Business Context and Reporting Period
National Grid plc, a UK-incorporated foreign private issuer, filed this Form 6-K on April 13, 2026. The filing serves as a pre-close update ahead of the announcement of full-year results for the period ended March 31, 2026.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the full year. It only provides an estimated impact on earnings per share.
- Underlying EPS Impact: Estimated net negative impact of approximately 1p per share.
- Performance Status: Overall group performance is reported as in line with expectations and consistent with half-year guidance.
Material Changes and Unusual Items
The estimated 1p per share reduction in underlying EPS is driven by the following factors:
- Regulatory Charges: Recognition of customer refund charges related to the FERC judgement on New England Transmission issued on March 19, 2026.
- Storm Costs: Slightly higher than expected storm costs in US businesses.
- Offsetting Factor: Slightly lower finance costs.
Guidance, Outlook, and Risks
Outlook and Events: Full-year results are scheduled for release on May 14, 2026, at 7:00 am BST, followed by a management presentation and Q&A session.
Risks and Contingencies: The filing includes a comprehensive cautionary statement regarding forward-looking statements. Key risks cited include:
- Regulatory decisions on price controls (UK) and rate cases (US).
- Climate-related risks, including network failure due to adverse weather and major storms.
- IT system reliability and cybersecurity threats.
- Fluctuations in exchange rates, interest rates, and commodity prices.
- Delays in third-party generation projects and energy supply disruptions.
Investor Verification Checklist
- Verify the final full-year results and actual EPS impact when released on May 14, 2026.
- Review the specific financial details of the FERC judgement on New England Transmission and the resulting refund charges.
- Assess the magnitude of storm costs in US operations versus prior guidance.
- Monitor the company's commentary on regulatory price control outcomes in the UK and US rate cases.