v3.24.1.1.u2
Property, plant and equipment (Tables)
 12 Months Ended
Mar. 31, 2024
Property, plant and equipment [abstract]  
Disclosure of detailed information about property, plant and equipment
Land and
buildings
£m
Plant and
machinery
£m
Assets
in the
course of
construction
£m
Motor
vehicles
and office
equipment
£m
Total
£m
Cost at 1 April 2022
3,659
63,022
5,587
1,072
73,340
Exchange adjustments
126
2,073
156
50
2,405
Additions
158
1,196
5,345
154
6,853
Disposals
(163)
(331)
(4)
(156)
(654)
Adjustment for change in discount rate on decommissioning provisions (note 26)
—
(36)
(12)
—
(48)
Reclassifications1
286
3,841
(4,312)
102
(83)
Cost at 1 April 2023
4,066
69,765
6,760
1,222
81,813
Exchange adjustments
(49)
(841)
(67)
(19)
(976)
Additions
59
1,157
5,754
197
7,167
Disposals
(55)
(271)
(5)
(134)
(465)
Adjustment for change in discount rate on decommissioning provisions (note 26)
—
29
—
—
29
Reclassifications1
277
4,725
(5,389)
218
(169)
Reclassification to held for sale (note 10)
(88)
(13)
(31)
(134)
(266)
Cost at 31 March 2024
4,210
74,551
7,022
1,350
87,133
Accumulated depreciation at 1 April 2022
(773)
(14,441)
(60)
(534)
(15,808)
Exchange adjustments
(30)
(444)
—
(32)
(506)
Depreciation charge for the year²
(122)
(1,459)
(1)
(183)
(1,765)
Disposals
127
311
2
152
592
Reclassifications1
4
107
4
(8)
107
Accumulated depreciation at 1 April 2023
(794)
(15,926)
(55)
(605)
(17,380)
Exchange adjustments
10
177
—
12
199
Depreciation charge for the year²
(80)
(1,515)
(20)
(189)
(1,804)
Disposals
50
252
2
134
438
Reclassifications1
(3)
281
—
(112)
166
Reclassification to held for sale (note 10)
59
1
6
89
155
Accumulated depreciation at 31 March 2024
(758)
(16,730)
(67)
(671)
(18,226)
Net book value at 31 March 2024
3,452
57,821
6,955
679
68,907
Net book value at 31 March 2023
3,272
53,839
6,705
617
64,433
1.Represents amounts transferred between categories, (to)/from other intangible assets (see note 12), (to)/from inventories.
2.Depreciation of assets in the course of construction relates to impairment provision adjustments.
Years
UK
US
Weighted
average
remaining
UEL
Freehold and leasehold buildings
up to 60
up to 100
38
Plant and machinery:
Electricity transmission plant and wires
up to 100
10 to 85
32
Electricity distribution plant
14 to 99
5 to 85
46
Electricity generation plant
n/a
10 to 93
10
Interconnector plant and other
5 to 70
5 to 37
31
Gas plant – mains, services and regulating equipment
n/a
25 to 95
53
Gas plant – storage
5 to 20
20 to 60
18
Gas plant – meters
n/a
14 to 45
24
Motor vehicles and office equipment
up to 50
up to 26
3
Increase in depreciation expense for
the year ended 31 March 2024
Increase in depreciation expense for
the year ended 31 March 2023
New York
£m
New England
£m
New York
£m
New England
£m
UELs limited to 2050
208
66
185
54
UELs limited to 2060
100
26
90
21
UELs limited to 2070
46
6
42
3
Disclosure of detailed information about right-of-use assets The table that follows shows the movements in the net book value of right-of-use assets included within property, plant and equipment at 31 March
2024 and 31 March 2023, split by category. The associated lease liabilities are disclosed in note 21.
13. Property, plant and equipment continued
(d) Right-of-use assets continued
Land and
buildings
£m
Plant and
machinery
£m
Assets
in the
course of
construction
£m
Motor
vehicles
and office
equipment
£m
Total
£m
Net book value at 1 April 2022
225
70
—
210
505
Exchange adjustments
10
1
—
13
24
Additions
101
97
—
88
286
Disposals
(13)
—
—
(1)
(14)
Depreciation charge for the year
(42)
(18)
—
(70)
(130)
Net book value at 31 March 2023
281
150
—
240
671
Exchange adjustments
(5)
(2)
—
(5)
(12)
Additions
52
2
—
146
200
Reclassifications
—
(5)
—
5
—
Reclassification to held for sale (note 10)
(12)
—
—
(1)
(13)
Disposals
(1)
—
—
(2)
(3)
Depreciation charge for the year
(22)
(17)
—
(76)
(115)
Net book value at 31 March 2024
293
128
—
307
728
The following balances have been included in the income statement for the years ended 31 March 2024 and 31 March 2023 in respect of right-of-
use assets:
2024
2023
£m
£m
Included within net finance income and costs:
Interest expense on lease liabilities
(69)
(24)
Included within revenue:
Lease income1
384
409
Included within operating expenses:
Expense relating to short-term and low-value leases
(20)
(19)
1.Included within lease income is £360 million (2023: £394 million) of variable lease payments, the majority of which relates to the power supply arrangement entered into with LIPA
(see note 3).