National Grid PLC (NGG) 2025 Q4 法說會逐字稿

Good morning, and welcome to National Grid's full 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，歡迎參加國家電網全年業績發表會。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, can I draw your attention to the cautionary statement at the front of the pack. As usual, a Q&A with John and Andy will follow the presentation. (Operator Instructions) All of today's materials are available on our website. And of course, for any further queries after the call, please do feel free to reach out to me or one of the IR team.

首先，請您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。（操作員說明）今天的所有資料都可以在我們的網站上找到。當然，如果通話結束後還有任何其他疑問，請隨時與我或 IR 團隊成員聯繫。

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

因此，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. Good morning, everyone. Thank you for joining us to discuss our full year results. I hope to see many of you later today at our building our energy future event for a deep dive on major capital projects we're delivering across the UK and the Northeast US.

非常感謝，安吉拉。大家早安。感謝您加入我們討論我們的全年業績。我希望今天稍晚在我們建立能源未來的活動中見到你們，深入探討我們在英國和美國東北部實施的重大資本項目。

As ever, I'm here with Andy Agg, and once we've been through our respective presentations, we'll be happy to answer your questions.

像往常一樣，我和安迪·阿格 (Andy Agg) 一起來到這裡，在我們完成各自的演講後，我們將很樂意回答您的問題。

Last May, we announced a refined strategy focused on pure-play networks. We also set out a new 5-year financial framework and our plans for GBP60 billion of capital investment. This will drive asset growth around 10% per annum and underlying earnings per share growth of 6% to 8%, whilst maintaining a strong balance sheet and delivering an inflation-protected dividend. Alongside this, we said that our comprehensive financing strategy, including our GBP7 billion equity raise, providing clarity over our funding to at least 2031.

去年五月，我們宣布了一項專注於純網路的完善策略。我們也制定了新的5年財政架構和600億英鎊資本投資計畫。這將推動資產每年增長約 10%，每股收益增長 6% 至 8%，同時保持強勁的資產負債表並提供通膨保護股息。除此之外，我們表示，我們的綜合融資策略（包括 70 億英鎊的股權融資）將為我們至少到 2031 年的融資提供明確的指引。

In the first year of the 5-year framework, we've accomplished a huge amount despite the turbulent economic and geopolitical environment. We've delivered record capital investment of GBP9.8 billion, in line with our plan, and 20% higher than last year.

在五年框架的第一年，儘管經濟和地緣政治環境動盪，我們仍然取得了巨大成就。我們已完成創紀錄的 98 億英鎊資本投資，符合我們的計劃，比去年高出 20%。

This reflects the scale of the activity across all of our regulated businesses, including significant progress within our ASTI portfolio, where all six of our Wave one projects are now under construction, a step-up in asset health and network reinforcement in electricity distribution, over 350 miles of gas mains replacement across Massachusetts and New York and good progress with our SmartPath Connect project in US electricity transmission.

這反映了我們所有受監管業務的活動規模，包括我們的 ASTI 投資組合內的重大進展，其中我們的所有六個 Wave one 項目現在都在建設中，資產健康狀況的提升和電力分配網絡的加強，馬薩諸塞州和紐約州超過 350 英里的天然氣管道更換，以及我們在美國電力管道中的 SmartPath Connect 項目的良好進展。

We've also secured the supply chain and delivery mechanisms for more than two-third of our GBP60 billion of capital investment. For ASTI, this includes contracts with the delivery of 12 onshore and two offshore projects, while also making good progress on Eastern Green Links three and four and Sea Link.

我們也確保了 600 億英鎊資本投資中三分之二以上的供應鏈和交付機制。對於 ASTI 而言，這包括交付 12 個陸上項目和 2 個海上項目的合同，同時東部綠線三號和四號以及海上連接線也取得了良好進展。

And in New York, we've made further progress with our $4 billion Upstate Upgrade, awarding contracts for the first phase as well as the engineering works for Phase 2. The policy and regulatory agenda on both sides of the Atlantic has also continued to move forward, further enhancing visibility on our investment plan.

在紐約，我們耗資 40 億美元的紐約州上州升級項目取得了進一步進展，已授予第一階段的合約以及第二階段的工程合約。大西洋兩岸的政策和監管議程也在不斷推進，進一步提高了我們投資計畫的透明度。

In the UK, the government published its Clean Power action plan in December, and Ofgem published its decision on connections reform last month, which embeds, is it ready and is it needed criteria into the connections process. This will deliver a rationalized queue of projects aligned with the Clean Power Plan and clarify the specific investments in locations required in the outer years of T3.

在英國，政府於 12 月發布了清潔能源行動計劃，Ofgem 上個月發布了關於連接改革的決定，該決定將「是否已準備好」和「是否需要」的標準嵌入到連接過程中。這將提供與清潔電力計劃一致的合理化項目隊列，並明確 T3 外圍幾年所需地點的具體投資。

New legislation on planning reforms was also introduced in March, which aims to reduce the time it takes to deliver infrastructure projects. Whilst the reforms will be more impactful in the 2030s, there are important measures in the bill that have the potential to further derisk our ASTI projects.

3 月也推出了有關規劃改革的新法案，旨在縮短基礎設施項目的建設時間。雖然這些改革將在 2030 年代產生更大的影響，但該法案中的一些重要措施有可能進一步降低我們的 ASTI 計畫的風險。

In the US, we refreshed all three of our New York rate plans and agreed new rates for our electricity distribution business in Massachusetts over the last year. Altogether, this means that we've now agreed over 70% of our US investment with regulators over our 5-year frame. We also expect to receive approval for our electricity sector modernization plan in Massachusetts where we filed through up to $2 billion of capital investment over the next 5 years to help deliver the state's clean energy policy.

在美國，我們去年更新了所有三個紐約電價計劃，並為馬薩諸塞州的電力分配業務商定了新的電價。總而言之，這意味著我們現在已經與監管機構就五年內超過 70% 的美國投資達成協議。我們還希望獲得馬薩諸塞州電力行業現代化計劃的批准，我們已提交申請，在未來 5 年內向該州注入高達 20 億美元的資本投資，以幫助實施該州的清潔能源政策。

So the combination of these firm foundations of our resilient business model, which provides strong regulatory protections from macroeconomic uncertainty and no significant exposure to energy prices or merchant risk means that we're very well positioned and hugely confident in our ability to deliver our GBP60 billion investment program.

因此，我們的彈性商業模式的堅實基礎相結合，提供了強有力的監管保護，免受宏觀經濟不確定性的影響，並且不會受到能源價格或商業風險的重大影響，這意味著我們處於非常有利的地位，並且對我們實現 600 億英鎊投資計劃的能力充滿信心。

We'll have much more to share on capital delivery at our investor event this afternoon, where we'll showcase the sheer scale of our electricity transmission projects and how we've transformed the way we're delivering them.

在今天下午的投資者活動上，我們將分享更多關於資本交付的信息，屆時我們將展示我們的電力傳輸項目的規模以及我們如何改變交付方式。

So turning now to some of the key highlights for the year. We've delivered a strong performance, with underlying operating profit increased 12% to GBP5.4 billion at constant currency. This reflects robust operational performance as a result of increased regulated revenues and flat controllable costs achieved through our focus on agreeing the right regulatory frameworks and efficient delivery.

現在我們來談談今年的一些主要亮點。我們取得了強勁的業績，以固定匯率計算，基礎營業利潤成長 12%，達到 54 億英鎊。這反映了強勁的營運業績，這是由於我們專注於商定正確的監管框架和高效交付，從而實現了監管收入的增加和可控成本的持平。

Underlying earnings per share was slightly ahead of guidance at 73.3p and up 2%, reflecting the impact of a higher share count following the rights issue. A record GBP9.8 billion of capital investment helped to drive regulated asset growth of 10.5%. And in accordance with our policy to grow the dividend in line with the UK CPIH, the Board has declared a final dividend of 30.88p per share. This takes the total dividend for the year to 46.72p, an increase of 3.21% on last year's rebased dividend.

每股基本收益略高於預期，為 73.3 便士，上漲 2%，反映了配股後股票數量增加的影響。創紀錄的98億英鎊資本投資有助於推動受監管資產成長10.5%。並且根據我們與英國消費者物價指數 (CPIH) 保持一致的股息成長政策，董事會宣布每股派發 30.88 便士的末期股息。這使得全年股息總額達到 46.72 便士，比去年重新調整後的股息增加 3.21%。

Moving next to reliability and safety. Reliabilities remain strong across our UK and US networks despite severe weather events across our jurisdictions. An example of this is Storm Darragh last December, a once in a decade storm that hit our UK.

接下來是可靠性和安全性。儘管我們管轄範圍內發生了惡劣天氣事件，但我們在英國和美國的網路仍然保持著強大的可靠性。一個例子是去年 12 月襲擊英國的十年一遇的達拉格風暴。

electricity distribution networks, causing significant damage across the Southwest, South Wales and West Midlands. Our teams were tirelessly around the clock restoring power to 95% of customers within 48 hours.

電力分配網絡，對西南部、南威爾斯和西米德蘭茲地區造成嚴重破壞。我們的團隊日以繼夜地工作，在 48 小時內為 95% 的客戶恢復供電。

Last week, the NESO published its interim report investigating the outage following the fire at our North Hyde substation in March. We welcome the report, which establishes a time line and sequence of events, and outlines further steps required to deliver the final report in June.

上週，NESO 發布了調查 3 月北海德變電站火災後停電事件的中期報告。我們歡迎該報告，它確定了時間表和事件順序，並概述了 6 月提交最終報告所需的進一步步驟。

On safety, our lost time injury frequency rate was 0.1%, in line with our group target. As our workload increases, we continue to invest heavily in attracting, developing and retaining a qualified and competent workforce with robust training programs built around the culture of safety. We've also set protocols for our contractors so that high safety standards are maintained right across the workforce.

在安全方面，我們的誤工傷害頻率為0.1％，符合我們的集團目標。隨著工作量的增加，我們繼續投入大量資金來吸引、培養和留住一支合格且稱職的員工隊伍，並圍繞安全文化建立強有力的培訓計劃。我們也為承包商制定了協議，以便整個勞動力隊伍都能維持高安全標準。

Turning to our operating performance across the group, starting with the UK electricity transmission. Investment increased by 57% to GBP3 billion, reflecting the ramp-up in the first wave of 6 ASTI projects, major substation upgrades and a further 4 gigawatts of generation being connected to the network. This included the UK's largest battery storage unit at Lakeside in North Yorkshire and a 1.2 gigawatt offshore wind farm in Dogger Bank. The business delivered a return on equity of 8.3%, outperforming its allowed return by 100 basis points.

談談我們整個集團的營運業績，首先從英國電力傳輸開始。投資額增加了 57%，達到 30 億英鎊，反映了第一波 6 個 ASTI 項目的成長、主要變電站的升級以及另外 4 千兆瓦發電量連接到網路。其中包括位於北約克郡湖畔的英國最大的電池儲存裝置和位於多格灘的 1.2 千兆瓦離岸風電場。該業務的股本回報率為 8.3%，超出其允許回報率 100 個基點。

Turning to regulatory developments. In December, we submitted our GBP35 billion RIIO-T3 business plan, representing the most significant investment in the UK's electricity transmission network in a generation. This ambitious plan will nearly double the power that can flow across the country, directly connecting 35 gigawatts of generation and 19 gigawatts of demand and create optionality for a further 26 gigawatts, all whilst maintaining world-class levels of reliability.

談到監管發展。12月，我們提交了價值350億英鎊的RIIO-T3商業計劃，這是英國電力傳輸網路一代以來最大的投資。這項雄心勃勃的計畫將使全國的電力輸送量增加近一倍，直接連接 35 千兆瓦的發電量和 19 千兆瓦的需求，並為另外 26 千兆瓦的電力提供可選性，同時保持世界一流的可靠性水平。

Our submission also included clear evidence of the need for an investable financial framework, including a real 6.3% allowed cost of equity, appropriate levels of cash generation and incentive mechanisms that will deliver benefits to both networks and consumers.

我們的提交還提供了明確的證據，表明需要一個可投資的財務框架，包括實際 6.3% 的允許股權成本、適當的現金產生水平以及為網路和消費者帶來利益的激勵機制。

Under our proposals, we expect our investment plans to avoid constrained costs of around GBP 12 billion over the price control period, offsetting the impact of investment to customer builds. In addition, we're also pleased to see Ofgem's decision on the advanced procurement mechanism. This will provide funding for transmission owners to secure supply chain capacity, covering items like switchgear and transformers. This builds on the approach often adopted under the ASTI regime, and we plan to utilize the framework from the middle of this year.

根據我們的提議，我們預計我們的投資計劃將在價格控制期間避免約 120 億英鎊的限製成本，從而抵消投資對客戶建設的影響。此外，我們也很高興看到Ofgem關於提前採購機制的決定。這將為輸電業主提供資金以確保供應鏈容量，涵蓋開關設備和變壓器等項目。這是以 ASTI 制度下經常採用的方法為基礎，我們計劃從今年年中開始使用該框架。

Finally, on policy developments, in addition to the connections reform I mentioned earlier, the government published its planning and infrastructure bill. The bill includes a number of proposals that are important to us, including giving certain projects the flexibility to choose the type of consenting regime used and providing opportunities to accelerate the consenting process. The bill also includes proposals intended to increase public acceptability of electricity transmission projects, alongside guidance for wider community benefits.

最後，關於政策發展，除了我之前提到的連接改革之外，政府還發布了規劃和基礎設施法案。該法案包含許多對我們很​​重要的提議，包括賦予某些項目靈活選擇所使用的同意制度類型的權力，並提供加快同意程序的機會。該法案還包括旨在提高公眾對電力傳輸項目的接受度的提議，以及為更廣泛的社區利益提供指導。

Moving to strategic infrastructure. This will get a lot of focus this afternoon, but to summarize, we now have the Great Grid partnership up and running, the HVDC framework agreement in place, the supply chain secured for all 12 onshore projects, all Wave 1 projects under construction, and we've continued to build our internal capabilities, and the workforce now stands at over 1,000 employees. So in the last year, we put the platform in place and delivery is well underway. Carl and his team will provide a lot more detail on our progress later today.

轉向戰略基礎設施。今天下午我們將重點討論這個問題，但總而言之，我們現在已經建立並運行了大電網合作夥伴關係，簽訂了高壓直流輸電框架協議，確保了所有 12 個陸上項目的供應鏈，所有 Wave 1 項目都在建設中，並且我們繼續建設內部能力，現在員工人數已超過 1,000 人。因此，我們在去年建立了該平台，並且交付工作進展順利。卡爾和他的團隊將在今天晚些時候提供有關我們進展的更多詳細資訊。

Turning to UK electricity distribution. Capital investment increased by 14% to GBP1.4 billion, driven by increased spending on asset health, network reinforcement and connecting nearly 600 megawatts of renewable generation.

轉向英國電力分配。資本投資成長 14%，達到 14 億英鎊，這得益於資產健康、網路強化和連接近 600 兆瓦再生能源發電的支出增加。

The business achieved a return on equity of 7.9%. And whilst this reflects the benefit of our synergy savings program, it was heavily impacted by costs from Storm Darragh as well as lower-than-anticipated allowances from Ofgem's real price effects mechanism that haven't matched what we were expecting when the price control was agreed.

該業務的股本回報率達到7.9%。雖然這反映了我們的協同節約計劃的好處，但它受到了達拉格風暴造成的成本以及 Ofgem 實際價格效應機制的配額低於預期的影響，這與我們在商定價格控制時的預期不符。

We're working hard to address the ongoing headwind and expect performance to improve over the remainder of the price control period. This year, we also made good progress in developing our role as this distribution system operator or DSO, including our leading role in the development of flexibility markets. We now operate the largest market across all DSOs, allowing us to avoid over 200 gigawatt hours of renewable generation curtailment, lowering costs for consumers.

我們正在努力應對持續的不利因素，並期望在剩餘的價格管制期內表現能夠有所改善。今年，我們在發展配電系統營運商或DSO的角色方面也取得了良好的進展，包括在靈活性市場發展中發揮主導作用。我們現在經營所有 DSO 中最大的市場，這使我們能夠避免超過 200 吉瓦時的再生能源發電削減，從而降低消費者的成本。

On the regulatory front, Ofgem published the ED3 framework decision at the end of April, which gives us an early indication of their thinking in the next price control period, and is the starting point for the development of the sector-specific methodology.

在監管方面，Ofgem 於 4 月底發布了 ED3 框架決定，這讓我們提前了解了他們在下一個價格控制期內的想法，也是製定特定行業方法的起點。

And as I mentioned earlier, we were pleased to see Ofgem's decision on connections reform. Electricity distribution has been playing a leading role in driving forward these reforms, and over the last year, we've been able to implement the industry's technical limits initiative, accelerating the connection office dates on around 3 gigawatts of distributed generation, and removed over 4 gigawatts of capacity from connections cues.

正如我之前提到的，我們很高興看到 Ofgem 關於連接改革的決定。電力分配在推動這些改革方面一直發揮著主導作用，在過去的一年裡，我們已經能夠實施行業技術限制舉措，加快約 3 千兆瓦分散式發電的連接辦公室日期，並從連接線索中移除了超過 4 千兆瓦的容量。

Turning to the US. Our investment in New York increased by 24% to GBP3.3 billion. This reflects a further 218 miles of gas mains replacement and a continued ramp-up in our $4 billion Upstate Upgrade program, including the reinforcement and upgrade works as part of CLCPA Phase 1, and continued strong progress on SmartPath Connect, where we're rebuilding over 100 miles of transmission lines to connect large-scale renewable generation. Again, we'll have much more to say on our Upstate Upgrade program this afternoon.

轉向美國。我們在紐約的投資成長了24%，達到33億英鎊。這反映了我們進一步更換了 218 英里的天然氣管道，並繼續加大了我們 40 億美元的 Upstate 升級計劃的力度，其中包括作為 CLCPA 第一階段的一部分的加固和升級工程，以及 SmartPath Connect 的持續強勁進展，我們正在重建超過 100 英里的輸路以連接大規模可再生能源發電電線。再次強調，今天下午我們將就 Upstate Upgrade 計劃進行更多討論。

We achieved a return on equity of 8.7%, 94% of allowed, and 20 basis points higher than the prior year, reflecting strong performance in our downstate gas businesses in the first year of our new rate plans. On the regulatory front, we reached a joint proposal in April our new rates for Niagara Mohawk business, which includes an improved return on equity of 9.5%, increased CapEx of around 50% over the 3 years, reflecting our step-up in electricity transmission investment and funding to modernize our electric and gas networks and support New York's clean energy goals.

我們的股本回報率達到 8.7%，達到允許值的 94%，比上一年高出 20 個基點，這反映了我們新費率計劃實施第一年下州天然氣業務的強勁表現。在監管方面，我們於 4 月就尼亞加拉莫霍克業務的新費率達成了聯合提案，其中包括提高 9.5% 的股本回報率，在 3 年內增加約 50% 的資本支出，這反映了我們加大對電力傳輸的投資和資金投入，以實現電力和天然氣網絡的現代化，並支持紐約的清潔能源目標。

The joint proposal also includes provisions to mitigate bill impacts for customers by spreading increases over the 3 years of the plan and putting in place assistance programs for low-income households.

聯合提案還包括一些條款，透過在計劃的三年內分攤增加電費並為低收入家庭提供援助計劃來減輕對客戶帳單的影響。

In New England, capital investment increased by 5% to GBP1.8 billion, reflecting continued gas mains replacement and increased asset condition and grid modernization work across our electric network. Our achieved return on equity was 9.1%, 92% of allowed, benefiting from 6-months of the new rate agreements in our Massachusetts Electric business.

在新英格蘭，資本投資增加了 5%，達到 18 億英鎊，反映了我們整個電網的天然氣管道更換持續進行以及資產狀況的改善和電網現代化工程。我們的股本回報率達到 9.1%，達到允許值的 92%，這得益於馬薩諸塞州電力業務 6 個月的新費率協議。

We've also seen a greater focus on affordability in the state, following increased builds from a colder winter. To assist Massachusetts gas customers, we agreed with the regulator to reduce winter gas builds by 10% during March and April, with the deferrals recovered over the summer.

我們也看到，隨著寒冷冬季的到來，該州的房屋建設量增加，人們更加關注房屋的可負擔性。為了協助馬薩諸塞州的天然氣客戶，我們與監管機構達成協議，在 3 月和 4 月期間將冬季天然氣儲備量減少 10%，並在夏季恢復延期儲備量。

On the regulatory front, in September, the DPU issued its rate case order for our Massachusetts Electric business, approving a 5-year plan, with an allowed return of 9.35%. The order includes a new regulatory recovery mechanism that provides timely funding for growing capital investment, an updated performance-based rate mechanism providing inflation protection for operating and maintenance costs, and increased allowances to cover the increasing cost of storms.

在監管方面，9 月份，DPU 針對我們的馬薩諸塞州電力業務發布了利率案例命令，批准了一項 5 年計劃，允許回報率為 9.35%。該命令包括一項新的監管恢復機制，為不斷增長的資本投資提供及時的資金，一項更新的基於績效的費率機制，為運營和維護成本提供通膨保護，以及增加津貼以彌補日益增加的風暴成本。

Taken together, these enhanced recovery mechanisms are helping us to earn closer to the allowed return. And as I mentioned earlier, the DPU has also approved our electricity sector modernization plan for anticipatory investments to support the decarbonization of our networks.

綜合起來，這些增強的恢復機制正在幫助我們獲得更接近允許的回報。正如我之前提到的，DPU 還批准了我們的電力行業現代化計劃，以進行預期投資來支持我們網路的脫碳。

And from a policy perspective, last month, we submitted our Climate compliance plan, setting up the strategy to enable our Massachusetts gas network to advance data carbonization goals whilst maintaining safe, reliable and cost-effective service for our customers. And finally, last November, Governor Healey approved legislation that reforms the permitting process for utility infrastructure. This new approach sets maximum time frames for approvals, capital projects in the state.

從政策角度來看，上個月我們提交了氣候合規計劃，制定了策略，使我們的馬薩諸塞州天然氣網路能夠推進數據碳化目標，同時為我們的客戶提供安全、可靠和經濟高效的服務。最後，去年 11 月，希利州長批准了改革公用事業基礎設施許可程序的立法。這種新方法為該州的審批和資本項目設定了最長期限。

And finally, in National Grid Ventures, capital investment was 43% lower at GBP378 million, following completion of the Viking Link to Denmark last year. During the year, we've seen good operational performance across the National Grid Ventures portfolio, including good availability from our interconnector fleet, high levels of availability and utilization at our Long Island Generation business and at our Grain LNG terminal, where we're making good progress on the construction of the new tank.

最後，在國家電網創投公司（National Grid Ventures）中，繼去年完成通往丹麥的維京線後，其資本投資下降了 43%，至 3.78 億英鎊。在這一年中，我們看到國家電網創投公司投資組合的營運表現良好，包括我們的互連線路車隊的良好可用性、長島發電業務和 Grain LNG 終端的高可用性和利用率，我們在新儲罐的建設方面也取得了良好的進展。

On the regulatory front, last month, Ofgem published the decision on the regulatory framework for offshore hybrid assets, an important next step as we continue to develop our Line Link project as a next-generation interconnector. So as I said at the start, we've achieved significant progress across all areas of the business in the last year as we continue to efficiently deliver safe, secure and clean networks for the future.

在監管方面，上個月，Ofgem 發布了關於海上混合資產監管框架的決定，這是我們繼續將 Line Link 專案開發為下一代互連器的重要一步。正如我在一開始所說的，去年我們在業務的所有領域都取得了重大進展，我們繼續有效率地為未來提供安全、可靠和清潔的網路。

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

讓我先講到這裡，然後交給安迪來向你們介紹一下這些數字，然後再回來討論來年的優先事項。安迪？

Thank you, John, and good morning, everyone. I'd like to highlight that, as usual, we're presenting our results on an underlying basis and at constant currency.

謝謝你，約翰，大家早安。我想強調的是，與往常一樣，我們以基本面和固定匯率呈現我們的業績。

I want to start by expanding on what John has said about National Grid's financial resilience. The visibility that our business model provides and the stability it gives is unwavering, however volatile the macro environment, including times such as now. A large part of that can be attributed to our regulatory frameworks, but it is also a consequence of our efficient delivery, with controllable costs broadly flat this year and our robust procurement and financing strategies.

首先，我想進一步闡述約翰關於國家電網財務彈性的論述。無論宏觀環境（包括現在這樣的時期）多麼動盪，我們的商業模式所提供的可見性和穩定性都是堅定不移的。這在很大程度上歸功於我們的監管框架，但也得益於我們高效的交付、今年可控成本基本持平以及我們強有力的採購和融資策略。

Together, these enable us to manage the impacts of inflation and cost pressures, changing interest rates and fluctuations in exchange rates. And importantly, that enables us to deliver stable and predictable growth through our significant capital program.

這些因素共同使我們能夠管理通貨膨脹和成本壓力、利率變化和匯率波動的影響。重要的是，這使我們能夠透過重要的資本計劃實現穩定且可預測的成長。

Many of you will also know that we have substantial inflation and cost protections, particularly in our UK regulated businesses with indexation of our regulated asset base. In the US, around 90% of our supply chain is domestically sourced. And even if higher costs do come through, we can manage this through alternative suppliers or the pace of discretionary spend with any additional spend ultimately being picked up in the following rate case. We're also positioned so that the impact of exchange rate volatility from our US.

你們中的許多人可能還會知道，我們有很強的通貨膨脹和成本保護措施，特別是在我們受英國監管的業務中，我們的監管資產基礎是指數化的。在美國，我們約有 90% 的供應鏈來自國內。即使成本確實增加，我們也可以透過替代供應商或可自由支配的支出速度來管理，任何額外支出最終都會在以下費率案例中得到彌補。我們也做好了應對美國匯率波動影響的準備。

businesses is limited. We consistently hedged around 70% of our US gross assets with dollar-denominated debt. This means, from an earnings perspective, our general rule of thumb is that for every $0.05 move in the average US dollar to sterling exchange rate, we only expect to see a 1p impact on EPS on an annualized basis.

業務有限。我們一直用美元計價的債務對沖約 70% 的美國總資產。這意味著，從獲利角度來看，我們的一般經驗法則是，美元兌英鎊的平均匯率每變動 0.05 美元，我們預計年化每股盈餘僅會產生 1 便士的影響。

Finally, from a financing perspective, our regulated operating businesses broadly match leverage to our regulatory frameworks, which enables us to efficiently recover debt costs. We also hold around 30% of our debt book at the holdco level with the maturities out to the 2030s, and any higher expected interest cost of refinancing have been factored into our 5-year financial frame. We've also set out our comprehensive financing plan, which sees us fully funded until at least the end of RIIO-T3. So as I say, all of these things add up to create a very stable platform from which to operate and deliver on our plans.

最後，從融資角度來看，我們受監管的營運業務的槓桿與我們的監管框架大致匹配，這使我們能夠有效地收回債務成本。我們也在控股公司層級持有約 30% 的債務，到期日為 2030 年代，任何預期的再融資利息成本上升都已計入我們的 5 年財務框架。我們還制定了全面的融資計劃，該計劃將確保我們至少在 RIIO-T3 結束前獲得充足的資金。所以正如我所說，所有這些因素加在一起，形成了一個非常穩定的平台，讓我們能夠在這個平台上運作並實現我們的計劃。

Now let me take you through our financial performance. I'm pleased to be reporting a strong start to our 5-year plan. Underlying operating profit on a continuing basis increased by GBP589 million to GBP5.4 billion, up 12% on the prior year. This was mainly driven by strong performance across our regulated businesses, including higher revenues and strong cost efficiency, partly offset by expected lower revenues from our interconnectors.

現在讓我向您介紹我們的財務表現。我很高興地向大家報告我們的五年計劃有一個好的開始。基礎營業利潤持續增加 5.89 億英鎊，達到 54 億英鎊，較上年增長 12%。這主要得益於我們監管業務的強勁表現，包括更高的收入和強大的成本效率，但部分被我們互連器預期的較低收入所抵消。

Higher operating profit combined with lower finance costs has led to an underlying earnings per share increase of 2% to 73.3p per share, slightly above guidance and including the impact of a higher share count following the rights issue. Group return on equity was 9%, supported by the growth in our regulated earnings, offset by a higher denominator reflecting the rights issue.

更高的營業利潤加上更低的財務成本導致每股基本收益增加 2% 至每股 73.3 便士，略高於預期，其中包括配股後股票數量增加的影響。集團股本回報率為 9%，這得益於我們受監管收益的增長，但反映配股的更高分母抵消了這一影響。

In line with our policy, the Board has recommended a final dividend of 3.88p, taking the full year dividend to 46.72p per share, representing a 3.2% increase compared to the prior year rebased dividend and in line with average CPIH inflation. As John said, we've continued to deliver record levels of investment, with capital investment from continuing operations increasing 20% to GBP9.85 billion, helping drive regulated asset growth of 10.5%.

根據我們的政策，董事會建議派發 3.88 便士的末期股息，使全年股息達到每股 46.72 便士，比上一年重新計算的股息增長 3.2%，與 CPIH 平均通膨率一致。正如約翰所說，我們繼續實現創紀錄的投資水平，持續經營的資本投資增長 20%，達到 98.5 億英鎊，幫助推動受監管資產增長 10.5%。

Now turning to our business segments. And starting with UK Electricity Transmission, where underlying operating profit was GBP1.4 billion, 9% higher than last year. This was helped by increased totex allowances, indexation and higher allowed returns, partly offset by increased depreciation, reflecting growth in the asset base. Capital investment of GBP3 billion was up 57% versus the prior year.

現在轉向我們的業務部門。首先是英國電力傳輸公司，其基礎營業利潤為 14 億英鎊，比去年增長 9%。這是由於總資產限額增加、指數化和允許回報增加所致，但折舊增加部分抵消了這一影響，反映了資產基礎的成長。資本投資為 30 億英鎊，比上年增長 57%。

This included the ramp-up of our Wave 1 ASTI project spend, including Eastern Green Links 1 and 2 as well as the four onshore projects and construction activities on new customer connections, partly offset by lower spend on London Power Tunnels two and the (inaudible) connection.

這包括增加我們的第一波 ASTI 項目支出，包括東部綠化連接 1 號和 2 號以及四個陸上項目和新客戶連接的建設活動，但倫敦電力隧道二號和（聽不清楚）連接的支出減少部分抵消了這一影響。

We've achieved an 8.3% return on equity, delivering outperformance of 100 basis points, and we remain on track to achieve 100 basis points of average annual outperformance throughout RIIO-T2. We also saw underlying operating profit of GBP115 million from our electricity system operator over the first half of the year prior to its sale to the UK government.

我們實現了 8.3% 的股本回報率，超出預期 100 個基點，並且我們仍有望在整個 RIIO-T2 期間實現平均每年超出預期 100 個基點的業績。在將我們的電力系統營運商出售給英國政府之前，我們的上半年還實現了 1.15 億英鎊的基本營業利潤。

Moving to UK Electricity Distribution. Underlying operating profit was GBP1.2 billion, GBP51 million higher than the prior year, reflecting an increase in revenues from indexation, partly offset by higher depreciation and one-off costs and incentive revenue impacts following the severity of Storm Darragh. Capital investment was GBP1.4 billion, 14% higher than last year, with increased investments in asset replacement and reinforcement work.

轉向英國電力分配。基本營業利潤為 12 億英鎊，比上年高出 5,100 萬英鎊，反映了指數化收入的增長，但部分被達拉格風暴造成折舊和一次性成本增加以及激勵收入的影響所抵消。資本投資為14億英鎊，比去年增長14％，增加了對資產更換和加固工程的投資。

We are on track to deliver our GBP100 million group synergies target by 2026, having achieved GBP88 million as of the end of this year from areas such as procurement and operations. We achieved an ROE of 7.9% in the year, outperforming our allowance by 20 basis points, which is lower than our aim to achieve 100 basis points to 125 basis points of outperformance.

我們預計在 2026 年實現 1 億英鎊的集團協同效應目標，截至今年年底，我們已經在採購和營運等領域實現了 8,800 萬英鎊的協同效應。我們今年的 ROE 為 7.9%，超出我們的準備率 20 個基點，低於我們實現 100 個基點至 125 個基點的目標。

This reflects the one-off impacts from Storm Darragh and an impact arising from the real price effects or RPE mechanism, were lower than anticipated allowances due to reductions in commodity indices since the start of the RIIO-ED2 period have not tracked actual costs incurred. We're working hard to mitigate this headwind and expect to improve in year outperformance towards 100 basis points by the end of ED2. Moving now to the US.

這反映了達拉格風暴的一次性影響以及實際價格效應或 RPE 機制產生的影響，由於自 RIIO-ED2 期間開始以來商品指數下降導致配額低於預期，且未追蹤實際發生的成本。我們正在努力緩解這一不利因素，並預計到第二季末，年度業績將提高至 100 個基點。現在搬到美國。

Our New York business achieved an 8.7% return on equity, 94% of its allowance and 20 basis points higher than last year. Underlying operating profit was GBP1.45 billion, 43% higher than the prior year. This reflects rate increases in our downstate gas businesses and cost efficiencies enabling us to deliver broadly flat controllable costs, partly offset by higher depreciation on our increased asset base.

我們的紐約業務實現了 8.7% 的股本回報率、94% 的撥備率，比去年高出 20 個基點。基礎營業利潤為14.5億英鎊，較上年成長43%。這反映了我們南部天然氣業務的費率上漲和成本效率的提高，使我們能夠提供基本持平的可控成本，但部分被我們增加的資產基礎的更高折舊所抵消。

Capital investment was GBP3.3 billion, 24% up on the prior year. This was driven by higher electric investment, including our Upstate Upgrade projects with SmartPath Connect on track to energize in December 2025 as well as higher gas investments driven by a further ramp-up in gas means replacement and our updated downstate rate cases.

資本投資為33億英鎊，比上一年增長24%。這是由電力投資增加所推動的，包括我們的 Upstate Upgrade 項目，其中 SmartPath Connect 預計將在 2025 年 12 月投入使用，以及天然氣投資增加，這得益於天然氣替代量的進一步增加和我們更新的下州費率案例。

In New England, the return on equity was 9.1%, 92% of its allowance. This was 10 basis points lower than the prior year and 40 basis points higher after adjusting for a one-off property tax recovery last year. Underlying operating profit was GBP924 million, up 15%. This was driven by higher rates in our gas and electricity businesses, including through our new capital tracker, and delivery of cost efficiencies, partly offset by higher depreciation and other costs.

在新英格蘭，股本回報率為 9.1%，佔其撥備的 92%。這一數字比前一年低 10 個基點，經去年一次性房產稅追回調整後則高出 40 個基點。基本營業利潤為9.24億英鎊，成長15%。這是由於我們的天然氣和電力業務的利率上升（包括透過我們的新資本追蹤器）以及成本效率的提高，但折舊和其他成本的上升部分抵消了這一影響。

Capital investment was GBP1.75 billion, 5% higher, driven by higher electric investments for increased asset health and maintenance work and the advanced metering infrastructure rollout. We also continued to invest in our gas networks, including a replacement of 135 miles of gas mains this year.

資本投資為 17.5 億英鎊，成長 5%，這得益於為增加資產健康和維護工作以及推出先進的計量基礎設施而增加的電力投資。我們也繼續投資我們的天然氣網絡，包括今年更換 135 英里的天然氣管道。

Moving to National Grid Ventures. Underlying operating profit, including joint ventures, was GBP455 million, GBP116 million lower than the prior year. Higher profitability from a full year of Viking operations was more than offset by expected lower revenues on IFA2 and the North Sea Link.

轉至國家電網創投公司。包括合資企業在內的基本營業利潤為4.55億英鎊，比上年減少1.16億英鎊。維京公司全年營運的獲利能力有所提高，但 IFA2 和北海連線的預期收入下降卻超過了這一水平。

Capital investment was GBP378 million, down 43% reflecting the commissioning of our Viking land in connector last year and the classification under IFRS of National Grid Renewables and Grain LNG has held for sale from the end of September, which means investments into these businesses are excluded from reported group capital investment.

資本投資為 3.78 億英鎊，下降 43%，反映了我們去年在連接器中投入使用維京土地，以及國家電網可再生能源和穀物液化天然氣根據國際財務報告準則的分類自 9 月底起一直待售，這意味著對這些業務的投資不包含在報告的集團資本投資中。

During the year, our community offshore wind joint venture pause development activity in line with the broader slowdown of the US offshore wind industry. Whilst there are longer-term trends that give us confidence in the need for offshore wind generation in the Northeast, significant near-term policy uncertainty has led us to recognize an accounting impairment as an exceptional charge. We recorded an operating loss for other activities of GBP143 million, including adverse fair value movements in the National Grid Partners portfolio.

今年，隨著美國離岸風電產業整體放緩，我們社區的離岸風電合資企業暫停了開發活動。雖然長期趨勢讓我們對東北地區離岸風電的需求充滿信心，但近期政策的巨大不確定性導致我們將會計減損確認為一項特殊費用。我們記錄了其他1.43億英鎊的活動營運虧損，其中包括國家電網合作夥伴投資組合的不利公允價值變動。

Net finance costs were GBP1.36 billion, GBP116 million lower than the prior year, with the benefits of lower net debt following the rights issue and lower inflation on index-linked debt, partly offset by the impact of higher refinancing costs where we have issued GBP3.2 billion during the year. For the full year, the underlying effective tax rate, excluding the share of joint ventures, was 15.4%, 20 basis points lower than the prior year. This reflects higher levels of capital expenditure qualifying for full expensing compared to last year. Underlying earnings were GBP3.5 billion, with EPS at 73.3p, up 2% on the prior year.

淨融資成本為 13.6 億英鎊，比上年減少 1.16 億英鎊，這得益於配股後淨債務減少以及指數掛鉤債務通膨率降低，但部分被再融資成本增加的影響所抵消，我們在本年度發行了 32 億英鎊的債券。全年基本有效稅率（不含合資企業份額）為15.4%，較上年下降20個基點。這反映出與去年相比，符合全額費用條件的資本支出水準有所提高。基本收益為 35 億英鎊，每股收益為 73.3 便士，較上年增長 2%。

Moving now to cash flow. Cash generated from continuing operations was GBP7 billion, down 4% compared to the prior year. This decrease was driven by timing as we returned balancing charges within the ESO in the first half of the year, following over recoveries in the prior year.

現在轉向現金流。持續經營產生的現金為70億英鎊，較前一年下降4%。這一下降是由於時間因素造成的，因為我們在上半年歸還了 ESO 內的平衡費用，而上一年則收回了部分費用。

Net cash inflow at GBP954 million was GBP4.6 billion higher than the prior year, reflecting the proceeds of our rights issue, partly offset by the increase in capital investment. Combined with disposal proceeds from the ESO and the remaining 20% stake in Gas Transmission, we saw a reduction in net debt of GBP1.7 billion to GBP41.4 billion.

淨現金流入為 9.54 億英鎊，比上年高出 46 億英鎊，反映了我們配股的收益，但部分被資本投資的增加所抵消。加上 ESO 的處置收益和 Gas Transmission 剩餘的 20% 股份，我們的淨債務減少了 17 億英鎊至 414 億英鎊。

Moving to our FY '26 guidance, which is presented at an assumed exchange rate of $1.30 to sterling. The EPS growth is expected to be at the lower end of the 6% to 8% range, reflecting a headwind of a slightly weaker dollar. Capital investment is expected to be over GBP11 billion next year, driving asset growth of around 11%, and net debt is expected to increase by just over GBP6 billion, excluding expected proceeds from the National Grid Renewables and Grain LNG sales. As usual, detailed business unit guidance has been provided in our results statement.

轉到我們的 26 財年指導，該指導以假設的美元兌英鎊匯率 1.30 呈現。預計每股收益成長率將處於 6% 至 8% 區間的低端，反映出美元略微走弱的不利因素。預計明年資本投資將超過 110 億英鎊，推動資產成長約 11%，淨債務預計將增加 60 億英鎊以上，這還不包括國家電網再生能源和 Grain LNG 銷售的預期收益。與往常一樣，我們的業績聲明中提供了詳細的業務部門指導。

Turning to the 5-year framework. As I said at the beginning, as a result of our visibility and resilience, we are reconfirming our financial framework from April 2024 to March 2029. We still expect to invest around GBP60 billion over 5 years, driving asset growth of around 10% and EPS growth of 6% to 8% from this year's baseline of 73.3p. Our aim remains to grow the dividend in line with average CPIH, and we remain committed to maintaining our current investment-grade credit rating.

談到五年框架。正如我在一開始所說，由於我們的知名度和彈性，我們正在重新確認 2024 年 4 月至 2029 年 3 月的財務框架。我們仍預計在 5 年內投資約 600 億英鎊，推動資產成長約 10%，每股收益從今年的 73.3 便士基數成長 6% 至 8%。我們的目標仍然是使股息成長與 CPIH 平均值保持一致，並且我們仍致力於維持當前的投資等級信用評級。

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

說完這些，我就把你交還給約翰。

Many thanks, Andy. Before we move to your questions, I want to spend just a few minutes setting out National Grid's priorities for the coming year and a journey that we're on to support economic development, energy security and decarbonization across our jurisdictions.

非常感謝，安迪。在回答您的問題之前，我想花幾分鐘時間介紹國家電網來年的優先事項，以及我們為支持轄區內經濟發展、能源安全和脫碳而採取的措施。

Starting in the US, where nearly half of our investment will be spent over the 5-year frame. From a regulatory perspective, we have a number of key priorities. In New York, having reached a joint proposal for our Niagara Mohawk business, we'll continue to engage with the POC ahead of the anticipated approval by the commission in the summer.

從美國開始，我們將近一半的投資將在五年內花完。從監管角度來看，我們有許多關鍵優先事項。在紐約，我們已就尼亞加拉莫霍克業務達成了聯合提案，我們將繼續與 POC 接觸，並爭取在夏季獲得委員會的批准。

In Massachusetts, we'll continue to work with the DPU to agree the recovery mechanisms under the electric sector modernization plan. We'll also be preparing our next rate filing for Massachusetts Gas, and we'll work with the DPU to put forward a plan that balances investment needs and customer affordability.

在麻薩諸塞州，我們將繼續與 DPU 合作，就電力產業現代化計畫下的恢復機制達成協議。我們還將準備為馬薩諸塞州天然氣公司提交下一份費率申請，並與 DPU 合作提出一項平衡投資需求和客戶承受能力的計劃。

On policy, we'll continue to work closely on its state energy plan to develop a comprehensive road map to a clean, resilient and affordable feature for our customers. In Massachusetts, having filed our climate compliance plan last month, we'll be supporting the discovery phase over the coming months, and we'll work with the state as they advance the NG affordability bill.

在政策方面，我們將繼續密切合作，制定全面的路線圖，為我們的客戶提供清潔、有彈性且價格合理的能源。在麻薩諸塞州，我們上個月提交了氣候合規計劃，並將在未來幾個月內支持探索階段，並與該州合作推動天然氣可負擔性法案。

And across our US businesses, we're supporting our policymakers to understand the impacts and opportunities of increasing demand growth from data centers, and we're supporting federal policymakers as they begin to look at resource adequacy in the region.

在我們的美國業務中，我們正在支持我們的政策制定者了解資料中心需求成長的影響和機遇，我們正在支持聯邦政策制定者開始關注該地區的資源充足性。

Moving to the UK. In Electricity Transmission, our priority will be to continue to ramp up capital delivery, including commissioning two further circuits to our London Power Tunnels project. Our primary regulatory focus for the year is to reach agreement with Ofgem on an investable RIIO-T3 framework that will allow us to deliver at the unprecedented scale and pace that is needed to meet the UK's ambitious climate goals.

移居英國。在電力傳輸方面，我們的首要任務是繼續增加資本交付，包括為倫敦電力隧道專案調試另外兩條電路。我們今年的主要監管重點是與 Ofgem 就可投資的 RIIO-T3 框架達成協議，這將使我們能夠以前所未有的規模和速度實現英國雄心勃勃的氣候目標。

We expect Ofgem's draft determination to be published in June, with a final determination in December, ahead of a new regulatory period starting in April 2026. We'll also be focused on supporting the NESO with the recontracting of the Connections queue, which in turn will clarify the specific investments in locations required in the LTUs of T3.

我們預計 Ofgem 的決定草案將於 6 月公佈，最終決定將於 12 月公佈，新的監管期將於 2026 年 4 月開始。我們還將重點支持 NESO 重新制定連接隊列，這反過來將明確 T3 的 LTU 所需位置的具體投資。

Staying on the topic of connections, we're also seeing significant increases in data center requests, with 15 gigawatts of signed contracts now in our pipeline. Our RIIO-T3 plan has been developed to meet this demand, and we're also supporting the government's recently formed AI Energy Council. Here, we're working to meet the challenges of increased power demand, including proposals for AI growth zones dedicated to data center development.

繼續討論連線問題，我們也看到資料中心請求顯著增加，目前我們已簽署了 15 千兆瓦的合約。我們的 RIIO-T3 計畫就是為了滿足這項需求而製定的，我們也支持政府最近成立的人工智慧能源委員會。在這裡，我們正在努力應對電力需求成長帶來的挑戰，包括專門用於資料中心開發的人工智慧成長區的提案。

On the policy front, we expect to see the planning legislation progress through Parliament, and we'll continue to advocate for wider planning reforms. Through our input into the NESO, we'll support progress on the longest-term strategic special energy plan, which should align with the government's forthcoming industrial strategy. And we want to see a skill strategy developed, which together with industry, creates a collective view of the workforce needed in 2030 and beyond.

在政策方面，我們期待看到規劃立法在議會取得進展，我們將繼續倡導更廣泛的規劃改革。透過對 NESO 的投入，我們將支持長期戰略專案能源計畫的進展，該計畫應與政府即將出台的工業戰略保持一致。我們希望看到技能策略的製定，並與產業一起，對 2030 年及以後所需的勞動力形成集體看法。

In strategic infrastructure, our priority is to continue to ramp up the ASTI program, where we'll be focused on stepping up work on the six Wave one projects that are now under construction and finalizing the procurement contracts, the remaining offshore projects. Once complete, we'll have secured Tier 1 supplier contractors for all 17 of our ASTI projects. We'll also be focused on the consenting process with a total of eight consultations planned this year.

在戰略基礎設施方面，我們的首要任務是繼續加強 ASTI 計劃，我們將重點加強目前正在建造的六個 Wave one 項目的工作，並最終確定採購合約以及剩餘的海上項目。一旦完成，我們將為所有 17 個 ASTI 項目確保一級供應商承包商。我們也將聚焦在同意流程，今年計劃共進行八次磋商。

In our electricity distribution business, our priority is to complete our targeted GBP100 million synergy benefits and deliver improved returns. And following the publication of the ED3 framework decision document, we look forward to engaging in the sector-specific methodology consultation later in the year.

在我們的電力分配業務中，我們的首要任務是完成 1 億英鎊的協同效益目標並實現更高的回報。在 ED3 框架決策文件發布之後，我們期待在今年稍後參與特定行業的方法諮詢。

Turning finally to National Grid Ventures. Our priorities will be to complete the sale of National Grid Renewables, agree the sale of Grain LNG having launched the process at the end of April and to continue the development of our LionLink project in the UK and the Propel transmission project through our New York Transco joint venture.

最後談談國家電網創投公司。我們的首要任務是完成國家電網再生能源公司的出售，同意出售 Grain LNG（已於 4 月底啟動流程），並透過我們的紐約 Transco 合資企業繼續開發我們在英國的 LionLink 專案和 Propel 輸電專案。

So in summary, it's been another year of enormous progress. As you'll have seen, I recently announced my decision to retire from National Grid, and I'm delighted that the Board has appointed Zoe Yujnovich as my successor. She has all the attributes required to deliver on the significant growth opportunity ahead. I'm looking forward to welcoming Zoe in the autumn and working with her before handing over the (inaudible) in November.

總而言之，這是另一個取得巨大進步的一年。正如您所看到的，我最近宣布了從國家電網退休的決定，我很高興董事會任命佐伊·尤伊諾維奇為我的繼任者。她具備抓住未來重大發展機會所需的所有特質。我期待著在秋天迎接佐伊 (Zoe) 的到來，並在 11 月移交（聽不清楚）之前與她一起工作。

It's been an immense honor for me to work with so many talented people over the years, and to lead the company I joined as a graduate. I'm very proud that National Grid is leading the way to a new energy era, building the next generation of networks to unleash the energy needed to meet increasing demand.

多年來，能夠與這麼多才華橫溢的人一起工作，並領導我畢業時加入的公司，對我來說是莫大的榮幸。我非常自豪國家電網正在引領新能源時代，建立下一代網路以釋放滿足日益增長的需求所需的能源。

We're delivering extraordinary change at National Grid, implementing the largest ever overhaul of our networks across all the jurisdictions that we serve. In a turbulent and unpredictable world, National Grid has a beacon stability with an investment proposition that provides high asset growth, strong earnings growth and an inflation-protected dividend.

我們正在國家電網進行非凡的變革，對我們服務的所有轄區的網路實施有史以來最大規模的改革。在動盪和不可預測的世界中，國家電網擁有燈塔般的穩定性，其投資主張可提供高資產成長、強勁的獲利成長和通膨保護的股息。

In this context, we remain focused on delivering secure, affordable and clean energy for our customers and communities, whilst providing long-term value and returns for our shareholders. As you've heard, there is much to do in the coming months. And I remain fully focused on ensuring we don't miss a beat, so that I leave National Grid in the strongest possible position for its future success.

在此背景下，我們將繼續致力於為客戶和社區提供安全、實惠和清潔的能源，同時為股東提供長期價值和回報。正如您所聽到的，未來幾個月有很多事情要做。我將繼續全力以赴，確保我們不會錯過任何一個細節，以便國家電網在未來成功時處於最有利的位置。

Let me stop there and give you the opportunity to ask questions.

我就此打住，給你們提問的機會。

Okay. So there are lots of questions coming through. So I'm going to start with Dominic from Barclays. And then after that, I'll go to Sarah at Morgan Stanley.

好的。因此有許多問題出現。我先請巴克萊銀行的多明尼克發言。然後，我會去摩根士丹利找莎拉。

So Dominic, would you like to ask your question?

那麼 Dominic，你想問一個問題嗎？

Hi there. Yes, thank you. It's Dominic Nash from Barclays. So thanks for your presentation and also, I'd just like to say thank you, I appreciate your time at Nat Grid and I wish you all the best in your decision on moving on.

你好呀。是的，謝謝。我是巴克萊銀行的多明尼克·納許。所以感謝您的演講，同時，我也想說謝謝，我很感謝您在 Nat Grid 工作的時間，並祝您在繼續前進的決定中一切順利。

A couple of questions for me, please. Firstly, on RIIO-T3, we clearly have the DD date now in the diary for the 25th of June. You submitted your business plans in December with, I think, a 35 billion totex program. And since then, clearly, there's been a few movements in UK policy and a few sort of projects sort of falling out and going sort of left and right.

請問我幾個問題。首先，在 RIIO-T3 上，我們在日記中清楚地看到了 6 月 25 日的 DD 日期。我認為，你們在 12 月提交了商業計劃，其中包括一項價值 350 億美元的計劃。從那時起，英國的政策顯然發生了一些變動，一些項目也出現了分歧，左右搖擺。

What do you -- on your conversations that you've had with Ofgem, what do you expect to see different in the DD to sort of your business plan with regards to CapEx to the real nominal split in the debt calculation and on the returns where I think Ofgem was 5.5% real, and I think you (inaudible) at [6.3%].

在您與 Ofgem 的對話中，您認為 DD 和商業計劃中關於資本支出、債務計算的實際名義分割以及回報方面會有什麼不同？我認為 Ofgem 的實際回報率是 5.5%，我認為您（聽不清楚）[6.3%]。

And then the second question is just sort of following up from that is -- that the [Iberian] blackout a couple of weeks ago. What sort of discussions have you had with policymakers and with the UK sort of regulators on kind of what happened and what the impact here? And what sort of opportunities or changes are potentially needed in the UK to ensure that something like that doesn't happen here?

第二個問題只是對此的後續──幾週前發生的[伊比利亞]停電事件。您與政策制定者和英國監管機構就發生的事情及其影響進行了哪些討論？那麼英國可能需要什麼樣的機會或改變來確保類似的事情不會發生呢？

Thank you.

謝謝。

Okay. Thanks, Dominic. There's quite a lot in that. So why don't I start on RIIO-T3. I'll ask Andy to talk about nominal debt, and then I'll come back on the (inaudible) blackout.

好的。謝謝，多米尼克。其中有很多內容。那我為什麼不從 RIIO-T3 開始呢？我會讓安迪談談名義債務，然後我再談（聽不清楚）停電問題。

I mean, as you said, we made the business plan submission in December. And I'd say since then, we've had really productive conversations with Ofgem. As you expect, we're in the sort of last few months of the RIIO-T3 process, that has been going for 2.5 years, I think.

我的意思是，正如你所說，我們在 12 月提交了商業計劃。我想說，從那時起，我們與 Ofgem 進行了非常有成效的對話。正如您所預料的，我們正處於 RIIO-T3 進程的最後幾個月，我認為該進程已經持續了 2.5 年。

What I'd say is our focus at the moment is very much on the financial framework. You might be aware we had a roundtable with our investors and Ofgem recently, and I'd like to thank our investors who attended that who directly reinforce the message that we've been giving Ofgem around the importance of investable framework for RIIO-T3.

我想說的是，我們目前的重點是財務框架。您可能知道，我們最近與投資者和 Ofgem 舉行了一次圓桌會議，我要感謝與會的投資者，他們直接強化了我們向 Ofgem 傳達的有關 RIIO-T3 可投資框架重要性的信息。

Our focus continues to be as it was when we made the submission in December. There are three elements of the financial framework. The first is the returns. We've been very clear that we believe that in the range that Ofgem set out, the base returns should be at the top end. And in our submission, we talked about [6.3%] being an appropriate level.

我們的重點仍然和去年 12 月提交時一樣。財務架構有三個要素。首先是回報。我們已經非常明確地表示，我們相信，在 Ofgem 設定的範圍內，基本回報應該處於最高水準。在我們的提交意見中，我們討論了[6.3％]是一個合適的水平。

But also on top of that, the cash characteristics need to be right to get the right balance of earnings growth and asset growth, and also that the incentives are there as well to get to a sensible return that's comparable to what we see internationally. So all of that conversations are going on, as you'd expect.

但除此之外，現金特徵必須正確，才能在獲利成長和資產成長之間取得適當的平衡，而且還需要有激勵措施來獲得與國際上相當的合理回報。因此，正如您所期望的，所有這些對話都在進行中。

In terms of the investment levels, in terms of ASTI, which is a big part of the electricity transmission, we don't see the recent announcements impacting on that investment profile. And the GBP35 billion that we submitted is consistent with everything that we talked about with regards to ASTI and the GBP60 billion. So electricity transmission makes up about GBP23 billion of the [GBP60 billion], different time frames, but that GBP23 billion is consistent with the GBP35 billion we submitted in the business plan.

就投資水準而言，就作為電力傳輸重要組成部分的 ASTI 而言，我們認為最近的公告不會對投資狀況產生影響。我們提交的 350 億英鎊與我們談論的有關 ASTI 和 600 億英鎊的所有內容一致。因此，電力傳輸約佔 [600 億英鎊] 中的 230 億英鎊，時間範圍不同，但這 230 億英鎊與我們在商業計劃中提交的 350 億英鎊是一致的。

Andy, do you want to just talk about nominal debt?

安迪，你只想談談名目債務嗎？

Yes. Thanks, Dominic. Yes, I think Ofgem were fairly clear in their [SS&D], about signaling the direction of travel on moving to a sort of a nominal debt approach. We've seen nothing since then that would indicate that's less likely than it was. Obviously, we'll have to wait and see what comes out on the June 25. But everything we're seeing at the moment is that remains the most likely direction of travel.

是的。謝謝，多米尼克。是的，我認為 Ofgem 在其 [SS&D] 中如此明確地表明了轉向某種名義債務方式的方向。從那時起，我們沒有看到任何跡象表明這種可能性比以前更小。顯然，我們必須拭目以待，看看 6 月 25 日會發生什麼。但我們目前所看到的一切仍然是最有可能的發展方向。

But I think as John said, for us, that's one element of ensuring that the total package gives us the right balance and including cash characteristics overall. Clearly, a move to a nominal debt does serve to accelerate some level of cash, but it's only a portion of, I think, of the overall level that we've asked for in our business plan. So yes, that's what we'll be looking for on the [25].

但我認為，正如約翰所說，對我們來說，這是確保整個方案為我們帶來正確平衡並包含整體現金特徵的一個要素。顯然，轉向名義債務確實有助於加速一定程度的現金，但我認為，這只是我們在商業計劃中要求的總體水平的一部分。是的，這就是我們在[25]。

In terms of the instant (inaudible), Dominic, I mean I think we're all waiting to see what comes out of the investigation. As far as I'm aware, there is no clarity yet on the root cause, lots of speculation and lots of hypothesis. I mean I do think it is massively important that given the increasing dependency society has on electricity, not just for lighting, but for heat and transport going forward, the -- actually things like resilience have looked at very carefully.

就即時（聽不清楚）而言，多米尼克，我的意思是，我認為我們都在等著看調查結果。據我所知，根本原因尚不明確，存在著許多猜測和假設。我的意思是，我確實認為，鑑於社會對電力的依賴性日益增加，這非常重要，不僅用於照明，還用於未來的供暖和運輸，實際上，像彈性這樣的事情已經得到了非常仔細的研究。

I can talk about the UK in terms of -- I've seen some of the hypotheses around renewables. And when the National Energy System operator was part of National Grid is the electricity system operator, we started several years ago looking at pathway products, as we call them, which are effectively technical products that would be needed to support a renewable system with things like frequency response from different sources, [volts] control, reactive power and inertia. And I know the National Energy System operator holds a certain level of (inaudible) system depending when -- how much renewables are there. So that standards in place in the UK.

我可以從以下方面談論英國——我已經看到了一些有關再生能源的假設。當國家能源系統營運商成為國家電網的一部分時，我們幾年前就開始研究所謂的路徑產品，這些產品實際上是支援再生能源系統所需的技術產品，包括來自不同來源的頻率響應、[伏特]控制、無功功率和慣性。我知道國家能源系統營運商擁有一定程度的（聽不清楚）系統，具體取決於再生能源的數量。因此英國已經建立了標準。

But the reality is we need to wait to see what comes out of the investigation, what the root cause is. And then from that, we'll be able to learn any lessons that are relevant for the UK. Okay.

但事實上，我們需要等待調查結果，看看根本原因是什麼。然後，我們將能夠從中吸取任何與英國相關的教訓。好的。

So I was going to go to Sarah next from Morgan Stanley, and then after that, I'll go to Pavan, JPMorgan.

因此，我接下來要去找摩根士丹利的莎拉，然後再去找摩根大通的帕萬。

So Sarah, would you like to ask your question?

那麼莎拉，你想問一下你的問題嗎？

Yes, thank you very much. But first and foremost, John, congratulations to all you've achieved during your time at Grid. I've got two questions, please. The first one is slightly different, but similar (inaudible) Dom's second question. Mines specifically related to NESO's final recommendations and conclusion report on the North Hyde substation fire that we're expecting by the end of June that you mentioned.

是的，非常感謝。但首先，約翰，恭喜你在 Grid 任職期間所取得的所有成就。我有兩個問題，請問一下。第一個問題略有不同，但與 Dom 的第二個問題類似（聽不清楚）。我特別提到了 NESO 關於北海德變電站火災的最終建議和結論報告，我們預計報告將於 6 月底前公佈。

Just wondering what you expect to see in that that's tangible for the direction of investment needs or maybe put differently, what would you like to see in that final report?

只是想知道您希望從中看到什麼對於投資需求方向有實質的影響，或者換句話說，您希望在最終報告中看到什麼？

And then secondly, a high-level question, please. And given the upcoming CEO succession, I feel like it's very much obligatory to ask a reflective question. So John, I'm curious, how would you pitch the National Grid equity story today versus how you would have pitched it on day 1 in the CEO seat?

其次，請問一個高層次的問題。考慮到即將到來的執行長繼任，我覺得有必要提出一個反思性的問題。所以約翰，我很好奇，與您在擔任執行長的第一天所講述的國家電網股權故事相比，您今天會如何講述它？

Thank you.

謝謝。

Thank you, Sarah. You made me laugh this morning, nothing else. Look, let me talk about the North Hyde incident. So first of all, as you can imagine, we were pleased to see the interim report that came out from NESO last week. I think it was really sensible to set out the time frame, the sequence and the next steps as an initial sort of part of the report.

謝謝你，莎拉。今天早上你讓我笑了，僅此而已。聽著，讓我來談談北海德事件。首先，正如您所想像的，我們很高興看到 NESO 上週發布的中期報告。我認為，在報告的初始部分列出時間框架、順序和後續步驟是非常明智的。

We are working closely with NESO. We're providing all the information that you can imagine that is needed for that type of investigation.

我們正在與 NESO 密切合作。我們提供您能想到的此類調查所需的所有資訊。

I'm hopeful that the report that comes out in June will cover all aspects of the incident. So as you know, from our perspective, it was a very rare event. In my very long career, I can't remember a circumstance we've had such a ferocious fire that's taken out a substation. But also Pawel was also available into the local area and to Heathrow right through that throughout two other substations. So I'm hoping it will look at the specifics of the asset failure at the substation.

我希望六月發布的報告能夠涵蓋該事件的各個方面。所以，如你所知，從我們的角度來看，這是一個非常罕見的事件。在我漫長的職業生涯中，我不記得發生過如此猛烈的火災，導致變電站被摧毀。但 Pawel 也可以透過另外兩個變電站進入當地區域並直達希斯路機場。所以我希望它能調查變電所資產故障的具體情況。

It will look at broader resilience issues. It will look at the interaction between transmission distribution and national critical infrastructure, and it will look more broadly around the changing nature of networks as they go forward. From the scope of the terms of reference I've seen, I think it will cover all those aspects, and we look forward to seeing the report when it comes out at the end of June.

它將研究更廣泛的彈性問題。它將研究傳輸分配和國家關鍵基礎設施之間的相互作用，並將更廣泛地研究網路未來發展過程中不斷變化的性質。從我所看到的職權範圍來看，我認為它將涵蓋所有這些方面，我們期待在 6 月底看到該報告。

In terms of -- I didn't quite get the question, but in terms of the -- as I move on from National Grid, the proposition that National Grid makes today to its equity investors is very clear. It is very much a growth and dividend proposition. And as you know, we've set out for the next 5 years that we're looking to grow the asset base by 10%, and we're looking to grow the dividend or policies to grow it in line with CPIH. And that very much is the focus for National Grid.

就——我不太明白這個問題，但就——當我談論國家電網時，國家電網今天向其股權投資者提出的建議非常明確。這在很大程度上是一個成長和紅利主張。如您所知，我們已製定了未來 5 年的目標，即希望將資產基礎增長 10%，並希望增加股息或製定政策，使其與 CPIH 保持一致。這正是國家電網關注的重點。

I think from where I started back in 2016, growth was significantly lower. Back then, we were more typical perhaps of what people expect in the utility. But as we look forward, growth is an important part of the proposition.

我認為從 2016 年開始，成長率就明顯較低。那時，我們可能更能反映人們對公用事業的期望。但展望未來，成長是該主張的重要組成部分。

And that is all underpinned, I think, by the fact that, as we said in our results today, what National Grid is, it's very predictable. It's very stable and has an incredibly resilient business model in a world in which there's quite a lot of turbulence.So that proposition of growth and yield but also stability and predictability, I think, is the key to an equity proposition for our investors.

我認為，這一切都是基於這樣一個事實：正如我們今天的結果所示，國家電網的情況非常可預測。它非常穩定，並且在充滿動蕩的世界中擁有令人難以置信的彈性商業模式。因此，我認為，成長和收益以及穩定性和可預測性的主張是我們投資者股權主張的關鍵。

Okay. So we'll go to Pavan and then after that, we'll go to Mark at UBS.

好的。因此，我們將先去帕萬 (Pavan)，然後再去瑞銀 (UBS) 的馬克 (Mark)。

Hi, good morning.

嗨，早安。

Thank you for taking my questions. And John, I'd like to echo Dom and Sarah's congratulations on your career at National Grid. My two questions are, firstly, you mentioned, John, in your -- some of the measures you're taking on affordability in Massachusetts. I guess, if you can go into a bit more detail on what you're seeing on affordability pressure in the US? Any pressure you're seeing on returns and how your conversations are going with the US regulators and with US policymakers on this topic?

感謝您回答我的問題。約翰，我想和多姆和莎拉一樣，對你在國家電網的職業生涯表示祝賀。我有兩個問題：首先，約翰，你提到了你在馬薩諸塞州為提高負擔能力而採取的一些措施。我想，您能否更詳細地介紹一下您所看到的美國的負擔能力壓力？您在回報方面是否感受到壓力？您與美國監管機構和美國政策制定者就此議題的對話進展如何？

And my second question is on the planning and infrastructure bill. I appreciate that it may not have -- on your 5-year frame. And I think you said this in your statement. But are there any -- can you talk about any positives that could be given the 5-year frame or certainly beyond that, how we should think about that affecting National Grid, please?

我的第二個問題是關於規劃和基礎設施法案。我知道這可能不會發生在你的 5 年框架內。我認為您在聲明中提到了這一點。但是，您能否談談在 5 年框架內或更長時間內可能出現的任何積極因素，我們應該如何看待這對國家電網的影響？

Thank you.

謝謝。

Yeah. Thanks, Pavan. I mean in terms of affordability, I mean, I think you're aware that National Grid thinks very carefully and thoughtfully around any rate case that we're doing to make sure we get the balance right between the investment that many of our regulators and policymakers wanted to make and ultimately, affordability. And therefore, we have lots of deep conversations with our regulators to make sure that any submission reflects that.

是的。謝謝，帕萬。我的意思是，就可負擔性而言，我想您知道國家電網對我們所做的任何費率案例都非常謹慎和深思熟慮，以確保我們在許多監管機構和政策制定者想要進行的投資與最終的可負擔性之間取得平衡。因此，我們與監管機構進行了多次深入對話，以確保提交的任何文件都反映這一點。

In New York, you'll have seen that in terms of we take our latest rate case in NIMO, we've got a joint proposal, which is for 3-years. And within that, we've actually smoothed out the increase in the bills over that 3-year period to reflect the fact that commodity prices have been quite high in the US during the winter. And therefore, that's mitigated the impact for customers whilst doing the investment we need. We also set aside about $290 million to support vulnerable customers over that rate case period, with nearly $100 million in the first year.

在紐約，您會看到，就我們在 NIMO 中的最新利率案例而言，我們有一個為期 3 年的聯合提案。並且，我們實際上已經平滑了這三年期間的帳單成長，以反映冬季美國商品價格相當高的事實。因此，在進行我們所需的投資的同時，也減輕了對客戶的影響。我們也撥出約 2.9 億美元來支持該利率案例期間的弱勢客戶，其中第一年撥出近 1 億美元。

So again, that's us working closely with the regulator to make sure we got that balance right. In terms of returns, then in New York, as you saw in the joint proposal, we're actually got a joint proposal that increases our returns, I think, reflecting the nature of the investments that we're doing from 9% to 9.5% for Niagara Mohawk. And similarly, in Downstate New York, you would have seen the 3-year rate case there where we saw an increase to 9.35%. So I think the regulators are thoughtful in making sure that it is an investable proposition as we do this significant investment, but we are careful as we think about affordability.

因此，我們再次與監管機構密切合作，以確保實現正確的平衡。就回報而言，正如您在聯合提案中所看到的，在紐約，我們實際上得到了一個聯合提案，該提案可以提高我們的回報，我認為這反映了我們對尼亞加拉莫霍克的投資性質，回報率從 9% 提高到 9.5%。同樣，在紐約州南部，你會看到那裡的 3 年期利率上升至 9.35%。因此，我認為監管機構會深思熟慮，確保我們在進行這項重大投資時這是一個可投資的提議，但我們在考慮可負擔性時也會非常謹慎。

In Massachusetts, you would have seen, as I referenced in my speech, high commodity prices during the winter. I mean our gas customers were struggling a bit. And then we were very happy to work with the regulator to provide a 10% discount on bills in March and April, which we'll then recover in the summer when commodity prices are low. And as we look forward, again, we will be very thoughtful both in terms of how do we deliver the investment needed in our rate case for Massachusetts Gas and how do we reflect that in affordability.

正如我在演講中提到的，在馬薩諸塞州，你們會看到冬季商品價格高漲。我的意思是我們的天然氣客戶有點困難。然後，我們很高興與監管機構合作，在 3 月和 4 月提供 10% 的帳單折扣，然後我們將在夏季商品價格較低時恢復折扣。展望未來，我們將非常認真地考慮如何實現馬薩諸塞州天然氣費率方案所需的投資，以及如何在可負擔性方面體現這一點。

And you may have seen this week actually that the Governor of Massachusetts has launched an initial affordability bill. It's a 120-page document, and we will work through that with the governor's office and the PSC to see how we can support and contribute towards that as it goes through the sort of various machinations of committees and the Senate and Congress and so on. So that's sort of how we think about affordability, but it's an important issue, and you're quite right to raise it.

您可能已經看到本週馬薩諸塞州州長已經推出了一項初步的可負擔性法案。這是一份 120 頁的文件，我們將與州長辦公室和 PSC 一起研究如何在其經過委員會、參議院和國會等各種程序的過程中為其提供支持和貢獻。這就是我們對可負擔性的看法，但這是一個重要的問題，你提出這個問題非常正確。

In terms of building and infrastructure, the planning and infrastructure bill, I mean, a lot of what's in that bill are things that National Grid has been advocating for. So we're sort of really pleased with that the government is moving forward with that. So there's a lot in there that will streamline the planning process and make it more effective and shorter. There is some legislation in there to make the ability to challenge more focused. And of course, there's proposals for things like community benefits.

在建築和基礎設施方面，規劃和基礎設施法案，我的意思是，該法案中的許多內容都是國家電網一直倡導的。因此，我們對政府正在推動這項工作感到非常高興。其中有許多內容可以簡化規劃流程，使其更有效、更短。其中有一些立法可以使挑戰的能力更加集中。當然，還有一些關於社區福利等方面的提議。

There's also been a recent amendment actually to shorten the statutory consultation process that, again, could potentially take about a year out of the planning process in the UK. So we're very supportive of all of that. And in my speech, I referenced the fact that it will help to derisk I think some of the ASTI projects and some of the legislation will absolutely do that. But most of the ASTI projects were already in train. So as you've heard, our 6 projects that are Phase 1, are already -- have planning under in construction. We've got 8 consultations running this year.

最近也推出了一項修正案，實際上縮短了法定諮詢流程，這可能會使英國的規劃流程縮短約一年的時間。所以我們非常支持這一切。我在演講中提到，這將有助於降低風險，我認為一些 ASTI 項目和一些立法絕對可以做到這一點。但大多數 ASTI 項目已在進行中。正如您所聽到的，我們第一階段的 6 個項目已經規劃並正在建設中。今年我們已經進行了 8 次諮詢。

So the time the legislation goes through, we would have been through the majority of our ASTI projects in terms of the planning process. So I think it really helps us as we move into the 2030s and beyond.

因此，當立法通過時，我們的大部分 ASTI 項目在規劃過程中就已經完成了。所以我認為這對我們邁入 2030 年代及以後確實有幫助。

I'll go to Mark next and then Ahmed from Jefferies. So Mark, would you want to ask your questions?

接下來我將與馬克聯繫，然後與 Jefferies 的艾哈邁德聯繫。那麼馬克，你想問一下你的問題嗎？

Hey John, so firstly, congratulations on the shareholder returns you've generated over the last 9- or 10-years, and looking forward to seeing where you move on to once you retire from National Grid. But I have two questions, one for you, John, one for Andy.

嘿，約翰，首先，恭喜你在過去 9 年或 10 年裡為股東創造的回報，並期待看到你從國家電網退休後的發展方向。但我有兩個問題，一個問你，約翰，一個問安迪。

John, EGL1, which you haven't mentioned, is 16 months late, very early on in the project. It's a GBP2.5 billion project, and I think Ofgem is minded from their wording in their document there. They're clearly minded to give your penalty -- you and your partners a penalty for that. Given -- you speak a lot about the framework agreements and booking out the supply chain, but the supply chain is struggling, so how can we be sure that we're not going to see other further delays like this, 16 months delay to EGL1.

約翰，你沒有提到的 EGL1 已經晚了 16 個月，處於專案的早期階段。這是一個耗資 25 億英鎊的項目，我認為 Ofgem 在文件中的措辭中對此持謹慎態度。他們顯然想對你和你的伙伴進行處罰。鑑於 - 您談論了很多關於框架協議和預訂供應鏈的問題，但供應鏈正處於困境中，那麼我們如何確定我們不會看到像這樣的進一步延遲，EGL1 延遲 16 個月。

My second question for Andy, is just on community wind. When we spoke previously, my understanding was National Grid has certain protections to put the project back to your partners, RWE. You've written off what would seem most, if not all of it, today. Is there any chance of you recovering some of the cash somehow from that? Or is that GBP300 million completely a sum cost, now an impaired cost?

我對安迪的第二個問題是關於社區風。當我們之前交談時，我的理解是國家電網有一定的保護措施，可以將專案交還給您的合作夥伴 RWE。今天，您似乎已經註銷了大部分（如果不是全部的話）的內容。您有沒有可能透過某種方式收回部分現金？還是這 3 億英鎊完全是一筆總成本，現在又是一筆受損成本？

Thank you.

謝謝。

Thanks, Mark, and thanks for your comments as well. I mean, in terms of EG1, I don't think you should infer anything about the other ASTI projects when you look at EG1. EG1 actually has quite a long history, and a lot of it was developed under the lofty process rather than the ASTI process and all the regulatory frameworks that we put in place around that.

謝謝，馬克，也謝謝你的評論。我的意思是，就 EG1 而言，我認為當你看到 EG1 時你不應該推斷出任何關於其他 ASTI 項目的資訊。EG1 實際上有著相當悠久的歷史，其中許多都是在崇高的流程下開發的，而不是 ASTI 流程以及我們圍繞該流程建立的所有監管框架。

Having said that, at the point at which we were asked to take the project forward because there was a debate about whether it's going to be pro to competition or not, we immediately went out to the market to see what was available in the supply chain. And the reaction from the supply chain was they get supported but in a slightly different time frame.

話雖如此，當我們被要求推進該項目時，因為存在關於它是否有利於競爭的爭論，我們立即去市場上看看供應鏈中有什麼可用的東西。供應鏈的反應是他們得到了支持，但時間框架略有不同。

You've seen the consultation for Ofgem, in which they've said that they're not minded to give us the extension. But one of the things they say in the consultation is that they don't feel that we provided sufficient evidence on what the world well supply chain looks like. So that consultation is still live. As you can imagine, we are going back to Ofgem. We believe we have significant evidence to demonstrate that actually, there was a limitation in terms of the time skills that, that supply chain could deliver at the point at which we were asked to take that project forward.

您已經看到了 Ofgem 的諮詢，他們在諮詢中表示不打算給我們延期。但他們在諮詢中提到的一件事是，他們認為我們沒有提供足夠的證據來證明全球供應鏈是什麼樣的。因此該諮詢仍在進行中。正如您所想像的，我們將回到 Ofgem。我們相信，我們有大量證據表明，當我們被要求推進該專案時，供應鏈所能提供的時間技能實際上存在限制。

For the other ASTI projects, as you know, we've got an awful lot of things in place, including advanced procurement mechanisms and also licensability associated with the supply chain. So I don't think you should read anything across from EG1 for the other projects. We'll talk a lot more about this afternoon at our event. But our focus at the moment is providing that data to Ofgem and the evidence to Ofgem that they require to get them comfortable that actually making a move in the date is an appropriate thing to do.

對於其他 ASTI 項目，如您所知，我們已經做好了很多準備，包括先進的採購機制以及與供應鏈相關的授權機制。因此我認為您不應該閱讀其他項目的 EG1 的任何內容。我們將在今天下午的活動中詳細討論此事。但我們目前的重點是向 Ofgem 提供數據和他們所需的證據，讓他們確信在日期內採取行動是適當的。

Andy?

安迪？

Yeah, morning, Mark. Thanks for the question. I guess just to remind you what I said in the presentation this morning. We've worked very closely and continue to work very closely with our partner, RWE, on both the short-term decisions around the pause in our development activity on community offshore wind, but also continue to be alive to how that may evolve in the future, and very much looking to continue to see options to take forward that commercial opportunity.

是的，早上好，馬克。謝謝你的提問。我想只是想提醒你們我在今天早上的演講中所說的話。我們與合作夥伴 RWE 一直保持著密切合作，共同製定暫停社區離岸風電開發活動的短期決策，同時也持續關注未來情勢的發展，並非常期待繼續尋找各種選擇來推進這一商業機會。

So what we've announced this morning is very much an accounting impairment given the short-term uncertainty created by some of the recent pronouncements and other activities in the Northeast. From an accounting perspective, we believe it's appropriate to impair the value. To your question, it's -- we fully impaired our investment down to zero with the GBP303 million that we've disclosed this morning.

因此，考慮到東北地區最近的一些聲明和其他活動所造成的短期不確定性，我們今天早上宣布的很大程度上是一種會計減損。從會計角度來看，我們認為減損是適當的。對於您的問題，我們已經將今天早上披露的 3.03 億英鎊投資減損全部降至零。

But as I said, as John said in his remarks, I think we continue to view that there are likely further energy needs in the Northeast. And to the extent that means this project comes back on, we will be very close working with RWE to pursue that.

但正如我所說，正如約翰在他的演講中所說，我認為我們仍然認為東北地區可能有進一步的能源需求。如果這意味著該專案重新開始，我們將與 RWE 密切合作以實現這一目標。

In terms of the protective rights, I think we've always said that, yes, we do have them, but they're attached to particular milestones through the course of the project. And of course, that will therefore be dependent on whether those projects go ahead as to whether those rights come into play.

就保護權而言，我想我們一直在說，是的，我們確實擁有這些權利，但它們與專案過程中的特定里程碑有關。當然，這將取決於這些項目是否繼續進行以及這些權利是否發揮作用。

Thank you, Mark. So I'll go to Ahmed now at Jefferies and then perhaps Deepa at Bernstein. So Ahmed?

謝謝你，馬克。所以我現在會去 Jefferies 找 Ahmed，然後也許會去 Bernstein 找 Deepa。那麼艾哈邁德？

Yes. And firstly, again, best wishes from my side as well. I have three questions. Actually, just coming back to the comments you made about affordability in the New York region. I saw some press commentary from the New York Governor yesterday, which talks about the affordability and how sort of the build rise is sort of coming through from rate reviews.

是的。首先，我再次向您致以最良好的祝愿。我有三個問題。實際上，回到您關於紐約地區負擔能力的評論。我昨天看到了紐約州長的一些新聞評論，其中談到了負擔能力以及建築增長是如何從利率評估中體現出來的。

And that's obviously sort of coming despite sort of the measures that you have highlighted. So how should we think about particularly around the NIMO process from here? Is there something more to be done? Could the process be longer from here? Or does this need to be better engagement between the stakeholders on what's actually sort of getting implemented?

儘管您已經強調了某些措施，但這種情況顯然仍將發生。那麼從現在起我們該如何思考 NIMO 流程呢？還有什麼事要做嗎？這個過程會不會變得更長？或者這是否需要利害關係人之間更好地參與實際實施的事情？

So that's my first question. My second question is I would be interested in your perspective on the other sort of sort of big debate of [zonal] pricing in the UK, particularly if you think that would sort of -- that could play a big role in defining transmission investments into the 2030 period in the UK.

這是我的第一個問題。我的第二個問題是，我對您對英國另一個關於 [區域] 定價的大爭論的看法很感興趣，特別是如果您認為這會在確定英國 2030 年輸電投資方面發揮重要作用。

And then finally, one for sort of Andy. Andy, the guidance for this year seems to be ahead of where consensus expectations are. Is there anything specifically you will call out where you sort of see the outlook better versus consensus?

最後，還有一篇關於安迪的文章。安迪，今年的指導似乎超出了普遍預期。您能否具體指出哪些方面讓您認為前景比普遍看法更好？

Thank you.

謝謝。

Thanks, Ahmed. I mean in terms of -- I'll start with the vulnerability and then [zonal], then Andy can talk about guidance. In terms of the affordability, I mean, I'll just reiterate, I think what I've said, which is we work very closely, not just with the PSC, but with the governor's office to make sure we get the balance right. And I was pleased that the John proposal that we put forward was one that enabled us to be able to make those investments. It's about [GBP5.5 billion] across the 3 years, both electricity and gas, but with a single-digit increase in builds.

謝謝，艾哈邁德。我的意思是——我將從脆弱性開始，然後是[區域]，然後安迪可以談談指導。在可負擔性方面，我的意思是，我只想重申，我認為我已經說過，我們不僅與 PSC 密切合作，還與州長辦公室密切合作，以確保我們取得正確的平衡。我很高興我們提出的約翰提案使我們能夠進行這些投資。這 3 年的投入約為 [55 億英鎊]，包括電力和天然氣，但建築量僅增加了個位數。

And we didn't see any intervention from the governor in the same ways that's happened with other utilities, to be [blunt]. So I think we've tried to get the balance right, recognizing what's going on in New York. And as I said, there's quite a major investment in supporting vulnerability with the $290 million as well, which has been supported by PSC staff. So I think we're in a reasonable shape, but we're very conscious around that.

我們並沒有看到州長像其他公用事業公司一樣進行幹預，[鈍]。所以我認為我們已經嘗試取得平衡，並認識到紐約正在發生的事情。正如我所說，我們在支持脆弱性方面也投入了相當大的資金，達 2.9 億美元，這筆資金得到了 PSC 工作人員的支持。所以我認為我們的狀況還算合理，但我們對此非常清楚。

In terms of zonal pricing. Look, I mean we spend a lot of time thinking about zonal pricing. It doesn't immediately impact on National Grid, to be honest. And people are talking about implementation because it's incredibly complex over a sort of 5-year period. So something for the early 2030s. So it's not going to impact on our GBP60 billion capital investment program.

就區域定價而言。你看，我的意思是我們花了很多時間思考區域定價。說實話，這不會立即對國家電網產生影響。人們正在討論實施問題，因為在大約 5 年的時間內實施起來非常複雜。這是 2030 年代初期的一些事情。所以它不會影響我們的600億英鎊資本投資計畫。

Lots of debate in the industry, as everybody is aware. I mean, we can see that there are potential advantages for zonal pricing in terms of things like price discovery, locational signals and resolution of operational constraints. But at the same time, we can also see there's just a huge amount going on in the industry at the moment with retail reform, connections reform, the rollout of smart meters, the scale of investment right across the industry that requires a degree of sort of stability and certainty so that people are comfortable with that.

眾所周知，業內存在著許多爭論。我的意思是，我們可以看到區域定價在價格發現、位置訊號和解決營運限制等方面具有潛在優勢。但同時，我們也看到，目前該行業正在發生大量的事情，包括零售改革、連接改革、智慧電錶的推出，整個產業的投資規模需要一定程度的穩定性和確定性，以便人們對此感到滿意。

So I think the bar for any incremental change on top of what's already going on, should be very, very high. And my sense at the moment is that probably -- now is probably not the right time for introducing a major reconstruction of how the market operates through zonal pricing. And that in the 2030s, the networks will look very different. And I think maybe that's the time when you might potentially look at the advantages of zonal pricing. But to do it today, I think it just doesn't feel like the right time.

因此我認為，在現有基礎上進行任何漸進式變革的門檻都應該非常非常高。而我目前的感覺是，現在可能不是透過區域定價對市場運作方式進行重大重建的正確時機。到 2030 年代，網路將會有很大不同。我認為也許那時你才有可能考慮區域定價的優勢。但我認為今天做這件事似乎不太合適。

Andy?

安迪？

Yeah. Morning, Ahmed. Thanks for the question. Yes. As you'd be aware, this is the first time we're giving for more in-year guidance for FY '26. Previously, we've obviously given our 5-year frame where we've guided to the 6% to 8% CAGR over the 5 years. And I think previously, we said that there was there was no reason we wouldn't expect sort of things to be relatively linear.

是的。早上好，艾哈邁德。謝謝你的提問。是的。如您所知，這是我們第一次為 26 財年提供更多年度指導。此前，我們顯然已經給出了 5 年框架，預計 5 年內的複合年增長率為 6% 至 8%。我認為，我們之前說過，沒有理由不期望事情相對線性。

So no, no real surprises for us. As you see, we've guided to being within the 6% to 8% range next year or FY '26, albeit towards the lower end with the impact of the dollar move. That will continue to come from investment-driven growth in our businesses. And obviously, some of the new rate cases coming in, in the US, as John has mentioned as well. So continued asset growth in the UK.

所以，對我們來說沒有什麼真正的驚喜。如您所見，我們預計明年或 26 財年的成長將在 6% 至 8% 的範圍內，儘管受美元走勢的影響，成長幅度會偏低。這將繼續源自於我們業務的投資驅動成長。顯然，正如約翰所提到的，美國出現了一些新的利率案例。因此英國的資產持續成長。

and assets and rate case growth coming from our US businesses.

以及來自我們美國業務的資產和利率成長。

Thanks Ahmed.

謝謝艾哈邁德。

So let me go to Deepa at Bernstein. And then after Deepa, I'll go to Marcin of Bank of America. So Deepa?

那麼就讓我去找伯恩斯坦的 Deepa。然後，在 Deepa 之後，我將前往美國銀行的 Marcin。那麼 Deepa 呢？

Thank you so much. Congratulations, John, and thank you so much for your leadership. The two questions that I had. One was on ED underperformance. So you're now guiding that the outperformance is lower. Obviously, this year, you have the storm impact, but could you walk through what exactly is the cost item that's deviating on the RPEs? And is there any sort of read across to RIIO-T3 could something similar kind of top up there and what mechanisms will you use that?

太感謝了。恭喜你，約翰，非常感謝你的領導。我有兩個問題。其中一個是關於 ED 表現不佳。所以你現在指導的表現較低。顯然，今年你們受到了風暴的影響，但你們能否具體說明一下 RPE 上出現偏差的成本項目到底是什麼？有沒有對 RIIO-T3 進行任何解讀，可以在那裡進行類似的補充嗎？您將使用什麼機制？

And my second question is on your RIIO-T3 plan. Out of the GBP35 billion of totex, roughly GBP9 billion or so is unconfirmed sort of projects. So I was just wondering, given everything else you've been seeing with the connections for 2030 clean plan, do you expect a substantial chunk of that GBP9 billion to also get implemented during RIIO-T3? And I do recognize that your 5-year frame and the T3 frame is off by a couple of years, right? So where would you see that GBP35 billion realistically being delivered in RIIO-T3?

我的第二個問題是關於您的 RIIO-T3 計劃。在總計 350 億英鎊的投資中，約有 90 億英鎊是未經確認的項目。所以我只是想知道，考慮到您所看到的與 2030 年清潔計劃相關的所有其他內容，您是否預計這 90 億英鎊中的很大一部分也將在 RIIO-T3 期間實施？我確實認識到您的 5 年框架和 T3 框架相差了幾年，對嗎？那麼您認為 RIIO-T3 中實際上將投入 350 億英鎊嗎？

Thank you.

謝謝。

Okay. Andy?

好的。安迪？

Sure. Yeah, good morning, deeper, thanks for the question. Yeah, as we said this morning, I think we've seen two headwinds flowing through the electricity distribution ROE for the year. One obviously due to Storm Darragh, where we've seen pretty much unprecedented certainly in recent memory severity of that the storm's impact, and that's flowed through both in terms of direct costs, but also in terms of how it impacts the incentive, the customer incentive performance and connections incentives, that's about half of the impact. And then the other half has come through from the [RPs].

當然。是的，早安，deep，謝謝你的提問。是的，正如我們今天早上所說的那樣，我認為我們已經看到今年電力分配 ROE 面臨兩大阻力。其中一個顯然是由於達拉格風暴造成的，這場風暴的影響之嚴重程度在近期記憶中是前所未有的，它不僅造成了直接成本，還對激勵措施、客戶激勵績效和連接激勵措施產生了影響，這大約佔影響的一半。然後另一半來自[參考文獻]

And the issue there, again, as I said in my presentation, is the way the indices are set up within ED2, means that effectively, they're more generic indices, and what they've done is perform those indices hasn't really tracked the cost experience that we've seen. I think we view this as a sector-wide issue.

正如我在演講中所說，問題在於 ED2 中指數的設定方式，這意味著它們實際上只是更通用的指數，而它們所做的就是執行這些指數，但並沒有真正追蹤我們所看到的成本經驗。我認為我們認為這是一個全行業的問題。

We -- if you look across some of the other DNOs, and it is definitely something that we would look to take forward into the conversations with Ofgem around ED3, obviously, very early stages there. We will continue to look to offset that. You've seen in our guidance that we're guiding towards 50 basis points of outperformance next year and growing towards 100 basis points by the end of ED2.

我們——如果你看一下其他一些 DNO，你會發現這絕對是我們希望在與 Ofgem 就 ED3 進行對話時考慮的事情，顯然，這還處於非常早期的階段。我們將繼續尋求辦法來抵消這一影響。您在我們的指導中已經看到，我們指導明年的表現達到 50 個基點，到 ED2 結束時則增長至 100 個基點。

In terms of your question around, is there a read across to transmission, no, everything we're seeing the way the indices are set up in transmission is the much better relate to the types of spends that we have, and the industries there demonstrated that the RP mechanism is doing its job and making sure there is sort of protection in the way allowances shift within the transmission business.

關於您的問題，是否有關於傳輸的解讀，沒有，我們看到傳輸中設置指數的方式與我們擁有的支出類型有更好的關聯，並且那裡的行業表明 RP 機制正在發揮作用並確保在傳輸業務中配額轉移方式有某種保護。

And in terms of the RIIO-T3, Deepa, I mean, I'd say that -- I think I said in my speech that of the GBP60 billion, GBP23 billion is ET, and we still believe that is our best view of what it's going to look like between now and 2029. Beyond that, we're still comfortable with the GBP35 billion that we set out in our -- in the RIIO-T3 business plan.

至於 RIIO-T3，Deepa，我的意思是，我想說——我想我在演講中說過，在 600 億英鎊中，有 230 億英鎊是 ET，我們仍然相信這是我們對從現在到 2029 年情況的最佳看法。除此之外，我們對 RIIO-T3 商業計畫中設定的 350 億英鎊仍感到滿意。

I think one of the key things over the next 12 months that will give us a little bit more solidity at the back end of RIIO-T3 is the connections reform process. So as you know, Ofgem have now made the decision on connections reform moving from a first come first serve to a first ready and needed for CP 2030.

我認為，未來 12 個月內，連結改革進程是讓我們在 RIIO-T3 後端更加穩固的關鍵因素之一。因此，如您所知，Ofgem 現在已決定對連接進行改革，從先到先得轉變為 CP 2030 的先準備好並需要。

And over the course of this year, NESO and the electricity transmission company -- companies, including National Grid, have to now reorder the queue, and it will be done in sort of chronological order, starting with '27, '28, '29, '30, and that needs to be done by December of this year. So I think that will help to give us a better indication of the makeup of the RIIO-T3 plan.

今年，NESO 和電力傳輸公司（包括國家電網）必須重新安排調度順序，按照時間順序進行，從 27 年、28 年、29 年、30 年開始，並且需要在今年 12 月之前完成。所以我認為這將有助於我們更好地了解 RIIO-T3 計劃的組成。

As you recall, the way it was submitted to Ofgem was in two parts. There was GBP11 billion that was absolutely certain and then GBP24 billion that required some work to be done on it. So at the moment, we're still comfortable with that. But I think the connections reform process will give us a bit more solidity at the back end, and we'll be able to update once we've done that.

您還記得，提交給 Ofgem 的方式分為兩部分。其中 110 億英鎊是絕對確定的，而另外 240 億英鎊則需要做一些工作。所以目前我們對此仍然感到滿意。但我認為連結改革過程會讓我們的後端更加穩固，一旦完成，我們就能進行更新。

So with that, I'm going to move to Marcin, which I think is the last question that we have. So Marcin, over to you.

因此，我將轉到 Marcin，我認為這是我們的最後一個問題。那麼 Marcin，就交給你了。

Yeah, thank you for taking my questions and congratulations on a very distinguished career with National Grid. So my first question is related to the risk of higher tariffs in the US. You mentioned that 95% of the supply chain is domestic. But could you give us some examples what is included in that 5% that is not domestic and what actions have you taken or you could be taking to mitigate any potential risks that could occur?

是的，感謝您回答我的問題，並祝賀您在國家電網取得的傑出成就。我的第一個問題與美國提高關稅的風險有關。您提到95%的供應鏈都在國內。但您能否給我們舉一些例子，說明那 5% 非國內部分包括哪些內容，以及您已經採取了哪些措施或可以採取哪些措施來減輕可能發生的任何潛在風險？

And my second question is actually related to the guidance you have provided for the current financial year. So you're guiding for net financial expenses to be only increasing by GBP40 million, I believe, whereas you expect net debt to increase by as much as GBP6 billion. So why such a limited increase in financial expenses despite significantly higher net debt?

我的第二個問題實際上與您為本財政年度提供的指導有關。因此，我認為，您預計淨財務支出僅增加 4000 萬英鎊，而淨債務將增加 60 億英鎊。那麼，為什麼淨債務大幅增加，但財務費用的增加卻如此有限呢？

Thank you.

謝謝。

Okay. Thanks, Marcin. I'll take the first, and then I'll let Andy take the guidance question. I mean in terms of high tariffs, just to reiterate, so we don't see it having a significant impact, partly because more than 90% of the products and services that we source in the US are domestic.

好的。謝謝，Marcin。我先回答第一個問題，然後讓安迪回答指導性問題。我重申一下，就高關稅而言，我們認為它不會產生重大影響，部分原因是我們在美國採購的 90% 以上的產品和服務都是國內的。

Maybe just go down a level. We do have supply chain for things like pull-top transformers in Mexico and we do import some steel from other countries, including India and Canada. But we have the opportunity, as I said, even at the aggregate level, it's not particularly material, and then there are mitigations both through regulation, but also for looking at alternative sources as well. There are plenty of supply chain opportunities for things like (inaudible) transformers in the US, should we need to do that. So yes, so those are some of the examples.

也許只是下降一個等級。我們確實在墨西哥擁有諸如易拉罐變壓器之類的供應鏈，並且我們確實從其他國家（包括印度和加拿大）進口一些鋼材。但正如我所說，我們有機會，即使在總體層面上，它也不是特別重要，然後可以透過監管來緩解，也可以透過尋找替代來源來緩解。如果我們需要的話，美國有很多（聽不清楚）變壓器等產品的供應鏈機會。是的，這些就是一些例子。

Andy?

安迪？

Yes. And again, thanks for the question. Yes, so I think there's two things to factor into thinking about the guidance we've given on overall financing costs. One is, of course, as we continue to invest heavily in our capital program, they will -- that means although there will be increased funding costs, there will be a degree of increase in capitalized interest as well, which offsets the sort of the gross impact from a funding perspective.

是的。再次感謝您的提問。是的，所以我認為在考慮我們就整體融資成本給出的指導時需要考慮兩件事。一是，當然，隨著我們繼續大力投資我們的資本計劃，這意味著，儘管融資成本會增加，但資本化利息也會有一定程度的增加，從融資角度抵消整體影響。

And then secondly, and you'll have seen that we were very explicit that our net debt increase excludes the potential proceeds from our disposals, both the completion of the Energy Renewables business, but also the planned sale of LNG grain. And therefore, effectively, our guidance on the interest line does make a net assumption for the impact of those.

其次，您會發現，我們非常明確地表示，我們的淨債務增加不包括我們處置的潛在收益，包括完成能源再生能源業務，以及計劃出售的液化天然氣顆粒。因此，實際上，我們對利率線的指導確實對這些影響做出了淨假設。

Thanks, Andy. There doesn't seem to be any more questions. So let me just say, first of all, thank you, everybody, for your kind words and comments. I guess our key message today is there's been strong performance in the first year of our 5-year plan. We're certainly seeing the benefits of the resilient business model we have here at National Grid, which delivers stable and predictable outcomes.

謝謝，安迪。似乎沒有其他問題了。首先，我只想說，謝謝大家的善意言辭和評論。我想我們今天要傳達的關鍵訊息是，我們的五年計畫第一年表現強勁。我們確實看到了國家電網彈性商業模式的好處，它能帶來穩定且可預測的結果。

And we're very well positioned with all the work that we've done in the first year to deliver on the 5-year GBP60 billion capital investment plan.

憑藉第一年所做的所有工作，我們已為實現五年期 600 億英鎊資本投資計畫做好了充分準備。

So with that, I'm going to thank everybody for joining us. And I hope, for those who are based in London, we'll see some of you this afternoon for our discussion in more detail on the capital investments, both in the UK and in the US.

因此，我要感謝大家的參與。我希望，對於那些駐紮在倫敦的人來說，我們今天下午能與你們中的一些人見面，更詳細地討論英國和美國的資本投資。

Thanks very much, everybody.

非常感謝大家。