National Grid PLC (NGG) 2026 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，歡迎參加全國電網半年業績發表會。我是投資人關係主管安琪拉‧布羅德，很高興今天有這麼多朋友參加電話會議。

Firstly, please can I draw your attention to the cautionary statement at the front of the pack. As usual, a Q&A 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示語。照例，演講結束後將進行問答環節。（操作說明）今天的所有資料都可以在我們的網站上找到。當然，通話結束後如有任何其他疑問，請隨時與我或投資者關係團隊的任何成員聯繫。

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

那麼，現在我把麥克風交給我們的執行長約翰·佩蒂格魯。約翰？

Many thanks, Angela. Good morning, everyone, and thank you for joining us today. Well, as you know, this is my last set of results, and I'll be handing over to Zoe who becomes Chief Executive on the 17th of November. So before we get started with the results presentation, let me pass it over to Zoe to say a few words.

非常感謝，安吉拉。各位早安，感謝大家今天收看我們的節目。如你所知，這是我最後一批業績報告，我將把工作交給佐伊，她將於11月17日就任執行長。那麼在正式開始結果展示之前，讓我把麥克風交給佐伊，讓她說幾句。

Thank you, John, and good morning, everyone. Today's results are an important moment for National Grid and for me personally, as I pick up the baton from John. I want to take a moment to recognize his remarkable contribution over a decade as CEO. The strong foundation he leaves behind are a testament to his leadership and the dedication of our National Grid team.

謝謝你，約翰，大家早安。今天的成績對國家電網公司和我個人來說都是一個重要的時刻，因為我從約翰手中接過了接力棒。我想藉此機會表彰他十多年來作為執行長所做出的卓越貢獻。他留下的堅實基礎，證明了他的領導能力和我們國家電網團隊的奉獻精神。

Since joining as CEO Designate on the 1st of September, I've had the privilege of meeting with many colleagues and stakeholders. What stands out to me is the scale and ambition of what we're delivering, transforming our networks and investing at pace.

自從9月1日擔任候任執行長以來，我有幸與許多同事和利害關係人會面。最讓我印象深刻的是我們正在實現的目標的規模和雄心，我們正在改造我們的網絡，並快速進行投資。

Our GBP60 billion capital investment is not just a number. It's a commitment to future-proofing networks so we can meet the surge in demand we're seeing and ensure the millions of homes and businesses we serve have the reliable and clean energy they need at a price they can afford.

我們600億英鎊的投資不僅僅是一個數字。這是我們對未來電網發展的承諾，以便我們能夠滿足目前激增的需求，並確保我們服務的數百萬家庭和企業能夠以他們負擔得起的價格獲得他們所需的可靠、清潔的能源。

As I step into my role in the coming days, my immediate focus will be on maintaining momentum, staying focused on performance and delivering safely and responsibly. I will approach this with a clear-eyed view of the challenges and exciting opportunities ahead.

接下來幾天我將正式上任，首要任務是保持發展勢頭，專注於提升業績，並安全負責地完成工作。我將以清醒的頭腦看待未來的挑戰和令人興奮的機會。

I believe in the vital function energy companies play in driving growth and prosperity. I'm committed to ensuring National Grid plays its part with an unrelenting focus on operational excellence and capital discipline as we continue to deliver for our customers and create value for our shareholders.

我相信能源公司在推動經濟成長和繁榮方面發揮著至關重要的作用。我致力於確保國家電網發揮自身作用，堅持不懈地專注於卓越營運和資本紀律，繼續為我們的客戶提供服務，並為我們的股東創造價值。

I look forward to meeting all of you in due course, but for now, I'll hand to John and Andy to take you through the results.

我期待在適當的時候與大家見面，但現在，我將把發言權交給約翰和安迪，讓他們為大家介紹結果。

Thank you, Zoe. So turning to our half year results. 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. It's been a really positive first half as we've continued to build on our strong foundations to deliver excellent operational and financial performance.

謝謝你，佐伊。接下來，我們來看半年業績。像往常一樣，我和安迪·阿格一起在這裡，在我們各自的演講結束後，我們將很樂意回答你們的問題。上半年情況非常積極，我們繼續鞏固自身堅實的基礎，並取得了卓越的營運和財務表現。

The investments we're making in our networks have never been more important to ensure continued resilience, enable economic growth, deliver cleaner energy and meet growing power demand. And it's these drivers that underpin the strong visibility we have in our investment program, supported by our regulators. This, in turn, gives me huge confidence in National Grid's ability to carry on delivering a compelling investment proposition with investment 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.

為了確保電網持續穩定運作、促進經濟成長、提供更清潔的能源並滿足不斷增長的電力需求，我們對電網的投資從未像現在這樣重要。正是這些驅動因素，使得我們的投資計畫具有很強的可見性，並得到了監管機構的支持。這讓我對國家電網持續提供極具吸引力的投資方案的能力充滿信心，其投資成長率約為每年 10%，每股基本收益成長率為 6% 至 8%，同時保持強勁的資產負債表並提供抗通膨股息。

Before I come to our performance, I want to highlight three key areas which reinforce my confidence in our ability to deliver on our plans. Firstly, the strong progress we've made in securing the supply chain to deliver record levels of investment. As you know, a big focus over the last two years has been to secure the supply chain for our largest suite of major projects in the U.K., the accelerated strategic transmission investment or ASTI.

在談到我們的業績之前，我想重點介紹三個關鍵領域，這增強了我對我們實現計劃能力的信心。首先，我們在保障供應鏈方面取得了顯著進展，從而實現了創紀錄的投資水準。如您所知，過去兩年來，我們的重點之一是確保我們在英國最大的一系列重大項目—加速戰略輸電投資（ASTI）的供應鏈安全。

Today, I'm pleased to say we're in a really strong position. All six of our Wave 1 projects are already under construction with work progressing well. Our GBP9 billion Great Grid Partnership covering the delivery of the eight onshore projects within Wave 2 is now up and running with our seven strategic partners. And we're making great progress with the remaining three Wave 2 offshore projects where we've completed the contracting for Sea Link and announced the preferred suppliers for Eagle 3 and four with contracts expected to be signed in the next few months.

今天，我很高興地說，我們處於非常有利的地位。我們第一階段的六個項目都已動工建設，目前進展順利。我們價值 90 億英鎊的「大電網夥伴關係」涵蓋了第二階段的八個陸上項目，目前已與我們的七個戰略合作夥伴一起啟動並運行。我們在剩餘的三個第二階段海上專案中也取得了巨大進展，其中 Sea Link 專案已完成合約簽訂，Eagle 3 和 Eagle 4 專案的首選供應商也已公佈，預計將在未來幾個月內簽署合約。

Once complete, we'll have secured the supply chain for all 17 ASTI projects, a significant achievement. And as a result, over three-quarter of our GBP60 billion investment plan is now underpinned by delivery mechanisms enabling us to ramp up our capital delivery. We've invested over GBP5 billion in the first half, another record for the group, and we remain on track to deploy over GBP11 billion of capital investment this year, in line with our guidance.

一旦完成，我們將確保所有 17 個 ASTI 項目的供應鏈，這是一項重大成就。因此，我們 600 億英鎊投資計畫中超過四分之三的項目現在都得到了交付機制的支持，使我們能夠加快資本交付。今年上半年，我們投資了超過 50 億英鎊，創下集團新紀錄，我們仍有望按計劃在今年投入超過 110 億英鎊的資本，與我們的預期一致。

The second area to highlight is the continued momentum we're seeing from both a regulatory and policy perspective. On the regulatory front, we've built on the strong foundations we set last year in the U.S. with around 75% of our five-year investment plan approved within our rate cases. We've also seen some important policy developments. As you know, New York State announced last year that it's likely to miss its target of 70% renewable generation by 2030. As a result, we've seen a shift in the last half towards an all-of-the-above approach when it comes to balancing clean energy goals with affordability and reliability.

第二點要強調的是，無論從監管或政策角度來看，我們都看到了持續的發展動能。在監管方面，我們鞏固了去年在美國奠定的堅實基礎，五年投資計畫的約 75% 已在我們的費率案件中獲得批准。我們也看到了一些重要的政策進展。如你所知，紐約州去年宣布，它可能無法實現 2030 年再生能源發電量佔 70% 的目標。因此，在過去的半年裡，我們看到在平衡清潔能源目標與可負擔性和可靠性方面，出現了一種轉向「面面俱到」的方法的趨勢。

For example, in September, following submission of our long-term gas plan, the PSC issued an order supporting the proposed Northeast Supply Enhancement or NESE pipeline. If built, the capacity provided by the pipeline would materially enhance reliability and resilience whilst also potentially reducing energy costs for New Yorkers by up to $6 billion.

例如，9 月份，在我們提交長期天然氣計劃後，公共服務委員會發布了一項命令，以支持擬議的東北供應增強或 NESE 管道。如果建成，該管道提供的輸電能力將顯著提高電力供應的可靠性和韌性，同時也可能為紐約市民節省高達 60 億美元的能源成本。

In the U.K., I'll come to regulatory development shortly. But on the policy front, the government is continuing to look at different ways to support faster delivery of infrastructure and accelerate economic growth. Alongside their planning reform legislation targeted at large infrastructure projects which should support delivery of projects in the 2030s, they've also launched consultations, which include proposals to allow electricity distribution network operators to carry out simple reinforcement activities without full planning permission and a revised fast track consenting process.

在英國，我稍後會談到監管發展的問題。但在政策方面，政府仍在探索各種途徑，以支持更快地交付基礎設施並加速經濟成長。除了針對大型基礎設施項目（旨在支持 2030 年代的項目交付）的規劃改革立法外，他們還啟動了磋商，其中包括允許電力分配網絡運營商在沒有完整規劃許可的情況下進行簡單的加固活動以及修訂後的快速審批程序的提案。

If implemented, this could have important benefits for future transmission projects. So it's clear we're seeing strong regulatory support for the investments we're making as well as the policy progress to assist in the delivery of future projects.

如果得以實施，這將對未來的輸電項目產生重要益處。因此，很明顯，我們正在進行的投資得到了強有力的監管支持，同時政策也在推進，以幫助未來專案的實施。

And then thirdly, the near-term actions we're taking to support load growth in the U.K. We're working with the government and industry, including U.S. big tech companies, as they seek to develop the U.K.'s AI infrastructure, including the creation of data centers within AI growth zones like the recently announced ones in and Cobalts Park. These projects represent tens of billions of pounds of investment in U.K. infrastructure and are evidence of the demand growth we forecast in our RIIO-T3 business plan. Which is designed to connect up to 19 gigawatts of additional demand over the five years to March 2031, around half of which is expected to be connecting data centers.

第三，我們正在採取近期行動來支持英國的負載成長。我們正在與政府和產業（包括美國大型科技公司）合作，共同發展英國的人工智慧基礎設施，包括在人工智慧成長區內創建資料中心，例如最近宣布的 Cobalts Park。這些項目代表著對英國基礎設施數百億英鎊的投資，也證明了我們在 RIIO-T3 商業計劃中預測的需求成長。該專案旨在滿足到 2031 年 3 月的五年內高達 19 吉瓦的額外電力需求，其中約一半預計將用於連接資料中心。

We're now working hard to facilitate these connections, including working with the government through the AI Energy Council to support the development of more AI growth zones, so we can deliver the investment needed to meet growing energy requirements.

我們現在正努力促進這些聯繫，包括透過人工智慧能源委員會與政府合作，支持開發更多的人工智慧成長區，以便我們能夠提供滿足不斷增長的能源需求所需的投資。

So let me now turn to our financial performance, where we've delivered a strong set of results in the first half. On an underlying basis, that is excluding the impact of timing and exceptional items, operating profit was up 13% to GBP2.3 billion, reflecting increased regulatory revenues across our U.S. and U.K. electricity transmission businesses. This strong operating performance drove an increase in underlying earnings per share of 6% to 29.8 pence. As you've already heard, our business delivered a record GBP5.1 billion of investment, up 12% year-on-year at constant currency. And in line with the policy, the Board has declared an interim dividend of 16.35 pence per share.

現在讓我來談談我們的財務業績，上半年我們取得了一系列強勁的業績。從基本面來看，即不考慮時間因素和特殊項目的影響，營業利潤增加 13% 至 23 億英鎊，反映出我們在美國和英國電力傳輸業務的監管收入增加。強勁的經營業績推動每股基本收益成長 6%，達到 29.8 便士。正如您已經聽到的，我們的業務實現了創紀錄的 51 億英鎊投資，以固定匯率計算年增 12%。根據公司政策，董事會宣布派發每股 16.35 便士的中期股息。

Turning next to reliability and safety. I'm pleased to say reliability has remained strong across our U.K. and U.S. networks over the first half of the year. As we look ahead to the winter we're well prepared with winter readiness plans in place. The NESO recently published its winter outlook report for the U.K., in which they forecast electricity margins around 10%, the highest since 2019.

接下來討論可靠性和安全性。我很高興地告訴大家，今年上半年我們在英國和美國的網路可靠性一直保持良好。展望冬季，我們已做好充分準備，並制定了冬季應對計劃。英國國家電力系統營運商協會 (NESO) 最近發布了英國冬季展望報告，預測電力利潤率約為 10%，為 2019 年以來的最高水準。

In the U.S., whilst we anticipate adequate electricity margins, gas availability across the coldest days of winter remain a focus, especially in extreme weather events, and so our teams will work closely with upstream suppliers to mitigate any risks. And in July, the NESO published its report investigating the outage following the fire at our North Hyde substation and we're working closely with the government, NESO, Ofgem and industry to progress the report's recommendations.

在美國，雖然我們預計電力供應充足，但冬季最寒冷時期的天然氣供應仍然是我們關注的重點，尤其是在極端天氣事件中，因此我們的團隊將與上游供應商密切合作，以降低任何風險。7 月，NESO 發布了關於我們北海德變電站火災後停電情況的調查報告，我們正在與政府、NESO、Ofgem 和業界密切合作，以推進報告中的建議。

Safety, as always, remains a critical focus across our business. In the last six months, our lost time injury frequency rate was 0.09, inside our group target. We continue to promote a culture of safety excellence including, for example, identifying new ways to enhance our safety protocols, such as the use of digital job briefs to increase hazard recognition in the field.

安全始終是我們業務運作的重中之重。在過去的六個月裡，我們的工傷事故發生率為 0.09，符合我們團隊的目標。我們繼續倡導卓越的安全文化，例如，尋找新的方法來加強我們的安全規程，例如使用數位工作簡報來提高現場危險識別能力。

Moving now to our operating performance across the group, starting with Electricity Distribution. Capital investment increased by 17% and to GBP756 million, reflecting increased asset replacement and load-related reinforcement activity. I'm pleased to say that we've now delivered over GBP100 million of synergy savings, six months ahead of target following the U.K. electricity distribution acquisition in 2021. These synergies have been achieved through smarter procurement, operational efficiencies across our shared sites and integration of support functions in the group.

接下來，我們將分析集團的營運業績，先從電力配送業務開始。資本投資增加了 17%，達到 7.56 億英鎊，反映出資產更換和與負載相關的加固活動的增加。我很高興地宣布，在 2021 年收購英國電力分銷業務後，我們已提前六個月實現了超過 1 億英鎊的協同效應節省。這些協同效應是透過更智慧的採購、提高我們共享站點的營運效率以及整合集團內部的支援職能來實現的。

In October, we also saw the publication of Ofgem's sector-specific methodology consultation for RIIO-ED3, which builds on the foundations of the T3 framework. We welcome the fact that Ofgem has directed networks to use a long-term planning horizon. This will ensure that delivery of the next price control also takes into account investment drivers in the decades ahead. including load growth, asset health, resilience and renewable generation.

10 月份，我們也看到了 Ofgem 針對 RIIO-ED3 的產業特定方法論諮詢文件的發布，該方法論建立在 T3 框架的基礎上。我們歡迎英國天然氣和電力市場監管局（Ofgem）指示各電網採用長期規劃視角。這將確保下一輪價格​​管制措施的實施也能考慮到未來幾十年的投資驅動因素，包括負載成長、資產健康狀況、韌性和再生能源發電。

We've also made good progress on connections reform, including preparing flexible offers to customers that are likely to secure a cue position. This allows them to progress their projects ahead of a formal offer, enabling faster connections for renewables and low-carbon technologies. And finally, we continue to build our system -- our distribution system operator capabilities with the launch of the demand turner flexibility market, incentivizing increased demand as an alternative to curtailing generation.

我們在連接改革方面也取得了良好進展，包括為可能獲得排隊位置的客戶提供靈活的優惠。這使他們能夠在正式報價之前推進項目，從而更快地連接再生能源和低碳技術。最後，我們繼續建立我們的系統——透過推出需求轉向靈活性市場來提升我們的配電系統營運商能力，激勵增加需求，以此作為減少發電的替代方案。

Moving to U.K. Electricity Transmission, where capital investment increased by 31% to GBP1.7 billion, including construction of new substations to support load growth and progress on our GBP1 billion London Power Tunnels project where we've now energized the first 2.5 kilometers during substation and we've also been working hard to find innovative ways to expand system capacity.

轉而關注英國電力傳輸，該領域的資本投資增長了 31%，達到 17 億英鎊，其中包括建設新的變電站以支持負載增長，以及我們耗資 10 億英鎊的倫敦電力隧道項目取得進展，目前我們已經為變電站建設期間的前 2.5 公里線路通電，並且我們還在努力尋找創新的方法來擴大系統容量。

For example, we began work on a new substation in Uxbridge Moor, West London, with an innovative design, which will have a 70% smaller footprint and avoids the use of SF6, a potent greenhouse gas. This substation will support over a dozen new data centers and is expected to deliver 1.8 gigawatts of new capacity equivalent to powering a mid-sized city.

例如，我們在倫敦西部的阿克斯布里奇沼澤地開始建造一座新的變電站，該變電站採用創新設計，佔地縮小了 70%，並且避免使用強效溫室氣體 SF6。該變電站將為十幾個新的數據中心提供支持，預計將提供 1.8 吉瓦的新容量，相當於為一個中等規模的城市供電。

We've also leveraged the approach to procurement frameworks using our strategic infrastructure business, including, for example, in July, when we signed an GBP8 billion electricity transmission partnership with seven regional partners to deliver substation infrastructure across the U.K. transmission network.

我們還利用戰略基礎設施業務的採購框架方法，例如，在 7 月份，我們與七個區域合作夥伴簽署了一項價值 80 億英鎊的電力傳輸合作協議，以在英國輸電網路中提供變電站基礎設施。

Turning to policy. We're working closely with NESO and customers to support connections reform. Once NESO publishes this updated queue, we'll have a clear view of the sequencing of the specific projects required, and we can then turn our efforts to meeting these connection dates at pace.

轉向政策。我們正與NESO和客戶緊密合作，支持網路連結改革。一旦 NESO 公佈更新後的隊列，我們就能清楚地了解所需特定項目的順序，然後我們就可以集中精力加快完成這些連接日期。

On regulation, Ofgem published its draft determination for the RIIO-T3 framework in early July, with our response published in late August. This included changes we believe are needed to the baseline return and the incentive framework to allow high-performing networks to achieve a globally competitive overall return. We've also proposed a number of refinements to streamline our funding mechanisms, enable us to recover the efficient cost of our investments and progress projects at a pace expected by our stakeholders.

在監管方面，Ofgem 於 7 月初發布了 RIIO-T3 框架的決定草案，我們的回應於 8 月下旬發布。這包括我們認為需要對基準回報和激勵框架進行的改變，以使高績效網絡能夠實現具有全球競爭力的整體回報。我們也提出了一系列改進措施，以簡化我們的融資機制，使我們能夠收回投資的有效成本，並以利害關係人期望的速度推進專案。

As you'd expect, we've engaged heavily with Ofgem at all levels of the organization ahead of the final determination, which is expected in early December. And we expect to take a decision in late February or early March following the license drafting process.

正如你所預料的那樣，在最終決定出台之前，我們已經與英國天然氣和電力市場管理局（Ofgem）的各個層級進行了深入的溝通，最終決定預計將在 12 月初公佈。我們預計在2月下旬或3月初完成許可證草案起草工作後做出決定。

Turning now to strategic infrastructure. As you've heard, our focus has been to ramp up delivery of the Wave 1 ASTI projects, whilst also ensuring we're securing the supply chain and relevant consents for Wave 2. specifically on our Wave 1 projects, examples of our progress include our offshore Eagle 1 and Eagle 2 projects where the cable manufacturing and site works for the southern converter stations are underway, our onshore Yorkshire Green upgrade project where the last of eight, 200-ton transformers has now been delivered. And the North London Reinforcement project where we finished reconducting three circuits, installing over 190 kilometers of cables. We've also completed four public consultations this year, including the submission of two major development consent order applications, Sea Link and Norwich to Tilbury, with both submissions now accepted by the planning inspectorate, a major milestone.

接下來談談戰略基礎設施。正如您所聽到的，我們的重點是加快第一階段 ASTI 專案的交付，同時確保第二階段的供應鏈和相關許可。具體來說，在第一階段項目中，我們取得的進展包括海上 Eagle 1 和 Eagle 2 項目，其中南部換流站的電纜製造和現場施工正在進行中；以及陸上 Yorkshire Green 升級項目，其中八台 200 噸變壓器中的最後一台已經交付。還有北倫敦加固項目，我們完成了三個電路的改造，安裝了超過 190 公里的電纜。今年我們也完成了四次公眾諮詢，包括提交了兩項重大開發許可令申請，分別是 Sea Link 和 Norwich to Tilbury，這兩項申請現在都已被規劃督察署接受，這是一個重要的里程碑。

On the regulatory front, we continue to engage with Ofgem to find a resolution to our request for a delay event on the Eagle 1 project and are encouraged by the discussions to date. We expect these negotiations to reach a final decision over the next few months.

在監管方面，我們繼續與英國天然氣和電力市場管理局 (Ofgem) 進行溝通，以尋求解決我們關於 Eagle 1 項目延期申請的請求，並且對迄今為止的討論感到鼓舞。我們預計這些談判將在未來幾個月內達成最終決定。

Coming to the U.S. and starting with New York, where we've continued to make strong progress across our operations. Capital investment reached GBP1.6 billion, up 5%, driven by an increase in mains replacement expenditure. In addition, we've continued to make strong progress on our $4 billion upstate upgrade, including our Smart Path Connect transmission project, where our segment is on track to be ready to energize at the end of the year and our Climate Leadership and Community Protection Act, or CLCPA Phase 1 and Phase 2 projects, where we expect the first round of permit approvals for the end of the calendar year.

來到美國，首先從紐約開始，我們在那裡各項業務都取得了強勁的進展。資本投資達 16 億英鎊，成長 5%，主因是主管道更換支出增加。此外，我們在耗資 40 億美元的北部地區升級改造項目上繼續取得顯著進展，包括我們的 Smart Path Connect 輸電項目，該項目的管段預計將在年底前投入使用；以及我們的氣候領導和社區保護法案 (CLCPA) 第一階段和第二階段項目，我們預計將在年底前獲得第一輪許可批准。

On the regulatory and policy front, in addition to the order from the PSC on the NESE pipeline and the approval of the Niagara Mohawk joint proposal, we're also engaging on the draft New York State Energy Plan. Released earlier this year, the plan outlines long-term strategies to meet New York's energy needs. It emphasizes the importance of infrastructure investment and recognizes the enduring role of the gas network in maintaining reliability, affordability and security of supply. Once finalized later this year, the plan will influence future regulatory decisions and utility planning across the state.

在監管和政策方面，除了公共服務委員會對 NESE 管道的命令和尼亞加拉莫霍克聯合提案的批准外，我們還在參與紐約州能源計畫草案的製定。該計劃於今年稍早發布，概述了滿足紐約能源需求的長期策略。它強調了基礎設施投資的重要性，並認識到天然氣網路在維持供應的可靠性、可負擔性和安全性方面發揮的持久作用。該計劃一旦在今年稍後最終確定，將對全州未來的監管決策和公用事業規劃產生影響。

In New England, capital investment increased by 23% to GBP1 billion, reflecting increased spend on asset condition and system capacity in both electricity transmission and distribution, 220,000 smart meter installations and the further rollout of our fault location isolation and service restoration program. We've also agreed partners for our strategic procurement framework which will support over $3 billion of contracts over the next five years.

在新英格蘭地區，資本投資增長了 23%，達到 10 億英鎊，這反映出電力傳輸和分配的資產狀況和系統容量方面的支出增加、22 萬個智慧電錶的安裝以及故障定位隔離和服務恢復計劃的進一步推廣。我們還確定了戰略採購框架的合作夥伴，該框架將在未來五年內支援超過 30 億美元的合約。

And finally, on regulation and policy, we've agreed around $600 million of allowances under the Electric Sector Modernization Plan largely focused on electric vehicle highway charging and IT infrastructure, and we're continuing to work with the governor's office to advance the Energy Affordability Bill.

最後，在監管和政策方面，我們已就電力行業現代化計劃達成協議約 6 億美元的補貼協議，該計劃主要側重於電動汽車高速公路充電和 IT 基礎設施，我們正在繼續與州長辦公室合作，推進《能源負擔能力法案》。

Moving to National Grid Ventures. Capital investment was GBP69 million, supporting asset refurbishment across our Interconnector and U.S. Generation portfolios. Operationally, we've had a strong six months with our Interconnector fleet at 90% availability and our Generation fleet achieving 96% reliability. We've also progressed the Propel transmission project through our Transco joint venture, where EPC contracts are now under development.

轉投國家電網創投公司。資本投資為 6,900 萬英鎊，用於支持我們互聯線路和美國發電資產組合的翻新。在營運方面，過去六個月我們表現強勁，連網線路的可用性達到 90%，發電線路的可靠性達到 96%。我們也透過與 Transco 的合資企業推進了 Propel 輸電項目，目前 EPC 合約正在製定中。

Once complete, the project will help to deliver power from Long Island to the Bronx in New York City and Westchester County. We've also streamlined our portfolio, having completed the sale of National Renewables in May and announced the sale of Grain LNG in August. With all regulatory approvals received, we expect completion in the coming weeks.

該計畫建成後，將有助於把電力從長島輸送到紐約市的布朗克斯區和威徹斯特縣。我們也精簡了投資組合，在 5 月完成了對 National Renewables 的出售，並在 8 月宣布了對 Grain LNG 的出售。所有監管部門的批准都已到位，我們預計將在未來幾週內完成。

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

那我就先說到這裡，把麥克風交給安迪，讓他為大家講解一下這些數據，然後再回來談談我們下半年的工作重點。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, U.K. deferred tax and exceptional items and the dual results are provided at constant exchange rates unless specified.

謝謝你，約翰，大家早安。我想強調的是，與往常一樣，我們展示的基本業績不包括時間因素、英國遞延稅項和特殊項目，除非另有說明，雙重業績均按固定匯率提供。

So starting with our overall performance in the first half. We've delivered strong results with underlying operating profit on a continuing basis at GBP2.3 billion, a 13% increase from the prior year, primarily driven by higher regulated revenues in U.K. electricity transmission reflecting growth in the asset base and higher revenues in our U.S. regulated businesses following recent rate cases, partially offset by the sale of the electricity system operator last year.

首先，讓我們回顧一下上半季的整體表現。我們取得了強勁的業績，持續經營利潤達到 23 億英鎊，比上年增長 13%，主要得益於英國電力傳輸業務監管收入的增加（反映了資產基礎的增長）以及近期費率調整後美國監管業務收入的增加，但部分被去年出售電力系統運營商所抵消。

Strong operating profit growth partially offset by higher finance costs and a full impact in the half from the rights issue shares has led to a 6% increase in earnings per share to 29.8p. We've continued to make good progress with our capital program. with investment from continuing operations at GBP5.1 billion, another record level, and up 12% year-over-year. In line with our policy, the Board has declared an interim dividend of 16.35 pence per share, representing 35% of last year's full year dividend.

強勁的營業利潤成長被更高的財務成本部分抵消，加上配股發行帶來的全部影響，導致每股收益成長6%至29.8便士。我們的資本計畫持續取得良好進展，持續經營業務的投資額達到51億英鎊，再創新高，較去年同期成長12%。根據我們的政策，董事會宣布派發每股 16.35 便士的中期股息，相當於去年全年股息的 35%。

Moving now to our business segments, starting with U.K. Electricity Distribution. Underlying operating profit was GBP551 million, down GBP22 million versus the prior year, reflecting lower revenues due to headwinds from Ofgem's real price effects mechanism, which more than offset the benefit of revenue indexation and recovery of higher totex allowances and higher depreciation. In the period, we exceeded our cumulative three-year target of GBP100 million of synergy benefits by FY '26, six months ahead of schedule through leveraging our increased buying power, delivering savings from integrating support functions and working more efficiently at joint transmission and distribution sites across the U.K.

接下來，我們來看看我們的業務板塊，首先是英國電力配送業務。基本營業利潤為 5.51 億英鎊，比上年減少 2,200 萬英鎊，反映出由於 Ofgem 的實際價格影響機制帶來的不利影響，收入下降，這抵消了收入指數化和更高的總稅額補貼和更高折舊帶來的收益。在此期間，我們提前六個月實現了三年累計協同效應收益目標（到 2026 財年達到 1 億英鎊），這得益於我們不斷增強的購買力、整合支持職能帶來的節約以及在英國各地聯合輸配電站點更有效率地工作。

Capital investment was GBP756 million for the half year. an increase of GBP109 million compared to the prior period, primarily driven by higher asset replacement and refurbishment and higher load-related network reinforcement.

上半年資本投資額為7.56億英鎊，比去年同期增加1.09億英鎊，主要原因是資產更換和翻新增加以及與負載相關的網路加固增加。

In our U.K. Electricity Transmission business, underlying operating profit was GBP846 million, up GBP122 million compared with the prior period. A strong first half performance was driven by higher allowed revenues partially offset by higher depreciation. Capital investment was GBP1.7 billion, 31% higher than the prior period. This reflects our ongoing spend on substation build-out as well as the significant step-up in investments on our ASTI projects and ASTI enabling works.

在英國電力傳輸業務方面，基本營業利潤為 8.46 億英鎊，比去年同期成長 1.22 億英鎊。上半年業績強勁，主要得益於更高的允許收入，但部分被更高的折舊所抵消。資本投資額為17億英鎊，較上期成長31%。這反映了我們持續增加對變電站建設的投入，以及對 ASTI 項目和 ASTI 前期工程投資的大幅增加。

Moving now to the U.S., where underlying operating profit for New York was GBP443 million, GBP167 million higher than the prior year as a result of higher net revenue reflecting the growth of the business as we upgrade and reinforce our networks and the recovery of previously unremunerated costs following recent rate case updates. This was partially offset by increased depreciation, reflecting a higher asset base and higher costs, including property taxes and environmental provisions.

現在來看美國，紐約的基本營業利潤為 4.43 億英鎊，比上年增加了 1.67 億英鎊，這得益於淨收入的增長，反映了我們升級和加強網絡帶來的業務增長，以及在最近的費率調整後收回了以前未支付的成本。但這部分被增加的折舊所抵消，這反映出資產基礎擴大和成本增加，包括房產稅和環境準備金。

Capital investment was GBP1.6 billion. This was GBP82 million higher than the prior year. from a further step-up in the pace of our mains replacement activity under our downstate gas rate case and increased spend on smart meters, partially offset by lower costs on Smart Path Connect as we near completion of this project.

資本投資額為16億英鎊。這比前一年增加了 8,200 萬英鎊，原因是我們在下州天然氣費率案件中進一步加快了主管道更換活動，以及增加了智慧電錶的支出，但隨著 Smart Path Connect 項目接近完成，成本降低部分抵消了這一增長。

In New England, underlying operating profit was GBP292 million, GBP65 million higher than the prior period, following higher revenues reflecting our growing asset base and improved incentive performance, partly offset by higher depreciation and other investment-related costs as we ramp up the capital program.

在新英格蘭地區，基本營業利潤為 2.92 億英鎊，比上一時期高出 6500 萬英鎊，這主要得益於收入的增長，反映了我們不斷增長的資產基礎和改善的激勵績效，但部分被隨著資本計劃的推進而增加的折舊和其他投資相關成本所抵消。

Capital investment was GBP958 million, GBP178 million higher than the prior year. This was driven by increased asset condition and system capacity investments and smart meter installations, partly offset by reduced mains replacement work.

資本投資額為9.58億英鎊，較上年增加1.78億英鎊。這主要得益於資產狀況和系統容量投資的增加以及智慧電錶的安裝，但部分被主幹線更換工作的減少所抵消。

Moving to National Grid Ventures, where the underlying contribution was GBP227 million, including joint ventures. The increase of GBP19 million compared to the prior year was primarily due to the benefit of depreciation having ceased in Grain LNG following its classification as held for sale. This accounting treatment for Grain, along with the sale of National Grid Renewables, drove a reduction in capital investment to GBP69 million. And our other activities reported an operating loss of GBP27 million, GBP11 million lower than the prior period. principally driven by lower insurance costs and the non-repeat of fair value losses in the National Grid Partners portfolio.

轉而關注國家電網創投公司，該公司的基礎出資額為 2.27 億英鎊，其中包括合資企業。與前一年相比，增加的 1900 萬英鎊主要是由於 Grain LNG 被歸類為持有待售資產後，其折舊停止，從而帶來了收益。對 Grain 的這種會計處理，加上出售 National Grid Renewables，導致資本投資減少至 6,900 萬英鎊。我們其他業務的營業虧損為2,700萬英鎊，比上期減少了1,100萬英鎊，主要原因是保險成本降低以及國家電網合作夥伴投資組合中不再發生公允價值損失。

Turning to financing costs and tax. Net finance costs were GBP678 million, an increase of 4% compared with the prior year due to higher average net debt and the impact of higher inflation on indexed linked debt. The underlying effective tax rate before joint ventures was 11.3%, 60 basis points lower than the prior year, principally due to the benefit of higher capital allowances in our U.K. regulated businesses. and a change in the profit mix. Underlying earnings were GBP1.5 billion, up 16% with earnings per share at 29.8 pence.

接下來討論融資成本和稅務問題。淨融資成本為 6.78 億英鎊，比上年增長 4%，原因是平均淨債務增加以及通貨膨脹加劇對指數掛鉤債務的影響。合資企業前的實際稅率為 11.3%，比前一年低 60 個基點，主要原因是英國監管業務的資本補貼增加以及利潤結構的變化。基本獲利為15億英鎊，成長16%，每股收益為29.8便士。

On cash flow, Cash generated from continuing operations was GBP3.6 billion, up 35% compared to the prior year. This increase is driven by improved profitability across the U.K. and U.S. and favorable movements in working capital. In total, net debt increased by GBP1.5 billion to GBP41.8 billion in the period with strong cash inflows from operations and the GBP1.5 billion of National Grid Renewable sale proceeds, helping to offset the continued growth in capital investment.

現金流方面，持續經營產生的現金為 36 億英鎊，比上年增長 35%。這一增長是由英國和美國盈利能力的提高以及營運資金的有利變化所推動的。該期間淨債務總額增加了 15 億英鎊，達到 418 億英鎊，這得益於強勁的經營現金流入以及國家電網可再生能源出售所得的 15 億英鎊，從而有助於抵消資本投資的持續增長。

For the full year, we expect net debt to increase by around GBP1 billion from the half year. including the Grain sale proceeds and assuming a USD1.35 exchange rate.

我們預計全年淨債務將比上半年增加約10億英鎊，其中包括糧食銷售收入，並假設匯率為1.35美元。

As John said out earlier, we've continued to make significant progress in capital delivery securing the supply chain and advancing our regulatory and policy agenda. As I previously set out, our plans were designed to be robust against a range of outcomes with respect to interest and exchange rates, and I remain confident in our ability to deliver in line with our five-year framework.

正如約翰之前所說，我們在資本交付、保障供應鏈以及推動監管和政策議程方面繼續取得了重大進展。正如我之前所闡述的，我們的計劃旨在應對利率和匯率方面的各種結果，我對我們按照五年框架實現目標的能力仍然充滿信心。

Turning to forward guidance, and we've included detailed guidance for the full year in our results statement as usual. Following strong performance over the first half of the year, we expect a modestly higher underlying EPS relative to our guidance in May. The impact of a weaker U.S. dollar and a slightly higher share count due to scrip uptake is expected to be more than offset by improved operating performance in the regulated businesses and slightly lower financing costs.

關於業績展望，我們已像往常一樣在業績報告中提供了全年的詳細展望。鑑於上半年業績表現強勁，我們預計 5 月的每股盈餘將略高於我們的預期。美元走軟和因股票兌換而導致的股份數量略有增加的影響，預計將被受監管業務的經營業績改善和融資成本略有下降所抵消。

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

好了，我這就把你交還給約翰。

Many thanks, Andy. Now before we move to Q&A, I want to spend the final few minutes setting out our priorities for the remainder of the year as we continue to invest across our networks. Starting in the U.S. and New York where we have a number of priorities. including further work with the state on its energy plan to shape a road map that balances decarbonization, affordability and reliability.

非常感謝，安迪。在進入問答環節之前，我想用最後幾分鐘時間闡述我們今年剩餘時間的優先事項，因為我們將繼續在我們的網路中進行投資。首先從美國和紐約州開始，我們在那裡有許多優先事項，包括與該州進一步合作制定能源計劃，以製定平衡脫碳、可負擔性和可靠性的路線圖。

Ongoing work with Williams in our role as the sole offtaker of the NESE pipeline, as they look to secure regulatory approvals, which are expected later this year and preparing for our Downstate New York gas filing due for submission next spring, ensuring we're able to continue to invest in safety and reliability while supporting customer needs and managing affordability.

作為 NESE 管道的唯一承購方，我們正與 Williams 持續合作，爭取獲得監管部門的批准（預計將於今年晚些時候獲得批准），並準備提交明年春季的紐約州南部天然氣申請，以確保我們能夠繼續投資於安全性和可靠性，同時滿足客戶需求並控製成本。

In Massachusetts, our priorities include filing our gas distribution rate case, which is now planned for January to allow us more time to engage with new stakeholders and propose measures aligned with evolving state policy goals, working with the state on its affordability bill and producing our climate compliance plan, an important enabler of the cleaner energy transition.

在馬薩諸塞州，我們的優先事項包括提交天然氣分配費率申請，該申請現已計劃於 1 月份提交，以便我們有更多時間與新的利益相關者接觸，並提出與不斷變化的州政策目標相一致的措施；與州政府合作制定其可負擔性法案；以及製定我們的氣候合規計劃，這是清潔能源轉型的重要推動因素。

Turning to the U.K. In Electricity Transmission, our priorities are clear: to engage with Ofgem to deliver a RIIO-T3 framework that allows high-performing networks to achieve a globally competitive overall return and mechanisms that enable us to deliver at the scale and pace required. Work with the AI Energy Council as part of our efforts to collaborate across the energy and tech industries, and build on the good progress we've made in ramping up construction across our Wave 1 ASTI projects, whilst also engaging closely with stakeholders and communities as we progress our development consent orders.

就英國電力傳輸而言，我們的優先事項很明確：與 Ofgem 合作，制定 RIIO-T3 框架，使高效能網路能夠實現全球具有競爭力的整體回報，並建立能夠以所需規模和速度交付的機制。作為我們在能源和科技行業開展合作努力的一部分，我們將與人工智慧能源委員會合作，並鞏固我們在第一階段 ASTI 項目建設方面取得的良好進展，同時在推進開發許可令的過程中與利益相關者和社區密切合作。

In Electricity Distribution, our key priority is preparing our response to the RIIO-ED3 sector-specific methodology consultation ahead of Ofgem's decision expected in the spring. And in National Grid Ventures, we have two key priorities: developing and winning new competitive transmission opportunities in the U.S., including an ISO-led opportunity in New England, and closing the sale of Grain LNG completing our announced divestments.

在電力分配方面，我們的首要任務是準備對 RIIO-ED3 行業特定方法諮詢的回應，以迎接 Ofgem 預計在春季做出的決定。在國家電網創投公司，我們有兩個主要優先事項：在美國開發和贏得新的有競爭力的輸電機會，包括新英格蘭地區由獨立系統營運商 (ISO) 主導的機會，以及完成 Grain LNG 的出售，從而完成我們宣布的資產剝離。

Now before we take your questions, as this is my last results presentation, I want to reflect briefly on the journey I've been privileged to be part of over the past 10 years. It's been a truly transformative decade for National Grid. When I presented my first set of results back in 2016, the business looked very different with the majority of our operations in gas. Today, we're over three-quarters electric, a fundamental shift that reflects the successful portfolio repositioning that has enabled us to pivot towards growth and a geographical footprint that is more balanced across the U.K. and the U.S.

在回答大家的問題之前，由於這是我最後一次成果匯報，我想簡單回顧過去 10 年我有幸參與的這段歷程。對國家電網來說，這真是變革性的十年。2016 年我首次公佈業績時，公司的情況與現在截然不同，當時我們的大部分業務都集中在天然氣領域。如今，我們超過四分之三的業務都實現了電氣化，這一根本性的轉變反映了我們成功地重新調整了業務組合，使我們能夠轉向成長，並在英國和美國擁有更平衡的地域佈局。

I'm incredibly proud of how we've responded as an organization to meet the needs of our customers by delivering extraordinary organic growth. We've deployed nearly three times the level of capital investment compared to 2016, and the growth in regulated asset base is expected to be over 10% this year compared to just 4% a decade ago.

我為我們公司能夠透過實現卓越的自然成長來滿足客戶的需求而感到無比自豪。與 2016 年相比，我們投入的資本幾乎是原來的三倍，預計今年受監管資產基礎的成長將超過 10%，而十年前僅為 4%。

Our business is incredibly strong, giving me huge confidence in National Grid's ability to continue to deliver a compelling investment proposition. Beyond the numbers, I'm very proud to be handing over an organization where our values and the critical role we play for our customers are the driving force of our ambitions.

我們的業務非常強勁，這讓我對國家電網持續提供極具吸引力的投資方案的能力充滿信心。撇開數字不談，我非常自豪能夠交出這樣一個組織，在這個組織裡，我們的價值觀以及我們為客戶發揮的關鍵作用，是我們實現抱負的驅動力。

Zoe is the right person to lead National Grid into this next chapter and I know she will find the clarity of our mission, the scale of the opportunities ahead to be a source of strength in the years to come. So let me stop there and give you the opportunity to ask Andy and I any questions.

Zoe 是帶領國家電網邁入下一個階段的合適人選，我知道她將從我們清晰的使命和未來機會的規模中汲取力量，在未來的幾年裡取得成功。那我就說到這裡，給大家一個機會向我和安迪提問。

Okay. So we've got lots of questions. So I'm going to perhaps start with Pavan from JPMorgan. And then after Pavan, perhaps I could ask Sarah from Morgan Stanley to ask her question. So Pavan, if we can have your question, please.

好的。所以我們有很多問題。所以我或許會先從摩根大通的帕萬開始。然後，在帕萬之後，或許我可以請摩根士丹利的莎拉問她的問題。帕萬，請問您的問題是什麼？

And John, I just wanted to congratulate you on the results you've delivered during your leadership. I wish you all the best for your future beyond National Grid. So I've got two questions, please.

約翰，我只想祝賀你在領導期間的成就。祝您離開國家電網後，未來一切順利。我有兩個問題，請問。

Firstly, on T3 expectations? Can you give a bit more color on your dialogue with Ofgem looking at particularly some of the data points we've had earlier this year on the U.K. water CMA provisional determinations? And on do you foresee upward pressure on the return on equity?

首先，關於T3的預期？您能否詳細介紹一下您與英國天然氣和電力市場管理局 (Ofgem) 的對話，特別是我們今年早些時候獲得的有關英國水務競爭管理署 (CMA) 臨時決定的一些數據點？那麼，您預期股本報酬率會面臨上行壓力嗎？

And then my second question is on net debt and the net debt guidance looks better for the full year than in May, even accounting for the proceeds of disposals. You highlighted the working capital effect in your speech. I was wondering if you could give a bit more color on the drivers of this and whether it's sort of -- that is something that should persist into the future years? Just trying to get an idea of the basis.

我的第二個問題是關於淨債務，即使考慮到處置所得，全年的淨債務預期也比 5 月的情況要好。你在演講中重點強調了營運資本的影響。我想請您詳細介紹一下造成這種情況的原因，以及這種情況是否會持續到未來幾年？只是想了解一下基本情況。

Thanks, Pavan. Let me do a question one, then I'll hand over to Andy to do question two. And thank you for your kind remarks.

謝謝你，帕萬。我先回答第一個問題，然後把第二個問題交給安迪。感謝您的讚揚。

In terms of RIIO-T3, if I just take you back to our response to the draft determination, in that, we said very clearly to Ofgem, there were two fundamental areas that we wanted to focus on between the draft determination and the final determination. The first was the overall investable framework and the second was the workability of the regulatory framework.

就 RIIO-T3 而言，如果我帶您回顧我們對草案決定的回應，當時我們非常明確地告訴 Ofgem，在草案決定和最終決定之間，我們希望專注於兩個基本領域。第一個是整體可投資框架，第二個是監管框架的可行性。

In terms of the investment framework itself, you would have seen in our draft determination that we made the argument that we believe the overall return needs to be comparable with what we'd see internationally. And therefore, based on what was in the draft determination, we set up that we felt that the base return should be higher. I think given what we've seen in the provisional CMA decision on water and things like I think that reinforces some of the argues that we've made.

就投資框架本身而言，您會在我們的決定草案中看到，我們認為整體回報需要與國際上所看到的回報相當。因此，根據草案中的決定，我們認為基本回報應該更高。我認為，鑑於我們在 CMA 關於水資源等方面的臨時決定中所看到的，這強化了我們提出的一些論點。

We also said as part of the financial package that we needed a lot more detail on the incentives, and that's been an area of focus since we made that response to the draft determination with Ofgem at all levels of the organization. In addition to the financial framework, we also said we needed a framework that was actually deliverable. And in particular, what we meant by that was given the scale of the CapEx that we need to deliver we need to have the ability to be able to make decisions quickly and then to move nimbly through the process, in particular, in terms of when Ofgem sets the allowances and actually agrees that the projects are needed, that it aligns with the development framework for the projects.

我們也表示，作為財務方案的一部分，我們需要更多關於激勵措施的細節，自從我們對 Ofgem 的決定草案做出回應以來，這一直是公司各級關注的重點領域。除了財務框架之外，我們還表示需要一個真正可執行的框架。具體來說，我們指的是，鑑於我們需要交付的資本支出規模，我們需要有能力快速做出決策，然後靈活地推進整個流程，尤其是在 Ofgem 設定限額並實際同意專案是必要的時候，要確保它與專案的開發框架相一致。

So that has been the focus, as you can imagine, with what, four weeks to go. There continues to be a lot of dialogue, but the dialogue remains in those two broad categories.

所以，正如你所想，這就是我們工作的重點，而距離比賽只剩下四周了。雖然對話仍在繼續，但對話仍然局限於這兩個大類。

And with that, I'll hand to Andy.

那麼，接下來就交給安迪了。

Pavan, thanks. So you remember back at year-end, we guided to an increase in net debt of around GBP6 billion, but that was before you take account as you say, of any of the transaction proceeds. By the time you allow for the two disposals and the FX movement that we've seen, it's a relatively small difference, net difference compared to the sort of the GBP1.5 billion increase that we're now guiding to after you take account of all of that.

帕萬，謝謝。所以你還記得，在年末，我們預計淨債務將增加約 60 億英鎊，但正如你所說，那是在考慮任何交易收益之前。考慮到我們已經看到的兩次資產處置和外匯波動，淨差額相對較小，與我們現在預測的15億英鎊增幅相比，這還是一個相對較小的差額。

And that small difference is a combination of the slightly higher script uptake that we've seen over the summer and as you say, a little bit of working capital, but it's relatively small in the context of our balance sheet. So I don't see that as being a significant sort of enduring shift.

這種微小的差異是夏季期間劇本需求略有增加，以及正如你所說，一些營運資金共同作用的結果，但就我們的資產負債表而言，這相對較小。所以我不認為這是一種意義重大且持久的轉變。

Thanks, Andy. So shall I go to Sarah from Morgan Stanley next and then perhaps Mark Freshney from UBS after that. Sarah?

謝謝你，安迪。那麼接下來我應該去採訪摩根士丹利的Sarah，然後再去採訪瑞銀集團的Mark Freshney嗎？莎拉？

Firstly, a very big welcome, Zoe. It's always nice to hear another Aussie accent. And John, another very big thank you to you and wishing you all the best in the next chapter.

首先，熱烈歡迎佐伊。聽到另一個澳大利亞口音總是令人愉悅。約翰，再次非常感謝你，祝福你在人生的下一個階段一切順利。

So two questions from me, please. And actually, they're both on U.K. Electricity Distribution. So firstly, on the ED operational RoRE performance, please. Just wondering any further color you can provide on how that's tracking against this year's 50 basis points guide and then as we look forward, anything clearly you can please add on that pathway back to the 100 basis points.

請容許我問兩個問題。實際上，它們都屬於英國電力分配系統。首先，請談談ED營運RoRE績效。我想知道您能否進一步說明一下，目前的情況與今年 50 個基點的目標相比如何？展望未來，您能否就重返 100 個基點的目標路徑提供一些明確的補充資訊？

And then quickly, a bit more on last month's SSMC ED, completely appreciate very early days, but wondering if you can add a bit more on your thoughts, please. If there was anything that surprised you in the document, or mostly, as you already mentioned, mainly just building on what we've already seen through the ED process.

然後，再快速地補充一下上個月的 SSMC ED，我知道現在討論還為時過早，但我想知道您是否可以再補充一些您的想法。如果這份文件中有什麼讓你感到驚訝的地方，或者正如你已經提到的，主要是基於我們已經在ED流程中看到的內容。

Yes. Thanks, Sarah. I mean, in terms of the operational performance of ED, I'd say it's very much on track to where we expected to be at the half year. As you would have seen in the results, we continue to get the impact of the real price effects that we talked about in May, but we are seeing improved performance this year. So we're on track and are guiding towards the 50 basis points of outperformance this year.

是的。謝謝你，莎拉。我的意思是，就ED的營運績效而言，我認為它完全符合我們上半年的預期目標。正如您在結果中看到的，我們繼續受到五月份討論過的實際價格效應的影響，但今年的業績有所改善。因此，我們正按計劃推進，並預計今年將實現 50 個基點的超額收益。

And we remain of the view that we'll get closer to the 100 basis points by the end of ED. So that is very consistent with what we said in May and the performance of the first six months is sort of reinforcing that.

我們仍然認為，到歐洲央行年末，我們將更接近 100 個基點的目標。所以這與我們五月所說的非常一致，而且前六個月的表現也印證了這一點。

In terms of the sector-specific methodology consultation, I'd say it's -- I mean it's very broad, which I think is a good thing at this stage. It very much align with our expectations. I think we were particularly pleased to see that often is set up that they intend to take a very long-term strategic view of distribution going forward over multiple price control periods and that ED3 will be set in that context.

就特定產業的方法論諮詢而言，我認為——我的意思是，它的範圍非常廣泛，我認為這在現階段是一件好事。這完全符合我們的預期。我認為我們特別高興地看到，他們打算對未來的分銷採取非常長期的戰略眼光，在多個價格管制期內實施，而 ED3 也將在這種背景下制定。

I think we're also pleased to see that in the document, they talked about the need for the investment in distribution to stay ahead of the needs of customers. So given that we're expecting to see an increase in EVs and heat pumps and those types of things, then I think we're pleased to see that. It was very consistent in terms of its messaging in terms of the need for an investable proposition and also that the incentives for things like innovation would be important.

我認為我們也很高興地看到，在文件中，他們談到了需要增加對分銷管道的投資，以滿足客戶的需求。鑑於我們預計電動車、熱泵等產品將會增多，那麼我認為我們很樂意看到這種情況。在資訊傳遞方面，它非常一致地強調了提出可投資方案的必要性，以及激勵創新等措施的重要性。

So broad I would say it met our expectations. It's very broad, and I think it's given us a landscape in which we can respond quite sensibly in time for the decision in the spring.

範圍很廣，我覺得符合我們的預期。它的範圍非常廣泛，我認為它為我們提供了一個可以及時做出合理反應的局面，以便在春季做出決定。

Okay. So if I can move to Mark at UBS and then perhaps after Mark, we can take Dominic from Barclays. So Mark?

好的。所以如果我能去瑞銀找馬克，然後也許在馬克之後，我們可以從巴克萊銀行挖來多明尼克。所以，馬克？

John, congratulations and looking forward to seeing what you'll be doing next.

約翰，恭喜你，期待看到你接下來的舉動。

I have two questions. Firstly, looking back over the last two or three Ofgem price controls, do you feel that Ofgem have given you allowances sufficiently -- that are sufficient for you to do all of the maintenance that you would have liked to have done? And just secondly, on infrastructure in general, I mean National Grid has been the center of capital delivery in the U.K. at a time when there wasn't much of it around.

我有兩個問題。首先，回顧過去兩三次 Ofgem 的價格管制，您是否覺得 Ofgem 給予您的補貼足夠多——足以讓您完成您想做的所有維護工作？其次，就基礎設施而言，我的意思是，在英國基礎設施匱乏的時期，國家電網一直是英國資本交付的中心。

Clearly, there's -- government have been clear we're not going to cut capital investment in the U.K. We're going to keep going. What would -- what do you think the U.K. needs to do to get all of this CapEx done, not just in your area, but across the whole piece?

很顯然，政府已經明確表示，我們不會削減在英國的資本投資。我們將繼續推進投資。您認為英國需要採取哪些措施才能完成所有這些資本支出項目，不僅是您所在的地區，而是整個國家？

So thank you, Mark. So in terms of in context of the last two or three price controls and have we had sufficient allowances, I think the blunt answer to that is yes. When I look at the outcomes, which is probably the most important thing, we've continued to deliver world-class reliability at 99.69, as you know I quote quite often. But also, if I just take a broader perspective and look at the number of unplanned outages we have on the network, so unexpected failures of assets today compared to 10 years ago, that actually it's about half as many today.

謝謝你，馬克。所以，就過去兩三次價格管製而言，我們是否有足夠的配額，我認為直截了當地回答是肯定的。當我審視結果時（這可能是最重要的），我們繼續保持著世界一流的可靠性，達到了 99.69%，正如你所知，我經常引用這個數字。但是，如果我從更廣闊的角度來看，看看我們網路上計劃外中斷的數量，也就是如今資產意外故障的數量與 10 年前相比，實際上今天的故障數量大約只有 10 年前的一半。

So actually, the overall health of the network looks very resilient and strong. And therefore, I think we have had sufficient maintenance CapEx to do the work that we need to do. Obviously, as we look to T3, that continues to be dialogue with Ofgem as we get towards the FD. But certainly in the past, I think we've got a network that's reliable and resilient. And when I look at the data, suggests it's in a strong position.

所以實際上，該網路的整體健康狀況看起來非常穩健且強大。因此，我認為我們已經有足夠的維護資本支出來完成我們需要做的工作。顯然，展望 T3，隨著我們接近最終期限，我們將繼續與 Ofgem 進行對話。但可以肯定的是，在過去，我認為我們擁有一個可靠且具彈性的網路。從數據來看，它處於強勢地位。

In terms of infrastructure and the broader question, I mean, for me, I think the things that are important, Mark, I think there's bipartisan recognition that infrastructure investment is a key enabler of economic growth in the U.K. In order to do that efficiently, having stable and predictable fiscal and regulatory frameworks is really important and something that we're focused on. I think we still like to see more done around the planning regime in the U.K.

就基礎設施和更廣泛的問題而言，我的意思是，對我而言，我認為重要的是，馬克，我認為兩黨都認識到，基礎設施投資是英國經濟成長的關鍵推動因素。為了有效地做到這一點，擁有穩定和可預測的財政和監管框架非常重要，這也是我們關注的重點。我認為我們仍然希望看到英國在規劃制度方面做出更多努力。

The planning legislation is going through, and I think that will streamline the process. But I do think there's more opportunity to do more so that the infrastructure can be built more efficiently and more quickly to enable that economic growth. So for me, I think those are two things that are really important.

規劃立法正在推進中，我認為這將簡化流程。但我認為，我們還有機會做得更多，以便更有效率、更快速地建立基礎設施，從而促進經濟成長。所以對我來說，我認為這兩件事真的非常重要。

Okay. Let me move on to Dominic. And then perhaps after Dominic, we could do Ahmed at Jefferies. So Dominic, do you want to ask your question?

好的。接下來我來說說多明尼克。然後，或許在多明尼克之後，我們可以考慮傑富瑞的艾哈邁德。那麼多明尼克，你想問你的問題嗎？

Yes. Thank you, John, for your sort of decade as CEO and I think 30-ish years at Grid and also to welcome Zoe to the role and wish her all the best for the future.

是的。約翰，感謝你擔任CEO近十年，以及在Grid公司近30年的奉獻，也歡迎佐伊擔任這一職務，祝福她未來一切順利。

Two questions for me, please. Firstly, there's clearly a U.K. government focus on some sort of affordability. And within that, I think the Select Committee last week brought up network windfalls again. And I think Ofgem are now made sort of a consultant is by think beginning of 2026. So maybe you could give us an update on whether this Select Committee recommendation will change Jim's point of view on network windfalls?

請容許我問兩個問題。首先，英國政府顯然非常重視某種程度的可負擔性。我覺得，上週特別委員會又提到了電視網的意外之財。我認為 Ofgem 現在已經成為某種顧問，預計到 2026 年初就會開始運作。那麼，您能否向我們透露一下，特別委員會的這項建議是否會改變吉姆對網路意外之財的看法？

And secondly, on the GBP35 billion of that you had in your draft for RIIO-T3, there's clearly a lot of uncertainty around that. I think NESO is publishing a new connection regime shortly. And I was hoping that you could provide us color as to actually what you expect to be in it like what's going to change? And will that -- how much clarity will that actually put onto the totex number that will get published in the FD on how much that's already could be secured?

其次，關於您在 RIIO-T3 草案中提到的 350 億英鎊，顯然存在許多不確定性。我認為NESO很快就會發布新的連接機制。我希望您能為我們透露一下您預計新版本會包含哪些內容，例如會有哪些變化？那麼，這究竟能為《金融日報》（FD）上公佈的總稅額數字提供多少清晰度，才能真正揭示其中有多少已經得到保障？

Yes. So thanks, Dominic. So in terms of the Select Committee last week, actually, it was an issue that has already been looked at. So this -- so just to be clear, the work that we've done demonstrates that we certainly not received any windfall profits. The analysis that they were talking about the Select Committee, I think, was a snapshot looking at expected inflation versus actual inflation.

是的。謝謝你，多米尼克。所以就上週的特別委員會而言，實際上，這是一個之前已經討論過的問題。所以——為了說清楚，我們所做的工作表明，我們當然沒有獲得任何意外之財。我認為，他們所說的特別委員會的分析是預期通膨與實際通膨的比較分析。

But if you look at it over the medium to long term, then it's very clear that there is no windfall profit. So I think that was the debate that was going on there. Ofgem, as you know, have already looked at this issue and have concluded that it's not in consumer's interest to reopen it. So from that perspective. And I think Ofgem actually responded to the consultation already looked at it as well.

但從中長期來看，很明顯不會有意外之財。所以我覺得當時爭論的焦點就是這樣。如您所知，Ofgem 已經研究過這個問題，並得出結論：重新開啟這個問題不符合消費者的利益。所以從這個角度來看。而且我認為Ofgem實際上已經對諮詢做出了回應，也已經看過相關內容了。

So the consultation you mentioned of next spring, actually, I don't think it's got anything to do with the windfall profit. I actually think it's to do with the way that network charges are allocated through the standing charge for suppliers. And I think it's that Ofgem are looking at, so rather than the windfall profit.

所以，你提到的明年春天的諮詢，實際上，我認為與意外之財沒有任何關係。我認為這實際上與網路費用透過供應商的固定費用進行分配的方式有關。我認為Ofgem關注的是，而不是意外之財。

In terms of the GBP35 billion totex that you referenced, so just to be clear, so when we submitted the business plan for RIIO-T3, we said that over that five-year period, we could spend up to GBP35 billion, depending on basically, how quickly connections come forward. The GBP35 billion was split out into sort of baseline CapEx, which included the traditional reliability, resilience asset help as well as those projects we had absolute certainty on but it then had a significant amount of CapEx that would be linked to the speed by which connections come forward.

關於您提到的 350 億英鎊總支出，為了明確起見，當我們提交 RIIO-T3 的商業計劃時，我們說過，在五年期間，我們最多可以花費 350 億英鎊，這主要取決於連接進展的速度。這 350 億英鎊被分為基本資本支出和相當一部分。基本資本支出包括傳統的可靠性、彈性資產援助以及我們絕對有把握的項目；而相當一部分資本支出則與連接推進的速度掛鉤。

What we're expecting to see over the next period is new connection offers will go out to those customers that are classed protected, which means they've got planning consent and have started construction for connections in '27, '28 in January next year. For those for 2030, it will go out in Q2 and for those beyond 2030 in Q3. So I think we're going to get a sort of a lifting of the mist over the course of next year as to exactly what connections are going to be delivered within the RIIO-T3 period.

我們預計在接下來的這段時間裡，新的連接優惠將提供給那些被列為受保護的客戶，這意味著他們已經獲得了規劃許可，並且已經在 2027 年、2028 年以及明年 1 月開始進行連接建設。2030 年的訂單將在第二季發出，2030 年以後的訂單將在第三季發出。所以我認為，在接下來的一年裡，我們將逐漸了解RIIO-T3期間究竟會實現哪些連結。

We know to a large extent, where the sort of the primary spines of investment are, what the connections reform process will do will allow us to specifically know which substations in which locations are going to be invested. So I think we'll get a better view as we move through the course of next year, but it's going to take a little bit of time.

我們大致知道主要投資方向在哪裡，連接改革進程將使我們能夠具體知道哪些變電站將在哪些地點進行投資。所以我認為，隨著明年這一年的推進，我們會看得更清楚，但這需要一些時間。

Okay. So I'm going to move on to Ahmed at Jefferies and then Harry at BNP. So Ahmed?

好的。接下來我要採訪傑富瑞的艾哈邁德，然後是法國巴黎銀行的哈利。所以艾哈邁德？

A warm welcome to Zoe in her new role. A few questions, maybe just starting out with on the T3 process. One of the other things you talked about in your response to the DD was the workability and the simplifying of the funding framework for -- and reopen decision-making. Could you give us a sense of how is the debate on that front? And if you have been -- if you're confident you'll be able to achieve the improvements you're seeking?

熱烈歡迎佐伊擔任新職務。我有一些問題，可能是剛開始了解T3流程。您在對 DD 的回應中還談到了另一件事，那就是資金框架的可行性和簡化，以及重新開放決策。您能否簡單介紹一下這方面的爭論進展如何？如果你已經這樣做了——如果你有信心能夠實現你所尋求的改進？

Another topic that's been, I think, in the press and among stakeholders is the budget for auctions is out and there's some debate whether that's enough to be able to deliver on the government's offshore wind targets. I just want to understand a little bit better how sensitive or more is the sort of the transmission CapEx plan to sort of achieving offshore wind development targets in the U.K. either T3 or T or more medium term?

我認為，媒體和利益相關者一直在討論的另一個主題是，拍賣預算已經公佈，但目前存在一些爭論，認為該預算是否足以實現政府的離岸風電目標。我只是想更了解一下，輸電資本支出計畫對於實現英國離岸風電開發目標（無論是T3、T還是中期目標）的敏感度有多高？

And then finally, just one for Andy. Andy, could you just give us a little bit more on the drivers for the upgrade or modest upgrade as you sort of call it, for the FY '26 outlook? You referenced regulated -- better performance in regulated businesses. I'll just love to understand that better.

最後，再給安迪一個。安迪，你能否再詳細談談2026財年展望中，促成此次升級（或如你所說的適度升級）的驅動因素？你提到了受監管的企業——受監管的企業表現更好。我很想更深入地了解這一點。

Yes. Thanks, Ahmed. So start with the first question on the workability. So this was one of the areas that we focused on in our response to the draft determination, I mean in simple terms, as I said to Dominic's answer, quite a bit of the CapEx is going to be agreed as we move through the price control period. So as big projects are defined, then we have to go through a process of agreement with Ofgem, the pre-engineering, then off to MacGreen that it's the right project to move forward and ultimately agreeing the allowances.

是的。謝謝你，艾哈邁德。所以，首先要問的是可行性問題。所以這是我們在回應草案決定時重點關注的領域之一，我的意思是，簡單來說，正如我對多明尼克的回答所說，相當一部分資本支出將在價格管制期內達成一致。因此，在確定大型項目之後，我們必須與 Ofgem 達成協議，進行前期工程設計，然後提交給 MacGreen，確認這是值得推進的正確項目，並最終商定補貼事宜。

And for us, what's really important is that those regulatory decisions dovetail and align with the project development time scale so that we're not left in a position where either we're having to spend in advance of getting the approval from Ofgem that it's the right project and/or we having to wait for clarity on what the allowances are. So it's very much about the workability of the framework and making sure that we've got a good drumbeat with Ofgem to allow us to deliver what is a significant level of CapEx at speed and at pace.

對我們來說，真正重要的是這些監管決定能夠與專案開發時間表相契合，這樣我們就不會陷入這樣的境地：要么我們不得不在獲得 Ofgem 的批准之前就投入資金，證明這是一個正確的項目，要么我們不得不等待有關配額的明確規定。因此，關鍵在於框架的可行性，以及確保我們與英國天然氣和電力市場管理局 (Ofgem) 保持良好的溝通，以便我們能夠快速、有效率地完成大量的資本支出。

So that has been a lot of discussions have been had since they're after termination at the working level to make sure we've got the right framework. And of course, we'll wait to see whether we've got the right place of the FD at the beginning of December.

因此，自從他們離職以來，我們在工作層面進行了許多討論，以確保我們擁有正確的框架。當然，我們還要等到 12 月初才能確定 FD 的位置是否正確。

In terms of and the offshore wind auction, I think I'll go back to what we said in May, just to remind people that, to a large extent, we are relatively insensitive to what happens in the offshore wind auctions because Ofgem has already taken the decision that for the ASTI projects, we have a license obligation to deliver them and that it's in consumers' interest to progress those projects sort of independent of what the time scales are. And that's partly because, of course, there's an expectation that not only will it enable the flow of increased energy across the network, but it will also reduce what is an expected significant increase in constrained costs of around GBP12 billion. So we don't see a huge amount of sensitivity between our GBP60 billion five-year plan and then finally, on question three, I'll look to Andy.

關於離岸風電拍賣，我想我會回到我們五月份說過的話，提醒大家，在很大程度上，我們對海上風電拍賣的結果相對不太敏感，因為英國天然氣和電力市場監管局（Ofgem）已經決定，對於ASTI項目，我們有交付這些項目的許可義務，而且推進這些項目符合消費者的利益，無論時間安排如何。當然，部分原因是人們期望它不僅能夠促進電網中更多能源的流動，而且還能減少預計將大幅增加的受限成本，約為 120 億英鎊。因此，我們並沒有看到我們600億英鎊的五年計劃與…之間存在太大的敏感性。最後，關於第三個問題，我將請安迪回答。

Yes. Thanks, Ahmed. In terms of the guidance, I think we said it versus our original guidance at the start of the year, we've obviously seen the two headwinds, firstly, from the dollar movement. So we're now guiding at 1.35 for the remainder of the year, which is, as you know, a small headwind, and secondly, with a slightly higher scrip uptake, there's an element of EPS dilution from that for the full year.

是的。謝謝你，艾哈邁德。就業績效指引而言，我認為我們說過，與年初的最初指引相比，我們顯然看到了兩個不利因素，首先是美元走勢。因此，我們現在預計今年剩餘時間的每股收益為 1.35，正如您所知，這是一個小小的阻力，其次，由於股票認購量略有增加，這將導致全年每股收益被稀釋。

But that is more than offset by a stronger operating performance from across the group, actually. I wouldn't call out any particular business unit. It is from across our regulated businesses. And all of that means that it puts us in a net or a modest upgrade position compared to our original guidance when we look ahead to the full year.

但實際上，集團整體更強勁的營運表現足以彌補這一不足。我不會點名批評任何特定的業務部門。它來自我們所有受監管的業務部門。所有這些都意味著，展望全年，與我們最初的預期相比，我們的預期略有上調。

Okay. Thank you, Andy. I'm going to go to Harry at BNP and then James at Deutsche. So Harry, we have your question, please.

好的。謝謝你，安迪。我打算先去找法國巴黎銀行的哈里，然後再去找德意志銀行的詹姆斯。哈利，我們已經收到你的問題了。

And I'll add my congratulations and all the best and also hello to Zoe. So I have two questions, please. The first one is on the U.S. Now you just had a slew of sort of Democrat election wins and New York Mayor race dominated by affordability and the cost of living. I think you've been quite clear in the past that in the U.S., you are sheltered from this debate because regulation is done at the state level, et cetera.

我還要向你表示祝賀，祝一切順利，也向佐伊問好。所以，我有兩個問題。第一個例子是美國。現在民主黨贏得了一系列選舉，紐約市長競選也主要圍繞著住房可負擔性和生活成本問題。我認為你過去已經非常明確地表示，在美國，你不會捲入這場辯論，因為監管是在州一級進行的等等。

But if there was a federal move to clamp down on energy prices in the U.S. ahead of the midterms, where do you think the pain would be felt? And I have been clearly in mind that when this happened in Europe in 2022, it was painful across a wide range of business models, although less so in networks. So I'd be interested just to understand how you think or where the axe could potentially fall if energy prices really grew into a major, major political issue in the U.S.

但是，如果美國聯邦政府在中期選舉前採取措施限制能源價格，你認為哪些方面會受到影響？我一直清楚記得，當這種情況在 2022 年發生在歐洲時，對各種商業模式都造成了痛苦，儘管對網路的影響較小。所以我很想知道，如果能源價格真的成為美國一個非常重大的政治議題，你的想法是什麼，或者可能會出現哪些問題。

The second one is on T3. So looking at your consensus around the time that the draft determinations came out, there's several key uptick in expectations for FY '27, which is, I think, all of us looking at the fast money numbers and the Ofgem models have concluded that, that might bump your revenue for next year. How comfortable do you feel with that if we just take what we've had in the draft determination, so clearly, we'll get more in December and things might look different? But if we're just looking at what we've got in the draft, do you think we are collectively as sell-side analysts being conservative enough here? And do you think that there is a rational reason that EPS might be higher next year because of the past money?

第二個在T3上。因此，回顧草案公佈前後大家的共識，2027 財年的預期出現了幾個關鍵的上升，我認為，我們所有人都在關注快速融資數據和 Ofgem 模型，並得出結論，這可能會提高你們明年的收入。如果我們只按照目前選秀結果來決定，你覺得這樣可以嗎？顯然，12 月我們會得到更多信息，情況可能會有所不同。但如果我們只看選秀大會的情況，你認為我們作為賣方分析師，整體上是否足夠保守？你認為由於過去的資金投入，明年每股盈餘（EPS）可能會更高，這是否有合理的理由？

Thanks, Harry. Let me take the first question, and then I'll ask Andy to take the second. Probably just sort of a broader answer to the specifics as well, which is, so first of all, we're very conscious of the affordability debate, not just in the U.S. and the U.K. So we always take that massively into account when we think about price controls and rate cases in the U.K. and the U.S.

謝謝你，哈里。讓我先回答第一個問題，然後我請安迪回答第二個問題。這也可能是一個更廣泛的回答，針對具體情況，首先，我們非常關注可負擔性問題，而不僅僅是在美國和英國。因此，當我們考慮英國和美國的價格管制和利率案件時，我們總是會充分考慮這一點。

With regards to the Mayor election, just to put that into context as well. So for New York City, they are our largest customer for our downstate gas business. We have a huge amount of interaction with them, particularly on the construction programs because quite often, where the city is doing work, we have to move our pipelines, for example. So they're a key stakeholder. And like any key stakeholder, we will engage with them to make sure we understand how we're working together, but also what their aspirations are around, and we understand that affordability is a big issue.

關於市長選舉，也需要說明一下背景。因此，紐約市是我們紐約州南部天然氣業務的最大客戶。我們與他們有大量的互動，尤其是在建設項目方面，因為通常情況下，當城市進行施工時，我們不得不移動我們的管道等等。所以他們是關鍵利害關係人。就像任何重要的利害關係人一樣，我們將與他們溝通，以確保我們了解彼此的合作方式，以及他們的期望，我們也明白價格承受能力是一個重要議題。

But ultimately, for National Grid, things like our CapEx plans and affordability sit at the state level. And as you saw last year, we were very successful in agreeing with the regulator at the state level, a three-year plan for NIMO of $5.6 billion which will take us right through to 2028. In terms of the sort of interaction between state and federal, I mean, for utility rates, then obviously, federal today don't have any jurisdiction. So I think in terms of the affordability debate, it would still sit at the state level. We need to be very mindful of that.

但歸根究底，對於國家電網公司而言，資本支出計畫和可負擔性等問題都屬於州級的範疇。正如你們去年所看到的，我們非常成功地與州級監管機構達成了一項為期三年、總額達 56 億美元的 NIMO 計劃，該計劃將持續到 2028 年。就州和聯邦之間的互動而言，我的意思是，就公用事業費率而言，顯然，聯邦政府目前沒有任何管轄權。所以我認為，就住房負擔能力問題而言，這仍然應該由州一級來決定。我們需要對此高度重視。

And the way we approach that as a National Grid is when we look to do a rate case and we'll do this when we do in the coming months, we'll first reach out to all our key stakeholders and understand what are their expectations, what do they want from National Grid and how does that fit in the envelope of affordability. And quite often, that will shape the capital plan that we put forward as part of the rate case. We'll also spend a significant amount of time thinking about our vulnerable customers.

作為國家電網，我們處理這個問題的方式是，當我們考慮進行費率調整時（我們將在未來幾個月內進行調整），我們會先與所有主要利益相關者聯繫，了解他們的期望是什麼，他們希望國家電網提供什麼，以及這些期望如何在可承受範圍內得到滿足。而且通常情況下，這將影響我們在利率方案中提出的資本計劃。我們也會花大量時間思考如何幫助我們的弱勢客戶群。

You might remember in our rate case, for example, we set aside $290 million to support most vulnerable customers. And of course, we're always trying to drive the efficiency of the business through innovation as well to find more efficient ways of delivering what we need from customers. So I think for all those reasons, that's what we'll continue to do. We'll engage with stakeholders and think very carefully about what that rate case looks like in the envelope of affordability.

例如，您可能還記得，在我們的費率調整案中，我們撥出 2.9 億美元來幫助最弱勢的客戶。當然，我們也一直在努力透過創新來提高業務效率，以找到更有效的方式來滿足客戶的需求。所以，基於以上所有原因，我認為我們會繼續這樣做。我們將與利害關係人進行溝通，並非常認真地考慮在可負擔範圍內，該費率方案的具體內容。

From a federal perspective, and I think I'll reflect on what we've seen over the last 12 months, which is one of the key focus areas in New York, for example, has been how do you address the wholesale prices and you would have seen that the PSC has indicated they're supportive of the NESE pipeline. Based on the analysis that we did on the NESE pipeline, not only does it improve resilience and reliability in New York, but it increases the volume of supply by about 14% and potentially has about $6 billion of benefit for New Yorkers.

從聯邦層級來看，我認為應該回顧一下過去 12 個月我們所看到的情況，例如，紐約的一個重點關注領域是如何解決批發價格問題，而你也已經看到公共服務委員會 (PSC) 表示他們支持 NESE 管道項目。根據我們對 NESE 管道的分析，它不僅提高了紐約的韌性和可靠性，而且還增加了約 14% 的供應量，並可能為紐約人帶來約 60 億美元的收益。

So I think there's an interaction between federal government when you get into things like transmission pipelines and the states that I suspect will continue to be a focus going forward. Andy?

所以我認為，在輸油管等議題上，聯邦政府和各州之間存在著互動，我懷疑這將是未來關注的重點。安迪？

Harry, thanks for the question. Yes, I think, obviously, this morning, you'll have heard that we've reaffirmed our five-year frame guidance through to '29. And you remember when we set out that guidance, it was deliberately designed to be robust to a range of different outcomes as well.

哈里，謝謝你的提問。是的，我想，很顯然，今天早上你們都聽說了，我們重申了到 2029 年的五年框架​​指導方針。你還記得當我們制定該指導方針時，特意將其設計成能夠應對各種不同的結果嗎？

So I think it's important to take that into account. And clearly, at this stage, as you've heard from John, a couple of times now, our focus is working with Ofgem to ensure that we get to an appropriate final determinations. And that will be the point that we'll determine whether there is further guidance to be given, and that will be the point that we would do that.

所以我認為有必要把這一點考慮進去。顯然，正如約翰已經多次提到的那樣，現階段我們的重點是與英國天然氣和電力市場監管局 (Ofgem) 合作，以確保我們能夠做出適當的最終決定。屆時我們將決定是否需要發布進一步的指導意見，屆時我們也會發布。

The other thing I'd just mentioned, of course, at this stage, we're also one of the topics we talk to Ofgem about is the profiling of any increases of revenue and how they fall across the five years of the price control. So that's something else that will be part of the mix that we'll be looking at.

當然，我剛才提到的另一件事，在這個階段，我們與英國天然氣和電力市場監管局 (Ofgem) 討論的話題之一，就是分析任何收入增長情況，以及這些增長在五年價格管制期間的分佈情況。所以這也是我們將要考慮的因素之一。

I'm going to move on to James at Deutsche and then perhaps we can go to Deepa at Bernstein after that.

接下來我要去拜訪德意志銀行的詹姆斯，之後或許可以去拜訪伯恩斯坦銀行的迪帕。

It's James Brand from Deutsche. Also, congrats to John and also to Zoe and good luck for the future. I have two questions. The first is on demand.

我是來自德意志銀行的詹姆斯‧布蘭德。也恭喜約翰和佐伊，祝福他們未來一切順利。我有兩個問題。第一種是按需提供。

So you said that you were kind of positioning yourselves to be ready to connect up to 19 gigawatts of additional demand Obviously, that will be absolutely huge, particularly if it was all heat demand. What's your kind of realistic expectation of how much demand growth we might see over the next five years?

所以你說你們正在做好準備，迎接高達 19 吉瓦的額外需求。顯然，這將是一個巨大的數字，特別是如果全部都是供熱需求的話。您對未來五年內需求成長的合理預期是多少？

I know there's like a lot of data center connection requests, but how much do you think we can realistically expect to be added on the data center side. Maybe that's a difficult question to answer, but any thoughts around that would be super interesting.

我知道有很多資料中心連線請求，但你認為我們實際上可以預期資料中心方面會增加多少連線？這或許是個很難回答的問題，但任何相關的想法都會非常有趣。

And then the second question is on coming back again to the energy affordability debate in the U.K. So obviously, the kind of noise around that has increased quite substantially. How do you view your own positioning in regards to that debate? I guess, potentially reasonably well protected given that you'll have the transmission price control locked in pretty shortly, and you can argue that the investments that are cutting our curtailment costs quite substantially.

第二個問題是關於英國能源價格負擔能力的辯論。顯然，圍繞這一問題的爭論已經大幅增加。您如何看待自己在這場辯論中的立場？我想，考慮到輸電價格控制很快就會鎖定，而且可以說，這些投資正在大幅降低我們的限電成本，因此可能會得到相當不錯的保護。

But longer term, is this a bit of a risk for you? And if you were to make any recommendations for ways to put electricity bills in the U.K. given that we have pretty much the most expensive electricity bills in the developed world, what would you recommend?

但長遠來看，這對你來說是不是有點風險？鑑於英國的電費在已開發國家中幾乎是最昂貴的，如果您要就如何降低英國的電費提出任何建議，您會建議什麼？

Okay. Thanks, James. Let me start with the demand question. So a little bit of context. So because a lot of the demand -- a lot of the excitement is coming through the potential connection of data centers.

好的。謝謝你，詹姆斯。讓我們先從需求問題談起。簡單介紹一下背景。所以，很多需求──很多興奮點都來自於資料中心的潛在連結。

So today, about 2.6% of all the demand that we have in the U.K. comes from data centers. You may have seen that NESO does its future energy scenarios, and it was projecting that, that could increase to about 9% by 2035. What we've seen over the last 12 months is quite a surge of requests for connections to the transmission network to support data centers and generative AI.

所以，目前英國所有需求中約有 2.6% 來自資料中心。您可能已經看到，NESO 對其未來能源情境進行了預測，到 2035 年，這一比例可能會上升到 9% 左右。在過去 12 個月裡，我們看到連接傳輸網路以支援資料中心和生成式人工智慧的請求出現了相當大的激增。

So in our RIIO-T3 plans, our assumption is that we're expecting to see about demand growth of around about 19 gigawatts or we're going to build the network out to support that. I think it works out at about 4% growth in demand per annum. And about half of that is assumed to be for data center demand. And that's backed up by the connection agreements that have been signed in the time frame for RIIO-T3.

因此，在我們的 RIIO-T3 計劃中，我們假設需求增長約為 19 吉瓦，或者我們將擴大網路以支持這一增長。我認為這樣算下來，需求年增率約 4%。其中大約一半被認為是資料中心的需求。RIIO-T3 的時間範圍內簽署的連接協議也證實了這一點。

So I think we feel comfortable that we've got a reasonably good handle on what the demand is going to do over the next five years or so. and a reasonably good handle on what's being expected in terms of growth in data center demand and where it will connect. And of course, you may have seen National Grid is working with the government through the AI Council to really identify where are the best locations in the U.K. to locate those data centers based on where is their access fair capacity today or where the time frame interconnections would be shorter than other places, which is an important determinant for data centers.

所以我覺得我們有信心能夠比較準確地掌握未來五年左右的需求趨勢，以及資料中心需求的成長預期及其連結方向。當然，您可能已經看到，國家電網公司正透過人工智慧委員會與政府合作，根據當前接入公平容量或互連時間框架比其他地方更短等因素，確定英國哪些地方最適合設立資料中心，這對於資料中心來說是一個重要的決定因素。

In terms of energy affordability, I think when we stand back from our position, yes, we see an increase in the transmission element of the charge as we deliver out all these ASTI projects and the RIIO-T3 CapEx but actually against the expected constrained cost net-net, it's a reduction. So in a way, us getting on with the investment is very beneficial to consumers because it ultimately reduces the cost for them.

就能源可負擔性而言，我認為當我們從自身立場出發時，是的，隨著我們交付所有這些 ASTI 項目和 RIIO-T3 資本支出，我們看到輸電費用的增加，但實際上相對於預期的受限成本而言，淨成本有所下降。因此，從某種意義上說，我們繼續進行這項投資對消費者非常有利，因為它最終會降低他們的成本。

Having said that, we're very mindful the affordability is a significant issue, which is why in our business plan we set out why it's important to have incentives around innovation to drive efficiency and indeed why we propose an efficiency measure as well. So we're very mindful of it. We're very conscious that it's a difficult time for customers.

話雖如此，我們非常清楚價格承受能力是一個重要問題，因此在我們的商業計劃中，我們闡述了為什麼圍繞創新制定激勵措施以提高效率很重要，以及為什麼我們也提出了一項效率措施。所以我們非常重視這一點。我們非常清楚，對顧客來說，這是一個艱難的時期。

But in terms of the transmission element of the bill, I'd say we're very focused on making sure we can deliver the infrastructure to relieve those constrained costs, which result in a net-net reduction.

但就法案中的輸電部分而言，我認為我們非常注重確保能夠提供基礎設施來緩解這些受限成本，從而實現淨成本的降低。

I'm going to move to Deepa and then to Martin at BofA. So Deepa, should we take your question?

我打算先去迪帕那裡，再去美國銀行找馬丁。那麼迪帕，我們來回答你的問題吧？

First of all, thank you so much for your service for all these years and all the best for the next steps and Zoe a warm welcome.

首先，非常感謝您這些年來的服務，祝您接下來一切順利，也熱烈歡迎 Zoe 的到來。

So my two questions. First one is on the RIIO-T3 draft. where do you see the risk reward on the incentives? If not the financial returns, that's very clear, you want it to be higher than what's there. But as things stand right now, where do you see the risk reward and how close is that to the 200 bps or so you would need in order to get closer to that 10% overall nominal return?

所以我有兩個問題。第一個問題出在RIIO-T3草案。您認為激勵措施中的風險報酬體現在哪裡？如果不是為了獲得經濟回報，那很明顯，你肯定希望回報高於現狀。但就目前情況而言，您認為風險報酬如何？為了接近 10% 的整體名目報酬率，您需要大約 200 個基點，那麼這個風險報酬與 200 個基點之間的差距有多大？

And in your discussion so far with Ofgem, what's your sense on, are they moving in the right direction taking your feedback into account? So that's my first question.

到目前為止，在您與英國天然氣和電力市場管理局（Ofgem）的討論中，您覺得他們是否朝著正確的方向前進，並考慮了您的反饋意見？這是我的第一個問題。

And the second one, I noticed that you are looking at U.S. transmission opportunities. And I think this is something that used to be talked about a long time back. Nothing has ever happened about it. So has there anything changed in the U.S.

第二點，我注意到您正在關注美國的輸電機會。我覺得這事兒很久以前就有人討論過了。這件事一直沒有進展。那麼美國的情況有什麼改變嗎？

transmission landscape that is making you look at that again? And again, how big could this opportunity be?

是什麼讓你重新審視傳輸格局？那麼，這個機會究竟有多大呢？

Yes. Thanks, Deepa. I guess I'll put the innovation in the context of the incentives framework, which I think is really important to help me get to an overall return that we think is appropriate to give the scale of investment going forward. So actually, the work that we've been doing with Ofgem is focusing on sort of four key incentives.

是的。謝謝你，迪帕。我想我會把創新放在激勵框架的背景下進行討論，我認為這對於幫助我獲得我們認為與未來投資規模相適應的整體回報非常重要。實際上，我們與 Ofgem 合作的工作主要集中在四個關鍵激勵措施。

One is being incentivized to make available the connection capacity that customers want in a timely fashion. Secondly, it's about delivering the major projects as quickly as possible and being incentivized against that in the same way as we are for the ASTI projects. Thirdly is looking at how we can reduce the cost constraints in our role as the transmission operator working with the system operator. And we've done some of that in the existing price control, and we think there's opportunity for more of that as we move forward.

一方面，企業會受到激勵，及時提供客戶所需的連線容量。其次，要盡快交付重大項目，並像對待 ASTI 項目一樣，為此獲得激勵。第三，我們要考慮如何降低作為輸電業者與系統營運商合作時所面臨的成本限制。我們在現有的價格管制中已經做了一些這方面的工作，我們認為隨著工作的推進，還有更多這樣的機會。

And then thirdly -- sorry, fourthly, it's the incentives as well. So we've been having conversations with Ofgem about that to really -- to find a framework that ideally allows us to look for opportunities to extend new technologies onto the network in a way that will reduce cost for customers.

第三，抱歉，是第四，還有激勵機制。因此，我們一直在與英國天然氣和電力市場監管局 (Ofgem) 就此進行對話，以期找到一個理想的框架，使我們能夠尋找機會將新技術擴展到網路上，從而降低客戶的成本。

So if I give you an example, so Dynamic Ratings is a good example that we've started to deploy in our transmission divisions in the U.K. It is new technology. It allows you to get more power down the line without having to build new lines and we think those types of incentives are going to be really important if we're going to get to the overall package that works.

舉個例子來說，動態額定值就是一個很好的例子，我們已經開始在英國的輸電部門部署這項技術。這是一項新技術。它可以讓你在不新建線路的情況下獲得更多電力，我們認為，如果我們想要達成一個有效的整體方案，這類激勵措施將非常重要。

But we're thinking about those four incentives as a package and innovation is a key one within that. In terms of the U.S. opportunities, you might recall, when we refined the strategy in May last year, we talked about the fact that our focus was going to be on transmission, both regulated and competitive and that we did see opportunities for transmission opportunities in the U.S.

但我們把這四項激勵措施看成一個整體，而創新是其中的關鍵一項。就美國市場機會而言，您可能還記得，去年五月我們完善戰略時，我們談到，我們的重點將放在輸電領域，包括受監管的和競爭性的輸電，而且我們確實看到了美國輸電領域的機會。

So our National Grid Ventures business has been looking at that. And I referenced in the speech this morning that one particular one on the horizon is a transmission line potentially from Maine down to New England that will help to reduce bills for New England customers that we -- the ISO is doing a solicitation on. So we're looking at that as a project. It's obviously in a region that we are very familiar with and understand very clearly. And obviously, we've got good capabilities with National Grid Ventures.

因此，我們的國家電網創投業務一直在關注這個問題。我今天早上在演講中提到，即將建成的一條輸電線路可能從緬因州延伸到新英格蘭，這將有助於降低新英格蘭用戶的電費，我們——ISO（獨立系統運營商）正在就此進行招標。所以我們正在把它當作一個專案來研究。顯然，這是我們非常熟悉和了解的地區。顯然，我們與國家電網創投公司（National Grid Ventures）擁有良好的合作能力。

So we are seeing some solicitations for competitive transmission in the U.S. And as part of our National Grid Ventures business, we are looking at them very carefully.

因此，我們看到美國出現了一些競爭性輸電項目的招標。作為我們國家電網創投業務的一部分，我們正在非常仔細地研究這些項目。

We will only take them forward, as we said in the past, if we could get to a view that we're sensibly positioned to be able to win them, earn sensible returns, but that is one that's specifically on the short-term horizon at the moment.

正如我們過去所說，只有當我們確信自己有能力贏得比賽並獲得合理的回報時，我們才會推進這些比賽，但這目前還只是短期內需要考慮的事情。

Just looking who is left. So Martin, if we could go to you next, I think that's the last question that I've got.

看看還剩下誰。那麼馬丁，接下來請你提問，我想這是我最後一個問題了。

Right. Congratulations on the results and all the best for the future. I actually wanted to come back to this topic of potentially new opportunities in transmission in the U.S. that you referenced. Could that be something that is material in terms of investments and in terms of CapEx and presumably that would come on top of your existing guidance of GBP 60 billion?

正確的。恭喜你取得好成績，並祝福你未來一切順利。我其實想回到你提到的美國輸電領域可能出現的新機會這個話題。這是否會對投資和資本支出產生實質影響？而且這很可能是在你們目前 600 億英鎊的投資指引之外的額外支出？

So could you just give us some perspective as to how relevant this opportunity could be? And question number two, just on hybrid bonds. We have not really seen any hybrid issuance, I believe so. Is that still part of your financing toolbox?

那麼，您能否從您的角度來看這個問題，說說這個機會的意義何在？第二個問題，僅關於混合債券。我認為我們還沒有真正看到任何混合債券發行。那還是你融資工具箱裡的一部分嗎？

Thanks, Martin. I think Andy can take couple of those.

謝謝你，馬丁。我認為安迪可以拿下其中幾個。

Yes. Thanks. Martin. So on the transmission opportunities, as John said, we're in the early stages of looking at these. And so we'll have to wait and see how that may or may not grow as we go forward.

是的。謝謝。馬丁。所以關於傳輸機會，正如約翰所說，我們目前還處於研究這些機會的早期階段。所以，我們只能拭目以待，看看隨著時間推移，這種情況會如何發展。

But I'll remind you, if you go back to the financing strategy we set out in detail when we did the equity raise 18 months ago, we were very clear that where we do see incremental opportunities, particularly in our Ventures business, above -- that might take us above the GBP60 billion, we would need to look for ways to finance those through the Ventures business as well in terms of potential partnering, other types of sort of off-balance sheet finance and other routes, et cetera.

但我提醒各位，如果您回顧一下我們在 18 個月前進行股權融資時詳細制定的融資策略，我們非常明確地指出，如果我們看到增量機會，尤其是在我們風險投資業務方面（如上文所述），這可能會使我們的規模超過 600 億英鎊，我們需要尋找透過風險投資業務進行融資的方法，例如潛在的合作夥伴關係、其他類型的融資表和其他類型的融資。

So i.e., it wouldn't impact our delivery or use of the equity proceeds to underpin the GBP60 billion. And that remains absolutely the case today.

也就是說，這不會影響我們交付或使用股權收益來支持 600 億英鎊的資金。時至今日，情況依然如此。

In terms of hybrids, you're right. And again, when we made our financing strategy announcements 18 months ago, we were very clear that we wouldn't expect to issue any hybrid for several years. Again, that remains the case. Hybrids remain a very useful potential tool to us. We have a lot of unused hybrid capacity.

就混合動力車而言，你說得對。再次強調，18 個月前我們發布融資策略公告時，我們非常明確地表示，我們預計在未來幾年內不會發行任何混合債券。情況依然如此。雜交品種對我們來說仍然是一種非常有用的潛在工具。我們有許多未使用的混合動力發電容量。

At this stage, we don't have anything in the near term as you'd expect, but it will remain a tool that we can deploy appropriately later if we think that's the right thing to do.

現階段，正如你所預料的那樣，我們近期沒有任何進展，但它仍然是一個工具，如果我們認為這樣做合適，以後我們可以適當地部署它。

Thank you, Andy. So I don't have any further questions. So let me just wrap up by just saying, I guess, a summary of our half year results is good operational and financial performance in the last 6 months. I think we're very well positioned for the second half. And hopefully, you've taken away from today's presentation, we're very much on track to deliver the GBP60 billion over the five years 18 months in.

謝謝你，安迪。所以我沒有其他問題了。最後我想總結一下，我們上半年的業績可以概括為：過去六個月的營運和財務表現良好。我認為我們已經為下半季做好了非常充分的準備。希望大家從今天的演講中了解到，我們完全有信心在五年十八個月內實現 600 億英鎊的目標。

This is my last results presentation. I'd like to say I'm just incredibly proud of the organization, what it's achieved over the last decade, but I'm also delighted to be handing over to Zoe who I think is going to be an incredible CEO. So thank you, everybody, for joining us today, and I'll see some of you very soon.

這是我最後一次成果報告。我想說，我為這個組織及其在過去十年中所取得的成就感到無比自豪，但我也很高興能把領導權交給佐伊，我認為她將會是一位非常出色的執行長。所以，謝謝大家今天來參加我們的節目，我很快就會再見到你們中的一些人。