National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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. Firstly, please can I draw your attention to the cautionary statement at the front of the pack. As usual, a Q&A with John and Andy will follow the presentation. Please join by the conference call and use star 1 to ask a question or use the tab at the bottom of the webcast to submit a written question. All of today's materials are available on our website, And of course, for any further queries after the call, please reach out to me or one of the IRR team. So, with that, I'd now like to hand you over to our CEO, John Pettigrew. John. Many thanks, Angela, and good morning, everyone. Thank you for joining us today. As ever, I'm here with Andy Ag, and once we've been through our respective presentations, we'll, of course, be very happy to answer your questions. As you know, in May we updated our strategy and announced the actions we'd be taking to make National Grid the pre-eminent peer play network's business. This marked the beginning of an exciting new era of growth, with unmatched visibility on around £60 billion of capital investment in our networks over the next five years and clarity on financing well beyond that. Over the last six months, the pace of change in our industry has continued, as has the exciting momentum within National Grid. We successfully completed the £7 billion rights issue, positioning our balance sheet to deliver this growth at pace. We're delivering on our major capital projects, increasing investment to a record £4.6 billion in the first half. In the UK, construction is already underway on five of our ASTI projects. And in the US, regulated capex increased 20% year-o...