National Grid Regulatory News (NG.)

28 April 2025

National Grid plc

Three-year rate plan proposal filed for National Grid's Upstate New York business

National Grid plc ("National Grid") has filed a joint proposal with the New York Public Service Commission for its Upstate New York electric and natural gas distribution business Niagara Mohawk Power Corporation ("NIMO").

The proposed settlement is for a three-year rate plan that runs from May 2025 through to March 2028. A final decision from the New York Public Service Commission is expected in the next few months. The plan includes a Return on Equity of 9.5% and funding for capital investment of $1.43 billion in electricity and $351 million in gas for NIMO in the first rate year.

The proposed settlement will fund programmes necessary to maintain and improve reliability, integrate renewables and replace gas pipelines, promoting economic growth and advancing New York's renewable energy and emissions reduction goals. It will maintain a focus on customer affordability through delivering efficiencies and bill assistance programmes over the duration of the proposed rate plan.

For further information on this filing, please follow this link to the fact sheet section of our investor website.

Notes

National Grid's Upstate New York electric and natural gas business, Niagara Mohawk Power Corporation ("NIMO"), serves 1.7 million electric and 600,000 gas customers and represents around 15% of the Group's regulated asset base.

The joint proposal fully funds the CLCPA Phase 1 programme over the rate plan and it remains on track for c.$800 million of total investment. Approved CLCPA Phase 2 funding of $2.1 billion for upstate electricity transmission projects will be recovered through a separate agreement.

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This announcement contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid's (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as 'aims', 'anticipates', 'expects', 'should', 'intends', 'plans', 'believes', 'outlook', 'seeks', 'estimates', 'targets', 'may', 'will', 'continue', 'project' and similar expressions, as well as statements in the future tense, identify forward looking statements. 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