National Grid PLC has announced its Full Year results for the period ended 31 March 2024, alongside a fully underwritten equity raise of £7 billion through a Rights Issue. The company's Chief Executive, John Pettigrew, highlighted the significance of the increased investment, stating that it cements their position as a leader in the energy transition on both sides of the Atlantic. The company plans to invest £60 billion in the five years to the end of March 2029, nearly double the level of investment of the past five years. This significant step-up in capital investment is expected to deliver annual group asset growth of around 10%, and 6-8% underlying EPS CAGR from a 2024/25 baseline.

National Grid's financial and operational performance for the year was strong, with underlying operating profit and underlying EPS both up 6% at constant currency, and a record investment of £8.2 billion across the Group. The company's investment projects in the UK and the US are progressing at pace, with significant developments in both regions. The company's sixth interconnector, the Viking Link to Denmark, came online in December, demonstrating the world-class capabilities within National Grid.

In addition to the new five-year financial framework, National Grid is evolving its strategy to focus on networks and will be streamlining its business by announcing its intention to sell Grain LNG, its UK LNG asset, and National Grid Renewables, its US onshore renewables business.

The company's financial summary for the year ended 31 March 2024 shows a decrease in operating profit and profit before tax, while earnings per share and dividend per share have increased. National Grid also highlighted a refreshed strategy to be a pre-eminent pureplay networks business, with a significant step up in investment, around £60 billion over the five years to March 2029, nearly double the prior five years. This investment is expected to drive 10% Group asset growth CAGR, with group assets heading towards £100 billion by 2029. Nearly 80% of capital investment is expected to go into the Electricity Networks, with the Group mix moving towards 80%/20% electricity/gas by 2029.