John Pettigrew, Chief Executive, said:
"Today is a defining moment for National Grid as we announce a significant increase in investment that cements our position as a leader in the energy transition on both sides of the Atlantic.
Governments and regulators are moving with increased urgency to attract the levels of investment required to meet their net zero ambitions, giving us improved visibility and confidence over our medium term investment plan. That is why we're announcing today a new five-year financial framework. We will be investing £60 billion in the five years to the end of March 2029 - that's nearly double the level of investment of the past five years. We expect this significant step-up in capital investment will deliver annual group asset growth of around 10%, and 6-8% underlying EPS CAGR from a 2024/25 baseline, supported by a comprehensive financing plan that includes a £7 billion equity raise.
This is an unprecedented time for our industry that is creating significant opportunities for National Grid today, over the next five years and for decades to come. Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonisation of the energy system for the digital, electrified economies of the future.
Our readiness to take this step is underscored by another year of strong financial and operational performance, with underlying operating profit and underlying EPS both up 6% at constant currency, with record investment of £8.2 billion across the Group. In the UK, our 17 major onshore and offshore transmission projects are moving ahead at pace, and in the US our $4 billion 'Upstate Upgrade' is underway representing the largest investment in New York's electricity transmission network for over a century. Our sixth interconnector, the Viking Link to Denmark, came online in December and is the world's longest onshore and subsea HVDC cable, demonstrating the world-class capabilities within National Grid.
Alongside our new five-year financial framework, we are also today further evolving our strategy to focus on networks and will therefore be streamlining our business as we announce our intention to sell Grain LNG, our UK LNG asset, and National Grid Renewables, our US onshore renewables business."
And later;
Dividends
The Directors are proposing a final dividend for the year ended 31 March 2024 of 39.12p per share that would absorb approximately £1,455 million of shareholders' equity (assuming all amounts are settled in cash). It will be paid on 19 July 2024 to shareholders who are on the register of members at 7 June 2024 (subject to shareholders' approval at the AGM). A scrip dividend will be offered as an alternative.
https://www.investegate.co.uk/announcem ... ts/8215965
Also posted on Company News here; viewtopic.php?p=665359#p665359
I hold these in my HYP, and know others here do too, so this may be of interest here.
Ian.
It will get updated when the new figures are announced.