National Grid Plc (NGG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'infrastructure énergétique, National Grid Plc (NGG) émerge comme un acteur pivot, transformant la façon dont nous conceptualisons la transmission et la distribution de puissance. En tirant stratégiquement une toile complète du modèle commercial, ce géant mondial des services publics navigue sur le terrain complexe de l'énergie durable, de l'équilibre entre l'innovation technologique, la conformité réglementaire et les partenariats stratégiques. De l'intégration des énergies renouvelables à la modernisation du réseau de pointe, l'approche de National Grid représente un plan sophistiqué pour la gestion de l'énergie du 21e siècle, une fiabilité prometteuse, une efficacité et un engagement en matière de transitions énergétiques propres qui remodeleront notre compréhension de l'infrastructure de puissance.

National Grid PLC (NGG) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les développeurs d'énergies renouvelables

National Grid a établi des partenariats avec plusieurs développeurs d'énergies renouvelables pour soutenir la transition d'énergie propre:

Partenaire	Focus de partenariat	Montant d'investissement
ORSTED A / S	Développement du vent offshore	Engagement d'investissement de 3,2 milliards de livres sterling
RWE RENUELLES	Infrastructure éolienne offshore	Projet collaboratif de 2,7 milliards de livres sterling
ScottishPower Renewables	Projets de connexion sur la grille	Investissement d'infrastructure de 1,8 milliard de livres sterling

Collaboration avec les régulateurs du gouvernement et les décideurs politiques

• Département d'activité, énergie & Stratégie industrielle (BEIS)
• Bureau des marchés du gaz et de l'électricité (OFGEM)
• Agence de protection de l'environnement (EPA)

Fournisseurs de technologies pour la modernisation de la grille

Fournisseur de technologie	Zone de solution	Investissement technologique annuel
Siemens Energy	Technologies de grille intelligente	450 millions de livres sterling
ABB LTD	Systèmes d'automatisation du réseau	320 millions de livres sterling
Schneider Electric	Gestion de la grille numérique	280 millions de livres sterling

Sociétés de services publics locaux et partenaires d'infrastructure de transmission énergétique

Détails de collaboration des infrastructures clés:

• Western Power Distribution (WPD)
• Réseaux d'électricité écossais et sud (SSEN)
• Réseaux électriques britanniques

Partenaire	Couverture de transmission	Valeur de partenariat
Distribution de puissance occidentale	Midlands, Sud-Ouest, Sud-Galles	Intégration de réseau de 5,6 milliards de livres sterling
Réseaux d'électricité écossais et sud	Écosse, sud de l'Angleterre	Collaboration d'infrastructure de 4,3 milliards de livres sterling
Réseaux électriques britanniques	Londres, sud-est, à l'est de l'Angleterre	Projet de connexion Grid de 3,9 milliards de livres sterling

National Grid Plc (NGG) - Modèle d'entreprise: activités clés

Électricité et transmission et distribution du gaz naturel

National Grid exploite 7 200 miles de lignes de transmission électrique au Royaume-Uni. La société gère un réseau de transmission de gaz s'étendant sur 4 300 miles à travers le Royaume-Uni.

Métrique du réseau	Électricité britannique	Gaz britannique
Longueur du réseau	7 200 miles	4 300 miles
Volume de transmission annuel	87.2 TWH Électricité	623 Gas TWH

Maintenance et modernisation des infrastructures de grille

National Grid investit 3,5 milliards de livres sterling par an dans les mises à niveau et la maintenance des infrastructures réseau.

• Systèmes de surveillance du réseau numérique déployés sur 95% du réseau de transmission
• Investissements technologiques intelligents: 750 millions de livres sterling par an
• Projets d'amélioration de la résilience du réseau: 42 améliorations majeures des infrastructures en 2023

Intégration et développement des énergies renouvelables

Métrique d'énergie renouvelable	2023 données
Capacité de connexion renouvelable	30,5 GW
Connexions de réseau éolien offshore	15 principaux connexions éoliennes offshore
Investissement annuel d'intégration renouvelable	1,2 milliard de livres sterling

Initiatives d'efficacité énergétique et de durabilité

• Cible de réduction du carbone: 80% de réduction des émissions d'ici 2030
• Investissement du programme d'efficacité énergétique: 500 millions de livres sterling par an
• Extension des infrastructures de charge des véhicules électriques: 10 000 nouveaux points de charge prévus

National Grid s'est engagé dans les émissions de zéro nettes sur toute son empreinte opérationnelle d'ici 2050.

National Grid PLC (NGG) - Modèle d'entreprise: Ressources clés

De vastes réseaux de transmission d'électricité et de gaz

National Grid possède et opère:

• 7 200 miles de lignes de transmission électrique à haute tension au Royaume-Uni
• 4 500 miles de pipelines de transmission de gaz naturel au Royaume-Uni
• Aux États-Unis, environ 21 000 miles de lignes de transmission électrique aux États-Unis

Catégorie d'actifs réseau	Kilomètres totaux	Couverture géographique
Transmission d'électricité britannique	7 200 miles	Angleterre et Pays de Galles
Transmission de gaz britannique	4 500 miles	Royaume-Uni
Transmission d'électricité américaine	21 000 miles	Nord-Est des États-Unis

Infrastructure technologique avancée et plateformes numériques

L'infrastructure technologique de National Grid comprend:

• 25 centres de données prenant en charge les opérations du réseau
• Plates-formes logicielles de gestion des grilles avancées
• Systèmes de surveillance en temps réel à travers les réseaux de transmission

Ingénierie qualifiée et main-d'œuvre technique

Métrique de la main-d'œuvre	Nombre
Total des employés	21,700
Ingénieurs	6,500
Spécialistes techniques	4,300

Capital financier important pour les investissements des infrastructures

Métrique financière	Montant (2023)
Actif total	64,2 milliards de dollars
Dépenses en capital annuelles	5,8 milliards de dollars
Budget d'investissement des infrastructures	3,4 milliards de dollars

National Grid Plc (NGG) - Modèle d'entreprise: propositions de valeur

Services de transmission d'énergie fiables et stables

National Grid gère 7 212 kilomètres de lignes de transmission d'électricité au Royaume-Uni à partir de 2023. La société exploite transporte l'électricité pour 22 millions de clients. Le volume annuel de la transmission de l'électricité atteint environ 375 hourts de térawatt.

Métrique de service	Données quantitatives
Longueur de ligne de transmission	7 212 kilomètres
Clientèle	22 millions
Volume de transmission annuel	375 Terawatt-heures

Engagement envers la transition d'énergie durable et propre

Cibles de la grille nationale 50% de réduction des émissions de carbone d'ici 2030. L'investissement dans les infrastructures d'énergie renouvelable a atteint 6,8 milliards de livres sterling en 2023.

• Cible de réduction du carbone: 50% d'ici 2030
• Investissement d'infrastructure d'énergie renouvelable: 6,8 milliards de livres sterling
• Capacité de connexion au vent offshore prévue: 18 gigawatts d'ici 2030

Infrastructure d'énergie robuste et résiliente

National Grid maintient 4 500 sous-stations et assure une fiabilité de 99,99% de la grille. Les investissements de redondance du réseau ont totalisé 1,2 milliard de livres sterling en 2023.

Paramètre d'infrastructure	Données quantitatives
Sous-stations totales	4,500
Fiabilité de la grille	99.99%
Investissement de redondance du réseau	1,2 milliard de livres sterling

Advanced Grid Technologies et Solutions de gestion de l'énergie

National Grid a investi 450 millions de livres sterling dans Smart Grid Technologies en 2023. Les systèmes de surveillance numérique couvrent 95% du réseau de transmission.

• Investissement technologique intelligent: 450 millions de livres sterling
• Couverture de surveillance du réseau numérique: 95%
• Déploiement avancé des infrastructures de mesure: 3,2 millions de compteurs intelligents

National Grid PLC (NGG) - Modèle d'entreprise: relations clients

Contrats à long terme avec les services publics et les clients industriels

National Grid maintient 17 contrats de services de services publics à long terme à travers le Royaume-Uni et le nord-est des États-Unis, avec une durée moyenne du contrat de 15,3 ans. La valeur totale du contrat dépasse 42,6 milliards de livres sterling en 2024.

Type de contrat	Nombre de contrats	Valeur totale	Durée moyenne
Transmission des services publics	9	27,3 milliards de livres sterling	16 ans
Approvisionnement en énergie industrielle	8	15,3 milliards de livres sterling	14,5 ans

Plates-formes de fiançailles clients numériques

National Grid a investi 87,4 millions de livres sterling dans les technologies numériques d'engagement client en 2023, avec les mesures de plate-forme suivantes:

• Utilisateurs d'applications mobiles: 2,3 millions
• Pénétration de gestion des comptes en ligne: 68%
• Taux d'achèvement de la demande de service numérique: 92%

Communication proactive et support de service

Métriques de performance du service client pour 2023:

Métrique	Performance
Temps de réponse moyen	47 minutes
Évaluation de satisfaction du client	4.6/5
Interactions annuelles sur le support client	3,7 millions

Prix ​​transparents et conformité réglementaire

Tarification des données de transparence et de conformité réglementaire pour 2024:

• Taux de conformité réglementaire: 99,8%
• Indice de transparence des prix: 94%
• Réponses d'enquête réglementaire: 12 au total, 100% résolus

National Grid Plc (NGG) - Modèle d'entreprise: canaux

Équipes de vente directes pour les clients commerciaux et industriels

National Grid emploie 19 700 employés à travers les opérations du Royaume-Uni et des États-Unis en 2023. La société maintient des équipes de vente dédiées ciblant les clients commerciaux et industriels de l'électricité et du gaz.

Segment client	Contribution annuelle des revenus	Nombre de représentants des ventes directes
Clients commerciaux	4,2 milliards de livres sterling	450 représentants
Clients industriels	6,7 milliards de livres sterling	350 représentants

Portails de service à la clientèle en ligne

Les plates-formes numériques de National Grid desservent environ 7,9 millions de clients d'électricité et de gaz.

• Utilisation du portail Web: 3,4 millions d'utilisateurs mensuels actifs
• Téléchargements d'applications mobiles: 2,1 millions
• Taux de paiement des factures en ligne: 82%

Canaux de communication réglementaires et gouvernementaux

National Grid maintient un engagement réglementaire approfondi à travers les marchés de l'énergie du Royaume-Uni et des États-Unis.

Corps réglementaire	Fréquence d'interaction	Rapports de conformité annuels
Office britannique des marchés du gaz et de l'électricité (OFGEM)	Mensuel	12 rapports complets
Commission de réglementation fédérale américaine	Trimestriel	4 soumissions détaillées

Plateformes de communication numérique et de facturation

L'infrastructure numérique de National Grid prend en charge l'engagement complet des clients.

• Temps de réponse à la communication numérique moyenne: 17 minutes
• Précision automatisée du système de facturation: 99,7%
• Investissement annuel de plate-forme numérique: 42 millions de livres sterling

National Grid PLC (NGG) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie résidentielle

En 2024, National Grid dessert environ 11 millions de clients d'électricité au Royaume-Uni et 3,5 millions de clients gazeux.

Caractéristique du segment	Données statistiques
Clients résidentiels totaux	14,5 millions
Consommation annuelle moyenne des ménages annuels	3 600 kWh d'électricité, 11 500 kWh
Couverture du marché résidentiel au Royaume-Uni	32% du marché total de l'énergie résidentielle

Utilisateurs d'énergie commerciale et industrielle

National Grid fournit des infrastructures et des services énergétiques à divers secteurs commerciaux et industriels.

• Clients commerciaux totaux: 750 000
• Consommation d'énergie industrielle: 45% de la transmission totale d'énergie du réseau
• Secteurs servis:
  • Fabrication
  • Soins de santé
  • Vente au détail
  • Technologie

Segment de l'industrie	Consommation d'énergie (MWH)
Fabrication	85,000,000
Soins de santé	22,500,000
Vente au détail	15,000,000

Entités du gouvernement et du secteur public

National Grid fournit des services d'infrastructure énergétique critiques aux organisations du secteur public.

• Clients du secteur public: 12 500
• Contrats gouvernementaux: 47 projets d'infrastructure actifs
• Transmission d'énergie annuelle du secteur public: 65 milliards de kWh

Développeurs et producteurs d'énergie renouvelable

National Grid soutient l'intégration et la transmission des énergies renouvelables.

Type d'énergie renouvelable	Capacité connectée (MW)
Vent	25,000
Solaire	12,500
Biomasse	4,500

• Les développeurs totaux d'énergie renouvelable sont soutenus: 620
• Projets de connexion sur le réseau d'énergie renouvelable: 89
• Transmission d'énergie renouvelable: 40% de la capacité totale du réseau

National Grid Plc (NGG) - Modèle d'entreprise: Structure des coûts

ENTREPRISE INFRASTRUCTURE ET FRAIS DE MODE

Les coûts de maintenance des infrastructures de National Grid pour l'exercice 2022/2023 étaient de 4,5 milliards de livres sterling. Les investissements de mise à niveau du réseau de transmission d'électricité ont totalisé 1,2 milliard de livres sterling. Les dépenses de maintenance des infrastructures du réseau gazière ont atteint 890 millions de livres sterling.

Catégorie d'infrastructure	Dépenses annuelles (£)
Réseau de transmission d'électricité	1,200,000,000
Infrastructure de réseau de gaz	890,000,000
Maintenance totale des infrastructures	4,500,000,000

Investissements technologiques et plate-forme numérique

La transformation numérique et les investissements technologiques pour 2022/2023 s'élevaient à 345 millions de livres sterling. Les investissements sur les infrastructures de cybersécurité étaient de 78 millions de livres sterling.

• Développement de la plate-forme numérique: 215 millions de livres sterling
• Infrastructure de cybersécurité: 78 millions de livres sterling
• Technologie de la grille intelligente: 52 millions de livres sterling

Rémunération et formation de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour 2022/2023 était de 1,67 milliard de livres sterling. Les dépenses de formation et de développement des employés ont atteint 45 millions de livres sterling.

Catégorie de dépenses de main-d'œuvre	Coût annuel (£)
Compensation totale de la main-d'œuvre	1,670,000,000
Formation et développement des employés	45,000,000

Contacments de conformité réglementaire et d'adaptation environnementale

Les dépenses de conformité et d'adaptation environnementales pour 2022/2023 étaient de 392 millions de livres sterling. Les investissements de réduction du carbone ont totalisé 125 millions de livres sterling.

• Coûts de conformité réglementaire: 267 millions de livres sterling
• Investissements de réduction du carbone: 125 millions de livres sterling
• Programmes d'adaptation environnementale: 92 millions de livres sterling

Structure totale des coûts annuels: 6,607 milliards de livres sterling

National Grid Plc (NGG) - Modèle d'entreprise: Strots de revenus

Frais de transmission et de distribution réglementés

Depuis 2023, l'exercice, les revenus réglementés de National Grid des services de transmission et de distribution au Royaume-Uni et aux marchés américains ont totalisé 10,7 milliards de livres sterling.

Région	Revenus (milliards de livres sterling)	Pourcentage du total
Royaume-Uni	4.3	40.2%
États-Unis	6.4	59.8%

Services de transport d'énergie et d'infrastructure

National Grid a généré 3,2 milliards de livres sterling des services de transport et d'infrastructure énergétiques en 2023.

• Infrastructure de transmission de gaz Revenus: 1,5 milliard de livres sterling
• Infrastructure de transmission d'électricité Revenu: 1,7 milliard de livres sterling

Développement du projet d'énergie renouvelable

Les revenus du projet d'énergie renouvelable ont atteint 1,8 milliard de livres sterling en 2023.

Segment d'énergie renouvelable	Revenus (millions de livres sterling)
Projets de vent offshore	890
Projets d'énergie solaire	550
Stockage de batterie à l'échelle de la grille	360

Revenus du service de connectivité et de technologie de la grille

Les services de technologie et de connectivité ont généré 680 millions de livres sterling en 2023.

• Services technologiques intelligents: 320 millions de livres sterling
• Services d'interconnexion de la grille: 360 millions de livres sterling

Revenu annuel total: 15,7 milliards de livres sterling

National Grid plc (NGG) - Canvas Business Model: Value Propositions

You're looking at the core promises National Grid plc makes to its customers, regulators, and investors as it navigates the massive shift to clean energy. It's about keeping the lights on while building the future grid.

Highly reliable energy delivery remains a foundational promise, backed by operational excellence even when facing severe weather events.

• UK Electricity Transmission reliability reached 99.99983% in FY2025.
• Overall electricity network reliability was above 99.84% in FY2025.

The commitment to enabling the clean energy transition is quantified by an unprecedented investment scale. This is the engine for connecting new renewable sources and modernizing the system.

• Green capital investment aligned to the EU Taxonomy reached £7.7 billion in FY2025.
• This represented an increase of £1.7 billion on the prior year's green CapEx.
• The five-year financial framework targets cumulative capital investment of around £60 billion through to March 2029.
• For the first half of FY2026 (six months ended 30 September 2025), capital investment was a record £5.1 billion, on track for over £11 billion for the full year.

National Grid plc delivers secure and resilient network capacity for growing power demand by focusing investment heavily on electricity networks, targeting significant asset base growth.

Here's a quick look at the key metrics underpinning these value propositions:

Value Proposition Metric	Financial/Statistical Number	Period/Target
UK Transmission Reliability	99.99983%	FY2025
Green Capital Expenditure	£7.7 billion	FY2025
Five-Year Cumulative CapEx Plan	£60 billion	To March 2029
Underlying EPS CAGR Target	6-8%	From 2024/25 baseline to 2028/29
UK Electricity Distribution Customer Satisfaction	8.98 out of 10	2024/25

For shareholders, the value proposition is regulated, stable returns, driven by the regulated asset base growth and the multi-year investment framework.

• The target for underlying Earnings Per Share (EPS) Compound Annual Growth Rate (CAGR) is 6-8%.
• This growth is targeted from a 2024/25 baseline underlying EPS of 73.3p.
• The company aims to maintain credit metrics above thresholds for its current investment-grade ratings through at least the end of the RIIO-T3 price control period.

Delivering affordable service through efficiency and customer support programs is a regulatory necessity, balancing investment needs with customer bills. The company is implementing rate plans on a levelised basis to reduce bill volatility for customers. For example, UK Electricity Distribution achieved a customer satisfaction score of 8.98 out of 10 in 2024/25. Still, UK Electricity Transmission satisfaction was lower at 6.5 out of 10 in the same period.

Finance: draft 13-week cash view by Friday.

National Grid plc (NGG) - Canvas Business Model: Customer Relationships

You're looking at how National Grid plc manages its relationships with the millions of customers and stakeholders it serves across the UK and US regulated markets. This is fundamentally a relationship built on long-term, regulated contracts, so the focus is less on transactional sales and more on service delivery, compliance, and social responsibility.

Regulated service agreements with long-term price controls define the core of the relationship for transmission and distribution services. Revenue here is not based on volume sold but on allowed revenues set by regulators like Ofgem under the RIIO model, which is structured as Revenues = Incentives + Innovation + Outputs. For the UK Electricity Distribution business, the regulatory gearing is currently at 61%, with a plan to trend back towards the high 60% range by the end of the RIIO-T3 price control period. This framework directly impacts the customer through investment decisions. For instance, the recent £28 billion funding package approved by Ofgem for the UK grid (estimated to rise to £90 billion by 2031) allocates £17.8 billion for gas network maintenance and £10.3 billion to strengthen the electricity transmission network. Ofgem projects this investment will result in a net increase to household bills of around £30 by 2031, but also suggests electricity grid expansion alone will reduce bills by £50 by 2031 due to lower reliance on imported gas.

National Grid Electricity Distribution plc serves 8.1 million homes and businesses, powering over 20 million customers across its network, which spans over 230,000 km of overhead lines and underground cables. These regulated activities mean that variances in service usage can result in revenue over-recoveries or under-recoveries against allowed revenues, which are adjusted in future periods based on the regulatory agreements.

The company maintains specific programs to support vulnerable customers. The Grid for Good Fund is a key relationship touchpoint here. National Grid announced a £13.8 million programme in February 2025 to support struggling UK and US households over three years. A recent allocation within this commitment was £2.3 million (the second phase, following an initial £1.2m in February 2025), aimed at helping more than 16,000 homes. This money flows through expert charities; for example, this latest round helps Citizens Advice support over 3,000 households with tailored energy advice. The Fuel Bank Foundation partnership has supported around 10,500 people since 2021 through emergency fuel vouchers.

For day-to-day interactions, National Grid plc is pushing for digital self-serve tools, largely enabled by smart meter deployment. In the US northeast, National Grid has deployed about 2.4 million smart meters and gas modules over several years. They recently added another 450,000 meters in central and eastern New York, with plans to expand that network to the western side of the state in January 2025. Smart meters provide customers with continuous access to energy usage data, allowing them to monitor usage, get individualized saving tips, and potentially lower their bill. Critically, smart meters allow for starting, stopping, or moving service without needing to set an appointment or wait for technicians, a major convenience improvement over conventional meters.

Stakeholder engagement with independent groups on business plans is extensive, especially ahead of regulatory price control submissions. For the T2 period business plan, National Grid plc conducted its most extensive engagement exercise ever, hearing from over 1,000 individuals representing all main stakeholder segments. This input incorporated the views of over 11,000 household consumers and over 750 business consumers via various channels. Furthermore, for infrastructure projects, historical data from the 2021-22 construction phase shows they wrote to over 36,900 homes and businesses about construction works, supported by six community relations agencies.

Direct communication for planned outages and safety information is a necessary operational relationship. While specific real-time communication metrics for late 2025 aren't available, the infrastructure engagement data shows that the primary channel for both inbound and outbound contact during construction works was email, with telephone being the second highest for inbound contacts. The company also manages complaints, with top reasons historically being light/dust/noise/vibration and traffic management.

Here's a quick view of the key relationship metrics:

Relationship Metric Category	Specific Data Point	Value/Amount
Regulated Investment Framework (UK)	Ofgem Approved Funding Package	£28 billion
Regulated Investment Framework (UK)	Estimated Total by 2031	£90 billion
Regulated Investment Framework (UK)	Allocation to Gas Networks Maintenance	£17.8 billion
Regulated Investment Framework (UK)	Allocation to Electricity Transmission Network	£10.3 billion
Customer Base (NGED)	Homes and Businesses Connected	8.1 million
Customer Base (NGED)	Customers Powered	Over 20 million
Customer Assistance (Grid for Good)	Latest Funding Tranche (Nov 2025)	£2.3 million
Customer Assistance (Grid for Good)	Total Programme Size (Announced Feb 2025)	£13.8 million
Customer Assistance (Grid for Good)	Homes Supported by Latest Tranche	Over 16,000
Digital Tools (US Smart Meters)	Total Smart Meters/Gas Modules Deployed (US NE)	About 2.4 million
Digital Tools (US Smart Meters)	New Meters Added in NY (2025)	Another 450,000
Stakeholder Engagement (T2 Plan)	Household Consumers Consulted	Over 11,000
Stakeholder Engagement (T2 Plan)	Business Consumers Consulted	Over 750

The commitment to social support is quantified by the multi-year, multi-million-pound funding initiatives. The £13.8 million Grid for Good Energy Affordability Fund is a clear financial commitment to easing customer pressure. Also, the regulatory structure itself is a relationship contract, where the current regulatory gearing of 61% informs the capital structure decisions that underpin service reliability.

You can see the digital push through the deployment numbers; 2.4 million smart meters in the US northeast is a substantial base for remote service management. The engagement process for the T2 plan involved direct feedback from over 11,000 households, showing a deliberate effort to incorporate customer voice into the business strategy that dictates future service levels.

• Regulated revenue is based on pre-determined allowed revenues, not just usage.
• The RIIO model emphasizes incentives, innovation, and outputs.
• Smart meters enable remote service changes, avoiding appointments.
• The company aims for dividend growth in line with UK CPIH inflation.
• The total five-year capital investment plan is around £60 billion.

Finance: draft 13-week cash view by Friday.

National Grid plc (NGG) - Canvas Business Model: Channels

National Grid plc channels its energy delivery and services through a mix of regulated physical infrastructure and commercial/digital interfaces across the UK and the US Northeast.

High-voltage transmission networks (UK and US Northeast)

The UK Electricity Transmission (UK ET) segment operates the high voltage electricity transmission network across England and Wales. For the fiscal year ended 31 March 2025, UK ET reported a statutory operating profit of £1,277 million. This channel is focused on enabling the energy transition, with the RIIO-T3 business plan submitted to connect 35 GW of generation and 19 GVA of demand customers. As of FY2025, National Grid plc connected 2.2 GW of renewable generation in the UK, including 1.2 GW from the Dogger Bank wind farm. All six Wave 1 Accelerated Strategic Transmission Investment (ASTI) projects were under construction in FY2025.

In the US, National Grid plc owns and operates high voltage electric transmission lines across Massachusetts, New Hampshire, and Vermont, with the New England segment reporting a statutory operating profit of £1,008 million for FY2025. The Smart Path Connect major transmission project in New York is on track to energise by December 2025.

The core network assets are central to the five-year plan, with a total cumulative capital investment planned of around £60 billion through the five years to 2028/29, driving Group assets towards £100 billion by March 2029.

Network Segment	Jurisdiction	FY2025 Statutory Operating Profit (£ million)	Key Investment/Metric
UK Electricity Transmission (UK ET)	England and Wales	1,277	RIIO-T3 plan to connect 35 GW generation
New England Transmission/Distribution	Massachusetts, New Hampshire, Vermont	1,008	Capital investment in H1 2025/26 was £5,052 million (continuing operations)

Local electricity and gas distribution networks (UK and US Northeast)

National Grid Electricity Distribution plc (NGED) in the UK powers the lives of over 20 million customers, connected to a network serving 8.1 million homes and businesses. NGED also operates the Distribution System Operator (DSO) function. In the US Northeast, National Grid plc serves electricity and gas customers in Massachusetts, New York, and Rhode Island. The company replaced a further 352 miles of leak-prone pipe across its US gas networks in FY2024.

National Grid Ventures (NGV) for interconnectors and commercial operations

National Grid Ventures (NGV) manages commercial assets, including interconnectors. For the six months ended 30 September 2025, NGV reported an operating profit of £121 million from Interconnectors and £91 million from Grain LNG. Total NGV operating profit and post-tax share of JVs for H1 2025/26 was £227 million. NGV committed capital expenditure of around £1 billion over the five years to 2028/29, including maintenance across its six operational interconnectors. In FY2025, NGV capital investment was £378 million. The company agreed the sale of its Grain LNG business for cash proceeds of £1.66 billion. The sale of the National Grid Renewables onshore business in the US was completed on 29 May 2025.

NGV Metric (6 months ended 30 Sept 2025)	Amount (£ million)	FY2025 Capital Investment (£ million)
Interconnectors Operating Profit	121	378 (FY2025)
Grain LNG Operating Profit	91	1,000 million (NGV committed capex to 2028/29)
Total NGV Operating Profit & Post Tax JVs	227	N/A

Digital platforms for customer service and smart meter data

Service quality is tracked through regulatory reporting in the US. For the quarter ended June 30, 2025, the System Average Interruption Frequency Index (SAIFI) for Niagara Mohawk Power Corporation was 0.52 outages per customer per year, against a target of less than or equal to 1.08. The Customer Average Interruption Duration Index (CAIDI) for the same period was 2.03 average hours per interruption, against a target of less than or equal to 2.10. Furthermore, the Distribution and sub-Transmission projects metric was 88.7% YTD through 06/30/2025.

Direct field service teams for maintenance and emergency response

Field service activity is reflected in investment figures for asset condition and maintenance. Capital investment in H1 2025/26 increased by 12% relative to the prior year period, driven by asset condition projects across US networks and UK Electricity Transmission. In FY2025, National Grid plc invested almost £10 billion across the Group.

• UK Electricity Distribution supports over 7,100 direct jobs.
• The company is securing the supply chain for more than three-quarters of its £60 billion five-year investment plan.

National Grid plc (NGG) - Canvas Business Model: Customer Segments

You're looking at the core groups National Grid plc serves across its regulated footprint in the UK and the US Northeast as of late 2025. These segments drive the massive capital investment plans we see.

Regulated customers: Residential, commercial, and industrial end-users in the UK and US Northeast

The sheer scale of the customer base in the regulated distribution networks is substantial. In the UK Electricity Distribution business, National Grid plc serves 8.1 million homes and businesses, which powers over 20 million customers. In the US, specifically across New York and Massachusetts, the company is responsible for delivering energy and customer service to approximately 6 million accounts.

The UK Electricity Distribution segment is broken down across four main areas:

• NGED South West: 1.7 million connections.
• NGED South Wales: 1.2 million connections.
• NGED East Midlands: 2.7 million connections.
• NGED West Midlands: 2.5 million connections.

For the transmission network upgrades under the RIIO-T3 plan, National Grid plc is planning to directly connect 19 GVA of demand customers in the UK. To give you a sense of the emerging industrial demand, data centers in the UK are projected to account for up to 9 percent of electricity demand by 2035, up from 2.6 percent today. One specific transmission project, the Uxbridge Moor substation, is set to deliver 1.8GW of new capacity to support over a dozen new data centers.

Energy generators: Offshore wind and solar farms needing grid connection

Connecting new, large-scale generation is a primary focus for the transmission business. In the fiscal year ending March 2025, National Grid plc connected 2.2 GW of renewable generation in the UK, which included 1.2 GW specifically from the Dogger Bank offshore wind farm. Across both the Transmission and Distribution networks in the UK for that same year, the company connected a total of 1.6 GW to Transmission and 0.6 GW to Distribution from renewable sources. The Great Grid Partnership is targeting connections of 50 GW of offshore wind by 2030. In the US Northeast, the Revolution Wind project in Rhode Island and Connecticut represents 704 MW of planned offshore wind capacity.

Here is a look at the generation connection targets and recent capacity additions:

Metric	Timeframe/Period	Value
UK Electricity Transmission Direct Generation Connection Target (RIIO-T3)	To March 2031	35 GW
UK Offshore Wind Connection Target (Great Grid Partnership)	By 2030	50 GW
UK Renewable Generation Connected (FY2024/25 Total)	FY2024/25	2.2 GW
Revolution Wind Capacity (US Northeast)	Projected	704 MW

Other utilities and system operators using the transmission network

While National Grid plc divested the UK Electricity System Operator (ESO) on October 1, 2024, the transmission network remains a shared asset. The UK Electricity Transmission business plan for RIIO-T3 includes provisions to avoid £12 billion of constraint costs, which is directly related to efficient network use by all parties, including generators and large users. The plan to reinforce and expand the grid involves 17 ASTI electricity transmission projects.

Large-scale industrial users requiring high-capacity connections

This segment includes major industrial users and the rapidly growing data center sector. In the UK Electricity Distribution network during 2024/25, National Grid plc connected 208 large demand projects, defined as those over 1 MW. The UK transmission network is preparing for significant new demand, with the RIIO-T3 plan aiming to connect 19 GVA of demand customers. Specifically, the development of AI Growth Zones, such as the one in the north-east of England, is expected to unlock £30 billion of investment, with National Grid working to connect 1.1 GW of demand across that zone alone.

National Grid plc (NGG) - Canvas Business Model: Cost Structure

You're looking at the hard costs National Grid plc incurs to keep the lights on and the gas flowing across its massive regulated asset base. This structure is dominated by long-term investment and the associated debt servicing.

Capital expenditure is a massive, planned outlay, directly tied to regulatory commitments like the Accelerated Strategic Transmission Investment (ASTI) projects and network resilience upgrades across the US and UK.

• Capital expenditure recorded in FY2025: £9,847 million.

Operating costs cover the day-to-day running of the networks, which includes everything from paying the engineers to procuring energy for balancing services. These costs are heavily influenced by pass-through items governed by regulatory frameworks.

Cost Component Category	FY2025 Statutory Amount (£m)
Operating costs (Continuing Operations)	(£13,444)
Network maintenance, labor, and energy procurement	Included within Operating costs

The sheer scale of the asset base means depreciation and amortization is a significant, non-cash charge reflecting the wear and tear on billions of pounds worth of infrastructure.

• Depreciation, amortisation and impairment (Continuing Operations) for FY2025: £2,175 million.

Servicing the debt required to fund this investment is a major cash outflow. National Grid plc carries substantial leverage to finance its regulated asset value growth.

• Net debt as of September 30, 2025: £41.8 billion.
• Statutory net finance costs (FY2025): £1,357 million.

Finally, there are the costs associated with operating within a heavily regulated environment, which includes fees and compliance expenditures necessary to maintain licenses to operate in key jurisdictions.

• Regulatory compliance and license fees (Ofgem, NYPSC) are a necessary, ongoing cost.

Finance: draft 13-week cash view by Friday.

National Grid plc (NGG) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for National Grid plc as of late 2025, which is heavily weighted toward regulated network charges. This is the bedrock of their revenue, driven by the assets they own and operate across the UK and US.

The primary revenue source comes from regulated transmission and distribution charges (tariffs) in the UK and US. These charges are directly linked to the size of the asset base they are allowed to operate, known as the Regulated Asset Base (RAB) or Rate Base. National Grid plc reported that the Group asset growth was around 10% in the fiscal year ending March 31, 2025, supported by record capital investment of almost £10 billion (specifically £9,847 million) during that period. This investment fuels the growth in the RAB, which in turn drives regulated returns.

The total Group asset base, or Rate Base, stood at £67.50 billion as of March 31, 2025. This massive base is segmented across their key regulated operations, which generate the bulk of their predictable income.

Here's a quick look at the key components of that asset base that generate these regulated revenues:

• UK Electricity Transmission RAV: £20.57 billion
• UK Electricity Distribution RAV: £12.24 billion
• New York and New England Networks: The remainder of the £67.50 billion base

The financial results for the fiscal year ending March 31, 2025, clearly show the strength of this regulated model, even with a dip in gross revenue. The Underlying operating profit for National Grid plc in FY2025 was reported at £5,357 million, up 12% from the prior year's £4,773 million. This profit growth is directly tied to the regulated asset growth.

You can see the key financial metrics for the period in this table:

Metric (Continuing Operations)	FY2025 Amount	FY2024 Amount	Percentage Change (FY2025 vs FY2024)
Underlying Operating Profit (£m)	5,357	4,773	12%
Statutory Operating Profit (£m)	4,934	4,475	10%
Gross Revenue (£m)	18,378	19,850	-7%
Capital Investment (£m)	9,847	8,235	20%

Revenue from National Grid Ventures (NGV) is a smaller, more volatile component, representing non-regulated activities, including interconnectors. For FY2025, the statutory operating profit from National Grid Ventures was only £5 million, a sharp drop from £558 million the year before, primarily due to lower interconnector revenues as market spreads normalized. However, National Grid plc maintains a long-term commitment to this area, with a committed capital expenditure of around £1 billion over the five years to 2028/29, which includes maintenance across the six operational interconnectors.

Another significant, though non-recurring, cash inflow comes from proceeds from divestments, which streamlines the business back to its core networks focus. National Grid plc agreed to sell its Grain LNG business in August 2025 for total proceeds of approximately £1.66 billion, including a pre-completion dividend. This follows the completion of the sale of their NG Renewables business in May 2025. These sales provide capital to fund the core network investment plan.

For the upcoming year, National Grid plc expects underlying net revenue to increase by over £250 million compared to 2024/25, which they attribute primarily to higher allowances resulting from the growing RAB and indexation.