National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, thank you, Nick, and good morning, everyone. It's great to see so many of you here this morning with others joining virtually. Today, we've made several important announcements, which launched a new phase of growth for National Grid. Alongside strong full year results, we're also setting out a significant step up in growth for the new five year financial framework. Around £60 billion of capital investment between now and 2029 That's nearly double the past five years and driving annual group asset growth of around 10% and a 6% to 8% EPS CAGR from an FY25 baseline. All of which will be supported by a comprehensive financing plan that pulls on a range of levers, including a £7 billion equity raise. And as we enter this new phase of growth, we're updating our strategy to make National Grid the preeminent pure play networks business. So there's quite a bit for Andy and I to cover this morning. And as soon as we've done that, of course, we'll be happy to take your questions. So personally, this is the most exciting period I've seen, not just in our industry, but for National Grid since I started over 33 years ago. Let me just set the context. the energy transition is accelerating at pace. On the supply side, coal's annual contribution of generation in the UK has reduced from 40% to 1% over the last 10 years, with significant reductions also seen in the US. Nearly half the electricity used last year in the UK and the US Northeast was from zero carbon sources. And on the demand side, we're starting to see increased load due to the acceleration of artificial intelligence and the data centers needed to support it. These mega trends are at the forefront of every politician, regulator, and consumer's mind. They're driving this incredible journey of change that we're only j...