National Grid plc

Well, thank you, Nick, and good morning, everyone. It's great to see so many of you here this morning with others joining virtually. Today, we've made several important announcements, which launched a new phase of growth for National Grid. Alongside strong full year results, we're also setting out a significant step up in growth for the new five year financial framework. Around £60 billion of capital investment between now and 2029 That's nearly double the past five years and driving annual group asset growth of around 10% and a 6% to 8% EPS CAGR from an FY25 baseline. All of which will be supported by a comprehensive financing plan that pulls on a range of levers, including a £7 billion equity raise. And as we enter this new phase of growth, we're updating our strategy to make National Grid the preeminent pure play networks business. So there's quite a bit for Andy and I to cover this morning. And as soon as we've done that, of course, we'll be happy to take your questions. So personally, this is the most exciting period I've seen, not just in our industry, but for National Grid since I started over 33 years ago. Let me just set the context. the energy transition is accelerating at pace. On the supply side, coal's annual contribution of generation in the UK has reduced from 40% to 1% over the last 10 years, with significant reductions also seen in the US. Nearly half the electricity used last year in the UK and the US Northeast was from zero carbon sources. And on the demand side, we're starting to see increased load due to the acceleration of artificial intelligence and the data centers needed to support it. These mega trends are at the forefront of every politician, regulator, and consumer's mind. They're driving this incredible journey of change that we're only just starting. Governments on both sides of the Atlantic recognize the need to accelerate the transition, and they're acting with greater urgency. to incentivize increased levels of renewable generation, evolve regulatory frameworks to unlock the investment needed to transform networks, increase energy security, and ultimately reduce consumer bills. Our pivot towards electricity over the last three years has cemented our position as a major player in the energy transition, and we're ready to take advantage of the significant growth opportunities ahead. Now you'll recall last November Andy and I talked about three areas where we wanted to see progress and increase clarity before setting out a new financial frame. The scale of the investment ahead of us, the profile of its delivery, and the regulatory frameworks that sit around it. And I'm pleased to say we've seen significant progress in each of these areas, giving us the confidence today to set out our plans for the next five years. So starting with the scale of investment. In the UK, as you know, we've been awarded 17 major projects as part of Ofgem's Accelerated Strategic Transmission Investment Programme, or ASTI, with the time skills for delivery now embedded within our licence obligations. At half year, we said that this required investment and is expected to be in the mid to high teens, billions. Last month, the system operator published its Beyond 2030 report, which starts to provide more clarity on projects that will be largely delivered in the 2030s, giving us sufficient confidence on the scope of large-scale transmission investments for the rest of this decade. Since November, we've continued to develop our business plan for Rio T3, which has given us further clarity on the levels of investment needed. We're due to submit this to Ofgen later this year. We also have much better visibility in New York, where we agreed a joint proposal on our new three-year rate plan for our Kedley and Kedney gas businesses, and we'll soon be filing for new rates in our Niagara Mohawk business. And in New England, we filed for new rates in our electric business in November. And in January, we filed for a further $2 billion of clean energy investment through our Electric Sector Modernization Plan, or ESMP. So there's been substantial development since our last update, strengthening our confidence in the levels of CapEx required as we look to the next five years. Turning now to the profile of that investment, where we've seen improved transparency, both in supply chain capacity and planning. In the UK, we now have better clarity around the timelines on our large projects. We signed £1.8 billion in contracts for cable and converted stations for Eastern Greenlink 1 in December, as well as the contracts on the £4.4 billion Eastern Greenlink 2 project in February. We've also selected seven suppliers as part of our new £9 billion enterprise partnership model to enable delivery of onshore projects. We made progress on planning with consent orders approved for four ASTI projects and several others moving through the wider consultation process as we expected. On the policy front, the updated national policy statements are given transmission infrastructure, critical national priority status and the transmission acceleration action plan aims to significantly shorten the timescales for the planning and delivery of major projects to seven years. And we've seen a similar trend in the US. Alongside rate filings, we've begun awarding and engineering contracts for the $2.9 billion Climate Leadership and Community Protection Act, or CLCPA, transmission projects. With increased visibility on supply chain and planning, we now have more certainty around the scale and timing of spend as we develop our delivery models. And finally, we've also seen progress in regulatory frameworks, which are clearly key to how we finance and step up the investment required. In the UK, OFTIM indicated its intent to create an investable proposition for future regulation in its recent sector methodology consultation. We were pleased to see enabling infrastructure for net zero pace included as one of the five pillars in its recent strategy update. And most importantly, the government had given Ofgem two new duties of growth and net zero. This all supports the need to agree a regulatory framework that can attract the step up in investment required. And these positive developments are in addition to the decisive regulatory actions that we've seen to date on the early ASTI projects. Moving to the US, we've agreed a joint proposal for new rates for our downstate New York, Kedney and Kedley gas distribution businesses, with an increase in capex around 30%, and a step up in allowed returns from 8.8 to 9.35%. We're in final preparations to file for new rates in our Niagara Mohawk business, and in Massachusetts, we've had productive conversations with the DPU on our electric and ESMP filings. All of this gives us increased confidence that the regulatory frameworks are evolving to attract the investment required and the pace needed for delivery. So it's against that context of greater clarity and confidence that we're announcing our new five-year financial framework today and the financing plan that sits behind it that will enable us to deliver a step up in investment whilst maintaining our strong investment grade balance sheet. We expect to deliver around £60 billion of capex. That's near double our investment over the prior five years. It will be split broadly 50-50 between the UK and the US, and 85% will be green investment, aligned to the EU taxonomy, making National Grid one of the biggest investors in decarbonising energy in the FTSE. This investment will drive group asset growth of around 10% per annum, which will see the group's regulated asset base reach almost £100 billion by 2029. And it will also deliver a 6% to 8% EPS CAGR from an FY25 baseline and an inflation-protected dividend from a rebase level, representing ongoing attractive investor proposition of growth and yield. And it's this combination of growth and yield that has enabled National Grid to sustain strong total shareholder returns, where we've delivered over 30 percentage points more TSR than the FTSE 100 over the past decade. And our track record of delivering large-scale infrastructure projects on time and on budget speaks for itself, with recent examples including the £1 billion Hinkley Point C connection, the £1 billion London Power Tunnels project, and our strong progress on the $4 billion electricity transmission program in New York, or the upstate upgrade as we call it. We've developed the capabilities to deliver large-scale projects offshore as well. With the recent completion of Viking Link, our interconnector portfolio is now nearly 8 gigawatts, which represents around 80% of the UK's interconnector market. In the UK, we've implemented an organizational structure to deliver with a strategic infrastructure business unit set up a year ago and now employing over 375 people. And the strong progress we made in creating innovative new supply chain frameworks for the ASTI projects. And we've a proven track record of outperformance in delivery against our regulatory contracts. So as we look to the future, our networks will be a key enabler to economic growth and job creation as we help to enable decarbonization of energy. As we progress on this path, it's clear to me that not only will we continue to see growth in energy networks, we'll also see the blurring of the boundaries between transmission and distribution, onshore and offshore networks, and what is awarded directly by regulators and what goes out to competition. National Grid has built the capabilities to win across all of these areas. And whilst the focus of the new five-year plan is very much growth in our regulated networks, National Grid Ventures will continue to play an important role. Going forward, we'll focus this business on interconnectors, including offshore hybrid assets in the UK and competitive electricity transmission projects in the US. To support this, we've made the decision to sell our National Grid renewables, our US onshore renewables business, as well as our Isle of Grain LNG terminal in the UK. And in doing so, we expect to continue our record of crystallizing good value. So we have an incredibly exciting few years to look forward to as we look to make National Grid the preeminent pure-play networks business, delivering a big step up in investment and continuing along the path of delivering decarbonized energy networks across our jurisdictions. So with that, I want to share some of the key headlines from our full year results before Andy takes you through the detail. we've delivered another year of strong financial performance, demonstrated by underlying operating profit of £4.8 billion and underlying earnings per share of 78 pence, both up 6% on the prior year at constant currency. Our regulated businesses delivered a record £7.6 billion of investment, up 17% year-on-year, again at constant currency. Reliability has remained strong across our transmission and distribution networks, despite severe weather in most jurisdictions, and we achieved a lost-time injury frequency rate of 0.08, which compares to our group target of 0.1. However, this good performance was overshadowed by the tragic instance in which two of our colleagues lost their lives. Both tragedies have been acutely felt across the group and have led to further reinforcements of our safety protocols. Moving to our operating performance, where there's been a number of highlights. Firstly, in UK electricity transmission, we delivered a 47% increase in capital investment, reflecting early progress on our ASTI projects. We also reached important milestones with the installation of the new T-pylons on the Hinkley Connection project, alongside completing tunnelling on the London Power Tunnels project. It was also an impressive year at first, as we connected the world's largest wind farm, Dogger Bank, and the Lark Green Solar Project, the first of its kind to be connected directly to the UK transmission network. Secondly, in New York, where investment increased by £300 million to £2.7 billion, we made strong progress on the $4 billion Upstate Upgrade Programme, which includes 70 projects, all enabling clean energy over the next decade. In Massachusetts, we filed for $2 billion of ESMP funding, an important milestone in setting up the investment required over the next five years to help the state meet its clean energy goals. In National Grid Ventures, our sixth interconnect to the Viking link to Denmark came online in December, within budget and earlier than planned. At 765 kilometers, it's the world's longest onshore and sub-CHVDC cable, and it's a great example of world-class capabilities within National Grid. And finally, the team has made great progress on the separation of the electricity system operator, and we expect to complete the sale and transfer to the government later this year. So it's been a year of strong progress, both financially and operationally, and we've taken the necessary steps that will set up the group for success over the long term. I'll stop there and I'll hand over to Andy who will discuss this year's results, our new five-year framework and financing plan in more detail, and then I'll come back and talk about priorities for the coming 12 months. Thank you.

Thank you, John, and good morning, everyone. I'll start by going through the financial performance for the past year before turning to the detail around our comprehensive financing plan. I'd like to highlight this as usual. We're presenting our underlying results, excluding timing, major storms and exceptional items, and that all results are provided at constant exchange rates. As announced in our pre-close update, we are now reporting underlying earnings excluding the impact of deferred tax in our UK electricity, transmission and distribution businesses. And we report our 20% remaining stake within National Gas as a discontinued operation, with this business therefore excluded from the underlying earnings of the continuing group. So, turning to our numbers. I'm pleased to be reporting another year of strong results. Underlying operating profits on a continuing basis increased by £255 million to £4.8 billion, up 6% on the prior year. This was mainly driven by good performance across our regulated businesses, including higher rates and strong cost efficiency delivery. Higher operating profit has consequently led to an underlying earnings per share increase of 6% to 78 pence per share. We delivered a further £139 million of efficiency savings, significantly exceeding our three-year £400 million target. And we aim to maintain broadly flat controllable costs going forward, even as we target asset growth of nearly 60% over our new five-year plan. Group return on equity at 8.9% is in line with expectations, following the reset in electricity distribution for the first year of Rio ED2, and higher UK RAVs. And in line with our policy, the Board has recommended a final dividend of 39.12 pence, taking the full year dividend to 58.52 pence per share, representing a 5.55% increase compared to the prior year, reflecting 2024 average CPIH inflation. We continue to deliver record levels of investment, with capital investment from continuing operations increasing 11% to 8.2 billion pounds. This increase was principally driven by early ASTI investment in the UK and increased spend on our new transmission projects in New York, partially offset by lower investment in National Grid Ventures compared to the prior period, as we near completion on a number of projects. Now let me take you through the performance of each of our business segments. Starting with UK electricity distribution, underlying operating profit was £1.15 billion, £78 million lower than the prior year, reflecting the shift from Rio ED1 to ED2, alongside lower incentives in the first year of the price control. Capital investment was £1.2 billion, slightly higher than last year, with increased investment in overhead line work. We are on track to deliver our £100 million Group Synergies target by 2026, having achieved £28 million in the year from areas such as procurement and operations. This will continue to help partly underpin ROE outperformance in UK electricity distribution and performance more widely across the Group. We achieved an ROE of 8.5% in the year, outperforming our allowance by 110 basis points, in line with our 100 to 125 basis point outperformance guidance for Rio ED2. Moving to electricity transmission, where underlying operating profit was £1.31 billion, 19% higher than last year. This was helped by indexation and higher allowed returns, as well as the non-recurrence of the Western Link return in the prior year. Capital investment of £1.9 billion was up 47% versus the prior year. This included early work on Eastern Green Links 1 and 2, as well as a number of onshore projects, and construction activities on new connections projects. partly offset by lower spend on London Power Tunnels 2 and the Hinkley connection as we near completion. We've achieved an 8% return on equity, 100 basis points ahead of baseline allowance, and we remain on track to achieve 100 basis points of average annual outperformance throughout Rio T2. Finally, in the UK, the electricity system operator saw underlying operating profit of 80 million pounds and RAV growth of 20% to 425 million pounds. Moving now to the US, our New York business achieved an 8.5% return on equity, 96% of its allowance. Underlying operating profit was 1.02 billion pounds, 21% higher than the prior year. This reflects rate increases as well as early recovery on SmartPath Connect investment. Capital investment was 2.7 billion pounds, 12% up on the prior year. And this was driven by higher electric investment, where we're on track to energize our SmartPath Connect transmission project in December 2025, as well as higher gas investment with investment in mains upgrades as we continue our work to reduce emissions from the system. In New England, the return on equity was 9.2%, 90 basis points improved on the prior year, and 40 basis points higher after adjusting for a one-off property tax recovery. Underlying operating profit was 802 million pounds, up 9% excluding the contribution from Rhode Island in the prior year. This was driven by high rates in our electricity and gas businesses, partly offset by high depreciation and other costs. Capital investment was 1.7 billion pounds, 14% higher, driven by electric investment growth equally weighted across transmission and distribution projects. and continued investment in our gas networks, including replacement of 130 miles of leak-prone pipe. Moving to national grid ventures, underlying operating profit, including joint ventures, was 571 million pounds, 120 million pounds lower than the prior year. Higher profitability at our NSL interconnector, following a post-construction review cap increase, was more than offset by lower profitability at our Britned interconnector, given lower auction revenues, and lower business interruption recoveries at IFA 1, following its rebuild. Capital investment decreased to £662 million. as we successfully completed the majority of work at our Isle of Grain expansion project and Viking Lint interconnector, and completed the rebuild work at IFA 1. We recorded an operating loss for other activities of £60 million, given the non-recurrence of property sales from the prior year. Net finance costs were £1.48 billion, £13 million lower than the prior year. with the high cost of new issuances more than offset by lower inflation movements on index-linked debt costs and repayment of the bridge loan facility during the prior year. For the full year, the underlying effective tax rate, excluding the share of joint ventures, was 15.6%, 170 basis points lower than the prior year. This reflects higher levels of capital expenditure qualifying for full expensing in FY24 compared to levels in FY23. Underlying earnings were £2.9 billion, with EPS at 78 pence, up 6% on the prior year. Moving now to cash flow, cash generated from continuing operations was £7.3 billion, up 13% compared to the prior year, largely driven by timing items in our UK regulated businesses. Net cash outflow at £3.7 billion was nearly £600 million higher than the prior year, reflecting higher levels of capital investment. Net debt at the full year was 43.6 billion pounds in line with the guidance we gave at the half year after adjusting for foreign exchange movements. We expect net debt to be around 500 million pounds lower by year end at a US dollar exchange rate of 125 to the pound, taking into consideration proceeds from the rights issue. Turning now to the announcements we've made this morning and starting with the new five-year capital program. With greater visibility around quantum and pace of this investment, we expect to deliver around £60 billion of investment through to 2029. This will be split broadly 50-50 across the UK and US Northeast, with around 80% of the investment expected to be in electricity networks over the five years, continuing the group shift towards electric, with nearly 80% of group assets expected to be electric by 2029. At £23 billion, UK electricity transmission has a larger share, including the 17 ASTI projects. And you'll also see a major step up in the US, and New York in particular, given the supportive backdrop that we see there with more transmission investment coming forward through the CLCPA programme, which forms part of our upstate upgrade work. Just over 10% of our investment is expected to be offshore as ASTI projects move into the North Sea, demonstrating the blurring of onshore and offshore that John referenced earlier. With visibility of our committed capital program, we also recognize the need to provide the market clarity around how it will be financed and have announced a comprehensive financing plan, including a £7 billion fully underwritten rights issue. This plan will support our investment program whilst allowing us to maintain a resilient balance sheet and our strong investment grade credit rating. This plan pulls on many levers, including the ongoing use of senior debt, crystallizing value through asset sales and redeploying that capital. future expected use of hybrids, the continuing use of the script, given the high level of growth that we are delivering, raising equity, as well as action on the dividend, where we will continue to grow the overall dividend, but UK CPIH inflation growth for the FY25 dividend per share will come from a rebased FY24 DPS, taking into account the new shares issued. Moving to the terms and timing of the rights issue. We have announced a £7 billion fully underwritten rights issue, with just under 1.1 billion new shares to be issued, on the basis of seven new shares for every 24 shares currently in issue. The new shares will be issued at £6.45 per share, which is a 34.7% discount to the Dividend Adjusted Theoretical Ex-Rights Price, or TIRP. The nil paid rights will start trading tomorrow, the 24th of May, and the subscription period will end on the 10th of June, and the results of the rights issue will be announced on the 12th of June. The prospectus, which has all the terms and details of the transaction, will be published later today. The outstanding ordinary shares trading today will go ex-dividend on the 6th of June, with the 7th of June being the record date for the final dividend. Turning to our full year 2025 guidance, where as usual, full business unit guidance has been provided in our results statement. We continue to expect strong operational performance across the group. However, this will not be fully reflected in underlying EPS following the rights issue. Under IFRS rules, we adjust the FY24 underlying EPS of 78 pence by the bonus element of the rights issue, which is an adjustment factor of 1.1 as of last night's close. This leads to an adjusted FY24 EPS of 70.8 pence per share. With FY25 underlying EPS taking into account all of the new shares issued on a pro-rata basis, we expect to deliver broadly flat underlying EPS for FY25. From an FY25 baseline, we expect to deliver 6% to 8% EPS CAGR for the remaining four years of our new financial framework out to FY29. So to bring this all together, our new five-year financial framework will deliver a near doubling of capital investment to around £60 billion. This is expected to drive group asset growth CAGR of around 10%, a strong step up in real terms growth compared with the past five years, translating into a strong underlying EPS CAGR of 6% to 8% from full year 2025, once adjusting for the new issue of shares, and dividend per share growth to continue in line with UK CPIH inflation, once adjusted for the share issue. We continue to be committed to our strong investment-grade credit rating, and this plan will enable us to maintain credit metrics above our thresholds to at least the end of the Rio T3 period, with S&Ps FFO to debt threshold above 10% and Moody's RCF to debt threshold above 7%. The package of financing measures we have announced this morning brings clarity of funding, which will enable us to deliver this step change in investment. And we believe our new five-year financial framework achieves an optimal balance of growth and yield, enabling us to continue to deliver attractive shareholder returns as we have done over the past decade. So with that, I'll hand you back to John to talk about the outlook.

Okay, thank you, Andy. Let me now briefly take you through our priorities for the year ahead and the detail on the medium-term growth drivers we're seeing across all of our regulated businesses. So starting with the US, where we're investing nearly half of the £60 billion of capital investment, that's a 60% increase compared to the last five years and demonstrates our commitment to the ambitious decarbonisation targets that the New York and Massachusetts governments have set. In New York, we're increasing our investments over the next five years by 60%, with expected capex of 17 billion pounds. This is driven by our $4 billion upstate upgrade investment I mentioned earlier. This program will transform the network, improve reliability and resilience, and represents the largest investment in New York's electricity transmission network in over a century. We also plan to invest $5 billion over the next three years in our downstate gas business as part of the new rate plans for Kedley and Kedney. Looking at the priorities for the year ahead, downstate, alongside stepping up the levels of investment, will be focused on earning our new higher allowed returns of 9.35%. Upstate, we're focused on finalizing the submission of our next rate case for Niagara-Mohawk, which in addition to transmission projects I've already mentioned, will include significant investment to support the connection of EVs, heat pumps, and distributed generation. As part of the filing, we're also working with customers to progress large demand-side projects, including the connection for the first phase of Micron's $100 billion investment in microchip manufacturing in New York. To put the scale of this into context, Micron's announced plans in the state could have the same power demand as 850,000 homes. And on the policy front, we'll continue to advocate for our clean energy vision and the work that we're doing to support a balanced and affordable energy transition. This includes the need for integrated energy planning on how electric and gas networks interact on the path to decarbonisation. Moving to New England, where today we've set out our expected investment of £11 billion over the next five years. This 60% increase includes an expected $2 billion in incremental investment as part of our Massachusetts ESMP, ongoing investments in advanced metering, grid modernization, storm hardening, and acid health work. Alongside our continued investment in leak-prone pipe replacement, with another 10 to 15 years to go on the program, we have a good line of sight to the investment needed well into the next decade. A key priority this year is to agree new rates in our Massachusetts electric business. We expect to reach a settlement this autumn, and alongside this, we'll advance discussions with the DPU on our ESMP filing. In December, the DPU issued an order on the role of local gas networks in achieving the state's 2050 climate goals. Alongside providing guidance on evaluating non-pipeline alternatives, we are pleased to see support for increased energy efficiency measures and targeted network geothermal, and the clarity that the existing investments will not be impacted. And as in New York, we'll continue to advocate for further reforms consistent with our clean energy vision. Turn into the UK, where the next five years will see us invest over £30 billion and connect more renewable energy to the system more quickly than ever before. This investment is creating green jobs right now, supporting significant economic growth, and will decrease consumers' bills in the long term whilst bolstering the nation's energy security. focusing on our UK electricity transmission business where we'll invest around £23 billion over the next five years as we look to enable the government's target for a decarbonised power sector. This investment is underway already and our priorities are focused on ensuring we make significant progress this year. As you've heard already, our ASTI projects are moving ahead at pace and over the next 12 months we'll commence construction on the Eastern Green Links 1 and 2 offshore bootstraps the latter being the largest ever investment in electricity transmission in Great Britain, as well as four further onshore projects across England. We'll also make progress on several other ASTI projects, including progressing planning and consents on a further six. Another of our key priorities is to ensure we have the right supply chain to support our capital programme. We've already announced seven supply chain partners as part of our £9 billion enterprise delivery model for our onshore projects, Our next step is to put in place the £57 billion HVDC framework contract and with this secure the critical equipment for the Eastern Green Links 3 and 4 and C-Link projects. But it's not just our ASTI projects where we're moving forward. This year, we also expect to connect over four gigawatts, including the Greenlink interconnector and the Doggerbank Sophia wind farm, energize the northern section of our Hinkley project, and commission the Hurst to Crayford circuit on the London Power Tunnels project. On the policy front, we'll continue to work with government on the implementation of the Transmission Acceleration Action Plan, and we'll also work to continue to support the delivery of the Connections Action Plan to reprioritize the Connections queue. And finally, on the regulatory front, Ofgem is due to publish its methodology decision document for Rio T3, which will form the basis of negotiations with Ofgem. With the comprehensive financing plan we've announced today, we'll be submitting a fully funded business plan at the end of this year, ahead of the new price control beginning in 2026. Moving next to UK electricity distribution, where we expect to invest eight billion pounds over the next five years. With four years remaining on our ED2 price control, we have a high degree of confidence and visibility around the investment levels, with 95% of our capital agreed within baseline allowances. This represents a more than 30% increase in annual investment versus ED1, driven by an expected 60% increase in the volume of new connections and more than 70% increase in network reinforcements to meet growing electricity demand due to the increase in connections of low-carbon technologies such as solar and EVs, and another 15% increase in asset health and maintenance. In the year ahead, a key priority is to continue to deliver the capital programme efficiently, with a focus on delivering a target of 100 to 125 basis points of outperformance and synergies of £100 million over three years. We'll also continue to progress connections reform at the distribution level, and we're making good headway. Following the announcement a few months ago of plans to release 10 gigawatts of capacity, we've already signed contracts to accelerate nearly a gigawatt of projects. And last, we're building out our distribution system operator function, helping to deliver smarter two-way networks. As the largest flexibility provider amongst the UK DNOs, we're focusing on creating further offerings for our customers. And finally, in National Grid Ventures, our key priority this year is to progress the sales processes for our Isle of Grain LNG terminal and National Grid Renewables business. In both of these businesses, we've delivered impressive growth and value and believe there will be significant interest in these assets. So in summary, this is a defining moment for National Grid as we enter into a new and exciting phase of growth to deliver network investment of unprecedented magnitude. I believe National Grid has a unique investor proposition with low-risk, high-quality asset growth, strong earnings growth and an inflation-protected dividend. Today, we set out unmatched visibility of £60 billion of investment through to 2029, and we're already taking action to deliver this. We're also given the certainty around the financing of those plans. The business is increasingly weighted towards electricity, ensuring that we can continue to access attractive growth for many years to come. This will be supported by governments and regulators on both sides of the Atlantic, who are urgently looking for more ways to attract the level of investment required to meet the decarbonisation targets. National Grid is at the heart of this change, enabling the digital, electrified and decarbonised economies of the future. This is opening up opportunities for us today, over the next five years and for decades to come. ensuring that we can drive long-term value growth and returns for our shareholders and enable net zero across the communities we serve. So with that, Andy and I would love to take your questions. Okay, so in terms of the questions, we're going to take questions from within the room. For those online, if you could type the questions into the box. And for those joining via the conference call, if you could dial star 1 to ask your question. And I'll start with questions in the room. Dominic.