National Grid plc (04031152): Corporate Due Diligence Profile
Executive Summary
National Grid plc (04031152) acts as the holding and head office entity for one of the world's largest publicly listed energy utility groups, holding primary responsibility for electricity transmission and distribution infrastructure across the UK, alongside significant regulated gas and electricity operations in the northeastern United States. For the financial year ending 31 March 2025, the group reported consolidated turnover of £18,378,000,000 and achieved a statutory operating profit of £4,934,000,000 (£5,357,000,000 on an underlying basis). Financial stability is supported by net assets of £37,826,000,000 and a £7,000,000,000 equity Rights Issue executed to underpin a c.£60,000,000,000 five-year capital investment programme across its regulated network portfolio.
Corporate Profile and Operational Structure
Incorporated on 11 July 2000, National Grid plc is registered in England and Wales under company number 04031152, maintaining its registered office at 1-3 Strand, London, WC2N 5EH. The entity is classified under Standard Industrial Classification (SIC) code 70100 for activities of head offices. The group operates across five main operating segments:
1. UK Electricity Transmission (NGET): Owns and operates the high-voltage electricity transmission network in England and Wales, representing 31% of Group Regulatory Asset Value (RAV) and 27% of underlying operating profit in 2024/25.
2. UK Electricity Distribution (NGED): Operates regional electricity distribution networks across the Midlands, South West, and South Wales, accounting for 18% of Group RAV and 22% of underlying operating profit.
3. US Regulated Operations: Delivers electricity and natural gas distribution across New York and New England, contributing 41% of Group RAV and 44% of underlying operating profit.
4. National Grid Ventures (NGV): Operates commercial energy assets, including electricity interconnectors connecting the UK with continental Europe, US competitive transmission, and LNG storage.
5. Other Activities: Encompasses National Grid Partners (corporate venture capital), UK property assets, insurance entities, and corporate head office functions.
Non-core assets including National Grid Renewables and the Grain LNG import terminal have been classified as held for sale as part of a strategic refocus on core regulated transmission and distribution networks.
What the Numbers Show: Financial & Balance Sheet Performance
For the financial year ended 31 March 2025, National Grid plc delivered a group turnover of £18,378,000,000. Administrative expenses totaled £13,444,000,000, leaving a statutory operating profit of £4,934,000,000. Under constant currency adjustments, underlying operating profit increased by 12% to £5,357,000,000 (up from £4,773,000,000 in 2023/24). Consolidated profit after tax reached £2,826,000,000 following a statutory tax charge of £821,000,000. Statutory earnings per share reached 60.0p (prior year: 55.5p), with underlying earnings per share standing at 73.3p (prior year: 72.1p).
Balance Sheet Composition and Fixed Assets
The statutory account extraction shows fixed assets of £74,091,000,000, which equals reported total assets of £74,091,000,000. Intangible assets and goodwill are recorded at £13,096,000,000. Net assets reached £37,826,000,000 at the balance sheet date. Detailed breakdowns for current assets, trade debtors, cash at bank, current liabilities, long-term liabilities, total liabilities, and cost of sales were omitted from the standard extract filings and are not on record in this dataset.
Capital Allocation, Dividends, and Equity Financing
Capital expenditure reached a record £9,850,000,000 in 2024/25, representing a 20% year-on-year expansion from £8,240,000,000. Green capital expenditure, aligned with EU Taxonomy guidelines, rose to £7,667,000,000. To preserve balance sheet strength and maintain investment-grade credit ratings while funding this capital expansion, the company completed a £7,000,000,000 Rights Issue.
Dividends declared or proposed for the period totaled £1,512,000,000. A final dividend of 30.88p per share was proposed for payment on 17 July 2025. Total dividend per share reached 46.7p, reflecting a 3.21% increase following the formal rebase of the 2023/24 dividend per share from 58.52p to 45.26p to account for the new equity issued under the Rights Issue.
| Financial Indicator / Metric | FY 2023/24 | FY 2024/25 | Variance / Change |
| :--- | :--- | :--- | :--- |
| Group Turnover | Not on record | £18,378m | N/A |
| Statutory Operating Profit | £4,475m | £4,934m | +10.3% |
| Underlying Operating Profit | £4,773m | £5,357m | +12.2% |
| Profit After Tax | Not on record | £2,826m | N/A |
| Total Fixed Assets | Not on record | £74,091m | N/A |
| Net Assets (Equity) | Not on record | £37,826m | N/A |
| Capital Investment | £8,240m | £9,850m | +19.5% |
| Green Capital Investment | £5,992m | £7,667m | +28.0% |
| Statutory Earnings Per Share | 55.5p | 60.0p | +8.1% |
| Underlying Earnings Per Share | 72.1p | 73.3p | +1.7% |
| Dividend Per Share (Rebased) | 45.26p | 46.70p | +3.2% |
| Group Return on Equity (RoE) | 10.5% | 9.0% | -150 bps |
| Total Headcount (Employees) | Not on record | 31,654 | N/A |
Governance, Board Leadership, and Stakeholder Engagement
National Grid plc adheres to the UK Corporate Governance Code. Under the duties outlined in Section 172 of the Companies Act 2006, the board must balance long-term capital investments against energy affordability and stakeholder interests.
Leadership Succession
The 2024/25 annual disclosures announce the planned retirement of Chief Executive Officer John Pettigrew. Zoë Yujnovich has been appointed as his successor to lead the group's c.£60 billion investment phase. The company hosted its 2025 Annual General Meeting as a hybrid event on 9 July 2025.
Workforce Metrics and Diversity
National Grid employs 31,654 people globally. Internal engagement monitoring via the 'Grid: Voice' survey yielded an employee engagement index of 80%, with a 79% participation rate. Employee Resource Groups engage 31% of the workforce (approx. 9,725 employees). Safety metrics show a Lost Time Injury Frequency Rate (LTIFR) of 0.10 per 100,000 hours worked (prior year: 0.08).
Equal opportunity reporting for 2023/24 indicates a UK mean gender pay gap of 1.3% (down from 1.8%) and a US mean gender pay gap of 3.6% (up from 2.0%). The UK mean ethnicity pay gap stood at -2.9%, while the US mean ethnicity pay gap was -24.4%.
Recent Filings, Gazette Activity, and Charges Register
National Grid plc maintains an active statutory status on the official register maintained at Companies House.
Legal and Insolvency Status
A search of official statutory notices in The Gazette shows zero insolvency petitions, winding up orders, or striking-off notices for this legal entity. Corporate counterparty analysis indicates a healthy credit standing without public insolvency enforcement actions. To verify the absence of active petitions on any UK entity, professionals can perform a winding up petition search across high court cause lists.
Asset Security and Fixed/Floating Charges
Due to the capital-intensive nature of utility holding companies, group debt instruments are secured against group assets or issued under corporate euro medium term note (EMTN) programmes. Analysts conducting counterparty due diligence should run a complete review of company charges on Companies House to verify all registered fixed charges, debentures, and satisfied mortgages.
Risk Profile and Principal Watchpoints
National Grid's Enterprise Risk Management framework categorises key operational, regulatory, and financial exposure into six primary domains:
1. Regulatory Framework Alignment: Operating under price control regimes in the UK (such as RIIO-T3 for transmission) and rate cases in US state jurisdictions (New York and Massachusetts). Unfavourable regulatory determinations directly threaten return on equity targets.
2. Capital Delivery Risks: Executing a c.£60 billion capital programme across complex supply chains subject to global resource competition, planning delays, and cost inflation.
3. Cyber Security Vulnerabilities: Exposure of critical operational technology (OT) and IT infrastructure to sophisticated cyber-attacks. Safeguards are benchmarked against the NIST Cybersecurity Framework.
4. Energy Disruption and Physical Infrastructure Failure: Catastrophic asset failure (such as the North Hyde substation fire) or extreme weather events causing grid outages, resulting in severe financial penalties and regulatory scrutiny.
5. Climate Transition and Target Dependencies: Meeting net zero Scope 1 and Scope 2 targets by 2050. Scope 1 and 2 emissions increased by 8% in 2024/25 to 7.4 thousand ktCO2e due to fossil fuel power generation obligations on Long Island.
6. Capital Market Access & Interest Rate Sensitivity: Dependence on debt and equity capital markets to fund net negative cashflows post-capex. Volatile credit spreads increase debt service costs.
Counterparty Risk Review Framework
When evaluating high-value contracts or joint-venture exposures with major utility entities, corporate legal teams and credit analysts should apply the following verification protocol:
[Step 1: Statutory Registry Verification]
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├── Check live status & registered office on Companies House
└── Review s.172 and director listing updates
│
[Step 2: Security & Solvency Audit]
│
├── Execute live charge check (MR01/MR04 charge register review)
└── Verify zero insolvency entries via Gazette & high court petitions
│
[Step 3: Regulatory & Capital Structure Analysis]
│
├── Confirm RIIO-T3 / US rate case decision milestones
└── Review gearing, credit ratings, and equity dilution from rights issues
│
[Step 4: Continuous Alert Configuration]
│
└── Establish automated monitoring for filing events & officer changes
How a Professional Validates National Grid PLC: Manual vs Corp Intel
Validating a major FTSE 100 holding entity involves cross-referencing multiple fragmented public and regulatory sources.
Manual Verification Workflow
1. Companies House Filing Inspection: Download recent PDF annual accounts from Companies House, manually cross-referencing consolidated balance sheets against holding company disclosures.
2. Gazette & Court Searching: Manually query The Gazette and contact court registries or check The Insolvency Service records to confirm no creditor petitions exist.
3. Charges Register Audit: Review historic filings for form MR01 fixed/floating debentures to construct an asset encumbrance schedule.
4. Regulatory & Stock Exchange Releases: Monitor RNS announcements regarding board changes, dividend rebalancing, and capital raises.
Automated Platform Workflow
Using a corporate intelligence platform aggregates these filings into a structured dashboard. Real-time API integrations extract key financial line items, flag changes in directorships, track security registrations, and instantly alert users to official filings. Risk teams setting up free company monitoring receive instant daily email notifications if statutory charges, officer appointments, or gazette notices are lodged against company number 04031152.
Practical Due Diligence Scenario: Assessing Infrastructure Supply Contracts
A international manufacturer of high-voltage transformers is negotiating a £120 million multi-year procurement agreement with a National Grid operating subsidiary, backed by a parent guarantee from National Grid plc.
Before executing the contract, the supplier's credit risk team performs a counterparty assessment:
1. Entity Identification: The credit analyst verifies that the guarantor entity is National Grid plc (04031152), confirming its active legal status and registered office at 1-3 Strand, London.
2. Financial Standing: Reviewing the 2024/25 financials confirms net assets of £37.826 billion and statutory operating profit of £4.934 billion. The successful execution of the £7 billion Rights Issue demonstrates robust support from institutional equity markets.
3. Encumbrance Check: A charge review confirms that while group operating subsidiaries hold specific asset encumbrances, the parent entity retains adequate balance sheet capacity to support contingent guarantees.
4. Ongoing Monitoring: The supplier places company 04031152 on an automated alerting system to receive prompt notice of any changes in officer appointments, unexpected charges, or statutory filings during the five-year delivery schedule.
Frequently Asked Questions
What is the corporate legal structure of National Grid plc?
National Grid plc is a public limited company incorporated in England and Wales under company number 04031152. It acts as the ultimate holding company for regulated operating subsidiaries in the UK (such as National Grid Electricity Transmission plc and National Grid Electricity Distribution) and in the United States (New York and Massachusetts).
What were National Grid plc's key financial results in 2024/25?
For the financial year ended 31 March 2025, National Grid plc recorded a group turnover of £18.378 billion, statutory operating profit of £4.934 billion (£5.357 billion underlying), profit after tax of £2.826 billion, and net assets of £37.826 billion. Total fixed assets stood at £74.091 billion.
How is National Grid funding its c.£60 billion investment plan?
National Grid funds its five-year, £60 billion capital investment plan through a combination of operational cashflows, investment-grade corporate debt issuance, asset recycling (selling non-core assets like National Grid Renewables and Grain LNG), and a £7 billion equity Rights Issue completed in 2024/25.
Who is the Chief Executive Officer of National Grid plc?
According to the 2024/25 statutory disclosures, long-standing CEO John Pettigrew is retiring, with Zoë Yujnovich appointed as Chief Executive Officer to lead the group's next operational phase.
How can credit managers check if a company has active charges or insolvency notices?
To review secured debt instruments, professionals can perform a review company charges on Companies House. To verify the absence of winding-up proceedings, search statutory court notices via a dedicated check any UK company for a winding up petition portal.
Professional Due Diligence & Monitoring
For legal advisors, corporate finance teams, and credit managers evaluating UK entities, real-time tracking of Companies House registry changes is critical to managing risk. Access complete statutory filings, charges register analysis, and financial data for National Grid plc by visiting the National Grid plc profile on Corp Intel.
To ensure your risk team is alerted to statutory changes, board transitions, or legal filings across your key corporate counterparties, set up monitor a UK company free today.