• 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 >£9bn, with double digit RAV growth required to enable net zero
  • Existing Renewables portfolio of 4.4GW, secured pipeline nearly 15GW
  • 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 (updated)
Five-year targets:to 2026/27
- Capital investment(net)£20.5bn
- Adjusted earnings per share CAGR

13 - 16%

 From 2021/22 94.8p

- Dividend growth beyond 2023/24 60p rebaseBetween 5 - 10% to 2026/27
- Net debt / EBITDA expectationsBetween 3.5 - 4x
- Net installed Renewable capacityAround 9GW
- Net Networks RAV>£15bn