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
  • Existing Renewables portfolio of c.4GW, secured pipeline of >13GW, currently leading the construction of more offshore wind than anyone else in the world and developing options to enter new international markets
  • Transmission and Distribution networks RAV in GB of >£9bn, with double digit RAV growth required to enable net zero
  • Commitment to sustainability through 1.5 degree science based carbon targets and leading Just Transition strategy

Download the full Investment Case here

  • Fully-funded £12.5bn capital investment plan across the five years to FY26 representing a £1bn pa increase on previous plan
  • 7-10% adjusted EPS CAGR1, upgraded from 5 – 7% at FY22
  • Targeting 5x increase in renewable output to 50TWh by FY31
  • Networks RAV growth of >10% (gross) across FY21 – FY26, and proposed 25% divestment of the Networks businesses
  • Attractive growth options and returns across the energy value chain, including CCS, Solar, Hydrogen and Storage
  • Growth-enabling dividend plan, rebased to 60p in FY24; 5%+ growth in FY25 & 26; aiming for mid-single digit growth thereafter

1 Relative to FY21 adjusted EPS of 87.5p