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 ambitionsNZAP (previous)NZAP Plus (new)
Five-year targets:to 2025/26to 2026/27
- Capital investment(net)£12.5bn£
- 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 rebaseAt least 5% to 2025/26Between 5 - 10% to 2026/27
- Net debt / EBITDA expectationsBelow 4.5xBetween 3.5 - 4x
- Net installed Renewable capacityAround 8GWMore than 9GW
- Net Networks RAV>£9bn£12 - 14bn
Ten-year ambition:to 2030/31

to 2031/32

- Net installed Renewable capacity>13GW


- Net installed low-carbon flexible capacity>3GW*


- Net Networks RAV>£14bn


  • *included Distributed Energy capacity from Solar & Battery, now included with Renewable capacity ambition