National Grid (NG) AGM 2025 summary

Opening remarks and agenda

• The AGM was held at Warwick Conferences, with both in-person and online participation, and included board introductions and an outline of the meeting's structure.

• The agenda included business updates, Q&A, and formal voting on resolutions.

Board and executive committee updates

• John Pettigrew, CEO, will retire later this year after 35 years; Zoë Yujnovich will succeed him in November 2025, with a full transition plan in place.

• The board expressed confidence in the leadership transition and highlighted the board's collaborative approach to challenges.

Financial performance review

• Underlying operating profit rose 12% to £5.4 billion, with record capital investment of £9.8 billion, up 20% year-on-year.

• UK electricity transmission investment increased 57% to £3 billion, with a return on equity of 8.3%.

• US investment in New York rose 24% to £3.3 billion, with a return on equity of 8.7%.

• Over 70% of US investment for the five-year frame has been agreed with regulators.