National Grid (NG) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees to the hybrid AGM, highlighting the significance of the Warwick location and introducing board members, including new Group Secretary Julian Baddeley.

• Outlined the meeting structure: board remarks, CEO business overview, shareholder Q&A, and formal voting on resolutions.

Financial performance review

• Announced a new five-year plan with £60 billion capital investment to 2029, nearly double the prior five years, split equally between UK and US, with 85% aligned to green investment.

• Underlying operating profit reached £4.8 billion and EPS £0.78, both up 6% year-on-year; regulated businesses invested a record £7.6 billion.

• UK electricity transmission saw a 47% increase in capital investment, with major projects like Dogger Bank and Larke Green Solar connected.

• US investments included strong progress on the $4 billion Upstate Upgrade in New York and a $2 billion future grid plan in Massachusetts.

Board and executive committee updates

• Board discussed themes of growth and change, focusing on capital allocation, efficiency, and digital enablement.

• Rights issue process was reviewed, with 91% shareholder participation raising £7 billion, providing financial flexibility for strategic plans.