Investment case

UK-listed integrated energy group focused on regulated electricity networks and renewable energy with flexible generation
Balanced business model offering strong performance in volatile market conditions, with significant inflation protection through index-linked revenues and limited index-linked debt
Transmission and Distribution net RAV in GB of >£8bn, with double digit RAV growth required to enable net zero
Existing Renewables portfolio of c.4GW, secured pipeline >15GW, with European Onshore Wind platform and developing options to enter new international markets
Flexible Thermal assets provides stability to system and security of supply, with increasing decarbonisation options
Commitment to sustainability through 1.5 degree science based carbon targets and leading Just Transition strategy

Key targets and ambitions	NZAP (previous)	NZAP Plus (new)
Five-year targets:	to 2025/26	to 2026/27
- Capital investment(net)	£12.5bn	£18.bn
- Adjusted earnings per share CAGR	7 - 10% From 2020/21 87.5p	13 - 16% From 2021/22 94.8p
- Dividend growth beyond 2023/24 60p rebase	At least 5% to 2025/26	Between 5 - 10% to 2026/27
- Net debt / EBITDA expectations	Below 4.5x	Between 3.5 - 4x
- Net installed Renewable capacity	Around 8GW	More than 9GW
- Net Networks RAV	>£9bn	£12 - 14bn

Ten-year ambition:	to 2030/31	to 2031/32
- Net installed Renewable capacity	>13GW	>16GW
- Net installed low-carbon flexible capacity	>3GW*	>2GW
- Net Networks RAV	>£14bn	>£20bn

_{*included Distributed Energy capacity from Solar & Battery, now included with Renewable capacity ambition}