National Grid PLC (NGG) 2025 Q2 法說會逐字稿

Good morning, and welcome to National Grid's half-year results presentation. I'm Angela Broad, Head of Investor Relations, and it's great to have so many of you on the call today.

早安，歡迎來到全國電網半年業績發表會。我是投資者關係主管安吉拉·布羅德（Angela Broad），很高興今天有這麼多人參加電話會議。

Firstly, please kindly of draw your attention to the cautionary statement at the front of the pack. As usual, the Q&A with John and Andy will follow the presentation. (Event Instructions)

首先，請注意包裝正面的警告聲明。像往常一樣，演講結束後將進行與約翰和安迪的問答。（活動須知）

All of today's materials are available on our website. And of course, for any further queries after the call, please reach out to me or one of the IR team.

今天的所有材料都可以在我們的網站上找到。當然，通話後如有任何進一步疑問，請聯絡我或 IR 團隊之一。

So with that, I'd now like to hand you over to our CEO, John Pettigrew. John?

現在，我想將您交給我們的執行長約翰·佩蒂格魯 (John Pettigrew)。約翰？

Many thanks, Angela, and good morning, everyone. Thank you for joining us today. As ever, I'm here with Andy Agg. And once we've been through our respective presentations, we'll, of course, be very happy to answer your questions.

非常感謝，安吉拉，大家早安。感謝您今天加入我們。一如既往，我和安迪·阿格在一起。當我們完成各自的演示後，我們當然會非常樂意回答您的問題。

As you know, in May, we updated our strategy and announced the actions we'd be taking to make National Grid the preeminent pure play networks business. This marked the beginning of an exciting new area of growth with unmatched visibility on around GBP60 billion of capital investment in our networks over the next 5 years and clarity on financing well beyond that.

如您所知，五月份，我們更新了策略，並宣布了我們將採取的行動，使國家電網成為卓越的純網路業務。這標誌著一個令人興奮的新成長領域的開始，未來 5 年內我們網路中約 600 億英鎊的資本投資將具有無與倫比的可見性，而且融資的清晰度也遠超於此。

Over the last six months, the pace of change in our industry has continued as has the exciting momentum within National Grid. We successfully completed the GBP7 billion rights issue, positioning our balance sheet to deliver this growth at pace.

在過去的六個月裡，我們產業的變革步伐仍在繼續，國家電網內部也呈現出令人興奮的勢頭。我們成功完成了 70 億英鎊的配股，使我們的資產負債表能夠快速實現這一增長。

We're delivering on our major capital projects, increasing investment to a record GBP4.6 billion in the first half. In the UK, construction is already underway on five of our ASTI projects. And in the US, regulated CapEx increased 20% year on year as we've continued our $4 billion upstate upgrade program. And our policy agendas continue to move forward as well. We're encouraged by the start the new UK government has made against their energy priorities.

我們正在落實重大資本項目，上半年投資增加至創紀錄的 46 億英鎊。在英國，我們的五個 ASTI 項目已經開始建造。在美國，隨著我們繼續實施 40 億美元的北部升級計劃，受監管的資本支出年增了 20%。我們的政策議程也持續向前邁進。英國新政府開始反對其能源優先事項，這讓我們感到鼓舞。

As you would have seen, the National Energy System Operator, or NESO, was established on the first of October, following our sale of the Electricity System Operator to GBP613 million. They've also formed mission control to help accelerate progress on energy projects needed for 2030. And at the end of this year, they will settle their action plan to achieve this, taking into account the advice set out this week by the NESO. The NESO's report is a welcome milestone towards clarity on the steps needed to deliver against this goal, and we'll continue to play our part alongside the government, regulator, and industry.

如您所見，國家能源系統營運商 (NESO) 在我們以 6.13 億英鎊出售電力系統營運商後於 10 月 1 日成立。他們還組建了任務控制中心，以幫助加快 2030 年所需能源項目的進展。今年年底，他們將考慮 NESO 本週提出的建議，制定實現這一目標的行動計劃。NESO 的報告是一個值得歡迎的里程碑，它明確了實現這一目標所需的步驟，我們將繼續與政府、監管機構和產業一起發揮我們的作用。

The government has also commissioned NESO to develop a strategic spatial energy plan, setting out where energy assets need to be built and when to meet the country's 2050 net-zero goals. We're pleased that the King's speech in July include the expected legislation to reform the planning system. This will help to accelerate the delivery of critical infrastructure, something that we've long been advocating for.

政府還委託 NESO 制定戰略性空間能源計劃，規定需要在哪裡建造能源資產以及何時實現該國 2050 年淨零排放目標。我們很高興國王七月的演講中包含了預期的改革規劃體系的立法。這將有助於加快關鍵基礎設施的交付，這是我們長期以來一直倡導的。

In the US, Massachusetts and New York policymakers are continuing to progress plans to align economic growth and system reliability needs with their clean energy and climate goals. Both states recognize the need for long-term holistic energy planning, and we're encouraged that this is now underway.

在美國，馬薩諸塞州和紐約州的政策制定者正在繼續推進計劃，使經濟成長和系統可靠性需求與其清潔能源和氣候目標保持一致。兩國都意識到長期整體能源規劃的必要性，令我們感到鼓舞的是，這項規劃目前正在進行中。

From a regulatory perspective, we've agreed new rates for our downstate New York gas business and for our Massachusetts electric business, giving us even greater visibility on our investment plans. And in the UK, Ofgem's publication of the sector-specific methodology decision mark the next step in the RIIO-T3 regulatory process.

從監管的角度來看，我們已經就紐約州南部的天然氣業務和馬薩諸塞州的電力業務達成了新的費率，這使我們能夠更好地了解我們的投資計劃。在英國，Ofgem 發布的針對特定行業的方法決策標誌著 RIIO-T3 監管流程的下一步。

We've also achieved another important strategic milestone by completing in September the sale of our final 20% stake in our UK gas transmission business for GBP686 million. So as I say, exciting momentum and progress in the last six months that underpins our compelling investor proposition of delivering low-risk, high-quality asset growth, strong earnings growth, and an inflation protected dividend.

我們還實現了另一個重要的戰略里程碑，即 9 月以 6.86 億英鎊的價格完成了英國天然氣輸送業務最後 20% 股份的出售。正如我所說，過去六個月令人興奮的勢頭和進展支撐了我們令人信服的投資者主張，即提供低風險、高品質的資產成長、強勁的獲利成長和通膨保護的股息。

Now, turning to our financial performance for the first six months. On an underlying basis, that is excluding the impact of timing and exceptional items, operating profit from continuing operations was GBP2 billion, 15% higher compared to the prior year at constant currency. This reflects good performance across all of our regulated businesses, which drove an increase in underlying earnings per share of 8% to 28.1p. Our business delivered a record GBP4.6 billion of investment, up 19% year on year at constant currency. And in line with our policy, the Board has declared an interim dividend of 15.84p per share.

現在，談談我們前六個月的財務表現。從根本上看，排除時間安排和特殊項目的影響，持續經營業務的營業利潤為 20 億英鎊，按固定匯率計算比上年增長 15%。這反映出我們所有受監管業務的良好業績，推動每股基本收益成長 8% 至 28.1 便士。我們的業務實現了創紀錄的 46 億英鎊投資，以固定匯率計算年增 19%。根據我們的政策，董事會宣布派發每股 15.84 便士的中期股息。

Turning next to reliability and safety. Reliability remains strong across our UK and US networks despite severe weather in most jurisdictions. Our teams restored outages rapidly and well within regulatory requirements, including in our New York region, where during the most significant storms, the average time to restore 95% of customers was just 12 hours.

接下來轉向可靠性和安全性。儘管大多數司法管轄區天氣惡劣，但我們英國和美國網路的可靠性仍然很強。我們的團隊在監管要求範圍內迅速恢復了中斷，包括在紐約地區，在最嚴重的風暴期間，恢復 95% 客戶的平均時間僅為 12 小時。

As we look ahead, NESO recently published its winter outlook report for the UK, in which they're forecasting an electricity capacity margin of 8.8%, slightly higher than last year's and broadly in line with recent winters. Overall, we are confident in delivering our usual high standard reliability across our networks in the months ahead and remain vigilant as we move through the winter in both the UK and the US.

展望未來，NESO 最近發布了英國冬季展望報告，其中預測電力容量利潤率為 8.8%，略高於去年，與最近的冬季基本一致。總體而言，我們有信心在未來幾個月在整個網路中提供一貫的高標準可靠性，並在英國和美國度過冬季時保持警惕。

Safety, as always, remains a critical focus across the business. In the first six months, our Lost Time Injury Frequency rate was 0.1, in line with our group target. With our significant increase in capital delivery, we are recruiting new contractors working for National Grid for the first time, and so we've reinforced our protocols to ensure that our high safety standards are maintained.

一如既往，安全仍然是整個企業的關鍵關注點。在前六個月，我們的誤工工傷頻率為 0.1，符合我們的團體目標。隨著我們的資本交付量顯著增加，我們首次招募為國家電網工作的新承包商，因此我們加強了我們的協議，以確保維持我們的高安全標準。

Now, moving to our operating performance across the group, starting with the UK electricity distribution. Capital investment increased by 6% to GBP647 million, driven by increased customer connections, asset health workload, and network reinforcements. We've also made further progress to improve our customer service, including in May when we launched ClearViewConnect. This online tool provides visibility of grid supply point capacity, including a view of the generation connections pipeline to help prospective developers identify the quickest and cheapest connection points. And we've made good progress in reforming the connections process.

現在，我們來看看整個集團的營運業績，從英國配電開始。受客戶聯繫增加、資產健康工作負載和網路強化的推動，資本投資成長 6%，達到 6.47 億英鎊。我們在改善客戶服務方面也取得了進一步進展，包括 5 月我們推出了 ClearViewConnect。該線上工具提供了電網供電點容量的可見性，包括發電連接管道的視圖，以幫助潛在的開發商確定最快和最便宜的連接點。我們在改革聯繫流程方面取得了良好進展。

By playing a leading role in the industry's technical limits initiative, we've been able to accelerate the connection [offer] date on over 280 megawatts of distribution generation. And as mentioned at our Connections investor event in January, by reviewing projects that aren't progressing, we've been able to remove 3.7 gigawatts of capacity from the contracted connections queue.

透過在產業技術限制倡議中發揮主導作用，我們已經能夠加快超過 280 兆瓦的配電發電的連接[提供]日期。正如我們在一月份的 Connections 投資者活動中提到的，透過審查未取得進展的項目，我們已經能夠從合約連接隊列中刪除 3.7 吉瓦的容量。

Looking ahead, whilst we're still more than three years remaining in ED2, we're already thinking about the next regulatory cycle. Yesterday, Ofgem issued its framework consultation, which includes wide-ranging questions to help shape the ED3 price control and will respond early in the new year.

展望未來，雖然 ED2 還剩三年多的時間，但我們已經在考慮下一個監管週期。昨天，Ofgem 發布了框架諮詢，其中包括幫助制定 ED3 價格控制的廣泛問題，並將在新年年初做出回應。

Turning to UK electricity transmission, where CapEx increased by 43% to GBP1.3 billion, driven by an increase in customer connections, with 2.3 gigawatts of new customer connections in the first half. And good progress on our GBP1 billion London Power Tunnels project, where we successfully energized a 2.5-kilometer circuit between Hurst substation and Crayford. Looking further ahead, we're seeing an increase in transmission scale connection requests for data centers that is driving significant investment for new and upgraded substations in the Southeast.

轉向英國電力傳輸，由於客戶連線增加，上半年資本支出成長 43%，達到 13 億英鎊，上半年新增客戶連線 2.3 吉瓦。我們耗資 10 億英鎊的倫敦電力隧道計畫也取得了良好進展，成功為 Hurst 變電站和 Crayford 之間的 2.5 公里線路供電。展望未來，我們看到資料中心的傳輸規模連接請求不斷增加，這推動了對東南部新建和升級變電站的大量投資。

On regulatory developments, Ofgem published in July their decision on the sector-specific methodology, marking the next step in the RIIO-T3 regulatory process that will run through to the final determination at the end of 2025. We are pleased to see that the document included our commitment to streamlining the overall framework to enable faster decision making on which projects proceed. Proposals for an advanced procurement mechanism, which enables us to secure supply chain capacity early and the introduction of mechanism similar to the ASTI approach to low funding on projects earlier than historically has been the case.

在監管進展方面，Ofgem 於 7 月發布了關於特定行業方法的決定，標誌著 RIIO-T3 監管流程的下一步，該流程將在 2025 年底做出最終決定。我們很高興地看到該文件包含了我們對簡化整體框架的承諾，以便能夠更快地就專案的進度做出決策。關於先進採購機制的建議，使我們能夠儘早確保供應鏈能力，並引入類似於 ASTI 方法的機制，以比歷史更早為專案提供低資金。

As you'd expect, we're engaging constructively with Ofgem as well as wider stakeholders to agree the right regulatory frameworks that delivers a net-zero energy system and a fair return. Whilst we are encouraged by Ofgem's inclusion of a cost of equity range of 4.6% to 6.4%, the allowed return needs to be at the top end of the range in order to continue to attract sufficient capital to the sector.

正如您所期望的那樣，我們正在與 Ofgem 以及更廣泛的利益相關者進行建設性的合作，以商定正確的監管框架，以提供淨零能源系統和公平的回報。雖然我們對 Ofgem 將股本成本納入 4.6% 至 6.4% 的範圍感到鼓舞，但允許的回報率需要處於該範圍的上限，以便繼續吸引足夠的資本進入該行業。

Ofgem also concluded on its inflation consultation with the introduction of a nominal return on fixed rate debt, which will add better matching of allowances to actual debt costs and faster recovery of cash.

Ofgem 還就其通膨諮詢做出了結論，引入了固定利率債務的名義回報，這將更好地匹配實際債務成本並加快現金回收。

On the policy front, we've seen progress on connections reform, and I'm pleased that we now have consensus with government of (inaudible) and NESO on the steps that need to be taken. In the second half of 2025, NESO is expected to implement reforms where projects must move through a two-stage process based on a combination of project readiness and alignment with the Clean Power Plan.

在政策方面，我們看到了連接改革的進展，我很高興我們現在與（聽不清楚）政府和 NESO 就需要採取的步驟達成了共識。NESO 預計將在 2025 年下半年實施改革，計畫必須根據專案準備情況和與清潔能源計畫的一致性，通過兩個階段的流程。

Turning next to our strategic infrastructure business created last year to deliver the 17 ASTI projects. We're managing these projects in distinct waves. Wave 1 comprises the six most advanced projects and Wave 2 comprises the remaining land, which are at earlier stages of development. We're well progressed with obtaining the required consents for the first wave of projects, and we expect to have all the key equipment and material contracts in place by early next year.

接下來是我們去年為交付 17 個 ASTI 專案而創建的策略基礎設施業務。我們正在以不同的方式管理這些項目。第一波包括六個最先進的項目，第二波包括處於早期開發階段的剩餘土地。我們在獲得第一批專案所需的許可方面進展順利，我們預計所有關鍵設備和材料合約將在明年初到位。

As I mentioned earlier, construction has started on five of the first wave, including the offshore EGL -- Eastern Green Links 1 and 2, Yorkshire Green, North London Reinforcement, and Bramford to Twinstead. With construction due to start shortly on the Grain to Tilbury project, at the end of this fiscal year, we'll have broken ground in all six well Wave 1 projects.

正如我之前提到的，第一批中的五個項目已經開始施工，包括海上 EGL——Eastern Green Links 1 和 2、Yorkshire Green、North London Reinforcement 以及 Bramford 至 Twinstead。Grain to Tilbury 計畫的建設即將開始，到本財政年度結束時，我們將在所有六個 Wave 1 井計畫中破土動工。

Turning to our Wave 2 projects, we had a number of public consultations running over the summer. And with further consultations planned in 2025, we're progressing well through the consenting process. We're making good progress on procurement and are well-advanced in securing the supply chain, and we're submitting early construction funding request to Ofgem on Eastern Green Links 3 and 4 in our sealing project to allow these projects to move forward at pace.

談到我們的第二波項目，我們在整個夏天進行了多次公眾諮詢。根據 2025 年計劃進行的進一步磋商，我們在同意過程中進展順利。我們在採購方面取得了良好進展，並且在確保供應鏈安全方面也取得了很大進展，並且我們正在向 Ofgem 提交密封項目中東部綠色通道 3 和 4 的早期建設資金請求，以便這些項目能夠快速推進。

Coming to the US and starting with New York. CapEx has continued to be strong, increasing 29% to GBP1.6 billion in the first half. This reflects strong progress with our $4 billion upstate upgrade, including our Smart Path Connect project, which has reached the halfway point in construction well ahead of schedule. And the work approved under the Climate Leadership and Communities Protection Act, where construction on Phase 1 of the project is progressing well, and we've just issued the procurement tenders for Phase 2. We've also increased investment in our gas network, replacing a further 161 miles of leak-prone pipe as we continue to reduce our methane emissions.

來到美國，從紐約開始。資本支出持續強勁，上半年成長 29% 至 16 億英鎊。這反映出我們耗資 40 億美元的北部升級項目取得了巨大進展，其中包括我們的智慧路徑連接項目，該項目已提前達到施工進度的一半。根據《氣候領導力和社區保護法案》批准的工作，該計畫第一階段的建設進展順利，我們剛剛發布了第二階段的採購招標。我們還增加了對天然氣網路的投資，在繼續減少甲烷排放的同時更換了另外 161 英里的易洩漏管道。

On the regulatory front, in August, our three-year rate case settlement for our KEDNY and KEDLI gas distribution businesses was approved by the commission. We expect to invest $5 billion over the next three years with an improved ROE of 9.35%. And we filed for new rates in our Niagara Mohawk business in Upstate New York. The filing proposes transmission investment to integrate renewables, line and substation upgrades, and further investment in our leak-prone pipe replacement program.

在監管方面，8 月份，我們針對 KEDNY 和 KEDLI 天然氣分銷業務的三年費率案件和解獲得了委員會的批准。我們預計未來三年將投資 50 億美元，ROE 提高至 9.35%。我們為紐約州北部的尼亞加拉莫霍克業務申請了新的費率。該文件建議對輸電投資進行整合再生能源、線路和變電站升級，並進一步投資於我們容易洩漏的管道更換計畫。

At the end of September, as usual, the PSC staff provided a rebuttal testimony, including a 9.5% cost of equity against our current allowed return of 9% and smaller increases to our allowed -- our proposed capital investment. The filing will now continue to progress as we enter settlement negotiations, and we're confident we can reach a constructive outcome by the spring.

9 月底，像往常一樣，PSC 工作人員提供了反駁證詞，包括相對於我們目前允許的 9% 回報率的股權成本為 9.5%，以及我們允許的資本投資的較小增量。隨著我們進入和解談判，備案工作將繼續取得進展，我們有信心在春季之前取得建設性成果。

Turning to policy. We're in July, a draft report from the New York PSC acknowledged for the first time that New York State is likely to miss its target of 70% renewable generation by 2030. In response to the report, Governor Hochul's administration has taken several actions, including reconvening the state energy planning board to draft road map for the state to build a clean energy system for New York, taking into account resource adequacy and affordability. As a result, a more pragmatic dialogue has opened up. And as you'd expect, we're engaged in supporting the process, which provides an opportunity to shape a more balanced approach to the energy transition.

轉向政策。今年 7 月，紐約 PSC 的一份報告草案首次承認，紐約州可能無法實現 2030 年 70% 再生能源發電的目標。針對該報告，霍楚爾州長的政府已採取多項行動，包括重新召集州能源規劃委員會，起草紐約州建立清潔能源系統的路線圖，同時考慮到資源充足性和可負擔性。結果，更務實的對話得以展開。正如您所期望的，我們正在參與支持這一進程，這為制定更平衡的能源轉型方法提供了機會。

In New England, capital investment increased by 7% to GBP814 million. This largely reflects the continued steady growth delivered through investment in grid modernization and asset health work and leak-prone pipe replacement activity. From a regulatory perspective, in September, the DPU issued its rate case order for Massachusetts Electric business, approving a five-year plan with a revenue increase of around $100 million. The order includes a new regulatory recovery mechanism that provides timely funding for growing capital investment and updated performance-based rate mechanism, providing inflation protection for operating and maintenance costs and increased allowances to cover the increase in cost of [storms]. Taken together, these enhanced recovery mechanisms will enable us to earn closer to a low return of 9.35%.

在新英格蘭，資本投資成長了 7%，達到 8.14 億英鎊。這在很大程度上反映了透過對電網現代化和資產健康工作以及易洩漏管道更換活動的投資實現的持續穩定增長。從監管角度來看，9月，DPU發布了馬薩諸塞州電力公司的費率案例命令，批准了收入增長約1億美元的五年計劃。該命令包括新的監管回收機制，為不斷增長的資本投資提供及時資金，以及更新的基於績效的費率機制，為營運和維護成本提供通貨膨脹保護，並增加津貼以彌補成本的增加[風暴]。總而言之，這些增強的回收機制將使我們能夠獲得接近 9.35% 的低迴報率。

The DPU has also approved our electric sector modernization plan as a strategic road map to support decarbonization investments. As part of this, we filed for $2 billion of investment, including upgraded power lines, transformers, substations and technology platforms over the next five years. We expect to propose costs and recovery mechanisms will be agreed ahead of the program starting next summer.

DPU 也批准了我們的電力部門現代化計劃，作為支持脫碳投資的策略路線圖。作為其中的一部分，我們申請了 20 億美元的投資，包括在未來五年內升級電力線路、變壓器、變電站和技術平台。我們預計將在明年夏天啟動該計劃之前就成本和恢復機制達成協議。

And over the past summer, Governor Healey's administration has been working to pass comprehensive energy and climate legislation. The proposed bill addresses critical issues we've been advocating, for including setting out an accelerated time line for siting and permitting of clean energy infrastructure projects, and we're hopeful it will progress before the end of the year.

去年夏天，希利州長的政府一直致力於通過全面的能源和氣候立法。擬議的法案解決了我們一直倡導的關鍵問題，包括制定清潔能源基礎設施項目選址和許可的加速時間表，我們希望它能在今年年底前取得進展。

And finally, in National Grid Ventures, capital investment was 11% lower at GBP279 million following completion of the Viking Link to Denmark last year, partially offset by increased investment in National Renewables and the Isle of Grain. We've made good progress on the Propel transmission project through our New York Transco joint venture, which will help to deliver offshore wind power from Long Island to the Bronx in New York City and Westchester County. We've made further progress in the fourth phase of the expansion of our Isle of Grain LNG facility, which remains on track for completion next summer. And we've also commenced the sale process for National Grid Renewables.

最後，隨著去年通往丹麥的Viking Link 竣工，國家電網創投公司(National Grid Ventures) 的資本投資下降了11%，為2.79 億英鎊，但部分被國家再生能源公司(National Renewables) 和穀物島(Isle of Grain) 投資的增加所抵銷。我們透過紐約 Transco 合資企業在 Propel 輸電項目上取得了良好進展，該項目將有助於將離岸風電從長島輸送到紐約市的布朗克斯和威徹斯特縣。我們在穀物島液化天然氣設施擴建的第四階段取得了進一步進展，該設施仍有望在明年夏天完工。我們也開始了國家電網再生能源的銷售流程。

So as I said at the start, we've achieved significant progress across all areas of the business in the first half as we continue to support and invest in the energy transition.

正如我一開始所說的那樣，隨著我們繼續支持和投資能源轉型，上半年我們在所有業務領域都取得了重大進展。

Let me stop there and hand over to Andy to walk through the numbers before I come back to talk about priorities for the second half. Andy?

讓我在此停下來，讓安迪先介紹一下這些數字，然後再回來討論下半年的優先事項。安迪？

Thank you, John, and good morning, everyone. I'd like to highlight that, as usual, we're presenting our underlying results excluding timing, UK deferred tax and exceptional items, and that all results are provided at constant exchange rates unless specified.

謝謝約翰，大家早安。我想強調的是，像往常一樣，我們呈現的基本結果不包括時間、英國遞延稅和特殊項目，除非另有說明，所有結果均以固定匯率提供。

Our final 20% stake in National Gas is reported as a discontinued operation up until September 26 when it was sold. As such, all earnings from this business have been excluded from the underlying earnings of the continuing group.

據報道，我們在 National Gas 中最後 20% 的股份截至 9 月 26 日出售時已停止營運。因此，該業務的所有收益已從持續集團的基本收益中排除。

So starting with our overall performance in the first half. We've delivered strong results with underlying operating profit on a continuing basis at GBP2 billion, a 15% increase on the prior year. primarily driven by higher revenues across our UK- and US-regulated businesses and the non-repeat of a prior-year environmental charge in our New York business, partially offset by a lower profit in National Grid Ventures.

首先從我們上半場的整體表現開始。我們取得了強勁的業績，基本營業利潤持續達到 20 億英鎊，比上一年增長 15%。主要是由於我們英國和美國監管業務的收入增加以及我們紐約業務不再徵收上一年的環境費用，部分被國家電網創投公司利潤下降所抵消。

Underlying earnings per share of 28.1p was 8% higher than the prior year restated figure. This reflects the improved performance from across our regulated businesses and a slight decline in finance costs, which more than offset the increased share count following the rights issue.

基本每股收益為 28.1 便士，比上年重述數字高出 8%。這反映了我們受監管業務的業績改善和財務成本的略有下降，這足以抵消配股後增加的股份數量。

As John said, we've made excellent progress with our capital program, with investment from continuing operations at GBP4.6 billion, another record level, and up 19% year over year. This has been driven by more connections in our electricity transmission business, accelerated delivery of our ASTI projects, increased pipe replacement across our US gas businesses, and a step-up in our Smart Path Connect and CLCPA transmission projects in upstate New York. In line with our policy, the Board has declared an interim dividend of 15.84p per share, representing 35% of last year's rebased full-year dividend.

正如約翰所說，我們的資本計畫取得了巨大進展，持續營運投資達到 46 億英鎊，再創新高，年增 19%。這是由於我們輸電業務中更多的連接、ASTI 項目的加速交付、美國天然氣業務中管道更換的增加，以及紐約州北部 Smart Path Connect 和 CLCPA 輸電項目的加強。根據我們的政策，董事會宣布派發每股 15.84 便士的中期股息，相當於去年重新調整的全年股息的 35%。

Turning now to our business segments, starting with UK electricity distribution. Underlying operating profit was GBP573 million, up GBP10 million versus the prior year. Increased revenues were partially offset by higher controllable costs, which were GBP21 million higher as we prioritized activities to strengthen the business for the remainder of RIIO-ED2. This included spend on field customer and asset management teams and cost to implement new distribution system operator functionality. We expect the full-year controllable cost performance to be broadly in line with the prior year.

現在轉向我們的業務部門，從英國配電開始。基本營業利潤為 5.73 億英鎊，比上年增加 1,000 萬英鎊。增加的收入被較高的可控成本部分抵消，由於我們優先開展加強 RIIO-ED2 剩餘業務業務的活動，可控成本增加了 2,100 萬英鎊。這包括現場客戶和資產管理團隊的支出以及實施新的配電系統營運商功能的成本。我們預計全年可控成本表現與上年基本持平。

We're also on track to deliver our target of GBP100 million of synergy benefits by FY26, having delivered GBP58 million to date through leveraging our increased buying power, working more efficiently at the 48 joints transmission and distribution sites across the UK and delivering savings from combining support functions. Capital investment was GBP647 million for the half year, an increase of GBP39 million compared to the prior period, primarily driven by higher spend on reinforcement work and asset replacement.

我們也有望在2026 財年實現1 億英鎊協同效益的目標，透過利用我們增強的購買力、在英國48 個聯合輸電和配電站點更高效地工作以及節省成本，迄今為止已實現5800 萬英鎊協同效益的目標結合支援功能。半年資本投資為 6.47 億英鎊，較上期增加 3,900 萬英鎊，主要是由於加固工程和資產置換支出增加。

In our UK electricity transmission business, Underlying operating profit was GBP724 million, up GBP68 million compared with the prior period. A strong first-half performance was driven by higher allowed revenues and lower controllable costs as we deliver further cost efficiencies.

我們的英國輸電業務基本營業利潤為7.24億英鎊，較上年同期增加6,800萬英鎊。隨著我們進一步提高成本效率，允許收入增加，可控成本降低，推動了上半年業績的強勁成長。

Capital investment was GBP1.3 billion, 43% higher than the prior period. This reflects work on our RIIO-T2 projects, including customer connections as well as the step-up in investments, our ASTI projects, notably Eastern Green Link 1, Yorkshire Green, and our North London reinforcement projects. Finally, in the UK, the electricity system operator delivered an underlying operating profit of GBP115 million.

資本投資為13億英鎊，較上期成長43%。這反映了我們 RIIO-T2 項目的工作，包括客戶聯繫以及投資的增加、我們的 ASTI 項目，特別是 Eastern Green Link 1、Yorkshire Green 和我們的北倫敦加固項目。最後，在英國，電力系統營運商實現了 1.15 億英鎊的基本營業利潤。

Moving now to the US, where underlying operating profit for New York was GBP288 million, GBP173 million higher than the prior year, reflecting higher net revenue driven by an increase in rates and a nonrepeat of environmental charge in the prior period. This was partially offset by an increase in depreciation, reflecting the new rate case in our downstate gas businesses, KEDNY and KEDLI.

現在轉向美國，紐約的基本營業利潤為 2.88 億英鎊，比上年增加 1.73 億英鎊，反映出上一期間費率上漲和環境收費不再重複帶來的淨收入增加。這部分被折舊增加所抵消，反映了我們州下天然氣業務 KEDNY 和 KEDLI 的新費率情況。

Capital investment was GBP1.6 billion. This was GBP352 million higher than the prior year, helped by a further step-up in investments in the Smart Path Connect and CLCPA transmission projects in Upstate New York and increased investments in our gas distribution networks, reflecting the additional workload approved in our downstate gas rate case.

資本投資為16億英鎊。這比前一年增加了3.52 億英鎊，這得益於對紐約州北部Smart Path Connect 和CLCPA 輸電項目的進一步加大投資，以及對我們天然氣分配網絡的投資增加，這反映了我們在下州天然氣中批准的額外工作量率案例。

In New England, underlying operating profit was GBP237 million, GBP26 million higher than the prior period. This reflects higher rates in our Massachusetts electric and gas businesses, driven by the annual performance-based rate mechanism and higher rates from the capital tracker in the gas business, partly offset by higher depreciation and controllable costs. Capital investment was GBP814 million, GBP50 million higher than the prior year. This was driven by increased asset condition work in our electricity distribution business and higher gas spend, including leak-prone pipe replacement.

在新英格蘭，基本營業利潤為 2.37 億英鎊，比上一期增加 2,600 萬英鎊。這反映出我們馬薩諸塞州的電力和天然氣業務的費率較高，這是由年度績效費率機制和天然氣業務資本追蹤器的較高費率推動的，但部分被較高的折舊和可控成本所抵消。資本投資8.14億英鎊，較上年增加5,000萬英鎊。這是由於我們的配電業務中資產狀況工作的增加和天然氣支出的增加（包括容易洩漏的管道更換）所推動的。

Moving to National Grid Ventures, where the underlying contribution was GBP207 million, including joint ventures. The decrease of GBP70 million compared to the prior year was primarily due to the one-off post construction review adjustment on the North Sea Link interconnector in the prior period and lower profitability across the US Ventures businesses. Capital investments across National Grid Ventures was GBP279 million, GBP33 million lower than the prior period, largely reflecting the completion of the Viking interconnector and partially offset by higher investment at our Grain LNG facility as we move closer to completing the fourth phase of capacity expansion.

轉向國家電網創投公司，其基本出資為 2.07 億英鎊，其中包括合資企業。與前一年相比減少7,000萬英鎊，主要是由於上期北海幹線互連線的一次性施工後審查調整以及美國風險投資業務的盈利能力下降。National Grid Ventures 的資本投資為2.79 億英鎊，比上一期減少3300 萬英鎊，主要反映了Viking 連接器的完成，但隨著我們接近完成第四階段產能擴張，我們的Grain LNG 設施的投資增加部分抵消了這項投資。

Following the announced intention to sell Grain LNG and National Grid Renewables, these assets will be treated as held for sale for accounting purposes from September 30.

在宣佈出售穀物液化天然氣和國家電網再生能源的意圖後，從 9 月 30 日起，這些資產將被視為出於會計目的持有待售資產。

Our other activities reported an operating loss of GBP38 million, GBP25 million higher than the prior period. This was principally driven by changes in the value of National Grid Partners' investments, which are held at fair value, partially offset by a greater number of property sales in the first half compared with the prior period.

我們的其他活動報告營業虧損 3800 萬英鎊，比上期增加 2500 萬英鎊。這主要是由於國家電網合作夥伴投資價值的變化所致，這些投資以公允價值持有，但部分被上半年較上一時期更多的房地產銷售所抵消。

Turning to financing costs and tax. Net finance costs were GBP670 million, down 4% compared to the prior year. The benefits of lower average net debt following the rights issue and lower inflation on index-linked debt were partially offset by the impact of higher refinancing costs where we have issued GBP1.8 billion over the first half. The underlying effective tax rate before joint ventures was 11.9%, 180 basis points higher than the prior year, principally due to a change in profit mix, reflecting the one-off charges impacting the US business last year. Underlying earnings were GBP1.27 billion, with EPS at 28.1p.

轉向融資成本和稅金。淨財務成本為 6.7 億英鎊，比上年下降 4%。配股後平均淨債務較低以及指數掛鉤債務通膨較低的好處部分被再融資成本較高的影響所抵消，我們在上半年發行了 18 億英鎊。合資企業之前的基本有效稅率為11.9%，比上年高出180個基點，主要是由於利潤結構的變化，反映了去年影響美國業務的一次性費用。基本獲利為 12.7 億英鎊，每股收益為 28.1 便士。

On cash flow. Cash generated from continuing operations was GBP2.7 billion, down 12% compared to the prior year. This decrease is driven by timing as we returned to prior-year balancing charge over recoveries in the system operator. Excluding timing, cash flow from operations is GBP570 million higher due to improved cash generation across the UK- and US-regulated businesses.

關於現金流。持續經營業務產生的現金為 27 億英鎊，比上年下降 12%。這一下降是由於我們恢復了上一年平衡系統運營商回收費用的時間所推動的。排除時間因素，由於英國和美國監管企業的現金產生能力有所改善，營運現金流增加了 5.7 億英鎊。

In total, net debt decreased by GBP5.1 billion to GBP38.5 billion compared to the prior year-end, reflecting a net cash inflow from continuing operations of GBP3.5 billion, including the receipt of the rights issue proceeds. Beneficial movements in exchange rates and other noncash movements of GBP1.4 billion and receipt of GBP686 million from the final 20% sale of National Gas. For the full year, we expect net debt to decrease by around GBP1.5 billion from the March level, assuming a USD1.3 exchange rate.

總體而言，淨債務比上年末減少了 51 億英鎊，至 385 億英鎊，反映出持續經營業務產生的淨現金流入為 35 億英鎊，其中包括收到的配股收益。匯率和其他非現金變動的有益變動為 14 億英鎊，並從國家天然氣最終 20% 的銷售中獲得 6.86 億英鎊。假設匯率為 1.3 美元，我們預計全年淨債務將比 3 月的水準減少約 15 億英鎊。

In terms of forward guidance, we've included detailed guidance for the full year in our results statement as usual. Relative to our guidance in May, we expect a slightly stronger operating profit for the full year, reflecting the high ESO contribution prior to sale and higher net revenues in our New York business, partially offset by a weaker US dollar outlook. Therefore, we continue to expect strong operational performance and year-on-year operating profit growth of around 10% as well as reduced financing costs due to lower average net debt. We anticipate this improved performance to be largely offset by the additional share count.

在前瞻性指引方面，我們像往常一樣在業績聲明中包含了全年的詳細指引。相對於我們 5 月的指引，我們預計全年營業利潤將略強，反映出出售前 ESO 的高貢獻以及我們紐約業務淨收入的增加，部分被美元前景疲軟所抵消。因此，我們繼續預期強勁的經營業績和10%左右的年比營業利潤成長，以及由於平均淨債務下降而降低的融資成本。我們預計業績的改善將在很大程度上被額外的股票數量所抵消。

Before I hand back to John, I wanted to return to the five-year framework we set out in May, where we anticipated investment of around GBP60 billion will drive group asset growth of around 10% per annum over the next five years and a strong underlying EPS CAGR of 6% to 8% from an FY25 baseline.

在我回到約翰之前，我想回到我們在5 月制定的五年框架​​，我們預計約600 億英鎊的投資將在未來五年推動集團資產每年約10% 的成長，並實現強勁的成長。

Our framework is underpinned by a supportive regulatory and policy environment and increasing level of certainty over our multiyear investment program and a track record of delivery, both operationally and financially. Alongside this, we set out a comprehensive financing plan, which supports our investment program and allows us to maintain our strong investment-grade credit rating.

我們的框架以支持性的監管和政策環境、多年投資計畫的確定性不斷提高以及營運和財務方面的交付記錄為基礎。除此之外，我們還制定了全面的融資計劃，該計劃支持我們的投資計劃，並使我們能夠維持強勁的投資級信用評級。

And looking ahead, with an expected asset base of around GBP100 billion by FY29, funding clarity, strong earnings growth, and an inflation-protected dividend, we've further enhanced what I believe is a compelling investor proposition, delivering value creation through both higher asset growth and an attractive dividend yield.

展望未來，預計到 2029 財年資產基礎將達到約 1000 億英鎊、資金清晰、盈利增長強勁以及通脹保護股息，我們進一步增強了我認為具有吸引力的投資者主張，通過更高的成本創造價值資產成長和有吸引力的股息殖利率。

With that, I'll hand you back to John.

這樣，我會把你交還給約翰。

Many thanks, Andy. Before we move to Q&A, I want to spend the final few minutes setting out our priorities for the remainder of this year as we continue to focus on efficiently delivering our investment program.

非常感謝，安迪。在我們進行問答之前，我想用最後幾分鐘的時間列出我們今年剩餘時間的優先事項，因為我們將繼續專注於有效地實施我們的投資計劃。

Starting with the US, where nearly half of the GBP60 billion investment will be spent between now and 2029. Following the result of the US presidential election earlier this week, National Grid is looking forward to working with the new administration. As a reminder, the vast majority of our investment is determined at the state level, so we'll also continue to focus on working closely with state regulators and policymakers to deliver the infrastructure needed in both our gas and electricity businesses.

首先是美國，從現在到 2029 年，600 億英鎊投資的近一半將用於美國。在本週稍早美國總統大選結果公佈後，國家電網期待與新政府合作。提醒一下，我們的絕大多數投資是在州一級確定的，因此我們也將繼續專注於與州監管機構和政策制定者密切合作，以提供我們的天然氣和電力業務所需的基礎設施。

From a regulatory perspective, we have 3 key priorities for the remainder of this year. Firstly, having now filed the new rates in our Niagara Mohawk business and received the [staff's rebuttal] in September, our aim is to reach a settlement next spring.

從監管角度來看，今年剩餘時間我們有 3 個關鍵優先事項。首先，我們現已在 Niagara Mohawk 業務中提交了新的費率，並於 9 月收到了[工作人員的反駁]，我們的目標是在明年春天達成和解。

Secondly, with the new rate plan and enhanced recovery mechanisms in place for our Massachusetts Electric business. Our priority is now to work to earn closer to the [allowed] return.

其次，我們的馬薩諸塞州電力業務實施了新的費率計劃和增強的恢復機制。我們現在的首要任務是努力賺取接近[允許的]回報。

And thirdly, we're focused on agreeing the costs and recovery mechanisms for our recently approved electricity sector modernization plan in Massachusetts.

第三，我們的重點是就我們最近批准的馬薩諸塞州電力部門現代化計劃的成本和回收機制達成一致。

Turning to policy. As mentioned earlier, in New York, the governor is developing a new state energy plan, which we expect will supplement the CLCPA scoping plan and address important issues such as resource adequacy and affordability. We're working closely with our stakeholders to ensure it's a comprehensive road map to a clean, resilient, and affordable feature for our customers.

轉向政策。如前所述，紐約州州長正在製定一項新的州能源計劃，我們預計該計劃將補充 CLCPA 範圍規劃，並解決資源充足性和負擔能力等重要問題。我們正在與利害關係人密切合作，以確保這是一個全面的路線圖，為我們的客戶提供乾淨、有彈性且價格實惠的功能。

Alongside this, the New York PSC is now working to identify urgent and long-term infrastructure projects to support transportation and building electrification ahead of deploying integrated gas and electricity planning processes. We've advocated for this proactive approach, and we expect to file our response, identifying the near-term infrastructure needs at the end of the month.

除此之外，紐約公共服務委員會目前正在努力確定緊急和長期基礎設施項目，以在部署綜合天然氣和電力規劃流程之前支援交通和建築電氣化。我們提倡這種積極主動的方法，我們預計在月底提交回應，確定近期基礎設施需求。

And finally, Massachusetts will file our climate compliance plan next spring. This will set out the investments required in our Massachusetts gas network over the next five years and beyond to align to state decarbonization goals whilst maintaining safe, reliable and cost-effective service for our customers.

最後，馬薩諸塞州將於明年春天提交我們的氣候合規計畫。這將列出未來五年及以後馬薩諸塞州天然氣網路所需的投資，以符合州脫碳目標，同時為客戶提供安全、可靠和具成本效益的服務。

Moving to the UK, where our priorities are squarely focused on delivery of our suite of major projects. As mentioned earlier, we expect to have construction underway on the first wave of ASTI projects by the end of this year. Our priority for the second wave is to finalize supply chain contracts. We're already well progressed on this, and I'm confident that by early next year, we'll have secured the Tier 1 supply chain contracts for all 17 of the ASTI projects. This includes awarding the HVDC and converter station contracts raised in Green Links 3 and 4 and Sea Link. We also expect to finalize our GBP59 billion HVDC framework, which will ensure we have a route to market for procuring materials for offshore projects in the 2030s and beyond.

搬到英國，我們的首要任務完全集中在交付我們的一系列重大項目。如前所述，我們預計第一批 ASTI 專案將於今年底開工。我們第二波浪潮的首要任務是敲定供應鏈合約。我們在這方面已經取得了很大進展，我相信到明年初，我們將獲得所有 17 個 ASTI 專案的一級供應鏈合約。這包括授予 Green Links 3 和 4 以及 Sea Link 中籌集的高壓直流輸電和換流站合約。我們也預計最終確定 590 億英鎊的高壓直流輸電框架，這將確保我們有一條通往 2030 年代及以後的海上項目材料採購市場的途徑。

Outside of the ASTI portfolio, we continue to make good progress on the Hinkley connection. We expect the majority works will be completed by the middle of next year. And on our London Power Tunnels project, we'll commission the Little Brook to Crayford section over the winter. And finally, we're on track to connect a total of 4.5 gigawatts of clean energy this year, including the Sofia Offshore Wind Farm and the Green Link interconnector.

除了 ASTI 產品組合之外，我們在欣克利角連接方面繼續取得良好進展。我們預計大部分工程將在明年年中完成。在我們的倫敦電力隧道工程中，我們將在冬季調試小溪至克雷福德段。最後，我們今年預計將連接總計 4.5 吉瓦的清潔能源，包括索菲亞離岸風電場和 Green Link 互連器。

On the regulatory front, a key priority will be the development of our RIIO-T3 business plan, which we'll submit in December. Our totex submission will comprise two elements: a baseline where we have a high degree of cost certainty, including the first wave of our ASTI projects; and a more extensive pipeline, covering the second wave of ASTI projects as well as further projects aligned to the holistic net zero pathway in the NESO's future energy scenarios.

在監管方面，首要任務是製定我們的 RIIO-T3 業務計劃，我們將於 12 月提交該計劃。我們的 totex 提交將包括兩個要素：我們具有高度成本確定性的基線，包括我們第一波 ASTI 專案；以及更廣泛的管道，涵蓋第二波 ASTI 項目以及與 NESO 未來能源情景中整體淨零路徑相一致的其他項目。

In submitting this plan, we expect the outputs of the government's Clean Power Plan and changes driven by connection reform to impact our totex submission to a degree. However, we don't anticipate significant change to our GBP23 billion of expected investment in electricity transmission to 2029 given the high degree of clarity we have over the first few years in RIIO-T3.

在提交該計劃時，我們預計政府清潔電力計劃的產出以及連接改革驅動的變化將在一定程度上影響我們的 totex 提交。然而，鑑於 RIIO-T3 最初幾年的情況非常明確，我們預計到 2029 年預計的 230 億英鎊輸電投資不會發生重大變化。

The second priority will be to continue to engage with Ofgem to ensure they recognize the intense level of international competition for capital by putting forward evidence to support the requirement for an attractive financial framework, including returns being at the high end of Ofgem's range, appropriate cash characteristics and further opportunities for incentives that will drive value for consumers and National Grid.

第二個優先事項是繼續與 Ofgem 合作，確保他們認識到國際資本競爭的激烈程度，提出證據來支持有吸引力的財務框架的要求，包括 Ofgem 範圍高端的回報、適當的現金特徵和進一步的激勵機會，將為消費者和國家電網帶來價值。

When it comes to policy, our priority is to continue to work closely with [DASNAS] and the newly created mission control as they develop their plan for clean power by 2030 and beyond. We'll continue to advocate for prioritizing a fast track consenting route for electricity transmission projects as part of a broader set of reforms to the planning regime, bringing forward with urgency a community benefits framework for electricity transmission and developing a clean energy skills pipeline, including reforms to apprenticeship funding.

在政策方面，我們的首要任務是繼續與 [DASNAS] 和新創建的任務控制中心密切合作，幫助他們制定 2030 年及以後的清潔能源計劃。我們將繼續倡導優先考慮輸電項目的快速審批路線，作為更廣泛的規劃制度改革的一部分，緊急提出輸電社區福利框架並開發清潔能源技能管道，包括學徒資助改革。

So in summary, a new and exciting era of growth is firmly underway at National Grid. Having set out our strategy for the next five years, we've started to deliver on a GBP60 billion network investment on both sides of the Atlantic. Major capital projects in the UK and US are well underway, and the business is organized and focused to sustain this progress going forward.

總而言之，國家電網正穩步邁入一個令人興奮的新增長時代。在製定了未來五年的策略後，我們已開始在大西洋兩岸進行 600 億英鎊的網路投資。英國和美國的主要資本項目正在順利進行，公司的組織和重點是維持這項進展。

This momentum, combined with the unparalleled visibility on our investment plans, underpin our investment proposition of low-risk, high-quality asset growth, strong earnings growth, and an inflation protected dividend. This is a huge and exciting time for our industry that will create -- which will continue to create significant opportunities for National Grid today and for many decades to come, a bedrock from which we will deliver long-term value and returns for our shareholders.

這種勢頭，加上我們投資計畫無與倫比的可見性，支撐了我們的低風險、高品質資產成長、強勁獲利成長和通膨保護股息的投資主張。對於我們的產業來說，這是一個巨大而令人興奮的時刻，它將繼續為國家電網今天和未來幾十年創造重大機會，這是我們為股東提供長期價值和回報的基石。

So let me stop there and give you the opportunity to ask me and Andy any questions.

讓我就此打住，讓您有機會向我和安迪詢問任何問題。

Okay. So just looking at who we got questions from. So we start with Pavan from JPMorgan.

好的。所以只要看看我們從誰那裡收到了問題。我們從摩根大通的 Pavan 開始。

Good morning. Thank you for taking my questions. I've got two, please. Firstly, can you remind us when you will be submitting your business plan for the RIIO-ED3 period? And is there any early flavor you can give on what we should be expecting, especially when it comes to the mix of CapEx, how you're thinking about baseline versus uncertainty and how that ties into your five-year frame?

早安.感謝您回答我的問題。我有兩個，拜託。首先，您能否提醒我們何時提交 RIIO-ED3 期間的商業計劃？您是否可以就我們應該期待的事情提供一些早期的信息，特別是在資本支出的組合方面，您如何考慮基線與不確定性以及它如何與您的五年框架​​聯繫起來？

And then my second question is on any comment you have on the outcome of US elections? And do you expect this to change your plans for US investment to 2029? Thank you.

那麼我的第二個問題是，你對美國大選結果有何評論？您預計這會改變您到 2029 年的美國投資計畫嗎？謝謝。

Yes. Thanks, Pavan. Well, in terms of the business plan, the timetable is we do submit the business plan in December this year, at the end of December, then we'd expect to get a draft determination from Ofgem in the summer, probably June next year, and then final determination in December 2025.

是的。謝謝，帕萬。嗯，就商業計劃而言，時間表是我們在今年 12 月、12 月底提交商業計劃，然後我們預計會在夏天（可能是明年 6 月）從 Ofgem 獲得一份草案決定，然後於2025 年12 月做出最終決定。

In terms of the flavor, as I said in my speech, effectively, the plan is separated into 2 halves. The first half is a baseline, which includes all the projects that we've got confidence that are going to be moving forward or full confidence they're going to be moving forward and also certainty on cost, so things like the ASTI Wave 1 projects.

就風格而言，正如我在演講中所說，實際上，該計劃分為兩半。上半年是一個基線，其中包括我們有信心將繼續推進的所有項目，或完全有信心他們將繼續推進的項目，以及成本的確定性，例如 ASTI Wave 1 項目。

The second bit will be a pipeline that will include all the projects that are aligned with the NESO's future energy scenarios, and we're doing that because that's the request from Ofgem in terms of how they want to see the business plan submitted. As I said in my speech, I think different to previous business plans we've had at this stage because some of the CapEx will be impacted by the connections reform in terms of the location of substations, for example, and also by where the government gets with the Clean Power Plan, following the advice from NESO this week. Some of that pipeline will vary. We don't think it will impact on the GBP23 billion that we set out as part of the GBP60 billion that takes the CapEx to 2029. But we will see some change in that in the early months of next year as we see the outcome of the connections reform. So it's slightly different than what we've seen typically, but at the high level, it's split into two levels, a baseline and then a pipeline that will give us the confidence we can deliver what we need right out to the end of RIIO-T3.

第二部分將是一個管道，其中包括與 NESO 未來能源場景一致的所有項目，我們這樣做是因為這是 Ofgem 的要求，即他們希望如何看到提交的業務計劃。正如我在演講中所說，我認為我們現階段的業務計劃與之前的業務計劃不同，因為一些資本支出將受到變電站位置等連接改革的影響，也受到政府所在地的影響根據NESO 本週的建議，制定清潔能源計畫。其中一些管道會有所不同。我們認為這不會影響我們設定的 230 億英鎊，作為 2029 年資本支出 600 億英鎊的一部分。但隨著我們看到互聯互通改革的結果，我們將在明年初看到一些變化。因此，它與我們通常看到的略有不同，但在高層次上，它分為兩個級別，一個基線，然後是一個管道，這將使我們有信心在RIIO 結束時交付我們需要的東西- T3。

In terms of the US elections. I mean, first of all to say, we're looking forward to working with the new administration. As you know, energy in the US, it's important, both the federal and at the state level. We've heard from the new administration how important it is to keep energy prices low and how important security to supply it is.

就美國大選而言。我的意思是，首先要說的是，我們期待與新政府合作。如您所知，能源在美國非常重要，無論是聯邦還是州一級。我們從新政府那裡聽到了保持低能源價格的重要性以及供應安全的重要性。

From our perspective, the vast majority of our capital investment program is determined at the state level with state policymakers and state regulators. So we're not expecting it to have a significant impact on the GBP60 billion that we set out in May that we'll deliver between now and 2029.

從我們的角度來看，我們的絕大多數資本投資計劃是在州一級由州政策制定者和州監管機構決定的。因此，我們預計這不會對我們 5 月制定的從現在到 2029 年交付的 600 億英鎊產生重大影響。

Okay. Should I go to deeper Deepa, Bernstein next.

好的。接下來我應該去更深的迪帕、伯恩斯坦嗎？

Thank you for taking my questions. I have three questions. So a couple of them are on ED3 then one on ED. So on ED3, you mentioned you want the ROE to be at the upper end of the range. Do you have any expectations on how much operational incentives the package needs to deliver? The reason I'm asking is, clearly, on the ASTI, you want to limit your downside. So presumably, the upside on totex might be lower. So if you could just characterize how you think beyond the allowed return, where else you might be able to get some extra accounts.

感謝您回答我的問題。我有三個問題。所以其中幾個在 ED3 上，然後一個在 ED 上。因此，在 ED3 中，您提到您希望 ROE 處於範圍的上限。您對該套餐需要提供多少營運激勵有任何期望嗎？顯然，我問的原因是，在 ASTI 上，您想限制您的下行空間。因此，totex 的上漲空間可能會較低。因此，如果您能描述一下您在允許的回報之外的想法，那麼您還可以在哪裡獲得一些額外的帳戶。

The second question is on the nominal debt allowance in ED3, that really helps from a cash flow perspective. How does National Grid -- how is National Grid thinking about fast money versus slow money in the business plan? Any sort of early hints on that would be helpful.

第二個問題是關於 ED3 中的名目債務準備金，從現金流的角度來看，這確實有幫助。國家電網如何在商業計劃中考慮快錢和慢錢？任何有關這方面的早期暗示都會有所幫助。

And the last one is a clarification on ED. I think you've generally talked about 100 to 125 bps of operational outperformance in that business. But I see your latest regulatory financial performance reporting, you forecasted 70 bps for ED2. So I was just wondering what's the divergence, presumably given you're seeing the synergies, et cetera, are on track? Thank you.

最後一個是對ED的澄清。我認為您通常談到該業務的營運表現優於 100 至 125 個基點。但我看到你們最新的監理財務績效報告，你們預測 ED2 為 70 個基點。所以我只是想知道差異是什麼，大概考慮到您正在看到協同效應等正在步入正軌？謝謝。

Okay. Thanks, Deepa. I'll take the first and then I'll ask Andy to cover the second two. I mean, first of all, in terms of ROE, as we said in May, we were pleased to see as part of the sector-specific methodology decision document that Ofgem had recognized the importance of the regulatory framework being one that is attractive to investors. And in the words that they used within the document itself, the range that they set out, which is 4.6 to 6.4, they talked about the fact that there are reasons where it potentially could be at the top end of that range. And obviously, one of our focal points going forward is to have that conversation and dialogue with Ofgem about why that's so important.

好的。謝謝，迪帕。我會負責第一個，然後我會請安迪負責後兩個。我的意思是，首先，就股本回報率而言，正如我們在5 月份所說，我們很高興看到，作為特定行業方法決策文件的一部分，Ofgem 認識到監管框架對投資者有吸引力的重要性。在他們在文件本身中使用的措辭中，他們設定的範圍是 4.6 到 6.4，他們談到了這樣一個事實，即有原因可能導致該範圍處於該範圍的頂端。顯然，我們未來的重點之一是與 Ofgem 進行對話，了解為什麼這麼重要。

Outside of the rate of return, in terms of the incentives, we think, and going to continue to have dialogue with Ofgem on that there are a number of incentives, Deepa, that would be beneficial to consumers and would be, obviously, if we perform well, beneficial to National Grid shareholders as well, which is in areas like delivering projects early. So obviously, with the size and scale of the capital program we've got, clearly, being incentivized to deliver those projects as early as possible makes a lot of sense, and we'll create value for customers.

除了回報率之外，就激勵措施而言，我們認為，並將繼續與 Ofgem 就多項激勵措施進行對話，Deepa，這將對消費者有利，顯然，如果我們表現良好，對國家電網股東也有利，例如儘早交付項目等。顯然，鑑於我們所獲得的資本計畫的規模和規模，儘早交付這些項目的激勵措施很有意義，我們將為客戶創造價值。

And secondly, things like constraint management. So as you've seen over the last few years, the cost of balancing system has increased. There are potentially actions that we can take as a constructive maintainer of the assets that potentially could reduce those constrained costs. So we think there's an opportunity for incentives in those areas as well. So those are the types of things that we're discussing with Ofgem at the moment. Andy?

其次，諸如約束管理之類的事情。正如您在過去幾年中所看到的，平衡系統的成本有所增加。作為資產的建設性維護者，我們可以採取一些潛在的行動，這些行動可能會減少這些受限成本。因此，我們認為這些領域也存在著激勵措施的機會。這些就是我們目前正在與 Ofgem 討論的事情類型。安迪？

Yeah. Thanks. So on the ED3 or the ED2 question around the 100 to 125. Yes, I think we would always anticipate some differences between our overall forecast for the five years of the rate case or the price control versus what's reported on an annual basis within the RRP. There's several reasons for that. There are some differences between within RoRE and how it's calculated. But also as we think about our efficiency plans and how we look to deliver that over the life, we would see -- record those improvements through the reported return as we crystallize those efficiencies in the outer year. So not all of it will be in the early years of the RRP. And as I said, we'll get report as we move through the outer years.

是的。謝謝。所以關於 ED3 或 ED2 的問題大約在 100 到 125 之間。是的，我認為我們總是會預期我們對五年利率狀況或價格控制的整體預測與建議零售價中每年報告的內容之間存在一些差異。這有幾個原因。RoRE 內部及其計算方式之間存在一些差異。但當我們思考我們的效率計劃以及我們如何在整個生命週期中實現這一目標時，我們會看到——在我們在外部一年中具體化這些效率時，透過報告的回報來記錄這些改進。因此，並非所有這些都將發生在建議零售價的最初幾年。正如我所說，當我們度過最後幾年時，我們會收到報告。

Through the current period in your RRP wasn't the last year?

您的建議零售價中的當前時期不是去年嗎？

Yes. So as you said, the SSMD was very clear from Ofgem that they've chosen that particular approach in terms of the cost of debt allowance going forward. I think in terms of your broader point around fast versus slow, I think if you take a step back, we've always said that we are focused on both the allowed return coming out in T3, but also the overall cash characteristics. I think nominal debt is a good step in the right direction in terms of -- it will accelerate cash. But I think as we will continue to work with Ofgem to make the case that there, you know, whether it's through changes in asset lives, the fast-slow mix, they are all different elements. As you know, in T2, we were around 15%. So a natural rate may be somewhat lower than that, but it would always be something that we'd be looking to have as part of the overall package that we work through with Ofgem.

是的。正如您所說，SSMD 從 Ofgem 處明確表示，他們在未來債務減免成本方面選擇了這種特定方法。我認為就您關於快與慢的更廣泛觀點而言，我認為如果您退後一步，我們總是說我們既關注 T3 中允許的回報，也關注整體現金特徵。我認為名目債務是朝著正確方向邁出的重要一步——它將加速現金流動。但我認為，我們將繼續與 Ofgem 合作，證明無論是透過資產壽命的變化還是快慢混合，它們都是不同的元素。如您所知，在 T2 中，我們的比例約為 15%。因此，自然利率可能會比這個低一些，但我們始終希望將其作為我們與 Ofgem 合作的整體方案的一部分。

Thanks, Deepa. I'll go to Dominic next, and then after Dominic, I'll go to Jenny from Citi. Dominic from Barclays.

謝謝，迪帕。接下來我會去多明尼克，然後多明尼克之後，我會去找花旗的珍妮。來自巴克萊銀行的多明尼克.

Hi there. Good morning, and thank you for your presentation. Just a couple of questions from me. kind of following on from earlier ones, I guess. Firstly, on your earnings expectation of the 6% to 8% out in your business plan. I mean, clearly, you're using the exchange rate and CPIH that may or may not be looking a little bit on the high end. But coming back to the ED3 review, how much wiggle room do you have to manage your own earnings going forward in light of a nominal return on debt and then your capitalization ratios sort of moving from the natural rates? And how will you be looking at putting that thing through in order to sort of manage your earnings? And subsequent on that one there, do you expect ED3 to also have a nominal cost of debt?

你好呀。早上好，謝謝您的演講。我只想問幾個問題。我想，這是早期作品的延續。首先，關於您的商業計劃中 6% 到 8% 的獲利預期。我的意思是，很明顯，您使用的匯率和 CPIH 看起來可能會也可能不會有點高端。但回到 ED3 審查，考慮到名目債務回報以及您的資本化比率與自然利率的偏離，您有多少迴旋餘地來管理自己的未來收益？您將如何考慮完成這件事以管理您的收入？接下來，您是否期望 ED3 也有名目債務成本？

My second question is on the US election. Could you just remind me again how much of your capital spend in the US is from imported goods? And what impact and what mitigation strategies could you put in case if there was a material increase in import tariffs?

我的第二個問題是關於美國大選。您能否再次提醒我，您在美國的資本支出有多少來自進口商品？如果進口關稅大幅增加，您可以採取什麼影響和緩解策略？

Okay. Well, why don't I let Andy take the first and I'll take the second. I'll do the second first, Andy. I mean in terms of the -- our CapEx in the US, to most, Dominic, the vast majority of it is sourced domestically. So historically, when I look back, a relatively small proportion of it has been imported on things like steel, but the vast majority of the equipment comes from domestic equipment manufacturers like GE. So it doesn't impact us hugely if there are any changes to trade tariffs. Andy?

好的。好吧，為什麼我不讓安迪拿第一個，我拿第二個。我先做第二個，安迪。我的意思是，就我們在美國的資本支出而言，對大多數人來說，多明尼克，絕大多數是在國內採購的。所以從歷史上看，鋼鐵之類的東西只有一小部分是進口的，但絕大多數設備來自像GE這樣的國內設備製造商。因此，如果貿易關稅發生任何變化，對我們的影響不會太大。安迪？

Yeah. Thanks, Dom, for the questions. I think in terms of the overall impact of T3 on earnings, if you go back to what we said in May, when we set out the 6% to 8%, I think we were clear that we've made what we believe to be sensible and prudent assumptions across the five years. And obviously, that would have taken into account what we expected in terms of some of the initial steps that we were seeing through the SSMC, the consultation at that point.

是的。謝謝多姆的提問。我認為就 T3 對收益的整體影響而言，如果你回到我們 5 月所說的，當時我們設定了 6% 到 8%，我認為我們很清楚我們已經實現了我們認為的目標五年來的合理和審慎的假設。顯然，這會考慮到我們對透過 SSMC 看到的一些初步步驟的預期，即當時的諮詢。

So the question specifically at nominal debt, doesn't -- you shouldn't automatically assume that, that will be additive. I think as always, what will be important with the T3 plan, going back to the points John made around the scale of CapEx in there is that we will be looking for an overall outcome that delivers what Ofgem has said around being both financeable and importantly, investable, and that will, of course, include the right cash characteristics, whether that comes through the normal debt impact or other things like fast, slow or capitalization rate, so we will continue to work on that. But as much from a ensuring it's the right framework, in terms of the impact on earnings.

因此，特別針對名義債務的問題，你不應該自動假設，這將是累積的。我認為與往常一樣，T3 計劃的重要之處在於，回到 John 圍繞資本支出規模提出的觀點，我們將尋求一個總體結果，以實現 Ofgem 所說的既可融資又重要的目標，可投資，當然，這將包括正確的現金特徵，無論是透過正常的債務影響或其他因素，如快速、慢速或資本化率，所以我們將繼續努力。但就對收益的影響而言，同樣要確保它是正確的框架。

And then secondly, on your question around will nominal debt flow through to ED3. Actually, I think it's been implemented now, that approach by Ofgem for the sector as a whole. So I see no reason why it shouldn't read across into ED3.

其次，關於你的問題，名目債務是否會流向 ED3。事實上，我認為 Ofgem 已經針對整個產業實施了這種方法。所以我認為沒有理由不把它讀入 ED3。

Thanks, Dominic. I'll go to Jenny. And then after Jenny, I'll go to Mark Freshney at UBS. So Jenny.

謝謝，多米尼克。我會去找珍妮。繼珍妮之後，我將前往瑞銀集團的馬克‧弗萊什尼 (Mark Freshney)。所以珍妮.

Hi, thanks very much. A couple of questions from me, please. Firstly, to John, can you just put it into numbers in terms of that Tier 1 supply chain, what it means in terms of the total CapEx that's covered for the 17 ASTI projects?

你好，非常感謝。請我問幾個問題。首先，John，您能否將其轉化為一級供應鏈方面的數字，這對於 17 個 ASTI 項目涵蓋的總資本支出意味著什麼？

And then secondly, for Andy, two questions, please. On the US If I remember correctly, your guidance, your earnings guidance is based on a pre deferred tax for the UK, but not for the US. Can you just talk a little bit about what you think a change -- a reduction in US tax rate, would do to the deferred tax line and therefore, your earnings line on a hypothetical basis. If I remember correctly, we had this conversation at Trump 1.0, but if you can just remind us the direction of travel there.

其次，請安迪問兩個問題。關於美國 如果我沒記錯的話，您的指導、您的收益指導是基於英國的預遞延稅，但不是美國。您能否簡單談談您認為的變化（美國稅率降低）會對遞延稅線產生什麼影響，從而影響您在假設基礎上的收入線。如果我沒記錯的話，我們在川普 1.0 進行過這樣的對話，但如果你能提醒我們那裡的行進方向。

And then secondly, just on the ESO, obviously, there's a lot of cash that's already recognized because of timing. So can you give us a sense of the actual cash that you're going to receive at the closing of the ESO just so that we can get our net debt numbers, right? Thank you.

其次，就 ESO 而言，顯然，由於時機的原因，已經有大量現金得到認可。那麼，您能否讓我們了解一下您在 ESO 結束時將收到的實際現金，以便我們獲得淨債務數字，對吧？謝謝。

Okay. Thanks, Jenny. Well, let me pick up the first, and then leave these two and three to Andy. Let me sort of give a broader sort of perspective in terms of where we are in the supply chain because I know it's a key issue. So I think hopefully, people are aware that over the last 18 months or so, we've fundamentally reviewed the way that we engage and contract and procure with the supply chain. So we've made really good progress. So we've talked in the past about how we ensure that we've got the contractors we need in terms of the work resource. And I was really pleased that we put in place what we call the Great Grid Partnership with seven of our supply chain, which is a GBP9 billion contract that gives them the visibility to the work that we want them to do and gives us access to that work gives us confidence that we'll have the contractors that we need.

好的。謝謝，珍妮。好吧，讓我拿起第一個，然後把第二個和第三個留給安迪。讓我就我們在供應鏈中的位置給出更廣泛的視角，因為我知道這是一個關鍵問題。因此，我認為希望人們意識到，在過去 18 個月左右的時間裡，我們從根本上審查了我們與供應鏈的合作、簽約和採購方式。所以我們已經取得了非常好的進展。因此，我們過去討論過如何確保我們擁有工作資源所需的承包商。我真的很高興我們與我們的七個供應鏈建立了所謂的“大網格合作夥伴關係”，這是一份價值90 億英鎊的合同，使他們能夠了解我們希望他們做的工作，並讓我們能夠訪問這些工作工作讓我們相信我們將擁有我們需要的承包商。

We've also been progressing the, as I mentioned in my speech, the HVDC and converter station framework agreement, which is a GBP59 billion contract. And actually, I've been really pleased with the response that we've had, all the major cable manufacturers and converter station manufacturers have responded to that framework agreement, and we're hopeful that will be in place very, very soon.

正如我在演講中提到的，我們也一直在推進高壓直流輸電和換流站框架協議，這是一份價值 590 億英鎊的合約。事實上，我對我們所得到的回應感到非常滿意，所有主要電纜製造商和換流站製造商都對該框架協議做出了回應，我們希望該框架協議很快就會到位。

And then when you get down into the individual projects, we've separated ASTI into the first wave of 6 projects, five of them, we have contracts in place already and are already in the process of starting construction. And the sixth, which is the Grain to Tilbury project, we will have planning in place by the end of the calendar year and the contracts in place by the end of the fiscal year. So for that first wave, we feel very confident that we've got the contractors and the equipment that we need. We're then moving on to the second wave. So these are projects like EGL 3 and 4, Norwich to Tilbury, those types of projects. And again, we're working through the procurement process. We're looking at opportunities to standardize equipment so that we have more access to the supply chain. We're actually extending the length of contracts that we have.

然後當你深入到各個項目時，我們將 ASTI 分為第一波 6 個項目，其中 5 個，我們已經簽訂了合同，並且已經開始建設。第六個是「Grain to Tilbury」項目，我們將在日曆年年底前製定計劃，並在本財政年度年底前製定合約。因此，對於第一波浪潮，我們非常有信心，我們已經擁有了所需的承包商和設備。然後我們將進入第二波。這些是像 EGL 3 和 4、諾維奇到蒂爾伯里這樣的計畫。再說一次，我們正在完成採購流程。我們正在尋找標準化設備的機會，以便我們有更多機會進入供應鏈。我們實際上正在延長我們的合約期限。

So across the group, actually, more than 50% of all the super grid transformers that we need have already been procured out to 2030, which puts us in a very strong position. We'll also have agreement with Ofgem that we can actually make upfront payments to the supply chain to lock in capacity that we need for manufacturing. So again, when we look across all of that, we feel confident for the Tier 1 contractors that we'll have everything we need in place early next year for all of the 17 ASTI projects. So Andy?

因此，實際上，整個集團到 2030 年所需的超級電網變壓器的 50% 以上已經採購完畢，這使我們處於非常有利的地位。我們也將與 Ofgem 達成協議，實際上我們可以向供應鏈支付預付款，以鎖定製造所需的產能。因此，當我們審視所有這些時，我們對一級承包商充滿信心，我們將在明年初為所有 17 個 ASTI 專案準備好所需的一切。那麼安迪？

Yes. Thanks, Jenny. Firstly, on US and potential tax changes. I mean clearly, it's very early days, and there's been lots of things talked about or muted that may happen. We will, of course, have to wait and see precisely what does or doesn't happen in the new year.

是的。謝謝，珍妮。首先，關於美國和潛在的稅收變化。我的意思很明確，現在還為時過早，有很多可能發生的事情被談論或被壓制。當然，我們必須拭目以待，看看新的一年會發生什麼或不會發生什麼。

But as a quick reminder, as you said, when the rate was changed a few years ago, it's effectively economically neutral for us because the way US regulation works is effectively tax, the net tax charge is included with the amounts we're allowed to collect from customers. and therefore, a change in the rate will effectively flow through into rates as well. So net-net, there's no underlying earnings impact. And of course, in terms of cash impacts, that will need to be worked through based on what we see if any rules do change and then how that's reflected in regulation. But we wouldn't expect any significant earnings impact from that.

但作為一個快速提醒，正如您所說，幾年前改變稅率時，對我們來說實際上是經濟中立的，因為美國監管的運作方式實際上是稅收，淨稅費包含在我們被允許的金額中從客戶收集。因此，利率的變動也將有效地影響利率。因此，淨收益不會受到任何潛在影響。當然，就現金影響而言，需要根據我們所看到的規則是否發生變化以及監管中的反映情況來解決這個問題。但我們預計這不會對獲利產生任何重大影響。

And in terms of the system operator sale, the actual cash received was very close to the 630. If you look back in the depths of the results statement this morning, we're very clear that the provision for the remaining return of the over collected recoveries from the previous year is included in the held-for-sale business as is the cash that was associated with giving that money back. So that was already stripped out of our numbers. And therefore, we did receive very close to the 630, and therefore, that's what you should allow for in your net debt projections.

而就係統營運商銷售而言，實際收到的現金與630非常接近。如果您仔細回顧今天早上的業績報表，我們會非常清楚，上一年超額收回的回收金額的剩餘收益撥備已包含在持有待售業務中，現金也包含在持有待售業務中。返還這筆錢有關。所以這已經從我們的數字中刪除了。因此，我們確實收到非常接近 630 的數字，因此，這就是您應該在淨債務預測中考慮到的情況。

Thanks, Andy. Should we go to Mark Freshney. And after Mark, we'll go to Robert, Morgan Stanley. So Mark, can we have your question, please?

謝謝，安迪。我們應該去找馬克‧弗萊什尼嗎？在馬克之後，我們將前往摩根士丹利的羅伯特。馬克，我們可以問你一個問題嗎？

Thanks for taking my question. So when I listen to your response to earlier questions, the potential change in Ofgem remuneration of debt costs moving to a nominal cost, potential lower deferred tax charge in the US, less netting that off on the asset base, which was in response to the last question. It seems to me that if I add up all of these things within the five-year frame, there's certainly a lot of upside pressure on earnings. And my question to you is, would you agree with that?

感謝您提出我的問題。因此，當我聽到您對先前問題的答覆時，天然氣電力市場辦公室的債務成本報酬可能會轉變為名義成本，美國的遞延稅費用可能會降低，而資產基礎上的淨額可能會減少，這是對最後一個問題。在我看來，如果我在五年內將所有這些因素加起來，獲利肯定存在著很大的上行壓力。我問你的問題是，你同意嗎？

And just secondly, you spoke about being in a strong position on transformers, which I think is one major, major crunch point. But if I had to really try to pin you down, John, I mean, we know that one customer has basically taken up all of one supplier's transformers for two years and has caused a lot of panic with some of your competitors in the US. In one word, are you confident of getting all the transformers you expect to get through to 2030?

其次，你談到了在變形金剛方面處於強勢地位，我認為這是一個非常非常關鍵的關鍵點。但約翰，如果我真的要試圖確定你的情況，我的意思是，我們知道一位客戶基本上已經使用了一家供應商的所有變壓器兩年了，並且給你在美國的一些競爭對手造成了很大的恐慌。總而言之，您有信心獲得您期望在 2030 年實現的所有變形金剛嗎？

Thanks, Mark. Let me take the second then I'll ask Andy to take the first. I mean the simple answer is, Mark, that we've always known or we've known for a couple of years now that there was going to be an elongation in the lead times for super-group transformers. You know, you would have seen some articles this week that people talked about three to four years, but we've been adjusting for that for quite a while now, and therefore we do have confidence that we can gain access to the super-group transformers both in the UK and in the US that we need over the period.

謝謝，馬克。讓我拿第二個，然後我請安迪拿第一個。我的意思是，簡單的答案是，馬克，我們一直都知道，或者我們已經知道好幾年了，超級組變壓器的交付時間將會延長。你知道，你本周可能會看到一些人們談論三到四年的文章，但我們已經為此調整了很長一段時間，因此我們確實有信心能夠進入超級組我們在此期間需要英國和美國的變壓器。

As I said, we've been extending timeframes that we're sharing with the equipment manufacturers. So they've got visibility of what's needed and when we've come to the procurement process we've found that actually we have been able to get access to and to procure those super good transformers. I mean just to add a little bit more flavor to it, you know one of the things we have done in the last 12 months is built up a stronger relationship with the equipment manufacturers outside of the sort of normal contracting process and separating out quite often the procurement of equipment from the EPC contracts.

正如我所說，我們一直在延長與設備製造商共享的時間範圍。因此，他們了解所需的內容，當我們進入採購流程時，我們發現實際上我們已經能夠獲得併採購那些超級好的變壓器。我的意思是只是為了增加一點風味，你知道我們在過去 12 個月裡所做的事情之一就是在正常的承包流程和經常分離之外與設備製造商建立了更牢固的關係設備採購採用EPC合約.

And in the US, we've also been extending the supplier base for Transformers to bring in some new manufacturers which we started about 18 months ago. So we remain confident that we are able to access the equipment, albeit we do recognize that lead times are longer but we're reflecting that in our planning processes.

在美國，我們也一直在擴大《變形金剛》的供應商基礎，引進一些我們大約 18 個月前開始的新製造商。因此，我們仍然相信我們能夠使用這些設備，儘管我們確實認識到交貨時間更長，但我們在規劃過程中反映了這一點。

Yeah. Thanks, Mark. I mean to try and pull together the elements of your question, I think again go back to when we set out the 6 to 8 percent guidance for our five-year earnings CAGR back in May. Of course it was deliberately designed to be robust to a range of different outcomes and nothing that we've seen since then has moved us outside that range so it remains our very clear guidance today.

是的。謝謝，馬克。我的意思是嘗試將你的問題的各個要素整合在一起，我想再次回到我們五月份為五年盈利複合年增長率設定的 6% 至 8% 的指導。當然，它是經過精心設計的，以適應一系列不同的結果，從那時起我們所看到的一切都沒有讓我們超出這個範圍，所以它今天仍然是我們非常明確的指導。

As I said in answer to one of the earlier questions, of course we made sensible assumptions around regulatory outcomes based on what we knew at the time. And so you shouldn't assume that things like nominal debt are automatically additive.

正如我在回答之前的一個問題時所說，當然，我們根據當時的了解對監管結果做出了合理的假設。因此，您不應該假設名義債務之類的東西會自動累積。

And as I said in answer to the earlier question on US tax, over time we would expect that broadly to be neutral from an underlying earnings perspective with all be it sort of the one-off changes in deferred tax flowing through earlier. So no, I think we're very clear that the 6% to 8% remains our guidance today. And we will, of course, if it does change, we will update that down the track. But that's very clear in terms of where we stand today.

正如我在回答之前有關美國稅收的問題時所說的那樣，隨著時間的推移，我們預計從基本收益的角度來看，這總體上是中性的，所有這些都是之前遞延稅款的一次性變化。所以不，我認為我們非常清楚 6% 到 8% 仍然是我們今天的指導。當然，如果確實發生變化，我們會及時更新。但就我們今天的立場而言，這一點非常清楚。

Okay. Thanks, Andy. So let's go to Rob at Morgan Stanley. And after Rob will do Ahmed at Jefferies. So Rob, can we take your question?

好的。謝謝，安迪。讓我們來看看摩根士丹利的羅布。之後，羅布將在傑富瑞 (Jefferies) 擔任艾哈邁德 (Ahmed) 的職務。羅布，我們可以回答你的問題嗎？

Hi, thanks. Good morning, everyone. Just one question and following up on the theme of supply chain. Way back at full year results, though, when we sat around the table, you indicated there was a GBP59 billion framework agreement for the supply chain on which HVDC was the topic of the moment. Correct me if I'm wrong, but I don't think we've seen an update on that. Is that still expected to be closed in terms of signing before the end of calendar 2024? And could you give a bit of a comment around the HVDC side given you've already covered the transformers?

你好，謝謝。大家早安。只是一個問題，並跟進供應鏈的主題。不過，早在全年業績時，當我們坐在桌旁時，您表示有一項價值 590 億英鎊的供應鏈框架協議，其中高壓直流輸電是當前的主題。如果我錯了，請糾正我，但我認為我們還沒有看到這方面的更新。是否仍預計在 2024 年底前完成簽約？鑑於您已經介紹了變壓器，您能否對高壓直流側發表一些評論？

Yes. Thanks, Rob. So I did mention it in the speech, but just giving you a bit more flavor on it. So we launched the procurement process for the framework agreement early this year. As I said, it was a major framework agreement that will cover not just the CapEx that we need and the supply of HVDC cables between now and 2029, but actually take us well into the '30s as well. We've been really pleased with the response that we've had from all the major cable manufacturers in the world. And we are hopeful that, that framework agreement will be in place either by the end of the calendar, but certainly by the end of the fiscal year. So we've had really good progress and a very strong response, and we feel very confident about it.

是的。謝謝，羅布。所以我在演講中確實提到了這一點，但只是讓你們多了解一點。因此，我們在今年年初啟動了框架協議的採購流程。正如我所說，這是一項重要的框架協議，不僅涵蓋從現在到 2029 年我們所需的資本支出和 HVDC 電纜的供應，而且實際上涵蓋我們進入 30 年代。我們對世界上所有主要電纜製造商的回應感到非常滿意。我們希望該框架協議能夠在日曆年底之前到位，但肯定會在本財年年底之前到位。所以我們取得了非常好的進展和非常強烈的反應，我們對此非常有信心。

In terms of, just again, just going down a level. So in terms of the first wave of ASTI projects, the contracts are in place for EGL 1 and 2, which are the major HVDC contracts that we needed as part of Wave 1. So again, we're in good shape on that. Those contracts have already been let. As I said earlier, we're already in the construction phase on those.

再一次，只是降低了一個水平。因此，就第一波 ASTI 項目而言，EGL 1 和 2 的合約已經到位，這是我們作為第一波的一部分所需的主要 HVDC 合約。再說一次，我們在這方面處於良好狀態。這些合約已經出租了。正如我之前所說，我們已經處於這些方面的建設階段。

Okay. I'm going to go to Ahmed at Jefferies, and then I'll go to Marcin at Bank of America.

好的。我要去傑富瑞 (Jefferies) 的艾哈邁德 (Ahmed)，然後去美國銀行 (Bank of America) 的馬爾辛 (Marcin)。

Yes. Thank you for taking my question. Can I just kind of go back to ED3. You clearly discussed and given us quite a lot of color on your confidence and visibility that you have and talked a lot about supply chain and procurement. Could you also give us some perspective on the consenting and planning visibility do you have on ET3 and put some numbers around it, Is there sort of a Phase 1, is that already all consented and you have all the approvals in place to deliver that? That would be helpful.

是的。感謝您回答我的問題。我可以回到 ED3 嗎？您清楚地討論了並向我們展示了您的信心和知名度，並談論了很多有關供應鏈和採購的內容。您能否也給我們一些關於您對 ET3 的同意和規劃可見性的看法，並提供一些數字，是否有第一階段，是否已經獲得所有同意，並且您已獲得所有批准來交付該階段？那會有幫助的。

And maybe tie it into that the spatial energy plan, how critical that is to the delivery of the plan? And what do you need to see and the timing of that, that would be super helpful.

也許將其與空間能源計劃聯繫起來，這對計劃的實施有多重要？您需要看什麼以及看什麼時間，這將非常有幫助。

And just finally, I'll be interested in your perspective on 2030 Clean Power Plan. Anything particularly notable within that? And how does that compare to your CapEx plan that you set out to us earlier in the year? Thank you.

最後，我對您對 2030 年清潔能源計畫的看法感興趣。這裡面有什麼特別值得注意的地方嗎？這與您今年早些時候向我們制定的資本支出計劃相比如何？謝謝。

Okay. So quite a bit, Ahmed. Let me work through with that. So in terms of planning, I mean, first of all, as you know, we've been advocating for planning reform for some time. And we've seen that issue being picked up by the new labor government. And our expectation is that there will be planning reform legislated for next year. National Grid has been advocating for a number of things within that. One is the streamlining of the process, consistent really with what the networks, Commissioner Nick Winser recommended about a year ago. We've also been recommending that there should be an accelerated planning process for strategically -- strategic important infrastructure such as transmission and we've been advocating for that. but also talking to the government about the need for resourcing planning authorities because there's such a massive increase in the amount of planning applications that resourcing is important as well. But we're hopeful that we'll see sort of positive progress in that through the legislation next year.

好的。相當多，艾哈邁德。讓我來解決這個問題。所以就規劃而言，我的意思是，首先，正如你所知，我們倡導規劃改革已經有一段時間了。我們已經看到新工黨政府正在解決這個問題。我們的期望是明年將立法進行規劃改革。國家電網一直在倡導其中的許多事情。其中之一是簡化流程，這與網路專員尼克溫瑟大約一年前的建議一致。我們也一直建議，應該加快戰略性重要基礎設施（例如輸電）的規劃進程，我們一直在倡導這一點。也要與政府討論規劃當局資源配置的必要性，因為規劃申請的數量大幅增加，資源配置也很重要。但我們希望明年透過立法能夠在這方面取得積極進展。

In terms of where we are on our specific projects. As I said, we've made excellent progress on the Phase 1 project at ASTI, all in line with the time scales that we need to deliver these projects. So we've had DCO applications approved by the sector state for Bramford to Twinstead and Yorkshire Green. And we've had planning consents for filing of the -- for all of the other Phase 1 projects with the exception of Grain to Tilbury, which is due for planning consent at the end of this calendar year. So good progress on that. over the summer, I think we've had eight separate consultations running in preparation for Phase 2. Again, they're all at different stages. Some are at the pre statutory consultation phase. Norwich to Tilbury, which is one of the major projects in Phase 2. We've just completed the statutory consultation on.

就我們具體專案的進度而言。正如我所說，我們在 ASTI 的第一階段專案上取得了出色的進展，所有這些都符合我們交付這些專案所需的時間範圍。因此，布拉姆福德 (Bramford)、特溫斯特德 (Twinstead) 和約克郡格林 (Yorkshire Green) 的 DCO 申請已獲得部門州批准。我們已經獲得了所有其他第一階段項目的規劃許可，但 Grain to Tilbury 項目除外，該項目將於本日曆年底獲得規劃許可。在這方面取得了很好的進展。整個夏天，我認為我們已經進行了八次單獨的磋商，為第二階段做準備。同樣，他們都處於不同的階段。有些正處於法定前諮詢階段。諾維奇至蒂爾伯里，是二期主要項目之一。我們剛剛完成了法定諮詢。

So again, they're all moving through the process. These are multiyear projects, and therefore, we only go to the planning authorities at the right time. And we do a huge amount of consultation with local communities to make sure they understand the options in what we call, the pre-statutory consultation phase to make sure we understand the community's concerns, and we can try and reflect that in our recommendations to the secretary state as well.

再說一次，他們都在經歷這個過程。這些是多年期項目，因此，我們只會在正確的時間向規劃當局尋求幫助。我們與當地社區進行了大量的協商，以確保他們了解我們所說的法定前協商階段的選擇，以確保我們了解社區的擔憂，我們可以嘗試在向當地社區提出的建議中反映這一點。如此。

In terms of the spatial energy plan. It's probably useful just to sort of link the three -- the sort of the different elements together. So obviously, foundational block has been what's been announced this week by the National Energy System Operator, which is the Clean Power Plan for 2030. Obviously, that advice will now feed into government who are proposing that they'll come forward with what their action plan is at the end of this year. You may have seen a couple of weeks ago that the government also commissioned NESO to do the spatial energy plan, and that is due to be complete by the end of 2026. And on the back of that, we'll then see the centralized strategic network plan in 2027.

在空間能源規劃方面。將這三個元素連接起來可能很有用——將不同的元素連接在一起。顯然，國家能源系統營運商本周宣布的基本目標是 2030 年清潔能源計畫。顯然，這項建議現在將反饋給政府，政府建議他們將在今年年底提出他們的行動計劃。幾週前你可能已經看到，政府還委託 NESO 制定空間能源計劃，預計將於 2026 年底完成。在此基礎上，我們將看到 2027 年的集中策略網絡計畫。

So all of these things sort of interconnect, but the foundation block, I guess, is the Clean Power Plan, what comes back from government at the end of this calendar year. From our perspective, obviously, we're working through the detail of it. As NESO said, it's a hugely ambitious plan. I think the words they use it at the limits of what is feasible and it will require everybody to play their part and for everybody to play their parts in executing it and doing it flawlessly.

因此，所有這些事情都是相互關聯的，但我想，基礎部分是清潔能源計劃，政府將在今年年底返回該計劃。從我們的角度來看，顯然我們正在研究它的細節。正如 NESO 所說，這是一個雄心勃勃的計劃。我認為他們使用的措辭是在可行的限度內的，這將需要每個人發揮自己的作用，並且每個人都在執行和完美地完成它時發揮自己的作用。

From our perspective, looking at the networks, reassuringly, what the plan says is the projects that were identified previously, the 17 ASTI projects are the ones that are going to be required for Clean Power 2030. There is a recommendation in that report that two of the projects, which is Norwich to Tilbury and Sea Link. There's a request on whether they can be brought forward by one year from 2031 to 2030? Obviously, we'll spend some time now working both with our supply chain, but also with government regulator, NESO. And what would be required and whether that's possible. And obviously, that will feed in ultimately to the action plan that the government produces at the end of this calendar year.

從我們的角度來看，令人放心的是，該計劃所說的是先前確定的項目，即 17 個 ASTI 項目是 2030 年清潔能源所需的項目。該報告中建議其中兩個項目，即諾維奇至蒂爾伯里和Sea Link。請問是否可以將2031年提早一年至2030年？顯然，我們現在將花一些時間與我們的供應鏈以及政府監管機構 NESO 合作。以及需要什麼以及這是否可能。顯然，這最終將納入政府在今年底制定的行動計畫。

Okay. I'm going to go to Marcin next, and then I'll go to Ingo at Kepler. So Marcin?

好的。接下來我要去 Marcin，然後去開普勒的 Ingo。那麼馬爾辛？

Yeah. Thanks so much, and good morning. Two questions here. Firstly, on the rate case for Massachusetts Electric, how satisfied you are with the outcome of 9.35%? I believe you were actually requesting something closer to 10%. And how confident you are that you will actually achieve a return, which is very close to the allowed return in that business?

是的。非常感謝，早安。這裡有兩個問題。首先，關於馬薩諸塞電力公司的利率情況，您對 9.35% 的結果滿意程度如何？我相信您實際上要求的是接近 10% 的金額。您對實際實現的回報（非常接近該業務允許的回報）有多大信心？

And my second question relates to potential asset divestments of US renewables and LNG grain. I believe both of these have been now reclassified to assets held for sale. So from the accounting perspective, does it imply that you are confident that both of these assets will be sold within the next 12 months? Thank you.

我的第二個問題涉及美國再生能源和液化天然氣穀物的潛在資產剝離。我相信這兩者現在都已重新分類為待售資產。那麼從會計角度來看，這是否意味著您有信心在未來12個月內出售這兩項資產？謝謝。

Okay. Well, I'll pick up the first and I'll ask Andy just to pick up the second.

好的。好吧，我會接第一個，我會請安迪接第二個。

In terms of the Massachusetts rate case, I mean, it was a landmark rate case, I think, in my mind, because the key elements, which are really important to focus in on, is that what we got an agreement from the regulator in Massachusetts is that there can be a revenue adjustment for increasing capital investment. As you know, we've got significant capital investment in our Massachusetts business, and the regulator effectively agreed that our revenues could increase year-on-year as our CapEx increases.

就馬薩諸塞州的利率案例而言，我認為，在我看來，這是一個具有里程碑意義的利率案例，因為真正值得關注的關鍵要素是我們從監管機構獲得的協議馬薩諸塞州可以通過收入調整來增加資本投資。如您所知，我們對馬薩諸塞州的業務進行了大量資本投資，監管機構實際上同意，隨著我們的資本支出增加，我們的收入可能會逐年增加。

At the same time, they also confirmed the performance-based mechanism for indexation of revenues for operational and maintenance costs. So when you put that together, Massachusetts, as a rate case now, looks a lot more similar to what we had in New York. And whereas in the past, Massachusetts has always had higher allowed returns than New York. It's always been on a historical base case for costs. And therefore, it's always been harder to earn those allowed returns.

同時，他們也確認了基於績效的營運和維護成本收入指數化機制。因此，當你把它們放在一起時，馬薩諸塞州作為現在的利率案例，看起來與紐約的情況更加相似。而在過去，麻州的允許報酬率一直高於紐約。它始終基於成本的歷史基本情況。因此，獲得這些允許的回報總是更加困難。

I think the new framework that we have in place makes it much more akin to the framework we are familiar with in New York. And therefore, we are much more confident that we can achieve much closer to allowed return. And as you know, our objective in the US businesses is always to aim for at least 95% of allowed returns. So we're much more confident around that than we were in the previous region.

我認為我們現有的新框架使其更類似於我們在紐約熟悉的框架。因此，我們更有信心能夠更接近允許的回報。如您所知，我們在美國企業的目標始終是實現至少 95% 的允許回報。因此，我們對此比之前的地區更有信心。

Yes, and thanks. So on the divestments, I think as John said earlier, the first one is the National Grid Renewables business in the US where that process is underway. And yes, so we expect that to press through into the beginning or the early part of next year. And then as we said previously, on the Grain LNG sale, we would expect that process to commence when we're through the completion of the construction of the current Phase 4, the new tank, which is expected around the end of the first quarter of next year. So yes, to your precise question on the accounting, our judgment is that we would expect both to be complete within 12 months from September 30.

是的，謝謝。因此，關於撤資，我認為正如約翰之前所說，第一個是美國國家電網再生能源業務，該過程正在進行中。是的，所以我們預計這將持續到明年年初或年初。然後，正如我們之前所說，關於穀物液化天然氣的銷售，我們預計該過程將在我們完成當前第四階段新儲罐的建設後開始，預計第一季末左右明年的。所以，是的，對於你關於會計的具體問題，我們的判斷是，我們預計這兩項工作將在 9 月 30 日起的 12 個月內完成。

Thanks, Andy. Ingo, I think this is the last question. So if we can have your question, please.

謝謝，安迪。英戈，我想這是最後一個問題。如果我們可以回答您的問題，請提問。

Yes, good morning. Thanks very much for taking my question. I hope you didn't answer them already, I had a brief connection issue. First, I would like to ask you on the data center comments in your slides. So you say that in the UK Southeast, the transmission scale data center connection request. Can you comment on how many [terawatt] that is and if that creates any relevant impact on the local system balance in your assessment?

是的，早安。非常感謝您提出我的問題。我希望您還沒有回答這些問題，我遇到了一個簡短的連接問題。首先，我想詢問您對幻燈片中資料中心的評論。所以你說在英國東南部，傳輸規模資料中心的連線請求。您能否評論一下這個數字是多少[太瓦]，以及這是否會對您的評估中的本地系統平衡產生任何相關影響？

And my second question would be on the general affordability of the expanding network cycle, maybe both in the UK and the US. We have heard in some markets of rising supplier equipment prices, which probably is not a surprise given the rising demand from the network companies coming to the attention of regulators. Just wondering if you can share similar experiences here?

我的第二個問題是關於不斷擴大的網路週期的整體承受能力，也許在英國和美國都是如此。我們在一些市場聽到供應商設備價格上漲，考慮到網路公司不斷增長的需求引起了監管機構的注意，這可能並不令人意外。只是想知道您是否可以在這裡分享類似的經歷？

And finally, maybe related to the German conservative party and the current situation has been talking about actually cutting grid fees quite materially, it's not yet totally clear what they mean. We suspect that it's about transferring some of the network cost to the government budgets, but we don't really expect them to go at the returns. And maybe if you hear as well, just from an overall affordability perspective, what that cycle will do to build? Thank you.

最後，也許與德國保守黨有關，目前的情況一直在談論實際上大幅削減電網費用，但目前尚不完全清楚其含義。我們懷疑這是為了將部分網路成本轉移到政府預算中，但我們並不真正期望它們能獲得回報。也許如果您也聽到，僅從整體負擔能力的角度來看，這個週期將產生什麼作用？謝謝。

Thanks for the question. I mean, let me just paint a picture in terms of data centers. I think it's an evolving picture and therefore, one that we're spending quite a bit of time focusing in at the moment. At the macro level, when you look forward over the next decade, we are certainly going to see increasing load growth on the networks, both in the US and the UK. We've known that's coming because of electrification of transport and electrification of heat. But actually, the volumes of electricity being consumed in terms of Generative AI and AI is an additive factor to that and we're just continuing to understand what that's going to look like.

謝謝你的提問。我的意思是，讓我來描繪一下資料中心的情況。我認為這是一個不斷發展的局面，因此，我們目前花了大量時間來關注這一局面。在宏觀層面上，當你展望未來十年時，我們肯定會看到美國和英國的網路負載成長不斷增加。我們知道，由於運輸電氣化和熱電氣化，這種情況即將到來。但實際上，產生人工智慧和人工智慧所消耗的電量是一個附加因素，我們只是繼續了解它會是什麼樣子。

What we see today, if I take the UK as an example, is around about 5 terawatt hours of the load in the UK. is taken by data centers. That represents about 1.8% of the total load in the UK. If you actually look at what's been happening over the last three years, historically, the data centers in the UK are sort of clustered around the M25 and the sort of M4 corridor. We've got the good sort of telecom networks. We had about 1.5 gigawatts there three years ago, and we've seen about 3 gigawatts of connection applications on top of that. So it's a tripling of the size of data centers that we've seen in that region. And the vast majority have been in that region. And as a result, we've -- we continue to invest in particularly expanding the substations and new substations in that area.

如果以英國為例，我們今天看到的英國負載約為 5 太瓦時。由資料中心取得。這約佔英國總負荷的 1.8%。如果你真正看看過去三年發生的事情，從歷史上看，英國的資料中心有點聚集在 M25 和 M4 走廊周圍。我們擁有良好的電信網路。三年前，我們在那裡擁有大約 1.5 吉瓦的電力，除此之外，我們還看到了大約 3 吉瓦的連接應用。因此，這是我們在該地區看到的數據中心規模的三倍。絕大多數都在該地區。因此，我們繼續投資，特別是擴大該地區的變電站和新變電站。

More recently, we are seeing more interest for the sort of hyperscalers, so much larger data centers in other parts of the country, including the Northwest. And if you look at the connections queue, there are about 10 gigawatts in terms of data center demand that's saying they potentially want to connect to the grid over the next sort of 15 years. As we know, that doesn't always happen, but that's an indication of the sort of scale of what we're seeing. And some of these data centers are getting to be very large, sort of 200 megawatts type size. And just to put that into context, 200 megawatts is larger than the load for households for every city in the country, apart from Manchester, Birmingham and London. So when these data centers want to connect, it is a significant increase in load.

最近，我們看到人們對超大規模資料中心越來越感興趣，在美國其他地區（包括西北地區）有更大的資料中心。如果您查看連接佇列，您會發現資料中心需求約為 10 吉瓦，這意味著他們可能希望在未來 15 年內連接到電網。正如我們所知，這種情況並不總是發生，但這表明了我們所看到的規模。其中一些資料中心變得非常大，達到 200 兆瓦的規模。綜合來看，除了曼徹斯特、伯明罕和倫敦之外，200 兆瓦比該國每個城市的家庭負載都大。所以當這些資料中心想要連線的時候，就是負載的大幅增加。

And the final point I'll probably make is that when you see the business plan that we're submitting to Ofgem as part of RIIO-T3, you will see actually that probably the largest driver in terms of additional [super grid] transformers over the five years of RIIO-T3 is actually being driven by data center demand as well in the UK. Picture in the US, slightly different because about 90% of all data centers are currently not in the Northeast. Generated land prices and energy prices are lower than the Northeast.

我可能要說的最後一點是，當您看到我們作為RIIO-T3 的一部分提交給Ofgem 的業務計劃時，您實際上會發現，就額外的[超級電網]變壓器而言，這可能是最大的驅動因素RIIO-T3 的五年其實也是由英國資料中心需求所驅動的。美國的情況略有不同，因為目前大約 90% 的資料中心不在東北部。產生的土地價格和能源價格均低於東北地區。

Although we are starting to see increasing interest in New York. We've got about 1.5 gigawatts of potential data center demand, about one-third of that's in our territory. Massachusetts is a little bit less. I think we've got three live connections at the moment, the largest of which is a 200-megawatt data center demand request. So it's an evolving picture and one that we're very much focusing on at the moment. And as I said, in T3, you'll see some of the load increases and some of the transformer investment we're doing has been driven by that.

儘管我們開始看到人們對紐約越來越感興趣。我們有大約 1.5 吉瓦的潛在資料中心需求，其中大約三分之一在我們的領土內。馬薩諸塞州稍微少一點。我想我們目前已經有了三個即時連接，其中最大的是一個 200 兆瓦的資料中心需求請求。因此，這是一幅不斷發展的圖景，也是我們目前非常關注的圖景。正如我所說，在 T3 中，您會看到一些負載增加，我們正在進行的一些變壓器投資也是由此推動的。

In terms of affordability, it's always worth just reminding people that, if I start in the UK, the transmission element of the bill is a relatively modest part. That doesn't mean we don't focus on driving efficiency for our customers. But today, transmission represents about GBP20 of the total annual bill that consumers pay around GBP1,700 a year. So even with our GBP60 billion capital investment program, which will increase the cost of infrastructure by a few pounds, ultimately, if you believe that it will have the benefit of reducing the commodity element of the bill, then the affordability of customers should be manageable. The Clean Power Plan for 2030 that NESO just issued has got some detailed analysis on what costs might look like. We're currently having a look at that as well.

就負擔能力而言，總是值得提醒人們的是，如果我從英國開始，該法案的傳輸部分是一個相對溫和的部分。這並不意味著我們不專注於為客戶提高效率。但如今，傳輸費用約佔消費者每年支付約 1,700 英鎊的年度總費用中的約 20 英鎊。因此，即使我們有600 億英鎊的資本投資計劃，這將使基礎設施成本增加幾英鎊，但最終，如果你相信它將帶來減少賬單中商品成分的好處，那麼客戶的承受能力應該是可控的。NESO剛發布的2030年清潔能源計畫對成本可能會是什麼樣子進行了一些詳細的分析。我們目前也在研究這個問題。

In the US, slightly different because we are the supplier as well as the network provider. We work very closely with our regulators when we do rate filings. You would have seen in the more recent rate cases that we've got significant increases in capital investment. And one of the ways we mitigate the affordability issues is by proposing programs to help vulnerable customers. And that's something that our regulators are really appreciating from National Grid when we work through different programs to reduce the cost for vulnerable customers during periods when affordability is an issue.

在美國，情況略有不同，因為我們既是供應商也是網路供應商。當我們進行評級備案時，我們與監管機構密切合作。您會在最近的利率案例中看到我們的資本投資顯著增加。我們緩解負擔能力問題的方法之一是提出幫助弱勢客戶的計畫。當我們在負擔能力成為問題的時期透過不同的計劃來降低弱勢客戶的成本時，我們的監管機構對國家電網非常讚賞。

Okay. In which guys, I'm going to say I don't see any other questions. So I'm going to say thank you, everybody, for joining us this morning. And I think my key messages really are good performance right across our regulated businesses in the first six months, good progress in terms of the strategic priorities that we set out in May and a strong start to the delivery of our GBP60 billion capital program also we set out in May.

好的。在這些人中，我想說我沒有看到任何其他問題。所以我要感謝大家今天早上加入我們。我認為我的關鍵訊息確實是我們受監管業務在前六個月的良好表現，我們在 5 月份制定的戰略優先事項方面取得了良好進展，以及我們 600 億英鎊資本計劃交付的良好開端。出發。

So thank you for joining us, and I'll see you all very soon.

感謝您加入我們，我們很快就會見到大家。