National Grid plc (NGG) Q4 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 18, 2023 4:15 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Nicholas Ashworth

Good to go. So good morning, everyone, and welcome to National Grid's Full-Year Results Presentation. So, I am Nicholas Ashworth, Head of Investor Relations, and I'm really pleased to see so many of you here at the Stock Exchange this morning. And I know we also got a good number of people listening and watching online as well.

So, look, as always, we'll start with safety, we're not expecting a plan for alarm test this morning, but if there is one, please vacate the building and we'll meet out in Paternoster Square and maybe carry on it out there. The second important thing to retention to is the cautionary statement, which is at the front of the presentation. All of today's materials are available on the website. And as usual, there will be a Q&A with John and Andy after the presentation. If you need more info, then please do feel free to reach out to me or the IR team later in the day.

And so, with that all said, let's start the presentation.

[Video Presentation]

John Pettigrew

So good morning, everyone. It's great to see so many of you here today and have so many others joining online. As usual, I'm joined with Andy Agg, our CFO, and following the presentation, we'll both be happy to take your questions.

So, it's been another good year of performance for National Grid. Our significant progress is demonstrated by the positive impact of record levels of investment in both earnings growth and the energy transition. Our portfolio is now repositioned to capture attractive growth for many years ahead. And the continued support we are providing to our customers and communities during these challenging times.

Last year, energy was in the spotlight for many different reasons, not least due to the affordability issues caused by much higher commodity prices. We've seen this galvanize, governments and regulators resolve to accelerate the energy transition as they look to bring an end to expensive and unpredictable fossil fuel costs, increase the level renewable generation and deliver greater levels of domestic energy security.

National Grid is at the heart of this push, empowering change through investment in critical energy infrastructure. And we're doing this across all areas of our business such as in our U.K. Electricity Transmission business, where Ofgem have recently awarded us 17 major onshore transmission projects to enable greater levels of offshore wind connection. And in our U.S. businesses, where we've had approval for $3.8 billion outside of rate cases to drive greater investment in the connection and delivery of clean energy.