v3.25.3
Segmental analysis (Tables)
 6 Months Ended
Sep. 30, 2025
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 Ventures
Comprises our electricity interconnectors in the UK, our electricity generation business in the US, all commercial operations in LNG at Providence, Rhode Island in the US and the Isle of Grain in the UK, and our investment in NG Renewables, our renewables business 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. The Group sold its interest in NG Renewables on 29 May 2025 and Grain LNG was classified as held for sale in the prior period (see note 6).
Revenue
Six months ended 30 September20252024
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 – continuing operations:
UK Electricity Transmission1,443 (37)1,406 1,274 (92)1,182 
UK Electricity Distribution901 (5)896 1,166 (2)1,164 
UK Electricity System Operator— — — 1,029 (17)1,012 
New England1,493 — 1,493 1,545 — 1,545 
New York2,667 — 2,667 2,341 — 2,341 
National Grid Ventures601 (20)581 650 (26)624 
Other25 (3)22 98 (5)93 
Total revenue from continuing operations7,130 (65)7,065 8,103 (142)7,961 
Geographical areas:
UK2,702 3,755 
US4,363 4,206 
Total revenue from continuing operations7,065 7,961 
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.
Operating profit/(loss)
Total operating profit/(loss) before exceptional items and remeasurements
Exceptional items and remeasurements
(see note 4)
Total operating profit/(loss) after exceptional items and remeasurements
Six months ended 30 September202520242025202420252024
£m£m£m£m£m£m
Operating segments – continuing operations:
UK Electricity Transmission813 642(3)— 810 642 
UK Electricity Distribution488 764 — (5)488 759 
UK Electricity System Operator— (364)— 151 — (213)
New England81 89 (20)(2)61 87 
New York73 (30)5 (20)78 (50)
National Grid Ventures187 147 (61)(2)126 145 
Other(27)(38)(10)(23)(37)(61)
Total Group1,615 1,210 (89)99 1,526 1,309 
Geographical areas:
UK1,476 1,173 22 121 1,498 1,294 
US139 37 (111)(22)28 15 
Total Group1,615 1,210 (89)99 1,526 1,309 
Total operating profit/(loss) before exceptional items and remeasurements
Exceptional items and remeasurements
(see note 4)
Total operating profit/(loss) after exceptional items and remeasurements
Six months ended 30 September202520242025202420252024
£m£m£m£m£m£m
Reconciliation to profit before tax:
Operating profit from continuing operations1,615 1,210 (89)99 1,526 1,309 
Share of post-tax results of joint ventures and associates39 60 — (3)39 57 
Finance income206 231 2 3 208 234 
Finance costs(884)(901)(63)(15)(947)(916)
Total Group976 600 (150)84 826 684 
2. Segmental analysis continued
The following items are included in the total operating profit by segment:
Depreciation, amortisation and impairment30 September 202530 September 2024
£m£m
Operating segments:
UK Electricity Transmission(278)(267)
UK Electricity Distribution(133)(122)
New England(236)(221)
New York(376)(351)
National Grid Ventures(76)(92)
Other(3)(5)
Total(1,102)(1,058)
Asset type:
Property, plant and equipment(950)(936)
Non-current intangible assets(152)(122)
Total(1,102)(1,058)
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 202530 September 2024
£m£m
Operating segments:
UK Electricity Transmission1,684 1,290 
UK Electricity Distribution756 647 
New England958 814 
New York1,585 1,569 
National Grid Ventures69 279 
Other— 4 
Total5,052 4,603 
Asset type:
Property, plant and equipment4,551 4,200 
Non-current intangible assets323 196 
Equity investments in joint ventures and associates15 102 
Capital expenditure prepayments163 105 
Total5,052 4,603 
Schedule of geographical analysis of non-current assets
30 September 202531 March 2025
£m£m
Split by geographical area:
UK44,625 42,623 
US46,253 46,131 
Total90,878 88,754 
Reconciliation to total non-current assets:
Pension assets2,424 2,489 
Financial and other investments795 798 
Derivative financial assets736 369 
Non-current assets94,833 92,410