that's investable. So that's the reason why we're doing it today.

他們在早期 ASTI 計畫中採取的行動也是果斷的。因此我們必須改變設備採購的方式。我們必須向供應鏈支付預付款來鎖定該產能。 Ofgem 支持這項舉措，並允許我們將其納入監管資產基礎，我們將從中獲得回報。所以他們已經證明——我們知道我們處在一個不同的世界。通常，他們會與投資者交談並設定期望，他們明白擁有一個可投資的框架非常重要。這就是我們今天這樣做的原因。

We have that uncertainty, we have heard from Ofgem. We have responded to the consultation very clearly that we think return should go up against RIIO-T2, both for fundamental reasons in terms of shifts in interest rates. But also, if you want to attract a regulatory framework where people want to invest in and then you need to be at the upper end of any capital asset pricing model range to demonstrate to investors that it's an attractive proposition. So we've made those plans as part of the consultation, and we will discuss that with Ofgem over the next 18 months. Andy?

我們有這種不確定性，我們已經從英國天然氣和電力市場辦公室（Ofgem）聽說了這件事。我們對諮詢的回應非常明確，我們認為回報率應該高於 RIIO-T2，這都是出於利率變動方面的根本原因。但是，如果你想吸引人們願意投資的監管框架，那麼你需要處於任何資本資產定價模型範圍的上限，以向投資者證明這是一個有吸引力的提議。因此，我們在協商過程中製定了這些計劃，並將在未來 18 個月內與 Ofgem 進行討論。安迪？

Yes. In terms of the gearing part of your question, Mark. So again, in our detailed guidance this morning in terms of the 5 years, what we're indicating is we would expect leverage to go down to the low 60s -- around 60s, around 60 in the very near term, immediately post the issue. And then over the time frame, we expect it to go up back up gradually to the high 60s over that time. Yes, so -- and to be clear, we previously guided under the old frame to the low 70s. The difference -- the reality of the difference is we're going into a phase now of even faster growth. As John said a moment ago, the 10% is a high level of real growth, and you compare sort of indexation that goes within that. And therefore, we're very comfortable with the low 70s under the previous frame. This will take us to a marginally lower level of the high 60s just as we go into an even higher growth phase.

是的。關於你問題中的傳動部分，馬克。因此，在我們今天早上就 5 年期給出的詳細指引中，我們表示，我們預計槓桿率將降至 60% 的出頭——在發行後不久的短期內，約為 60%。然後隨著時間的流逝，我們預計它會逐漸回升至 60 美元以上。是的，所以 - 需要明確的是，我們之前是在舊框架下引導到 70 年代初期的。差異－差異的現實是我們現在正進入一個更快成長的階段。正如約翰剛才所說，10% 是一個較高的實際增長水平，您可以比較其範圍內的指數化。因此，我們對先前框架下的 70 年代初期表現非常滿意。當我們進入更高的成長階段時，這將使我們的利率略低於 60 多美元。

Okay. Can we get the mic over to this side of the room, please?

好的。我們可以把麥克風拿到房間的這邊嗎？

Charles Swabey from HSBC. There was speculation last year that you might sell some U.S. gas assets. Could you explain your thinking behind opting not to go down that route? That's my first question. And second one, what is a good outcome from the sector-specific methodology consultation like for you?

匯豐銀行的查爾斯‧斯瓦貝 (Charles Swabey)。去年有猜測您可能會出售一些美國天然氣資產。你能解釋為什麼你選擇不走這條路嗎？這是我的第一個問題。第二，對您來說，針對特定產業的方法諮詢的良好成果是什麼？

I mean in terms of the gas, the way the Board at National Grid thinks about all of its businesses is to think about how it's contributing to the investor proposition of yield and growth and is that sustainable. And when it comes to our gas business in the U.S., we've just done the KEDLI and KEDNY rate case. We will have double-digit growth in that business. It's supported by our regulators in New York. They've just increased the returns from 8.8% to 9.35%. As nominal regulation in the context of the group, it's actually -- it's got good cash characteristics as well. So it fits very squarely into the investor proposition that we have.

我的意思是，就天然氣而言，國家電網董事會考慮所有業務的方式是思考它如何為投資者的收益和成長主張做出貢獻，以及這種貢獻是否可持續。就我們在美國的天然氣業務而言，我們剛剛完成了 KEDLI 和 KEDNY 利率案例。我們的該業務將實現兩位數的成長。它得到了紐約監管機構的支持。他們剛剛將回報率從 8.8% 提高到了 9.35%。作為集團背景下的名義監管，它實際上也具有良好的現金特徵。所以它非常符合我們的投資人主張。

And we've set out our views on how we see that gas business evolving in New York. So as we went through the pros and cons of all the tools available to us, it didn't seem sensible that we should look to sell that business to support investments elsewhere, which is why we've ended up with the proposition we have. In terms of the sector-specific consultation, so National Grid has sort of highlighted 4 areas to Ofgem that we would like to see them progress as part of the response to the decision document. The first is, given the size and scale of the CapEx and where the supply chain is, we'd like to see an earlier indication of need case and that they want National Grid to do that work, much earlier than they've done historically.

我們已經闡述了對紐約天然氣業務發展的看法。因此，當我們仔細權衡所有可用工具的利弊後，我們發現出售該業務來支持其他地方的投資似乎並不明智，這就是我們最終提出這項建議的原因。就特定產業諮詢而言，國家電網已向英國天然氣電力市場辦公室強調了 4 個領域，我們希望看到它們作為對決策文件的回應取得進展。首先，考慮到資本支出的規模和範圍以及供應鏈的位置，我們希望看到更早的需求跡象，並且他們希望國家電網能夠比以往更早完成這項工作。

Secondly, as I mentioned earlier, the supply chain has changed significantly. So I was there thinking about setting unit costs. We want them to take a forward-looking view rather than a very historical looking view. Thirdly, we do think there's an opportunity to create value for customers in terms of incentives. And we proposed my ideas there. And then finally, it's the financial package. So as we've already said, we've set out that given the fundamentals, given the scale of the CapEx relative to the regulated asset base, given the need in needs to investment proposition, we would expect to see higher returns and we would hope to see good cash characteristics around things like speed of money and depreciation.

第二，我剛才提到，供應鏈發生了很大的變化。所以我就思考如何設定單位成本。我們希望他們採取前瞻性的眼光，而不是過於歷史性的眼光。第三，我們確實認為有機會透過激勵措施為客戶創造價值。我們在那裡提出了我的想法。最後是財務方案。因此，正如我們已經說過的，我們已經闡明，考慮到基本面、考慮到相對於受監管資產基礎的資本支出規模、考慮到投資主張的需求，我們預期會看到更高的回報，並且我們希望看到良好的現金特徵，例如資金速度和折舊。

So that is our hopes and aspirations. I would remind people who have been in the industry a long time, usually, the decision document at this stage in the process is usually the low point and then there is a very long process of 18 months before you get to a final decision. And quite often, those things are different as you work through the different sort of characteristics and understandings between the 2 parties. So those are some of the things we'd hope to see. But it's a very long process till we get the final decision.

這就是我們的希望和願望。我想提醒那些在該行業從事很長時間的人，通常，此階段的決策文件通常處於最低點，然後需要經過 18 個月的漫長過程才能做出最終決定。通常，當你了解雙方不同的特質和理解時，這些事情就會有所不同。這些就是我們希望看到的一些事情。但直到我們做出最終決定之前，這仍然是一個非常漫長的過程。

I think there's a question behind.

我覺得這背後還有一個問題。

It's Marcin Wojtal from Bank of America. On your dividend, I mean, you reiterated the formula, you rebased your DPS. But how attractive do you think your dividend policy is to investors? We see we are probably entering an environment of lower inflation. And could you remind us what would happen in the event of deflation? Is there a floor at zero for inflation indexation?

這是美國銀行的 Marcin Wojtal。關於您的股息，我的意思是，您重申了公式，重新調整了您的 DPS。但是您認為您的股利政策對投資人有多大吸引力？我們看到我們可能正在進入一個通膨較低的環境。您能否提醒我們一下，如果出現通貨緊縮，會發生什麼事？通貨膨脹指數化的下限是否為零？

Do you want it on?

你想打開它嗎？

Yes, I think what I'd say in terms of the overall attractiveness, I think, again, it links back to something John said earlier around the overall proposition for National Grid is that combination of growth and yield. So we absolutely recognize and we'll continue to focus on the importance of the dividend as part of that. And what we aim to do as part of the package this morning is achieve that optimal balance of continuing to grow the total dividend, but obviously taking into account the rebates because of the increased share count. And the Board believes that that's achieved the right balance, and still continue to deliver that yield while alongside enabling us to fund from the CapEx and growth in front of us.

是的，我認為就整體吸引力而言，我想再次回到約翰之前所說的關於國家電網的總體主張，即成長與收益的結合。因此，我們完全認識到這一點，並且我們將繼續關注股息的重要性。作為今天上午一攬子計劃的一部分，我們的目標是實現最佳平衡，即繼續增加總股息，但顯然要考慮到由於股份數量增加而產生的回扣。董事會認為，這已經實現了適當的平衡，並且仍然能夠繼續提供收益，同時使我們能夠從資本支出和眼前的成長中獲得資金。

So when you look at it as part of the overall TSR, yes, slightly more tilted to growth. But still, I think if you look at the level of dividend, we believe it's an attractive proposition. And I think the -- giving the clarity of indexation and not changing that, I think was an important part of our thinking. It's well understood and well received by investors, and we think it's the right thing to continue with that. I don't think we've ever had a year of deflation in terms of the average for the year. I'm not sure, but I would expect that we would honor the dividend rather than reduce it, but that's me speaking off the top of my head. So -- but I don't think we've ever had a year that works like that.

因此，當你將其視為整體 TSR 的一部分時，是的，它略微更傾向於成長。但我仍然認為，如果你看看股息水平，我們認為這是一個有吸引力的提議。我認為——給出索引的清晰度並且不改變它，這是我們思考的重要部分。投資者對此深有理解並且十分歡迎，我們認為繼續這樣做是正確的。從年平均來看，我認為我們從未經歷過通貨緊縮的一年。我不確定，但我希望我們會尊重股息而不是減少股息，但這是我憑空而來的說法。所以——但我不認為我們經歷過這樣的一年。

There are no questions in the room. I'm going to look to Nick if we've got any -- sorry, Dominic.

房間裡沒有任何問題。如果我們有任何問題，我會找尼克 — — 抱歉，多明尼克。

It's Dominic Nash from Barclays again. A couple of questions. Firstly, I think we've got a general election turning up, and I'd be interested in your thoughts on what you expect from the sort of the labor announcements to date about what impact that would actually have on sort of medium-term targets and the massive increase potential in renewables, GB Energy? And I think the sovereign wealth fund that they're thinking about like are these opportunities or threats? And the second one is (inaudible). You say that you're going to have something done this year on the ESO, how advanced are your negotiations? And do -- when I look at it, I think you've got like GBP 877 million of receivables sitting on it. I presume that, that will be part of the negotiations. So we could end up with some funny looking numbers, is that a fair assumption?

又是巴克萊銀行的多明尼克·納許。幾個問題。首先，我認為我們即將迎來一場大選，我感興趣的是您對迄今為止的勞工聲明有何看法，這將對中期目標以及可再生能源、英國能源的巨大增長潛力產生什麼影響？我認為他們正在考慮的主權財富基金是機會還是威脅？第二個是（聽不清楚）。你說今年要在 ESO 上做一些事情，你的談判進展如何？而且當我查看它時，我認為你有 8.77 億英鎊的應收帳款。我推測這將成為談判的一部分。因此我們最終可能會得到一些看起來很有趣的數字，這是一個合理的假設嗎？

So in terms of the general election, I won't be surprised for you to hear that given the position National Grid has in the U.K., we spent a lot of time talking to the government, but we also talk to all the other parties as well. There is a significant degree of alignment around the energy transition and probably more importantly for us, the need for infrastructure investment to enable the energy transition and to connect the renewables. We've always had all the targets, whichever one you want to pick, are ambitious and it requires action from government to put the right policy in place and to implement it, regulates for the right regulatory framework make in place, the supply chain to increase their capacity in terms of things like building equipment, and the industry to put the right skills in place.

因此，就大選而言，考慮到國家電網在英國的地位，我不會感到驚訝，我們花了很多時間與政府交談，但我們也與所有其他政黨進行了交談。能源轉型方面存在相當程度的一致性，對於我們來說更重要的是，需要基礎設施投資來實現能源轉型並連接再生能源。我們一直以來的所有目標，無論你想選哪一個，都是雄心勃勃的，它需要政府採取行動，制定正確的政策並加以實施，制定正確的監管框架，提高供應鏈在建築設備等方面的產能，以及讓行業掌握正確的技能。

National Grid is doing its part, and that's what we're setting out today in terms of what we can do to contribute to the energy transition. But in terms of a change in government, I don't see it impacting significantly in what we've laid out today in terms of our GBP 60 billion capital investment plan. And similarly, to be complete, in the U.S., we've got actually going on there this year as well. The vast majority of the investment that we do in the Northeast of the U.S. is driven at the state level. We operate in progressive states. They've got ambitious targets as well. And our CapEx spends in the same way as the U.K. contributing to what we can do to support targets in the same way.

國家電網正在盡自己的一份力，這就是我們今天所闡述的我們可以為能源轉型做出的貢獻。但就政府更迭而言，我認為它不會對我們今天提出的 600 億英鎊資本投資計畫產生重大影響。同樣，為了完整起見，我們今年在美國也實際上開展了相關活動。我們在美國東北部的投資絕大多數是由州一級推動的。我們在進步的國家開展工作。他們也制定了雄心勃勃的目標。我們的資本支出方式與英國相同，我們以​​同樣的方式為支持目標做出貢獻。

In terms of the GB, Andy is just going to pick up on that. So we do spend some time talking to the labor party about that. I mean they talk to me about it wanting to complement the private investment that's going on in the networks and the areas that they're looking at are things like new technologies that are not yet ready for the market, all providing a convening role to see if there's more that can be coordinated across the GB level and things like supply chain. And in terms of the ESO, we are well through the process, I'd say, Dominic. First of all, there was a huge amount of work to do to separate out the ESO from the rest of the National Grid, particularly around things like IT. The team, Ofgem, government has done a fantastic job actually supporting and working together to get to a position where we would be ready to do that pretty soon. And in terms of the discussions with the government in terms of the final transaction, as I said earlier, we're expecting that to be later this year.

就 GB 而言，安迪只是剛剛了解到這一點。因此我們確實花了一些時間與工黨討論此事。我的意思是，他們跟我談論這件事，希望補充網路中正在進行的私人投資，他們關注的領域是尚未準備好進入市場的新技術，所有這些都發揮著召集作用，看看是否有更多的事情可以在整個 GB 級別和供應鏈等方面進行協調。至於 ESO，我想說，我們已經順利完成了整個過程，多明尼克。首先，要將 ESO 與國家電網的其他部分分離，需要做大量工作，特別是在 IT 方面。該團隊、英國天然氣電力市場辦公室和政府在實際支援和合作方面做得非常出色，使我們很快就能做到這一點。至於與政府就最終交易進行的討論，正如我之前所說，我們預計將在今年稍後完成。

Obviously, the election may delay it by 6 weeks in terms of some of the discussions that go along, but I don't see it being delayed materially. And actually, there is a very strong alignment about the role of the future system operator between the conservatives and the labor party and other parties as well. So I don't see it impacting in the long term in terms of what the election outcome could be. In terms of the receivables and the accounting, and I'll put that to Andy, and you can answer that.

顯然，就一些相關的討論而言，選舉可能會將其推遲六週，但我認為它不會受到實質推遲。事實上，保守黨、工黨和其他黨派對於未來系統運營商的角色有著非常強烈的一致性。因此，我認為它不會對選舉結果產生長期影響。關於應收帳款和會計方面，我會把這個問題交給安迪，你可以回答。

Yes. I mean, Dominic, as you'll be aware, the ESO is a slightly different part of the business. It's relatively asset light. And therefore, as we look at the balances involved and the dialogue with the government, obviously, it's taking account of both the assets and the working capital associated. What you will have seen, as I mentioned earlier, in terms of the cash flows we see with the timing of recoveries, which is part of what is showing up in -- when you see the working capital associated. You'll see in the detail of what we've announced this morning, we've taken a charge within our statutory numbers to recognize that some of that timing will still be due back by the time the disposal is expected to complete. That's an estimate. Just recognizing that rather than that flowing through its timing next year, it will then get crystallized as part of the transaction. So we know that by the time we get to the transaction, we wouldn't expect any unusual items as you described.

是的。我的意思是，多明尼克，正如你所知，ESO 是業務中略有不同的一部分。它的資產規模相對較小。因此，當我們審視所涉及的餘額和與政府的對話時，顯然會同時考慮資產和相關的營運資金。正如我之前提到的，就現金流而言，您將會看到復甦的時間，這是與您相關的營運資本所顯示的部分內容。您將在我們今天上午宣布的詳細資訊中看到，我們在法定數字範圍內收取了費用，以認識到在預計處置完成時仍需要一些時間。這是一個估計值。只是認識到它不會在明年的時間範圍內流動，而是會作為交易的一部分具體化。因此我們知道，在進行交易時，我們不會期望出現您所描述的任何不尋常的物品。

Okay. I'm going to go to you next. And if there are more questions then I'll come back to it, but have you got any questions?

好的。接下來我要去找你了。如果還有其他問題，我會再回答，但是您還有其他問題嗎？

I do. So I've got one written one, and I've got AJ from Goldman Sachs, who I think is going to speak into the room. But firstly, just from Michelle Debs, hopefully, an easy one. Will CapEx remain at similar levels post 2029?

我願意。所以我有一份書面資料，而且我還有來自高盛的 AJ，我認為他會在房間裡發表演講。但首先，請聽聽米歇爾‧德布斯 (Michelle Debs) 的發言，希望這是一個簡單的問題。 2029 年後資本支出會維持在類似水準嗎？

I mean it always amused me actually, Nick, when -- when people say, well, what's your CapEx forecast beyond the next 7, 8 years, which we've given certainty on today. I mean the serious point is you would have seen just over a month ago that the (inaudible) system operator published the Beyond 2030 report, which really is a very useful document, has started to articulate what the infrastructure investment might look like as we get into the 2030s and beyond. Some of the investments in that are quite clear. And actually, we're doing quite a work on the engineering front already just thinking about that.

我的意思是，尼克，實際上，當人們問你，未來 7、8 年的資本支出預測是多少時，我總是覺得很有趣，而我們今天已經對此給出了確定性答案。我的意思是，嚴肅的一點是，一個多月前你就會看到，（聽不清楚）系統營運商發布了《2030 年以後》報告，這確實是一份非常有用的文件，它開始闡明我們進入 2030 年代及以後的基礎設施投資可能會是什麼樣子。其中一些投資是相當明確的。實際上，我們在工程方面已經做了大量工作來考慮這個問題。

Some of it needs a huge amount of work. And actually, we probably won't get transparency into the second half of this decade. So we said right back when we did the Investor Day 18 months, 2 years ago that we would expect to see waves of investment. But exactly what the shape of that investment is here in the U.K. and across all our jurisdictions, obviously, we've got a bit of time to get to that. Today, what we set out is pretty much 5 years of clarity, which is pretty unprecedented against most of the other companies in the sector.

有些工作需要大量的工作。實際上，我們可能到本世紀下半葉都不會實現透明度。因此，我們在 18 個月（2 年前）舉辦投資者日時就說過，我們預計將看到一波投資浪潮。但至於在英國以及在我們所有司法管轄區內這項投資的具體情況，顯然我們還需要一些時間來實現。今天，我們制定的計劃基本上是 5 年的明確目標，與業內大多數其他公司相比，這是史無前例的。

And thank you. And I think we have AJ from Goldman on the conference line.

謝謝你。我覺得高盛的 AJ 也來參加電話會議了。

I've got a couple of questions. One is more just the shape of the portfolio. Now you emphasized in the announcement of the 80-20 split, electricity versus gas. And I'm just wondering, given the size of the equity issuance here, it feels to me that maybe you could deduce that, that gas business is going to be there. It's not -- it wasn't -- when you're looking at the relative merits here for funding, I just wanted to -- what was the merits of keeping that asset versus maybe using it to fund the CapEx program that you have ahead of you?

我有幾個問題。一是投資組合的形狀。現在，您在宣布 80-20 分割時強調了電力與天然氣的對比。我只是想知道，考慮到這裡的股票發行規模，我覺得也許你可以推斷天然氣業務將會存在。事實並非如此——當您在考慮融資的相對優點時，我只是想——保留該資產的優點是什麼，而不是用它來資助您面前的資本支出計劃？

Now typically, in the past, you've made asset sales, taken advantage of the valuations of the private markets maybe offered that you can't necessarily get in an equity market to fund new investment. I'm just wondering if we can deduce anything from that statement and the picture that you're highlighting by the end of the plan?

通常情況下，在過去，你會出售資產，利用私人市場的估值，但你不一定能進入股票市場來為新投資提供資金。我只是想知道，我們是否可以從該聲明以及您在計劃末尾強調的圖片中推斷出任何內容？

And then the second one is if you go back to this timing point. You're ahead of elections, you haven't concluded a transmission review, which is quite a long -- still a decent amount of timing. There's a bit of unclarity sort of in returns. Your CapEx is back-end loaded. Why now? I still -- I don't think even after the answers that we've been given I could fully appreciate it. So any more color there would be really helpful.

第二個就是如果你回到這個時間點。在選舉之前，你們還沒有完成傳輸審查，這需要很長時間——但仍然需要相當長的時間。回報方面有些不清楚。您的資本支出是後端加載的。為什麼是現在？我仍然——我認為即使在我們得到答案之後我仍無法完全理解它。因此，更多的顏色將會非常有幫助。

I think I've got that. The line wasn't great. But let me have to go both of those questions. I mean in terms of the shape of the group, and I think you're asking about U.S. gas. As I said earlier, the Board when we consider the tools available to us to support that GBP 60 billion of CapEx, considered things like bringing financing into the regulated utilities, including gas in the U.S. But given the growth that we see right across those businesses, given their contribution in terms of growth and yield, we didn't think it made sense for us to change the shape of the portfolio and to exit the gas business or bring in a partner into one of our other regulated businesses.

我想我已經明白了。線路不太好。但我必須回答這兩個問題。我的意思是，就集團的形態而言，我想你問的是有關美國天然氣的問題。正如我之前所說，董事會在考慮可用的工具來支持 600 億英鎊的資本支出時，考慮過為受監管的公用事業（包括美國的天然氣）引入融資等事宜。

I mean, by the end of 2029, I think we're going to be broadly, I think from an asset base perspective, about 45% U.S., 55% U.K. And that mix of real regulation and nominal regulation and the diversity of regulation that we have as well is a really important part and a big contributor to the stability of the proposition that we've delivered over the last 10 years. And I think Andy mentioned, we've outperformed the FTSE 100 in TSR by 30% over the last 10 years. Our proposition going forward, has that lovely mix of nominal and real and geographical diversity on regulation. So that's quite important to us as we consider these things.

我的意思是，到 2029 年底，從資產基礎的角度來看，我認為我們將大致達到約 45% 來自美國，55% 來自英國。我記得安迪提到過，在過去 10 年裡，我們的 TSR 表現比富時 100 指數高出 30%。我們未來的建議是，在監管上實現名義多樣性、實際多樣性和地理多樣性的完美結合。因此，當我們考慮這些事情時，這對我們來說非常重要。

In terms of the timing and why now, it's really what we've already talked about. And just to reiterate, we've always said to the market that when we've got clarity on the CapEx, and we do, that we would share it with the market, so that is the first step and it is a significant step up. Having articulated what that CapEx is, we felt it was really important not to leave the uncertainty in the market. And as I said, it's also important that when we submit the business plan to Ofgem, which is one element of the GBP 60 billion, but an important element, that we were able to demonstrate that it was financeable so that they look on that business plan with a positive intent.

關於時機和原因，我們實際上已經討論過了。再次重申，我們一直對市場表示，當我們明確了資本支出後，我們就會與市場分享，所以這是第一步，也是重要的一步。在明確了資本支出之後，我們認為不要讓市場存在不確定性，這一點非常重要。正如我所說的，當我們向英國天然氣和電力市場辦公室提交商業計劃時，這也是很重要的一點，這是 600 億英鎊的一部分，但也是一個重要的部分，我們必須能夠證明它是可融資的，這樣他們才能以積極的態度看待這個商業計劃。

So for those reasons, we did think it was important we did it now, rather than wait 18 months before we get clarity on T3, which -- just remind you it's just one element of the GBP 60 billion. I mean the other point I'd make as well is that every price controller rate case is giving you clarity for 3 or 5 years. These are investments and assets that we invest in for 40, 50, 60 years. And therefore, fundamentally, it's a question about have you got confidence in the U.K. regulatory and policy environment and the U.S. Northeast environment. And our view is that we do have confidence, and we will work through those price controls and rate cases as and when they come along.

因此，出於這些原因，我們確實認為現在就這樣做很重要，而不是等待 18 個月才明確 T3 的問題，這只是 600 億英鎊的一部分。我想說的另一點是，每個價格控制器費率案例都會給你 3 到 5 年的清晰度。這些是我們投資 40、50、60 年的投資和資產。因此，從根本上來說，問題是您是否對英國的監管和政策環境以及美國東北部的環境有信心。我們的觀點是，我們確實有信心，我們將在價格控制和利率問題出現時盡力解決它們。

No more questions online. Okay. In which case, I'm going to say thank you so much for joining us today. Hopefully you got a sense that this is a moment for National Grid, but I also think it's a moment in terms of the energy transition for the U.K. and for the Northeast of the U.S. I hope you're walking away with a sense that we have a very clear plan, and we're providing transparency that is probably unprecedented for right out to the end of the decade. And with a very compelling proposition going forward, as Andy said, tilted more towards growth, but also with an important yield, which is an inflation protected dividend as well. So I hope you found that session very, very useful, and thank you for joining us.

網路上沒有更多問題。好的。在這種情況下，我要非常感謝您今天的加入我們。希望你們感覺到，這是國家電網的重要時刻，但我認為，這也是英國和美國東北部能源轉型的重要時刻。正如安迪所說，未來的一個非常引人注目的主張是更傾向於成長，同時也具有重要的收益率，這也是一種通膨保護股息。所以我希望你們發現這次會議非常非常有用，並感謝你們加入我們。