REG - National Grid PLC NationalGridElecTran - Publication of a Prospectus

19th August 2025

National Grid Distribution (East Midlands) plc, National Grid Distribution (South Wales) plc, National Grid Distribution (South West) plc and National Grid Distribution (West Midlands) plc

Publication of a Prospectus

The following prospectus has been approved by the Financial Conduct Authority and is available for viewing:

The Prospectus dated 19th August 2025 (the "Prospectus") for the National Grid Distribution (East Midlands) plc, National Grid Distribution (South Wales) plc, National Grid Distribution (South West) plc and National Grid Distribution (West Midlands) plc £6,000,000,000 Euro Medium Term Note Programme.

To view the full document, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/9471V_1-2025-8-19.pdf

A copy of the Prospectus has been submitted to the National Storage Mechanism and will shortly be available to the public for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information, please contact:

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By Joe Hoppe

National Grid said it would sell the U.K.'s largest liquefied natural gas import terminal to a consortium consisting of Centrica and Energy Capital Partners in a 1.5 billion pound ($2.04 billion) deal.

Centrica and Energy Capital Partners--which was acquired by Bridgepoint Group in 2024--will each own 50% of the Grain LNG business, with completion expected in the fourth quarter of the year.

Grain LNG comprises two National Grid subsidiaries, which own and operate the import terminal on the Isle of Grain on the southeast coast of England, under-long term contracts.

British energy-infrastructure company National Grid said proceeds total 1.66 billion pounds, including a pre-completion dividend, and would be subject to certain completion adjustments.

Centrica said that after taking into account around 1.1 billion pounds of new project finance debt, its 50% share of the investment is around 200 million pounds, funded from existing cash.

The U.K energy company said it expects its share of earnings before interest, taxes, depreciation and amortization from Grain LNG to be around 100 million pounds a year, underpinning its targeted delivery of 1.6 billion pounds in Ebitda by the end of 2028. Cash distributions are expected to be around 20 million pounds a year on average between 2026 and 2028.

National Grid's decision to sell the business reflects its increased focus on its electricity networks. It is making major investments in this area and the sale will provide a useful injection of capital, AJ Bell investment director Russ Mould said in a note.

At the same time, the buyers are acquiring a strategically important asset offering long-term, inflation-linked cashflow, so the deal looks mutually beneficial, Mould said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

By Joe Hoppe

National Grid said it would sell the U.K.'s largest liquefied natural gas import terminal to a consortium consisting of Centrica and Bridgepoint Group's Energy Capital Partners for around 1.66 billion pounds ($2.25 billion).

Centrica and Bridgepoint will each own 50% of the Grain LNG business, with completion expected in the fourth quarter of the year.

Grain LNG comprises two National Grid subsidiaries, which own and operate the import terminal on the Isle of Grain on the southeast coast of England, under-long term contracts.

British energy-infrastructure company National Grid said the total proceeds include a pre-completion dividend and would be subject to certain completion adjustments.

Centrica said that after taking into account around 1.1 billion pounds of new project finance debt, its 50% share of the investment is around 200 million pounds, funded from existing cash.

The U.K energy company said it expects its share of earnings before interest, taxes, depreciation and amortization from Grain LNG to be around 100 million pounds a year, underpinning its targeted delivery of 1.6 billion pounds in Ebitda by the end of 2028. Cash distributions are expected to be around 20 million pounds a year on average between 2026 and 2028.

Write to Joe Hoppe at joseph.hoppe@wsj.com