National Grid to Sell Grain LNG to Centrica

14 August 2025                                                                                                                

National Grid plc

Sale of Grain LNG

National Grid plc ("National Grid") today announces that it has agreed to sell its Grain LNG business to a consortium of multinational energy company, Centrica plc and energy transition infrastructure investment firm, Energy Capital Partners LLC, part of Bridgepoint Group plc. This transaction is another important step in delivering National Grid's previously communicated strategy to streamline our business and focus on networks, as announced in May 2024.

The terms of the transaction comprise total proceeds of c.£1.66 billion, including a pre-completion dividend. The final consideration will be subject to certain completion adjustments.

Completion of the transaction will be subject to customary government and regulatory approvals. Subject to these clearances, National Grid expects that the transaction will complete later this year.

John Pettigrew, CEO of National Grid plc, said: "Today's announcement of the sale of Grain LNG marks another successful step in delivering National Grid's previously communicated strategy to streamline our business and focus on networks, and follows the completion of the sale of our NG Renewables business in May 2025."

About Grain LNG

Grain LNG, comprising two wholly owned subsidiaries of National Grid (National Grid Grain LNG Limited and Thamesport Interchange Limited), owns and operates the UK's largest LNG importation terminal under long term take or pay contracts, playing an important role in securing UK gas supply.  

About National Grid plc

National Grid lies at the heart of a transforming energy system, spanning the UK and the US. Our businesses supply gas and electricity, safely, reliably and efficiently to millions of customers and communities.

We are delivering The Great Grid Upgrade - the largest overhaul of the UK grid in generations, building the Upstate Upgrade, the largest investment in New York's electricity transmission network for over a century, and delivering our innovative electric sector modernisation programme in Massachusetts.

As one of the largest investor-owned energy companies in the world, National Grid is committed to delivering secure, affordable and clean energy to homes and businesses, and is one of the FTSE's largest investors in the energy transition.

Enquiries and contacts

• Investors and Analysts

  Tom Edwards	+44 (0) 7976 962 791
  Cerys Reece	+44 (0) 7860 382 264

• Media

  • Joshua Atkins

  • +44 (0) 7933 523233

CAUTIONARY STATEMENT 

This announcement contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid's (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as 'aims', 'anticipates', 'expects', 'should', 'intends', 'plans', 'believes', 'outlook', 'seeks', 'estimates', 'targets', 'may', 'will', 'continue', 'project' and similar expressions, as well as statements in the future tense, identify forward-looking statements. This document also references climate-related targets and climate-related risks which differ from conventional financial risks in that they are complex, novel and tend to involve projection over long term scenarios which are subject to significant uncertainty and change. These forward-looking statements and targets are not guarantees of National Grid's future performance and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressed in or implied by such forward-looking statements and targets. Many of these assumptions, risks and uncertainties relate to factors that are beyond National Grid's ability to control or estimate precisely, such as changes in laws or regulations and decisions by governmental bodies or regulators, including those relating to current and upcoming price controls in the UK and rate cases in the US; the timing of construction and delivery by third parties of new generation projects requiring connection; breaches of, or changes in, environmental, climate change and health and safety laws or regulations, including breaches or other incidents arising from the potentially harmful nature of its activities; network failure or interruption, the inability to carry out critical non-network operations and damage to infrastructure, due to adverse weather conditions including the impact of major storms as well as the results of climate change, due to counterparties being unable to deliver physical commodities; reliability of and access to IT systems, including due to the failure of or unauthorised access to or deliberate breaches of National Grid's systems and supporting technology; failure to adequately forecast and respond to disruptions in energy supply; performance against regulatory targets and standards and against National Grid's peers with the aim of delivering stakeholder expectations regarding costs and efficiency savings, as well as against targets and standards designed to support its role in the energy transition; and customers and counterparties (including financial institutions) failing to perform their obligations to the Company. Other factors that could cause actual results to differ materially from those described in this announcement include fluctuations in exchange rates, interest rates and commodity price indices; restrictions and conditions (including filing requirements) in National Grid's borrowing and debt arrangements, funding costs and access to financing; regulatory requirements for the Company to maintain financial resources in certain parts of its business and restrictions on some subsidiaries' transactions such as paying dividends, lending or levying charges; the delayed timing of recoveries and payments in National Grid's regulated businesses, and whether aspects of its activities are contestable; the funding requirements and performance of National Grid's pension schemes and other post-retirement benefit schemes; the failure to attract, develop and retain employees with the necessary competencies, including leadership and business capabilities, and any significant disputes arising with National Grid's employees or breaches of laws or regulations by its employees; the failure to respond to market developments, including competition for onshore transmission; the threats and opportunities presented by emerging technology; the failure by the Company to respond to, or meet its own commitments as a leader in relation to, climate change development activities relating to energy transition, including the integration of distributed energy resources; and the need to grow the Company's business to deliver its strategy, as well as incorrect or unforeseen assumptions or conclusions (including unanticipated costs and liabilities) relating to business development activity, including the proposed sale of certain of its businesses, its strategic infrastructure projects and joint ventures. For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid, please read the Strategic Report section and the 'Risk factors' on pages 210 to 215 of National Grid's Annual Report and Accounts for the year ended 31 March 2025 published on 29 May 2025. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward-looking statement. Except as may be required by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this announcement. This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities mentioned herein have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No public offering of securities is being made in the United States.

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Centrica plc

14 August 2025

Investment in Grain LNG

Centrica plc (the "Company", "Centrica") is pleased to announce the acquisition of the Isle of Grain liquified natural gas terminal ("Grain LNG") in partnership1 with Energy Capital Partners LLP ("ECP") from National Grid group ("National Grid") for an enterprise value of £1.5 billion. After taking into account approximately £1.1 billion of new non-recourse project finance debt, Centrica's 50% share of the equity investment is approximately £200 million.

Key highlights

·    Grain LNG delivers vital energy security for the UK, providing critical LNG import/export, regasification and rapid response gas storage capacity to balance the energy system

·   Aligned with Centrica's strategy of investing in regulated and contracted assets supporting the energy transition, delivering predictable long-term, inflation-linked cash flows, with 100% of capacity contracted until 2029, >70% until 2038 and >50% until 2045

·  Opportunities for efficiencies to create additional near-term value, and future development options including a combined heat and power plant, bunkering, hydrogen and ammonia

·  Highly efficient funding structure, with Centrica's equity investment of approximately £200 million alongside non-recourse project financing

·    Strong life of asset returns aligned with Centrica's financial framework, with an expected unlevered IRR2 of around 9% and an equity IRR2 of around 14%+

·   Underpins delivery of £1.6 billion end-2028 EBITDA target3 - Centrica's share of EBITDA expected to be approximately £100 million per annum and cash distributions expected to be around £20 million on average per annum for 2026-2028, representing an attractive yield on Centrica's equity investment

·   Partnership with ECP (part of Bridgepoint Group plc), one of the largest private owners of natural gas generation and infrastructure assets in the U.S. with direct experience in supporting grid reliability

Chris O'Shea, Group Chief Executive, Centrica plc, said:

"The Isle of Grain terminal is a strategic asset that will support the UK's energy security for many decades to come, keeping energy flowing reliably and affordably to households and businesses across the country as we transition to net zero. That's why we are so pleased to be investing, continuing Centrica's pivot towards long-term, predictable infrastructure cash flows, underpinning our medium-term guidance and creating valuable future options.

"We are delighted to be partnering with ECP, a highly experienced investor in energy infrastructure around the world. We look forward to working with them and Grain LNG's management team to deliver on the full potential of this unique asset for customers and the country.

"Our decision to commit £3bn of capital in both Sizewell C and the Isle of Grain demonstrates the attractiveness of the UK as an investment location underpinned by supportive government investment policies."

Tyler Reeder, President and Managing Partner, ECP, said:

"As one of the largest private owners of natural gas generation and infrastructure assets in the U.S., ECP has long understood that natural gas is indispensable to keeping grids resilient and advancing the transition to a lower-carbon future. With the emergence of the U.S. as the global leader in low-cost LNG supply and the growing need for reliable natural gas supply across the UK and Europe, we believe Grain LNG will increasingly be relied upon as critical infrastructure to deliver dependable energy to local markets.

"We are thrilled to be partnering with Centrica, who bring a wealth of knowledge and experience in the UK energy markets, as we execute our joint vision to optimise this world class asset and set up Grain LNG for success for decades to come."

Transaction background

National Grid and Garden Bidco Limited ("Bidco"), which is ultimately owned 50% by each of Centrica and ECP1, have entered into a sale and purchase agreement pursuant to which National Grid has agreed to sell and Bidco has agreed to acquire the entire issued share capital of National Grid Grain LNG Limited and Thamesport Interchange Limited which together comprise National Grid's liquified natural gas terminal business at Isle of Grain. Centrica and ECP will hold the investment in Grain LNG through a jointly controlled entity with customary governance provisions, including reserved matters.

Completion is expected to occur in Q4 this calendar year, conditional upon certain regulatory approvals being received, including approval under the National Security and Investment Act and certain mandatory anti-trust approvals.

Supporting Centrica's strategy and financial framework

Grain LNG supports Centrica's strategy of investing in critical energy infrastructure assets, aligned to the energy transition that deliver attractive returns, regulated or contracted cash flows, and create future options across the Company's broader portfolio.

LNG is expected to play an increasingly important role in the UK energy mix over the long term, projected to meet c.60%4 of the UK's gas demand by 2050 compared to c.15%4 in 2024. Centrica already plays a central role in the UK's gas value chain, supplying energy to around a quarter of the UK's households, and operating the Morecambe gas field (including the planned Morecambe Net Zero carbon storage project), the UK's largest natural gas storage facility at Rough and the associated Barrow and Easington processing terminals. This investment, alongside the recent investment in Sizewell C, is a further demonstration of Centrica's commitment to promoting energy security for the households and businesses we serve, today and into the future.

Grain LNG's cash flows are underpinned by long-term, inflation-linked capacity contracts, with primarily investment grade customers. The terminal is 100% contracted until 2029, >70% contracted until 2038 and >50% contracted to 2045, resulting in highly visible long-term earnings and cash flow, supporting a life of asset expected unlevered IRR2 of around 9% and an equity IRR2 of around 14%+ underpinned by approximately £1.1 billion of new non-recourse project finance debt.

The Grain LNG management team will continue to operate the terminal as an independent company. Supporting the operation, Centrica can leverage deep operational knowledge and experience from its existing Barrow and Easington gas processing terminals, which are both upper tier Control of Major Accident Hazards sites with similar technical and operational characteristics as Grain LNG, helping the team to drive operational and capital efficiencies. In addition Centrica, through its Centrica Energy business, has been one of the largest capacity holders and users of the Grain LNG terminal since 2008, bringing unique customer insight to our position as an owner of the asset. In the longer term, there are attractive options to develop projects in hydrogen and ammonia, and a combined heat and power plant, areas in which Centrica is already active across its broader portfolio.

The approximately £200 million equity investment in Grain LNG brings the total Centrica has committed to assets with regulated or contracted cash flows to around £2 billion, approximately 75% of the capital committed so far as part of our ongoing investment programme.

Results from Grain LNG will be reflected in Centrica's financial statements in the Share of profits/(losses) of joint ventures and associates, net of interest and taxation commensurate with equity accounting. This measure is shown after taking into account interest payments at Bidco. Cash will be received in the form of dividends, and will be reflected in Dividends received from joint ventures and associates.

Centrica also discloses adjusted EBITDA including Centrica's share of EBITDA from joint ventures and associates. Accordingly, as is the case with other joint ventures and associates, Centrica's 50% interest will be included in this adjusted EBITDA measure. Grain LNG generated £176 million EBITDA on a 100% basis in the year ended 31-March-20255. For 2026-2028, Centrica's share of EBITDA is expected to be approximately £100 million per annum, with cash distributions expected to be approximately £20 million per annum, on average. Centrica's share of net income will also reflect incremental depreciation based on the fair value of assets acquired.

Financing

Centrica will fund its share of the equity investment from existing cash resources. As a highly contracted energy infrastructure asset in the UK, Grain LNG can be efficiently financed through non-recourse debt at Bidco. Bidco has secured approximately £1.1 billion of committed financing, which will be drawn at closing, to fund a portion of the enterprise value.

We currently expect that the debt financing associated with the Company's share of Grain LNG, which is non-recourse project finance and does not benefit from shareholder support, will be proportionally consolidated by S&P when calculating Centrica's net cash / debt.

Background to Grain LNG

Grain LNG is Europe's largest LNG regasification terminal and is located at Isle of Grain, to the East of London. The primary service is the provision of LNG storage and regasification capacity to primarily strong investment-grade customers under long term, inflation-linked capacity contracts. The terminal has annual regasification capacity of 21.7 bcm and tank storage capacity of 1,000,000 m³. Grain is currently undergoing an expansion of 5.3 bcm additional regasification capacity and an additional 200,000 m³ of storage capacity. After completion of the ongoing expansion of the site it will be able to provide up to a third of the UK's gas demand. Grain also offers additional services such as ship reloading, transhipment, and road tanker loading.

Grain's customer base consists of companies including Centrica, Qatar Energy, TotalEnergies, Venture Global, Sonatrach, Shell and Uniper. Grain is 100% contracted until 2029, >70% contracted until 2038 and >50% contracted to 2045. It is envisaged that future capacity auctions will be held on an arm's length basis in accordance with current regulated third-party access requirements.

Grain's location in the South East of the UK means it is strategically located in terms of UK demand and proximity to UK interconnectors and networks. The site has total acreage of 1,500 of which 300 acres are used by Grain.

Background on Energy Capital Partners

Energy Capital Partners (ECP), founded in 2005, is a leading investment firm across energy transition infrastructure, with a focus on investing in electricity and sustainability infrastructure providing reliable, affordable and clean energy. It is one of the largest private owners of power generation and renewables in the U.S. and is among the most active investors in North American and UK energy infrastructure across the energy value chain, including renewables, environmental infrastructure, natural gas marketing, and downstream infrastructure.

In 2024, ECP combined with Bridgepoint Group Plc (LSE: BPT.L) to create a global leader in value added middle-market investing with a combined $87 billion of assets under management across private equity, credit and infrastructure.

The person responsible for arranging the release of this announcement on behalf of the Company is Raj Roy, Group General Counsel & Company Secretary.

Notes

1. Centrica and ECP each own 50% of Garden Topco Limited ("Topco"). Garden Bidco Limited ("Bidco") is a wholly owned subsidiary of Topco.

2. Nominal, post-tax, assuming life of asset hold period.

3. Adjusted EBITDA including Centrica's share of EBITDA from joint ventures and associates. £1.6 billion is the mid-point of a £1.3 billion - £1.9 billion range.

4. Source: S&P Global Commodity Insights.

5. Grain LNG financial results:

12 months to 31 December 2024 figures calendarised, EBITDA excludes one-off EU ETS credit income of £12.8 million.

Enquiries:

This information contains regulated information as per Disclosure Guidance and Transparency Rule (DTR) 6.3.7R.

END

Centrica plc is listed on the London Stock Exchange (CNA)

Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654

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• CK Infrastructure Holdings Ltd. pulled out of the bidding for National Grid PLC's LNG terminal, which is valued at about 2 billion pounds ($2.69 billion), Bloomberg said, citing unnamed sources.
• The Hong Kong-based company was competing with a consortium led by Ontario Municipal Employees Retirement System, or Omers, Bloomberg reported. About twenty parties initially expressed interest in the terminal. It is unclear whether bidders will re-engage, the media company said.
• A CKI investor relations executive declined to comment on specific deals but said the company is not actively bidding. A representative for National Grid declined to comment to Bloomberg, while Omers didn't immediately respond to a request for comment.
• National Grid shares closed 1.2% lower at 10.34 pounds.

Full story: https://shorturl.at/W5hNa

Write to Nina Kienle at nina.kienle@wsj.com

By Avi Salzman

A proposed pipeline buried underwater near some of New York City's best-known beaches will be the first test of President Donald Trump's plans to bring more fossil fuels into the Northeast, even as the region tries to move away from them.

The Northeast Supply Enhancement (NESE) project has become a flashpoint in local politics too, with environmentalists fearing Gov. Kathy Hochul (D., N.Y.) is quietly fast-tracking its approval.

NESE is an expansion of a massive network that stretches 10,000 miles from Texas to New York and carries 15% of the nation's natural gas, which is used for heating and electricity generation. Owner Williams Cos. says that the pipeline expansion can meet the daily needs of about 2.3 million households in New York City and Long Island.

The expansion isn't long, but it covers some tricky terrain. The company plans to add about 10 miles of pipeline in Pennsylvania and 23 more miles under the water between New Jersey and New York. The 26-inch pipe would run under Lower New York Bay from the New Jersey coast past Brooklyn's Coney Island, eventually connecting to existing gas lines at Rockaway Beach in Queens. It is expected to be finished by 2027.

Williams first proposed NESE in 2017, but New York's Department of Environmental Conservation denied the project a water permit because regulators said it would dredge up too many hazardous materials like mercury and disturb sea life. At that point, the pipeline appeared to be dead.

Now it is back, and opponents fear the politics have shifted, with Trump putting his finger on the scale in favor of it. Trump wants more natural gas pipelines into the Northeast, because he says they will reduce electricity and heating prices. He has also directed his administration to investigate laws in the Northeast that try to phase out fossil fuels to slow climate change.

Momentum is building. Williams announced deals last week with utility National Grid to sell all of the pipeline's output for 15 years. Those two companies, along with natural gas producers like EQT, should see financial benefits from a new pipeline.

The odds of the pipeline's success were long in 2019, the last time the public weighed in. Back then, New York legislators and Gov. Andrew Cuomo were openly dismissive of fossil-fuel infrastructure, also killing a project from Pennsylvania to upstate New York called the Constitution Pipeline. Hochul says she, too, is moving the state in a cleaner direction, but wants to be pragmatic about the process.

An event earlier this year may have changed the political calculus. The Trump administration halted construction on a major offshore wind project known as Empire Wind serving New York, citing unspecified deficiencies. Hochul intervened to try to get it back on track, talking to Trump multiple times. The president eventually relented. But Trump's energy czar, Secretary of the Interior Doug Burgum, implied in a post on X that Hochul had made a deal to reinstate the wind project in return for her giving a green light to pipeline projects.

"I am encouraged by Gov. Hochul's comments about her willingness to move forward on critical pipeline capacity," he wrote, on the same day the wind project was rebooted. Hochul denied making any deal.

Environmentalists say Hochul's administration appears to be aligning with Trump to fast-track the pipeline. New York's Department of Environmental Conservation is accepting public comments about the project through Aug. 15, but hasn't scheduled public hearings on it — an anomaly that is tamping down opposition, according to Food and Water Watch, one of the groups opposing the infrastructure. In 2019, the last time this pipeline was reviewed, the department held at least two public hearings in New York City.

"We are working hard to get her to deny the pipelines and stand up to Trump, but we are very concerned," said Laura Shindell, New York director for Food and Water Watch. "Every move her administration has made so far has signaled friendliness to this pipeline, if not an all-out fast-track to get it done."

Asked why it isn't holding hearings, the Department of Environmental Conservation said it "thoroughly reviews" all applications, and has extended the public comment period by 15 days until Aug. 15 — a total of 45 days since it began.

The issue is becoming a battleground in New York's Democratic Party. Hochul's lieutenant governor, Antonio Delgado, has spoken out against the pipeline and critiqued the governor. Although Hochul chose Delgado as her second-in-command in 2022, the two have since split. Delgado is challenging Hochul in next year's governor's race, and headlined a rally against the pipeline on Saturday. Hochul is "working in lockstep with Donald Trump," Delgado said in a statement. "These pipelines endanger the environment and New Yorkers."

Hochul spokesman Ken Lovett replied: "Under Gov. Hochul, New York is a national leader in renewable energy investments and remains committed to building a grid that is clean, affordable, and reliable. As the White House rejects any new permitting of offshore wind projects and Republicans in Congress cut billions in subsidies for renewable energy, the Governor is laser-focused on an all-of-the-above approach that will keep the lights on for New Yorkers while also prioritizing affordability and strong economic development."

The pipeline's proponents say it will bring electricity prices down and make the New York grid more reliable. Electricity and heating prices are higher there than they are in other parts of the country, and part of the problem is a lack of supplies of natural gas, the dominant energy source in the state. New York City is particularly dependent on the fossil fuel, using natural-gas generators or dual-fuel plants (gas and oil) for 93% of its power in 2024.

New York closed the Indian Point nuclear plant that supplied the city in 2021, and several planned clean-energy projects in the state have been canceled over the past couple of years, including a transmission line that would have sent renewable power to the city from upstate. Trump has made things even harder by stopping approvals of offshore wind projects, which were expected to make up much of New York's clean generation. Hochul is planning to add nuclear power upstate, but the state still needs major transmission upgrades to get that power to the city.

New York's climate law, passed in 2019, requires the state to cut greenhouse gas emissions 40% by 2030 and fully transition its power grid to zero-emission sources by 2040. Environmental groups recently sued the Hochul administration, accusing it of failing to implement policies to decarbonize the energy system. In January, the state delayed plans to charge companies for carbon emissions.

National Grid and Williams argue that the pipeline will actually move New York closer to its climate goals, because it will reduce the need for residents to rely on dirtier heating oil in the winter. Williams' website for the project says, "We make clean energy happen." National Grid says the net effect of building the pipeline will be a reduction in greenhouse gases, and it will make the grid more reliable by reducing the need for stopgap solutions like mobile units that inject compressed natural gas into the system on high-demand days.

National Grid says a lack of natural gas has "left New York City and Long Island at an increased risk of a catastrophic gas system outage." More natural gas could also allow New York's economy to grow more, perhaps powering things like artificial-intelligence data centers, a company representative said.

Opponents say National Grid's projections are alarmist, and that the utility's past statements about looming shortfalls haven't come to pass — even during the latest winter, when the weather was colder than normal. Pipelines tend to have useful lives of at least 20 years, meaning that building new ones could lock New York into buying gas for decades, or paying for a stranded asset.

The cost question is also contentious. Williams hasn't released cost expectations, but National Grid estimates that the pipeline will cost $1.06 billion to build. The cost of the pipeline would be borne by customers, who could be expected to pay an additional $7.50 a month on average to fund it, National Grid says. The utility says the benefits to consumers will be much greater, because more natural gas should lead to lower wholesale electricity prices.

An analysis of the pipeline by a consultant for National Grid found that New York City and Long Island customers could save $207 million in electricity costs a year in the first five years after the pipeline is constructed, with all of those savings coming in three winter months, when natural gas demand is high because of heating needs. The consultant found no financial benefits for the other nine months.

Opponents contend that National Grid's construction estimates are much too low, and could escalate even more given Trump's tariffs on steel. Using the company's estimates for fixed capacity charges on the pipeline, costs would rise above $3 billion, says Kim Fraczek, director of environmental group Sane Energy Project.

The potential increases come as New Yorkers have already faced escalating bill hikes from National Grid in recent months. Regulators approved a series of rate hikes for natural gas last year that will boost consumer bills by more than 20% in the region by next year. National Grid's parent company said in its latest annual report that rate hikes were the driving reason its underlying operating profits in New York rose 43% in the past year.

Political upheaval and consumer stress have given the NESE pipeline a new path to success. Those forces could upend it too.

Write to Avi Salzman at avi.salzman@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

8 August 2025

National Grid plc ('National Grid' or 'Company')

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