National Grid full year results 2022/23

The last year has been a time of immense focus on the energy industry. Despite the external challenges, I’m proud to say that National Grid has continued to make significant progress on the energy transition while supporting our customers and communities through the winter.

This morning, I joined our CFO, Andy Agg at the London Stock Exchange to announce our full year results for 2022/23. We’ve made record levels of investment, including £7.7bn across our networks, provided £65m of support for our customers and communities, and today, we’ve also announced an early return to UK consumers of £100m from interconnector income.  

Looking ahead, Ofgem has recently awarded us 17 major onshore transmission projects in the UK, and we’ve had approval for $3.8bn outside of our rate cases to drive increased investment in the connection and delivery of clean power in the US.

To reach net zero, we need to see greater urgency from government, key stakeholders, and regulators. This was covered in our 'Delivering for 2035' report, where we highlighted five key action areas for the UK:

• Reform the planning system, centered around a strategic clean energy vision
• Ensure the regulatory and governance framework is set up for delivery
• Transform how clean energy connects to the grid, accelerating net zero projects
• Put communities and consumers at the forefront of the transition
• Develop supply chain capacity and a skills pipeline across the country

I’m excited for the year ahead as we continue transforming the business toward the energy transition.