v3.26.3
Segmental analysis (Tables)
 6 Months Ended
Sep. 30, 2026
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 TransmissionThe 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 DistributionThe electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and South Wales.
New EnglandElectricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New England.
New YorkElectricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New York.
National Grid VenturesComprises our electricity interconnectors in the UK, our electricity generation business in the US and all commercial operations in LNG at Providence, Rhode Island in the US. While 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. During the prior year, the Group sold its interest in NG Renewables and Grain LNG.
Revenue
Six months ended 30 September20262025
Total sales
Sales between segments1
Sales to third partiesTotal sales
Sales between segments1
Sales to third
parties
£m£m£m£m£m£m
Operating segments:
UK Electricity Transmission1,823 (57)1,766 1,443 (37)1,406 
UK Electricity Distribution922 (3)919 901 (5)896 
New England1,630 — 1,630 1,493 — 1,493 
New York3,107 — 3,107 2,667 — 2,667 
National Grid Ventures516 (23)493 601 (20)581 
Other2
226 (3)223 25 (3)22 
Total revenue 8,224 (86)8,138 7,130 (65)7,065 
Geographical areas:
UK3,167 2,702 
US4,971 4,363 
Total revenue8,138 7,065 
1.Sales between operating segments are priced having regard to the regulatory and legal requirements to which the businesses are subject. The analysis of revenue by geographical area is on the basis of destination. There are no material sales between the UK and US geographical areas.
2.In the current period, Other segmental revenue includes £142 million of exceptional revenue. Further details are provided in notes 3 and 4.
Operating profit/(loss)
Total operating profit/(loss) before exceptional items and remeasurementsExceptional items and remeasurements
(see note 4)		Total operating profit/(loss) after exceptional items and remeasurements
Six months ended 30 September202620252026202520262025
£m£m£m£m£m£m
Operating segments:
UK Electricity Transmission1,147 813— (3)1,147 810 
UK Electricity Distribution477 488 — — 477 488 
New England92 81 (27)(20)65 61 
New York373 73 4 5 377 78 
National Grid Ventures127 187 90 (61)217 126 
Other(66)(27)142 (10)76 (37)
Total Group2,150 1,615 209 (89)2,359 1,526 
Geographical areas:
UK1,713 1,476 146 22 1,859 1,498 
US437 139 63 (111)500 28 
Total Group2,150 1,615 209 (89)2,359 1,526 
Total operating profit/(loss) before exceptional items and remeasurementsExceptional items and remeasurements
(see note 4)		Total operating profit/(loss) after exceptional items and remeasurements
Six months ended 30 September202620252026202520262025
£m£m£m£m£m£m
Reconciliation to profit before tax:
Operating profit2,150 1,615 209 (89)2,359 1,526 
Share of post-tax results of joint ventures and associates89 39 — — 89 39 
Finance income121 206 — 2 121 208 
Finance costs(843)(884)4 (63)(839)(947)
Total Group1,517 976 213 (150)1,730 826 
2. Segmental analysis continued
The following items are included in the total operating profit by segment:
Depreciation, amortisation and impairment30 September 202630 September 2025
£m£m
Operating segments:
UK Electricity Transmission(308)(278)
UK Electricity Distribution(145)(133)
New England(276)(236)
New York(423)(376)
National Grid Ventures(75)(76)
Other(2)(3)
Total(1,229)(1,102)
Asset type:
Property, plant and equipment(1,022)(950)
Non-current intangible assets(207)(152)
Total(1,229)(1,102)
Capital investment
Capital investment represents additions to property, plant and equipment, prepayments to suppliers to secure production capacity in relation to our capital projects, non-current intangibles and additional equity investments in joint ventures and associates. Capital investments exclude additions for assets or businesses from the point they are classified as held for sale.
30 September 202630 September 2025
£m£m
Operating segments:
UK Electricity Transmission2,888 1,684 
UK Electricity Distribution834 756 
New England1,105 958 
New York1,775 1,585 
National Grid Ventures100 69 
Other5 — 
Total6,707 5,052 
Asset type:
Property, plant and equipment6,047 4,551 
Non-current intangible assets310 323 
Equity investments in joint ventures and associates15 15 
Capital expenditure prepayments335 163 
Total6,707 5,052 
Schedule of geographical analysis of non-current assets
30 September 202631 March 2026
£m£m
Split by geographical area:
UK50,781 47,551 
US51,370 49,273 
Total102,151 96,824 
Reconciliation to total non-current assets:
Pension assets2,617 2,507 
Financial and other investments1,898 842 
Derivative financial assets558 623 
Non-current assets107,224 100,796