Business
National Grid plc Full-Year Results 2022/23
National Grid plc Full-Year Results 2022/23.
About this update from National Grid Plc
[{"type":"text","content":"\n\n\nRecord investment, delivering for our customers and communities\nLondon | 18 May 2023: National Grid, a leading energy transmission and distribution company, today announces its Full Year results for the period ended 31 March 2023.\nJohn Pettigrew, Chief Executive, said:\n\"This has been another year of significant progress and strategic change for National Grid with good results demonstrating excellent execution against our key priorities. A record £7.7 billion has been invested in building clean, smart energy infrastructure and maintaining world class reliability across our networks. We've supported our communities, announcing the early return of £100 million of interconnector revenues today on top of £200 million we've already committed to return, whilst giving a further £65 million to our most vulnerable customers. A further £236 million of operating cost efficiencies during the year has helped to mitigate the impact of high energy prices.\n \nAs we look to the future, there has never been a more exciting time to be at the heart of the energy industry. The strategic pivot we announced in 2021 is now complete, enhancing our critical role at the heart of the energy transition. The visibility of growth has been strengthened by the new five-year RIIO-ED2 price control, $3.8 billion of additional longer-term investment for our US business to drive greater connection and delivery of clean power, and Ofgem's recent decision to award us 17 major transmission projects to enable greater levels of offshore wind connection in the UK.\n \nThe opportunities for future growth are considerable, and we will continue to work closely with governments and regulators to drive the energy transition forward, achieving positive change for our communities and consumers, and a clean, fair and affordable energy future for all.\"\n \n \n\n\n\n\nFinancial Summary - Year ended 31 March\nContinuing operations only (not including UK Gas Transmission)\n\n\n\n\n \n\n\nStatutory results\n\n\n \n\n\nUnderlying1\n\n\n \n\n\nUnderlying at constant currency2\n\n\n\n\n \n\n\n2023\n\n\n2022\n\n\n% change\n\n\n \n\n\n2023\n\n\n2022\n\n\n% change\n\n\n \n\n\n2022\n\n\n% change\n\n\n\n\nOperating profit (£m)\n\n\n 4,879\n\n\n 4,371\n\n\n ...