v3.24.1.1.u2
Segmental analysis (Tables)
 12 Months Ended
Mar. 31, 2024
Disclosure of operating segments [abstract]  
Schedule of main activities, revenue, operating profit and capital investment by operating segments The following table describes the main activities for
each reportable operating segment:
UK Electricity Transmission
The high-voltage electricity transmission networks in England and Wales. This includes our Accelerated Strategic
Transmission Investment projects to connect more clean, low-carbon power to the transmission network in England
and Wales.
UK Electricity Distribution
The electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and
South Wales.
UK Electricity System Operator
The Great Britain system operator. The ESO met the criteria to be classified as held for sale at the end of October 2023
(see note 10).
New England
Gas distribution networks, electricity distribution networks and high-voltage electricity transmission networks
in New England.
New York
Gas distribution networks, electricity distribution networks and high-voltage electricity transmission networks in New York.
National Grid Ventures
Comprises all commercial operations in LNG at the Isle of Grain in the UK and Providence, Rhode Island in the US, our
electricity generation business in the US, our electricity interconnectors in the UK and our investment in National Grid
Renewables Development LLC, our renewables business in the US. Whilst NGV operates outside our regulated core
business, the electricity interconnectors in the UK are subject to indirect regulation by Ofgem regarding the level of returns
they can earn. Our US LNG operations were reclassified from the New England segment following an internal reorganisation
in the year.
2024
2023
2022
Total
sales
£m
Sales
between
segments
£m
Sales
to third
parties
£m
Total
sales
£m
Sales
between
segments
£m
Sales
to third
parties
£m
Total
sales
£m
Sales
between
segments
£m
Sales
to third
parties
£m
Operating segments – continuing operations:
UK Electricity Transmission
2,735
(40)
2,695
1,987
(41)
1,946
2,035
(7)
2,028
UK Electricity Distribution
1,795
(5)
1,790
2,045
(12)
2,033
1,482
(14)
1,468
UK Electricity System Operator
3,788
(35)
3,753
4,690
(31)
4,659
3,455
(18)
3,437
New England
3,948
—
3,948
4,427
—
4,427
4,550
—
4,550
New York
6,094
—
6,094
6,994
—
6,994
5,561
—
5,561
National Grid Ventures
1,389
(57)
1,332
1,341
(58)
1,283
1,024
—
1,024
Other
244
(6)
238
317
—
317
381
—
381
Total revenue from continuing operations
19,993
(143)
19,850
21,801
(142)
21,659
18,488
(39)
18,449
Split by geographical areas – continuing operations:
UK
9,063
9,611
7,803
US
10,787
12,048
10,646
Total revenue from continuing operations
19,850
21,659
18,449
A reconciliation of the operating segments’ measure of profit to profit before tax from continuing operations is provided below. Further details of the
exceptional items and remeasurements are provided in note 5.
Before exceptional items
and remeasurements
Exceptional items
and remeasurements (see note 5)
After exceptional items
and remeasurements
2024
2023
2022
2024
2023
2022
2024
2023
2022
£m
£m
£m
£m
£m
£m
£m
£m
£m
Operating segments – continuing operations:
UK Electricity Transmission
1,677
995
1,067
(3)
(2)
(12)
1,674
993
1,055
UK Electricity Distribution
993
1,091
909
(18)
(22)
—
975
1,069
909
UK Electricity System Operator
880
238
7
(498)
(1)
(2)
382
237
5
New England
643
708
743
(2)
424
21
641
1,132
764
New York
860
741
780
(498)
(200)
315
362
541
1,095
National Grid Ventures
469
490
286
89
467
(3)
558
957
283
Other
(60)
31
21
(57)
(81)
239
(117)
(50)
260
Total operating profit from
continuing operations
5,462
4,294
3,813
(987)
585
558
4,475
4,879
4,371
Split by geographical area – continuing operations:
UK
3,923
2,825
2,234
(487)
26
224
3,436
2,851
2,458
US
1,539
1,469
1,579
(500)
559
334
1,039
2,028
1,913
Total operating profit from
continuing operations
5,462
4,294
3,813
(987)
585
558
4,475
4,879
4,371
Before exceptional items
and remeasurements
Exceptional items
and remeasurements (see note 5)
After exceptional items
and remeasurements
2024
2023
2022
2024
2023
2022
2024
2023
2022
£m
£m
£m
£m
£m
£m
£m
£m
£m
Reconciliation to profit before tax:
Operating profit from continuing operations
5,462
4,294
3,813
(987)
585
558
4,475
4,879
4,371
Share of post-tax results of joint ventures
and associates
101
190
148
(64)
(19)
(56)
37
171
92
Finance income
244
166
65
4
(28)
(15)
248
138
50
Finance costs
(1,723)
(1,680)
(1,146)
11
82
74
(1,712)
(1,598)
(1,072)
Profit before tax from continuing operations
4,084
2,970
2,880
(1,036)
620
561
3,048
3,590
3,441
The following items are included in the total operating profit by segment:
Depreciation, amortisation and impairment
2024
2023
2022
£m
£m
£m
Operating segments:
UK Electricity Transmission
(521)
(484)
(508)
UK Electricity Distribution
(223)
(223)
(158)
UK Electricity System Operator
(61)
(101)
(83)
New England
(420)
(393)
(364)
New York
(658)
(620)
(537)
National Grid Ventures
(166)
(149)
(156)
Other
(12)
(14)
(24)
Total
(2,061)
(1,984)
(1,830)
Asset type:
Property, plant and equipment
(1,769)
(1,700)
(1,544)
Non-current intangible assets
(292)
(284)
(286)
Total
(2,061)
(1,984)
(1,830)
2024
20231
20221
£m
£m
£m
Operating segments:
UK Electricity Transmission
1,912
1,301
1,179
UK Electricity Distribution
1,247
1,220
899
UK Electricity System Operator
85
108
108
New England
1,673
1,527
1,478
New York
2,654
2,454
1,960
National Grid Ventures
662
970
989
Other
2
13
10
Total
8,235
7,593
6,623
Asset type:
Property, plant and equipment
7,124
6,783
5,622
Non-current intangible assets
481
578
471
Equity investments in joint ventures and associates2
332
197
461
Capital expenditure prepayments
298
35
69
Total
8,235
7,593
6,623
1.Comparative amounts have been represented to reflect the reclassification of our US LNG operations from New England to NGV following an internal reorganisation in the year and
the change in presentation for capital investments.
2.Excludes £nil (2023: £nil, 2022: £25 million) equity contribution to the St William Homes LLP joint venture. This was excluded based on the nature of the joint venture arrangement.
We typically contributed property assets to the joint venture in exchange for cash and accordingly did not consider these transactions to be in the nature of capital investment.
Schedule of geographical analysis of non-current assets
2024
2023
2022
£m
£m
£m
Split by geographical area:
UK
40,065
38,043
35,466
US
44,270
41,761
36,411
84,335
79,804
71,877
Reconciliation to total non-current assets:
Pension assets
2,407
2,645
3,885
Financial and other investments
880
859
830
Derivative financial assets
324
276
305
Non-current assets
87,946
83,584
76,897
The trade receivables balance, accrued income balance and provisions balance split by geography are as follows:
As at 31 March 2024
As at 31 March 2023
UK
US
Total
UK
US
Total
£m
£m
£m
£m
£m
£m
Trade receivables
162
2,339
2,501
223
2,360
2,583
Accrued income
337
548
885
650
476
1,126
Provision for impairment of receivables and accrued income
(3)
(556)
(559)
(11)
(549)
(560)
496
2,331
2,827
862
2,287
3,149