UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
___________________________________________________________________
FORM 6-K
___________________________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: 13 December 2023
Commission File Number: 001-14958
___________________________________________________________________
NATIONAL GRID plc
(Translation
of registrant’s name into English)
England and Wales
(Jurisdiction
of Incorporation)
___________________________________________________________________
1-3 Strand, London, WC2N 5EH, United Kingdom
(Address
of principal executive office)
___________________________________________________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3- 2(b) under the Securities
Exchange Act of 1934. ☐ Yes ☒ No
If
“Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):
n/a
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Exhibit
99.1 Announcement sent to the London Stock Exchange on 13
December
2023 — Ofgem - Sector Specific Methodology
Consultation
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Exhibit
99.1
13 December 2023
Ofgem publishes its Sector Specific Methodology
Consultation
Ofgem has today published sector specific consultation documents
for our UK Electricity Transmission business relating to the
RIIO-T3 regulatory period which will be effective from April 2026
through to March 2031.
The consultation is the next phase of the RIIO-T3 process and
provides the framework on which we will base our Electricity
Transmission business plan, due for submission in late 2024. As we
look towards RIIO-T3, and a further step up in investment, we
especially welcome Ofgem's recognition in this consultation of the
need to deliver clear
signals and direction so as to provide certainty and assurance to
investors that projects are viable, investable and
deliverable. This will enable National Grid to continue
delivering world class networks at the lowest cost for
consumers.
This consultation is part of a wider suite of changes required to
keep the energy transition moving at pace, and we are encouraged by
the recent progress from government and Ofgem on a number of
fronts. We are now moving to deliver our new contractual
model for working with the supply chain. The procurement process
for our enterprise partnership model has been launched, and
strategic partners will be selected in the coming months to ensure
we can deliver major projects in the timeframes
required.
Getting the right policies and regulatory framework in place will
enable the industry to keep driving forward and overcome
barriers to reach a net zero energy system as soon as possible. We
look forward to providing a detailed response to this sector
specific consultation in the first quarter of 2024, as a next
step.
Enquiries and contacts
Investors and Analyst:
Nick Ashworth
+44 (0) 7814 355 590
Angela Broad
+44 (0) 7825 351 918
James Flanagan
+44 (0) 7970 778 952
Media:
Molly
Neal
+44 (0) 7583 102 727
CAUTIONARY STATEMENT
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. This document also references climate-related targets
and climate-related risks which differ from conventional financial
risks in that they are complex, novel and tend to involve
projection over long-term scenarios which are subject to
significant uncertainty and change. These forward-looking
statements are not guarantees of National Grid's future performance
and are subject to assumptions, risks and uncertainties that could
cause actual future results to differ materially from those
expressed in or implied by such forward-looking statements or
targets. Many of these assumptions, risks and uncertainties relate
to factors that are beyond National Grid's ability to control,
predict or estimate precisely, such as changes in laws or
regulations, including announcements from and decisions by
governmental bodies or regulators, including those relating to the
RIIO-T2 and RIIO-ED2 price controls and proposals for the future of
the electricity system operator in the United Kingdom; the timing
of construction and delivery by third parties of new generation
projects requiring connection; breaches of, or changes in,
environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption (including any that result in safety and/or
environmental events), the inability to carry out critical non
network operations and damage to infrastructure, due to adverse
weather conditions including the impact of major storms as well as
the results of climate change, due to counterparties being unable
to deliver physical commodities, or due to the failure of or
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; failure to adequately forecast
and respond to disruptions in energy supply; performance against
regulatory targets and standards and against National Grid's peers
with the aim of delivering stakeholder expectations regarding costs
and efficiency savings, as well as against targets and standards
designed to deliver net zero; and customers and counterparties
(including financial institutions) failing to perform their
obligations to the Company. Other factors that could cause actual
results to differ materially from those described in this
announcement include fluctuations in exchange rates, interest rates
and commodity price indices; restrictions and conditions (including
filing requirements) in National Grid's borrowing and debt
arrangements, funding costs and access to financing; regulatory
requirements for the Company to maintain financial resources in
certain parts of its business and restrictions on some
subsidiaries' transactions such as paying dividends, lending or
levying charges; the delayed timing of recoveries and payments in
National Grid's regulated businesses, and whether aspects of its
activities are contestable; the funding requirements and
performance of National Grid's pension schemes and other
postretirement benefit schemes; the failure to attract, develop and
retain employees with the necessary competencies, including
leadership and business capabilities, and any significant disputes
arising with National Grid's employees or the breach of laws or
regulations by its employees; the failure to respond to market
developments, including competition for onshore transmission; the
threats and opportunities presented by emerging technology; the
failure by the Company to respond to, or meet its own commitments
as a leader in relation to, climate change development activities
relating to energy transition, including the integration of
distributed energy resources; and the need to grow the Company's
business to deliver its strategy, as well as incorrect or
unforeseen assumptions or conclusions (including unanticipated
costs and liabilities) relating to business development activity,
including the integration of its UK Electricity Distribution
business, the sale of its UK Gas Transmission business, and the
separation and transfer of the ESO to the public sector. For
further details regarding these and other assumptions, risks and
uncertainties that may impact National Grid, please read the
Strategic Report section and the 'Risk factors' on pages 225 to 228
of National Grid's most recent Annual Report and Accounts, as
updated by National Grid's unaudited half-year financial
information for the six months ended 30 September 2023 published on
9 November 2023. In addition, new factors emerge from time to time
and National Grid cannot assess the potential impact of any such
factor on its activities or the extent to which any factor, or
combination of factors, may cause actual future results to differ
materially from those contained in any forward-looking statement.
Except as may be required by law or regulation, the Company
undertakes no obligation to update any of its forward-looking
statements, which speak only as of the date of this
announcement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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NATIONAL GRID
plc
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By:
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/s/Sally Kenward
_______________________
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Sally Kenward
Senior Assistant Company Secretary
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Date:
13 December
2023
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