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Registration number: 02366942 (England and Wales)

Northern Electric plc

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

![Graphics](data:image/png;base64,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)

Northern Electric plc

Contents

Company Information 1

Strategic Report 2 to 27

Directors' Report 28 to 40

Consolidated Income Statement 50

Consolidated Statement of Comprehensive Income 51

Consolidated Statement of Financial Position 52 to 53

Statement of Financial Position 54 to 55

Consolidated Statement of Changes in Equity 56

Statement of Changes in Equity 57

Consolidated Statement of Cash Flows 58

Notes to the Financial Statements 59 to 134

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Northern Electric plc

Company Information

Directors

A P Jones

S J Lockwood

J N Reynolds

J C Riley

Company Secretary

J C Riley

Registered office

Lloyds Court

78 Grey Street

Newcastle upon Tyne

Tyne and Wear

NE1 6AF

Registration number

02366942 (England and Wales)

Auditor

KPMG LLP

319 St Vincent Street

Glasgow

United Kingdom

G2 5AS

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024

The directors present their annual report and audited financial statements for the year ended 31 December 2024

of Northern Electric plc (the "Company"), which have been drawn up and are presented in accordance with the

Companies Act 2006 (the “CA06”).

Business model

The Company is part of the Northern Powergrid Holdings Company and its subsidiaries group of companies

(the “Northern Powergrid Group”) and acts as a holding company of Northern Powergrid (Northeast) plc (“NPg

Northeast”), Integrated Utility Services Limited (“IUS”) and Northern Powergrid Metering Limited (“NPg

Metering”), alongside other smaller companies, collectively, (the “Group”).

NPg Northeast is an authorised distributor under the Electricity Act 1989 and holds a licence granted by the

Secretary of State. As a distribution network operator (“DNO”), NPg Northeast is regulated by the Office of Gas

and Electricity Markets (“Ofgem”), which in turn, is governed by the Gas and Electricity Markets Authority

(“GEMA”). Ofgem requires the DNOs to operate within a regulatory framework known as a price control, the

purpose of which is to protect the interests of end consumers by setting an upper limit on the amount the DNOs

can charge for the use of their networks. On 31 March 2024, the Company completed the first year of the

RIIO-ED2 price control, which became effective on 1 April 2023, and will conclude on 31 March 2028 (the

“ED2 period”).

The principal activity of NPg Northeast is the distribution of electricity to approximately 1.6 million customers

connected to its electricity distribution network (the “Network”) within its distribution services area in the

northeast of England, which extends from North Northumberland, south to York and west to the Pennines. The

Network includes over 42,000 kilometres of overhead and underground cables and over 28,000 substations.

Electricity is received from National Grid's transmission system and from generators connected directly to the

Network, and then distributed at voltages of up to 132 kilovolts.

Revenue generated by the Company is primarily controlled by a distribution price control formula which is set

out in the electricity distribution licence. The price control formula does not directly constrain profits from

year-to-year but is a control on revenue that operates independently of a significant portion of the Company’s

costs. Allowed revenue is recovered from electricity suppliers via the application of Distribution use of System

charges. These charges account for approximately 8% of the electricity end users' overall electricity bill. The

Company’s opening base allowed revenue (excluding the effects of incentive schemes, volume or legislative

driven adjustment mechanisms, any contract liabilities ("deferred revenues") from the prior price control, and

real price effects) has been set and therefore provides the Company with some stability in terms of its income

during the ED2 period. Opening base allowed revenues increased in line with inflation (as measured by the

average of the United Kingdom's Retail Prices Index and Consumer Prices Index “CPI-H” in the month of April

2023, and as measured by CPI-H there onwards).

IUS provides engineering contracting services and NPg Metering rents meters to energy suppliers.

Strategy

In common with the Northern Powergrid Group, the Group operates a strategy based on six core principles (the

"Core Principles"), which comprise Financial Strength, Customer Service, Operational Excellence, Employee

Commitment, Environmental Respect and Regulatory Integrity. The Core Principles (which are applied by the

Northern Powergrid Group’s parent company, Berkshire Hathaway Energy Company ("Berkshire Hathaway

Energy"), set out the basis on which the Company generates shareholder value over the longer-term and defines

the standards by which the Northern Powergrid Group holds itself accountable. Each Core Principle is defined

by a strategic objective which is linked to the commitments made in the Company’s business plan (available via

the Northern Powergrid Group website) for the ED2 period (the “Business Plan”). The directors refer to the

values established by the Core Principles and the commitments contained within the Business Plan when

considering the consequence of decisions they make.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

The delivery of the Business Plan is supported by an annual business plan (the “Annual Plan”) which is

submitted to the Northern Powergrid Group’s shareholder each financial year and is designed to phase progress

towards the achievement of each commitment over the ED2 period. This ensures that the deliverables in both

plans can be measured effectively by using a mix of financial and non-financial Key Performance Indicators

(“KPIs”).

The Strategic Report focuses on each Core Principle and the performance of the associated KPIs throughout the

year in order to provide a summary of the success in achieving each strategic objective, progress made against

certain Business Plan commitments and performance in relation to the Annual Plan.

As the largest contributor to the Group in terms of revenue, the Strategic Report primarily concentrates on the

performance and progress of NPg Northeast throughout the reporting year.

FINANCIAL STRENGTH

Strategic objective:

Strong finances that enable improvement and growth.

KPI

Operating Profit

Cash from operating activities

Cash used in investing activities

Credit Rating (Standard & Poor's)

(As restated)

2024 2023

£ 314.5 million £ 216.2 million

£ 590.2 million £ 368.7 million

£(504.5) million £(285.2) million

A- A-

Business Plan commitment

: To build on the strong financial base by delivering embedded efficiencies

equivalent to 11% of forecast total expenditure.

Performance during the year:

The Group continued to maintain good control in respect of both its capital and

operating costs by effectively managing the financial risks that could have had an adverse impact on its

business.

Revenue:

The Group's revenue at £670.7 million was £100.2 million higher than the prior year primarily due to

inflation-driven increase in tariffs in the 2024/25 regulatory year.

Operating profit and position at the year-end:

The Group's operating profit of £314.5 million was £98.3

million higher than the previous year, primarily reflecting higher revenue detailed above and a fall in Supplier of

Last Resort payments amounting to £21.0 million, alongside an increase in IT related expenditure. The

statement of financial position shows that, as at 31 December 2024, the Group had total equity of £1,402.7

million (2023: £1,485.2 million). The decrease in net assets (£82.5m) was driven by dividends of £277.4m and

fair valuation re-measurements on pensions and cash flow hedges of £12.9m, offset by profits in the year of

£207.7m and higher capital expenditure, mainly on asset resilience and decarbonisation-enabling investment on

the network.

Finance costs and investments:

Finance costs net of investment income at £33.7 million were £3.5 million

lower than the prior year mainly reflecting an increase on interest earned due to the rate applied to the average

intercompany borrowings balance during the year.

Taxation

: The effective tax rate in the year was 26%. Tax charge for the year was £73.5 million which was

£28.4 million higher than prior year of £45.1 million primarily due to higher profits. Details of the income tax

expense are provided in Note 9 to the financial statements.

Share capital:

The Company has one class of ordinary shares which carries no right to fixed income. Details of

cumulative non-equity preference shares are contained in the borrowings Note 19. There were no changes to the

Company's share capital during the year.

Page 3

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Cash flow:

The Group aims to collect from customers and pay suppliers within contracted terms. Any surplus

cash held is remitted to Yorkshire Electricity Group plc ("YEG"), a company in the Northern Powergrid Group,

and invested accordingly, generating a market rate of return for the Northern Powergrid Group. Movements in

cash flows were as follows:

• Operating activities:

Net cash flow from operating activities at £590.2 million was £221.5 million higher

than the previous year due to higher cash receipts from customers and reduced supplier payments.

• Investing activities:

Cash flow used in investing activities at £504.5 million was £219.3 million higher

than

the previous year mainly driven by movement in intercompany treasury account and higher

capital expenditure, mainly on asset resilience and decarbonisation-enabling investment on the network.

• Financing activities:

Cash outflow from financing activities at £86.9 million was £4.7 million higher than

the previous year, mainly due to lower net proceeds from borrowings.

Pensions:

The Company is a participating and sponsoring employer in the Group of the Electricity Supply

Pension Scheme (the "DB Scheme"), a defined benefit scheme. Further details of the Group's commitments to

the DB Scheme and the associated deficit repair payments are provided in Note 24 to the financial statements.

The Group also participates in the Northern Powergrid Pension Scheme, which is a defined contribution scheme.

Insurance:

As part of its insurance and risk strategy, the Group has in place insurance policies, which cover

risks associated with employees, third party motor and public liability. The Group carries appropriate excesses

on those policies and is effectively self-insured up to the level of those excesses.

CUSTOMER SERVICE

Strategic objective:

Delivering exceptional customer service.

KPI 2024 2023

Broad Measure of Customer Satisfaction ("BMCS") 91.0% 89.3%

BMCS Rank (out of 14)

9 12

BMCS Power Cuts 89.5% 88.6%

BMCS General Enquiries 94.8% 94.2%

BMCS Connections 90.3% 87.7%

Business Plan commitment:

To provide a reliable, better communicated and faster customer service offering

through a range of channels to suit stakeholder needs.

Performance during the year:

In respect of BMCS performance, an independent market research company

carried out telephone surveys with the NPg Northeast’s customers to find out how satisfied they were with

services related to unplanned or planned power cuts, quotations and subsequent connections, and general

enquiries. An increase was recorded in overall satisfaction scores at 91.0% compared to the prior year (89.3%),

resulting in the BMCS rank improving to 9 out of 14.

To further enhance the service provided to customers, initiatives from NPg Northeast’s customer service

improvement plan were implemented, including enhancing management routines for connections processes,

undertaking end-to-end journey mapping for unplanned interruptions, and reviewing the consistency of

customer communications across all channels. In addition, the proactive on-site support offered to customers

impacted by power cuts lasting more than four hours was refined.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Whilst overall performance has continued to improve, it is acknowledged that as the other DNOs also continue

to invest in customer service, even making incremental improvements in the BMCS ranking is challenging.

Regardless, NPg Northeast will strive to continue to achieve its Business Plan commitments during the ED2

period by continuing to focus on the ways it can improve the service it provides to its customers.

Activity scheduled in support of this includes the development of guidance to highlight expectations when it

comes to managing key scenarios and customer interactions, increased focus on areas of poor Network

performance, and a review of the extra care support provided to the most vulnerable customers.

Page 5

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Connections to the network

Business Plan commitment:

To reduce small work end-to-end connections lead times by 20% while offering

more self-service options, greater support and more flexibility over delivery for both small and major works

customers.

Performance during the year:

End-to-end lead time improvement continued to be challenging due to the

increase in connections volumes arising from low carbon technology uptake and additional applications.

However, improvements in small works, such as the new quotation system (reducing time to quote by 54%) and

increased operational delivery capacity (reducing time to deliver by 24%), allowed NPg Northeast to manage

volumes whilst maintaining customer satisfaction (90.3%).

For major connections, transmission network connection delays continued to pose a significant issue.

Consequently, much of the focus has been on industry reform to align with the Government’s Clean Power 2030

(CP30) Action Plan. NPg Northeast held customer webinars in collaboration with National Grid Electricity

Transmission and National Grid ESO, to provide updates on the changes and the implementation improvements.

In support, the availability and timeliness of information for customers was improved through a Project

Progression portal, an online self-service tool that allows customers to view the progress of their project.

In terms of accelerating connections, 85 eligible customers were issued accelerated offers as part of the technical

limits initiative, reducing the average connection date by six years.

Corporate responsibility

Business Plan commitment:

To build effective relationships with stakeholders, especially those customers who

are vulnerable and hard to reach.

Performance during the year

: NPg Northeast continued to undertake engagement activity on the development

and delivery of the Distribution System Operator (“DSO”) plan, as well as supporting multiple stakeholders

with their own decarbonisation planning. Alongside, the four Business Plan Engagement Groups continued to

oversee engagement in the areas of resilience, meeting consumer needs, energy futures and our people, our

communities.

The ongoing energy crisis and economic uncertainty continued to exacerbate the challenges facing vulnerable

customers. As a result, NPg Northeast and its affiliate grew the provision of their energy advice services to

support 20,000 customers in fuel poverty and a further 5,000 with support to increase the energy efficiency of

their homes.

Additional support activity included a donation to Community Action Northumberland to sponsor their Warm

Hubs programme, the Net Zero Community Energy Fund provided grant funding to nine organisations totalling

£50,000, and NPg Northeast established the Community Energy Team to support community energy groups.

Alongside, NPg Northeast and all funded partners routinely promoted Priority Services Membership and shared

energy efficiency materials and winter preparedness information to customers.

OPERATIONAL EXCELLENCE

Strategic objective:

High-quality, efficient operators running a smart reliable energy system.

2023/24 2022/23

KPI Actual Target Actual Target

Customer minutes lost ("CML") 49.5 <42.0 44.0 <50.9

Customer interruptions ("CI") 48.6 <47.7 46.9 <58.6

KPI 2024 2023

High voltage restoration time (minutes) 64.1 62.1

Network investment (million) £228.5 £189.7

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Business Plan commitment:

To achieve 12% fewer unplanned power cuts and reduce the average length of

unplanned power cuts by 25%.

Performance during the year:

CML and CI are the KPIs set by Ofgem to measure (on a regulatory year basis)

the quality of supply and system performance. CML measures the average number of supply minutes lost for

every connected customer due to both planned and unplanned power cuts that last for three minutes or longer.

CI measures the average number of supply interruptions per every 100 connected customers due to planned and

unplanned power cuts that last for three minutes or longer. Performance was below target for CI and CML due

to adverse weather conditions. Consequently, the duration of NPg Northeast’s (together with its affiliate's)

power cuts increased by 6.4%.

From a high voltage restoration perspective, NPg Northeast averaged 64.1 minutes (2023: 61.2 minutes), after

allowing for severe weather incidents and other exemptions, which is an improved performance from the prior

year.

NPg Northeast invested £228.5 million during the year through its approved Network investment strategy (2023:

£189.7 million), which was designed to improve Network performance and increase resilience. Various major

projects were undertaken to reinforce the primary Network, refurbish transformers, rebuild overhead lines,

replace oil-filled cables, change deteriorated poles, replace switchgear and install and commission new

remote-control points.

Further network enhancements included the continued roll-out of the automatic power restoration system on the

high voltage network. At low voltage, the implementation of next generation technology devices continued with

the addition of sensors and monitoring which detect developing faults so that they can be proactively managed.

Alongside, proposals were submitted to Ofgem as part of the Storm Arwen re-opener to fund the upgrading the

Network to enhance its resilience. NPg Northeast and its affiliate achieved a successful outcome for 12 projects.

Looking ahead to 2025, initiatives will be implemented as part of the Network Performance Improvement Plan,

including the continuation of the risk-based vegetation management programme, the installation of fault

management devices on the low voltage Network and further developing the operational incident response

model.

CLIMATE CHANGE ADAPTATION

Strategic objective:

Operate a highly reliable and resilient Network

Business Plan commitment:

To adapt the Network and operations to build resilience against the effects of

climate change.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Performance during the year:

The climate is changing and, despite international efforts to reduce greenhouse

gas emissions, it is expected to continue to change over the course of the century. The Northern Powergrid

Group has taken steps to understand the risks and opportunities presented by climate change and has established

initiatives in response such as for NPg Northeast, an industry leading flood mitigation programme and a robust

vegetation management programme.

In respect of performance against the KPIs established for the ED1 period, during the year, NPg Northeast and

its affiliate upgraded an additional high-risk site and installed three further substation defences. This resulted in

all planned sites being fully protected with a combined investment on flood mitigation works of £0.52 million.

From a vegetation management perspective, £1.8 million was invested by NPg Northeast and Northern

Powergrid (Yorkshire) plc to clear spans and make the high-voltage Network more resilient. For the latter, the

work entailed creating corridors between vegetation and the Network to accommodate the falling distance of

trees. The target was increased between 2023 and 2024. This was to reflect the actual volumes of work

undertaken given a large number of surveys are undertaken which confirm continued compliance, and therefore

cutting is not required. In addition, increased growth was observed, driven by the wetter winter. The

acceleration of the vegetation management programme will be supported by the use of Light Detection and

Ratings (“LiDAR”) to help more effectively target the work.

Collaboration with LRFs was positive with NPg Northeast and its affiliate attendance at meetings with 64

quarterly tactical business groups for each of the seven LRFs in the operating areas.

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AAMH4AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAYPwkAAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/CQAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAxg9o+3VuAyAAxEDQx5PTf5XkPEcRICHQTAEOnC0AAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOHnAgAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAws8FAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAANwZf4EAAAAvSURBVBB+AAAAwg8AAADhBwAAwNeUCwAAgLcNy3Sue9Ld9yNnrBzdqbmyPbD3BxeRQxwjFjLiOQAAAABJRU5ErkJggg==)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Governance Arrangements

In respect of the management of climate-related risks and opportunities, the Northern Powergrid Group has

well-defined and mature governance arrangements in place, which are defined by its risk management policy

and processes and are overseen by the Risk Advisory Board (“RAB”) with the support of the Internal Audit

function (see ‘Risk Management’ and ‘Internal Control’ for further details). Each subsidiary is responsible for

the assessment and management of its own risks and opportunities, with risks then being reported via the

processes set out below including being tracked and monitored at a Northern Powergrid Group level via the

RAB.

As is the case for all types of risk across the Northern Powergrid Group, climate related risks and opportunities

are identified, assessed and managed at a variety of levels with escalation points incorporated at various stages

of the process.

Risks that are identified via NPg Northeast’s operational working groups are put forward to the Asset

Serviceability Review steering group where appropriate actions and controls are monitored by senior

management. Risks can then be further escalated to the Asset Risk Management Executive Review Group for

further oversight by a subset of the Executive Leadership team.

When identified at a subsidiary or directorate level, risks are reviewed and monitored by the relevant Senior

Management team and are escalated through the quarterly risk identification process run by the Internal Audit

team. In all scenarios, where risks are identified as being above the Northern Powergrid Group’s risk appetite,

they are reported to the RAB.

The Northern Powergrid Group’s risk management process (including for climate related risks) takes place on a

quarterly basis and includes the Chair of the RAB reporting risks and opportunities to the board. In addition, an

annual risk submission is made to the Northern Powergrid Group’s shareholder, noting that Berkshire Hathaway

Energy is routinely made aware of risks via regular dialogue with members of the Executive Leadership team

and the board.

Given the significance upon the Northern Powergrid Group and its stakeholders, the board considers climate

related risks and opportunities via routine reporting (including scrutinising performance against KPIs) and

in-focus updates on at least a quarterly basis. Whilst always being guided by the Core Principles, the board is

also cognisant of the impact of risks and opportunities on the Northern Powergrid Group’s strategy and business

model and, has regard to this when making decisions such as reviewing and approving business plans and

monitoring performance.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Risk Management

In terms of identification, climate related risks and opportunities are typically detected via a number of channels,

including at the operational, subsidiary and directorate level (as outlined above), as a result of detailed risk

assessments based on climate projections, by investigations into exceptional events, from reviewing the macro

environment for trends, or via shared learning from other Berkshire Hathaway Energy subsidiary companies or

collaborative work with other DNOs. In relation to the latter, the DNOs typically work with the ENA to

establish a sector wide perspective and have used this approach to implement regulatory requirements such as

those under the Climate Change Act 2008 and the National Adaptation Plan.

Regardless of the source, all risks are integrated into the Northern Powergrid Group’s overall risk management

process, are recorded within a central risk register and are categorised by likelihood and impact. Supplementary

to this, all climate related risks are also recorded and tracked through the Northern Powergrid Group’s climate

risk register.

Once identified, all risks (including climate related) are allocated to an owner and are assessed to determine if

they are to be tolerated, influenced or mitigated. If the risk is to be mitigated, appropriate actions are developed

to reduce or eliminate the impact of the risk over an appropriate timescale. As outlined above, all risks that are

above the Northern Powergrid Group’s risk appetite are monitored by the RAB and are allocated to a member of

the Executive Leadership team to mitigate or manage. Climate related opportunities are typically reviewed by

the Science and Technology Advisory Panel in conjunction with the Executive Leadership team ahead of

scoping options to maximise the benefits and progressing to implementation as relevant.

Strategy

Following the publication by the Department for Environment, Food & Rural Affairs (“Defra”) of the

supplementary Green Book Guidance on ‘Accounting for the Effects of Climate Change’ in November 2020, a

thorough assessment of the impact of climate change and severe weather upon NPg Northeast its affiliate was

undertaken in collaboration with other gas and electricity network operators through the ENA. The results of the

review and associated adaption, recovery and transform plans were published in the NPg Northeast and its

affiliates ‘Adapting to Climate’ strategy in November 2021. An update to the actions laid out in the report was

published in December 2024 as part of the fourth round of adaptation reporting (ARP4).

In line with Defra’s recommended approach, the assessment was performed at the operational and asset base

level and followed the specific guidance for projects, policies and programmes that have a lifespan that goes

beyond 2035. This included using two climate scenarios (as utilised by the Climate Change Commission) to:

- Consider options which include all adaptation measures which would mitigate the known impacts of the 2°C

scenario; and

- Make decisions based on the Northern Powergrid Group’s risk appetite about whether to consider adaptation

measures aligned with the 4°C global warming scenario.

Using outputs from the work that the ENA had commissioned from the Met Office, potential climate related

hazards, including high temperatures, heavy rain, droughts, storms, sea level changes, snow, ice, wildfires and

lighting - or a combination of these, were identified. The hazards were then reviewed against other variables

such as regional climate change considerations (known events and topography), asset configuration and

interdependencies on other national infrastructure to identify a range of impact scenarios.

The risk assessment was carried out across three timescale horizons, short term: current climate, medium term:

2050’s and long term: 2080’s, for both the 2°C and 4°C scenario and was applied to each of NPg Northeast and

Northern Powergrid (Yorkshire) plc’s six operating zones. The three time periods are aligned with the UK

Climate Projections 2018 and the most recent guidance from Defra (ARP4) This allowed the Northern

Powergrid Group to understand how each impact scenario affected the whole of NPg Northeast and its affiliates

geographic operating locations, including those where known vulnerabilities already exist such as in coastal

areas, flood plains and exposed areas, and over what period, so as to establish and prioritise the key areas of risk

and identify relevant opportunities.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Climate Change Adaptation

From an overall business model and strategy resilience perspective, the risk assessments (and corroborated via

the findings from other DNOs through the work of the ENA) identified that there was no significant divergence

in the climate projections, the impact scenarios or key risks themselves, were observed between the three

timescales until beyond 2050.

Whilst this provides some comfort during the short term, adapting to climate change requires an understanding

of how to better resist the challenges and how to absorb the impact to minimise it as when events do occur and

how to utilise the opportunities this creates.

Accordingly, where the risk assessments identified that risks were more likely to occur (at any point over the

three timescales) and/or that the impact was potentially greater, these were categorised as the highest priority

risk areas and programmes covering bespoke adaptation, recovery actions and longer-term transformations were

developed accordingly. It was identified that the highest priority risk areas included:

- Flooding presented by changes in precipitation rates and sea level rise; and

- Changes in growth rates and patterns of trees due to changes in temperature and precipitation.

As referenced in ‘further information’ below, the impact of climate related issues upon the Northern Powergrid

Group, particularly NPg Northeast, are incorporated into the five-year regulatory Business Plan. This includes

an assessment of the impact of investing in mitigation programmes and undertaking innovation projects with

climate change acting as a key driver, particularly in network investment decisions. These plans are fully

incorporated into the Northern Powergrid Group’s financial planning process (including with consideration of

the impact on areas such as the Northern Powergrid Group’s supply chain) and the impact of climate related

issues will continue to be included in regulatory business plans for the relevant time periods in question. Climate

related risk assessment scenarios that feed into financial and strategic planning are included in the NPg

Northeast and Northern Powergrid (Yorkshire) plc’s third round Adapting to Climate Change report and its

supporting annex (available via the Northern Powergrid Group’s website). An update to this report is available

in the fourth round Adapting to Climate Change update report (which is also available via the website).

Principal climate-related opportunities and risks arising in connection with the Group’s operations

1. Physical risk (long term - acute/chronic)

: Precipitation (extreme prolonged rainfall) - long periods of above

average precipitation or intense rainfall events resulting in flooding and erosion.

Assessment assumptions: data was used concerning the accumulation of rainfall over a month and where it

exceeds the 90th and 95th percentile of today’s climate, the Soil Moisture Deficit and for heavy daily rainfall

events, the percentage changes in the 99th percentile of seasonal daily mean precipitation.

Findings: There was a large regional variation in how the frequency of climate related hazards were expected to

change in future periods. However, in autumn and winter months, instances of prolonged rainfall, heavy daily

rainfall events and heavy hourly precipitation were projected to increase across most of the UK. Assets located

in coastal areas were more vulnerable to changes in sea level, notably in the Humber Estuary and Seal Sands.

Impact: Access issues, asset damage and reduced performance, predominantly as a result of Grid and Primary

Substations being adversely affected.

Serious flooding in particular was likely to result in the most severe consequences, including the loss of

electricity supply to thousands of people, as well as to other types of infrastructure. This in turn had the potential

to lead to additional costs as a result of replacing or repairing damaged equipment, as well as increasing the

number of customer interruptions, thereby having a negative effect on service and performance levels.

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

As set out in ‘Operational Excellence’, Network reliability is recorded via Ofgem’s Interruptions Incentive

Scheme (“IIS”) through targets in relation to CML and CI. If IIS targets are exceeded, there is a reward.

Conversely, in the event targets are missed, there is a penalty. In addition, if Guaranteed Standards or service

levels that are agreed by Ofgem are failed, payments must be made to those customers affected. Therefore,

unless there is an exemption applied for an extreme weather event, NPg Northeast is susceptible to an increase

in costs if service and performance levels reduce.

Mitigation: Flood defences programme - designed to comply with national guidance on how to improve the

resilience of electricity substations to flooding.

Mitigation activity:

- Improve and maintain flood resilience through targeted adaptations in civil defences and install additional

substation defences.

- Improve flood resilience at distribution substations, either by moving them out of the line of flooding risk or

by implementing mitigation measures.

2. Physical risk (long term - acute/chronic): Temperature

(extreme heat) - high temperatures that may reduce

the performance and efficiency of assets.

Assessment assumptions: Thresholds to understand the frequency of days which constitute ‘extreme

temperatures’ across the UK and how these may change under future climate projections were used. This

included the frequency with which the daily maximum temperature exceeded 28°C, 30°C and 35°C and the

frequency with which the daily maximum temperature exceeded 28°C for 3 consecutive days.

Findings: Trends in observational records confirmed that the UK climate is warming with high temperature

thresholds being exceeded each year and expected to increase in line with Representative Concentration

Pathway 8.5 (being the worst-case climate change scenario). Met Office climate projections identified that the

frequency of hot summer periods is becoming increasingly common.

The rate of change for extreme heat was expected to be slower for cooler regions of the UK such as the North of

England. However, by the 2060s the frequency with which extreme heat occurred in the North of England

would be the equivalent to that of the warmest areas of the UK at the time of the assessment.

Impact: A reduction in the performance and efficiency of assets. This in turn has the potential to increase fault

volumes, leading to additional costs being incurred as a result of repairs and maintenance, reduce service levels

and customer satisfaction, and could cause delays to other work planned for delivery.

Whilst the likelihood of global temperature rise is accepted, the impacts on DNOs has not yet begun to be

realised. Because of this, networks do not currently see any drivers to invest ahead of the need to offset risks.

Mitigation activity:

- Network and asset performance will continue to be monitored and will be modified once climate change

begins to have a direct and longer-term impact.

- Standards and specifications will be updated to include projected changes in temperatures and ground

movements.

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

3. Physical risk (long term - acute/chronic): Precipitation

(storms) - Strong winds are a significant hazard,

especially when experienced in conjunction with heavy rain.

Assumptions: As for Precipitation (extreme prolonged rainfall)

Findings: There was no clear evidence within climate projections that there would be a change in the frequency

or power of storms. Accordingly, the risk of strong winds was assessed in line with the climate conditions at that

time. It was also recognised that research into the effects of wind had been carried out between 2011 and 2015

under the Resilient Electricity Networks for Great Britain project and learnings had been incorporated into the

NPg Northeast’s specifications.

Impact: A number of storms have affected the Network since the initial risk assessment, notably storm Arwen. It

is therefore recognised that storms can lead to operational failure of above ground assets, resulting in increased

faults and loss of supply to customers, which in turn affects customer service. The potential for damage to

telecommunications infrastructure, leading to the inability to communicate with staff in the field or control

technology, can also impact repair efforts further.

Mitigation: Resilience programme - Resilience programme - Maintain operational resilience and embed

long-term resilience across the asset programmes, working with others to better understand future risks.

Mitigation activity:

- Utilise drones for storm damage assessments.

- Undertake collaborative exercises to test operational response.

- Major Incident procedures in place.

- Embed resilience across asset programme designs and specifications to deliver long-term synergistic

resilience.

- Vegetation management programme (see below).

4. Physical risk (long term - chronic): Temperature / Precipitation

(gradual increase in temperature and

rainfall) - warmer and wetter conditions may extend vegetation growing seasons, resulting in increased or

accelerated growth of vegetation.

Assumptions: The length of the growing season was calculated using mean daily temperatures beginning at the

start of a period of five successive days where the daily-average temperature was greater than 5°C and ending

on the day before a period of five successive days when the daily-average temperature was less than 5°C.

Findings: The average growing season length had increased by approximately 30 days per year over the course

of the last 60 years and was reported as being largely due to an earlier onset of spring. As a result, the combined

effect of temperature and precipitation was likely to lead to increased vegetation growth.

Impact: Interference to overhead lines could cause a variety of power supply issues ranging from transient

interruptions, due to vegetation touching the line, through to severe damage from trees, or parts of trees, falling

onto the lines. This may result in increased levels of investment being required in order to maintain Network

resilience, additional costs associated with maintenance and cutting cycles and performance and customer

service related issues.

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Under abnormal weather conditions there is also the potential for large scale power outages with some supply

restorations taking many days.

Mitigation: Vegetation management programme - improving the resilience of the overhead Network under

abnormal weather conditions using a risk-based methodology.

Mitigation activity:

- Undertake enhanced resilience cuts in line industry standards on the overhead network to comply with

enhanced resilience requirements.

- Establish and maintain clearance corridors.

- Assess and tackle the issues anticipated from ash tree dieback through the management of affected spans.

- Undertake a vegetation clearance programme for substations and tower bases.

- Utilise Light Detection and Ratings (“LiDAR”) technology to ensure efficient targeting for vegetation

management.

5. Transition risk: Enabling the Energy Transition - see Principal Risks and Uncertainties

6. Opportunity: Innovation

- participating in and leading innovation projects as a way of developing creative

solutions to mitigate the risks of climate change and enhance responsiveness in the event an incident does occur.

A number of projects are planned for the ED2 period including:

- Optimising the use of LiDAR data in order to carry out more effective and efficient clearance and vegetation

management by prioritising cutting responses;

- Reviewing the link between rainfall and underground cable faults to understand and quantify the risk;

- Research into substation design specifications and innovative materials to mitigate risks associated with

high-temperatures and assets;

- Investigations to understand the performance limitations of outdoor control equipment during periods of

extreme heat; and

- Estimate the extent of Ash tree dieback and its impacts on the Network.

Further detail of innovation supporting decarbonisation can be found in the ‘Environmental Sustainability’

section of the Strategic Report.

7. Opportunity: Decarbonisation

- adapting and evolving the Network to facilitate the UK’s net zero strategy.

There are many benefits associated with decarbonisation, not just for the Northern Powergrid Group, but for the

areas the Northern Powergrid Group serves and the people who live and work there. This includes developing

the Network to accommodate additional connections to enable more electric vehicle chargers to be installed, to

allow greener heating solutions, to provide a mechanism for local electricity production and to facilitate the

growth of renewable energy sources by offering greater flexibility.

Further detail of the initiatives underway to facilitate decarbonisation can be found in the ‘Environmental

Sustainability’ section of the Strategic Report.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

8. Opportunity: Collaboration

- working with stakeholders including industry partners and energy networks to

find solutions to mitigate the risk of climate change and improve resilience through collaborative work on

interdependencies to reduce the risk of cascade failures across systems.

The Northern Powergrid Group works closely with its stakeholders and partners to share best practice, evolve

new protocols, develop industry guidance and adopt measures to prevent or manage the impact of climate

change. This includes working with Local Authorities and regional bodies to evolve their climate resilience and

decarbonisation plans and collaborating on specific issues to generate practical solutions - such as with the ENA

as outline above.

Initiatives planned in this area include collaboration with:

- Other regional infrastructure operators to identify and mitigate interdependencies.

- The Environment Agency and local authorities on the implementation of their regional flood risk management

plans and establish support for these where appropriate.

Further information

Given the likely impact of climate related opportunities and risks on the Network, the NPg Northeast and its

affiliates various mitigation programmes (including KPIs and the methodology for determining these) were fully

scoped and costed as part of the Business Plan submission to Ofgem for the ED2 Period, details of which can be

found via the Northern Powergrid Group’s website.

In addition to the information contained above, the Northern Powergrid Group has published a ‘Climate

Resilience Strategy’ and an ‘Adapting to Climate Change Report’, the former having been submitted to Ofgem

and part of the Business Plan for 2023 to 2028 and the latter having been submitted to Defra in line with the

requirements of the Climate Change Act (2008). The Northern Powergrid Group’s most recent report was

published as part of the fourth round in 2024 and is an update report which should be read in conjunction with

the third-round report published in 2021. Copies of both reports can be found on the Northern Powergrid

Group’s website.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

EMPLOYEE COMMITMENT

Strategic objective:

High-performing people doing rewarding jobs in a safe and secure workplace

2024 2023

KPI Actual Target Actual Target

Northern Powergrid Group occupational

safety and health administration

("OSHA") rate 0.23 0.09 0.43 0.09

Preventable vehicle accidents (PVAs) 7 11 8 14

Lost time accidents 1 0 1 0

Medical treatment accidents 2 1 2 1

Operational incidents 2 4 3 4

Absence rate 3.52% 3.35%

Health and safety

Business Plan commitment

: To maintain industry leading safety performance and achieve a 50% reduction in

contractor accident rates.

Performance during the year

: In common with the Berkshire Hathaway Energy group, the Northern

Powergrid Group measures its safety performance using the OSHA rate, which is a measure used to capture

safety incidents down to minor levels of medical treatment. The Northern Powergrid Group failed to meet its

target of 0.09 having achieved an OSHA rate of 0.68 (2023: 0.43), which equated to 11 recordable incidents

against a goal of two or fewer. PVA performance did show signs of improvement with 7 recorded against a

target of 11 or fewer. In terms of the Business Plan commitment, the number of contractor OSHA incidents

increased year-on-year, leading to a number of improvement actions being initiated.

Whilst the majority of incidents were minor in nature (insect bites and slow reversing accidents), the

year-on-year decline reinforced the importance of the Group’s health and safety performance improvement plan

which covered colleague safety, contractor safety, health and well-being and public safety. Accordingly,

initiatives undertaken included the continuation of driver training, commissioning a safety climate survey, the

mobilisation of an assurance programme on high -risk activities, leveraging data from the vehicle telematics

system and providing an independent employee assistance service, which is a confidential, self-referral

counselling and information service to assist with personal or work-related problems and access to services

including counselling and physiotherapy referrals.

During the year, the Group successfully completed two external surveillance visits on its ISO 45001

accreditation for its occupational health and safety management system.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Employees

Business Plan commitment:

High-performing people doing rewarding jobs in a safe and secure workplace.

Performance during the year

: Focus remained on building capacity by increasing the intake of apprentices and

engineers, as well as enhancing working arrangements to ensure seamless customer support. This included

adapting agile working, focusing on the retention and attraction of talent, improving wellbeing and cultivating a

healthy workplace, and establishing working groups with the trade unions to foster stronger relationships.

Employee development continued via the CORE programme, designed to develop leadership and management

skills, in addition to leadership apprenticeships and an approach to identifying and developing individual

contributors. Routine training also continued in key areas such as customer service, cyber security and

management development. The Group also introduced a Core Leadership Expectations 360 programme for

senior leaders to identify their specific areas of improvement.

During the year, 89 new recruits (2023: 77) joined NPg Northeast’s and Northern Powergrid (Yorkshire) plc’s

workforce renewal programme. At 31 December 2024, the Group had 1,639 employees (2023: 1,522).

Details of how the Northern Powergrid Group is supporting gender diversity in the energy industry can be found

in the Northern Powergrid Group’s gender pay gap report via the Northern Powergrid Group’s corporate

website.

Employee engagement

The board and senior management team continue to keep employees and trade union representatives informed of

and involved as appropriate in developments that may impact them now or in the future. Consultation for

collectively bargained employees is agreed with trade union representatives in the form of a constitutional

framework. In addition, the Group utilises focus groups and colleague panels to consult on improvements and

changes.

In support of this process, the Director of People and Change routinely reports to the board and the Health and

Safety Committee to ensure that the views of employees are considered and to facilitate the discussion of and

any subsequent decision making in respect of employee related concerns or issues.

During the year, the President and Chief Executive Officer, members of the board and members of the senior

management team provided regular updates on financial, organisational, safety and customer service

performance. The executive directors engaged directly with employees during operational and office-based site

visits and induction events. Communication with employees was delivered via various channels including text

messages and virtual meetings, alongside regular briefings, line manager conversations, meetings with trade

union representatives and utilising the Northern Powergrid Group's intranet.

The Berkshire Hathaway Energy code of business conduct ("Code of Conduct")

The Northern Powergrid Group has adopted the Code of Conduct, which details the commitment to ethics and

compliance with the law, provides reporting mechanisms for known or suspected ethical or legal violations, and

establishes minimum standards of behaviour expected of all employees. In support of this, a "speaking up"

process is in place enabling all employees to raise concerns of unethical acts, malpractice or impropriety

(including bribery or corruption), and an anonymous help line operated by an independent company is also

available. All colleagues complete an annual online training programme covering the requirements of the Code

of Conduct. This also requires all employees to declare any conflicts of interest and unspent criminal

convictions.

Employment of disabled persons

The Group’s policy is to provide all protected groups, including disabled people, with equality at work in

respect of employment, training, career development and promotion, having regard to their aptitudes and

abilities. Should any member of staff become disabled during their employment, reasonable adjustments will be

made, wherever possible.

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

ENVIRONMENTAL RESPECT

Strategic objective:

Leaders in environmental respect and low carbon technologies.

2024 2023

KPI Actual Target Actual Target

Total oil/fluid lost (litres) 6,108 <10,073 8,823 <11,406

SF6 gas discharges (kg) 21.4 <11.8 7.45 <12.75

Environmental incidents 1 <3 0 <2

KPI 2024 2023

Carbon footprint (tonnes) 6,791 15,222

KWh Energy Consumed 20,325,432 20,160,750

Business carbon footprint Tonnes Per km² Tonnes Per km²

Scope 1 2,497 0.17 2,252 0.15

Scope 2 2,682 0.18 2,481 0.17

Scope 3 1,612 0.11 1,379 0.72

Total carbon footprint (tonnes) 6,791 0.46 6,112 1.06

Notes:

KWh energy consumed relates to depot energy and fleet fuel usage.

The chosen business carbon footprint intensity ratio is based on the Company’s licence area which equals 14,394km.

The methodology adopted to calculate energy and business carbon footprint data is aligned with international standards, those required by

Defra and BEIS and is audited annually and certified through the Certified Emissions Measurement and Reduction Scheme for compliance

with ISO 14064-1:2006. \*Contractor emissions are based on fuel usage and is the best available information at the time of publishing.

Business Plan commitment:

To reduce our business carbon footprint by 20% and reduce oil loss by 15%.

Performance during the year:

The Group remains committed to using natural resources wisely and protecting

the environment for the benefit of future generations. This commitment is set out in the Environmental

RESPECT (Responsibility, Efficiency, Stewardship, Performance, Evaluation, Communication and Training)

Policy, which is delivered via the Environmental Action Plan and its twelve impact areas (including scope 1, 2

and 3 emissions, SF6 losses, visual amenity, biodiversity and waste).

NPg Northeast’s overall business carbon footprint, scope 1 and 2 emissions (excluding losses) increased to

5,179 tonnes during the year as a result of increased SF6 losses and other emissions. Whilst NPg Northeast and

its affiliate reduced their scope 1 and 2 emissions during ED1 and into the ED2 period, the current rate is

slightly above the science-based target set to achieve net zero, indicating that further action is required to reduce

emissions.

Improvement initiatives include reducing emissions from the operational fleet by replacing diesel vehicles with

Ultra Low and Zero Emission Vehicles, exploring new technologies such as hydrogen fuel cells, using

alternative, renewable fuels, and enhancing energy efficiency by upgrading facilities at operational sites.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

In relation to scope 3 emissions, NPg Northeast is working in partnership with the Supply Chain Sustainability

School and has adopted their carbon calculator to measure supply chain scope 3 emissions, thereby providing

the basis to develop a reduction strategy during 2025. In addition, NPg Northeast continues to work with other

DNOs to ensure expertise and learnings and a consistent methodology are shared.

The volume of SF6 losses (21.4kg) increased year-on-year due to a number of significant leaks. In response,

NPg Northeast continues its operational routines, responses to leaks and due to the work with the DNOs via the

Energy Networks Association (“ENA”), to share best practice and trial innovative new SF6-free technologies.

During the year, the total amount of fluid loss from the Network was 6,108 litres, which was significantly

favourable to the target of 10,078 litres. To continue to minimise losses, NPg Northeast is committed to

replacing 3,400km of cable during the ED2 period, and will pursue the use of perfluorocarbon tracer (to locate

leaks) and self-healing technology.

To adhere to the requirement to identify and remove or remediate non-compliant equipment which may contain

Polychlorinated biphenyls (“PCBs”) by 31 December 2025, NPg Northeast and its affiliate have worked in

collaboration with the Environment Agency and ENA to develop a statistical model to determine which pole

mounted transformers are non-compliant. The process will be a priority throughout 2025, as approximately

5,900 transformers may be replaced.

In respect of NPg Northeast’s wider environmental impact, plans have been developed to achieve zero waste to

landfill by 2035 and to divert 90% of waste from all of NPg Northeast’s operations by 2028. NPg Northeast’s

Network operations are the largest source of waste generation, with waste arising from excavations and other

operations representing 97% of all of the waste generated in 2024. Steps taken to enhance performance in this

area include the recycling of materials, with NPg Northeast planning to recycle and reuse 85% of total materials

by 2028 including the increased volume produced as a result of delivering Network investment plans and

decarbonisation objectives.

Issues relating to the assessment and classification (as hazardous or non-hazardous) of material arising from

unplanned utility excavations, prior to transport from site and disposal, pose a significant challenge to NPg

Northeast’s objective to reduce waste to landfill. The utilities industry is currently working with Streetworks UK

and the Environment Agency to develop and implement a new industry-wide risk-based approach to managing

such waste to combat these issues.

From a supply chain perspective, NPg Northeast will continue to work with suppliers to reduce packaging and

ensure environmentally friendly alternatives are used where possible. In support, an embodied carbon model

will be used to aid investment decisions including the sourcing of raw materials. At office locations, the use of

waste segregation facilities will be increased, and office supplies will wherever possible be low carbon, plastic

free and fully recyclable or reusable.

The impact of NPg Northeast’s operations is mitigated where possible through a range of biodiversity, natural

capital and visual amenity programmes. This includes fulfilling the duty to seek to enhance designated areas

such as National Parks, as well as improving biodiversity at 200 sites throughout the ED2 period.

At this time, NPg Northeast has no plans to use carbon offsetting to achieve its targets in the ED2 period. The

focus remains on reducing physical carbon emissions, on the basis that additional investment in the Network to

enable decarbonisation offers much better value to customers. However, at an initiative level, where ad-hoc

opportunities exist, NPg Northeast may pursue these.

From an environmental compliance perspective, NPg Northeast operates a United Kingdom Accreditation

Service scheme for environmental management and is certified to standard ISO 14001:2015 which is designed

to enhance environmental performance, fulfil compliance obligations and achieve environmental objectives, all

of which contribute to the achievement of the Group’s KPIs. The Group’s carbon footprint reporting framework

is certified under the Certified Emissions Measurement and Reduction Scheme for compliance with ISO

14064-1:2006.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

To date, the Group’s performance against a number of stretching KPIs to reduce carbon usage and minimise the

effects of the Group on stakeholders and the environment has been positive. However, it is acknowledged that

becoming carbon neutral by 2040, and working with suppliers and partners to accomplish this, is not without its

challenges and risks. Accordingly, the NPg Northeast will continue to evolve its ambitions and enhance the

implementation of environmental plans throughout the ED2 Period. The phased targets associated with waste to

landfill, recycling, noise pollution and biodiversity and additional descriptions of all key measures can be found

in annex 1.4 of the Business Plan, a copy of which can be found via the Northern Powergrid Group’s website

(our business plan).

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Environmental Sustainability

Strategic focus:

Enable growth in customers connecting low carbon technologies and support pathways to net

zero.

Performance during the year:

As the country takes action to reduce carbon emissions in line with the net zero

target by 2050, the way in which electricity is produced and used is expected to have a substantial impact on the

Network over time. Accordingly, NPg Northeast continues to implement its DSO strategy, and act as a key

facilitator in the country’s net zero transition by placing decarbonisation at the heart of its investment and

actions.

As the volume and total capacity of decentralised energy generation grows and given the greater range of load

and generation technologies now connected to the Network, NPg Northeast continued to develop and action

innovative solutions that will reduce the need for traditional and potentially expensive reinforcement.

In the past year, NPg Northeast engaged with the market for flexibility by tendering for flexibility services on

the low voltage and high voltage Network. Under these contracts, customers change their energy consumption

and generation patterns as an alternative to NPg Northeast carrying out Network reinforcements, thereby

facilitating a more efficient and greener Network. And to better understand how to prepare the Network for the

future needs of its customers and the potential pathways to net zero, NPg Northeast published its updated

Distribution Future Energy Scenarios (available via the Northern Powergrid Group’s corporate website).

From an innovation perspective, NPg Northeast runs a portfolio of projects in the priority areas of customer

vulnerability, resilience, and decarbonisation. Following the establishment of the Community DSO project in

2023, which was designed to deliver trials of smart local energy systems to explore how consumer energy

resources and flexibility can be utilised in communities, a £3.2 million trial was awarded to a consortium of

companies testing approaches to local balancing in an Energy Community in Barnsley, South Yorkshire over an

18-month period.

Decarbonisation continues to be more central to NPg Northeast’s strategy, and the way in which NPg Northeast

contributes more broadly to the evolution of the energy industry and the stakeholders with whom it interacts.

NPg Northeast has been progressive in its ambition to reduce its own business carbon footprint. However, there

is a greater opportunity to contribute to decarbonisation by facilitating regional decarbonisation and investing in

people, processes and systems in order to actively manage the Network and to optimise the use of assets and

generated energy in the region.

In delivering its Business Plan commitments, NPg Northeast continually engages stakeholders on its DSO

Strategy to achieve a number of outcomes and benefits including enabling open energy data sharing,

transforming the way decisions and plans are made, supporting the development of new flexible energy markets,

increasing customer and Network flexibility and facilitating a whole system energy system. NPg Northeast’s

Energy Systems directorate centralises responsibility for delivering DSO plans including major connections to

the Network.

In conjunction with this activity, and with the support of the Independent Stakeholder Group (“ISG”), NPg

Northeast has operated its DSO Review Panel (“DRP”) for the purpose of making its decisions transparent and

to allow the independent members to comment on and challenge NPg Northeast’s major investment decisions.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

REGULATORY INTEGRITY

Strategic objective:

Trustworthy, fair and balanced.

KPI:

Completion of a quarterly regulatory compliance affirmation process.

Business Plan commitment:

To manage the Group's business to the highest behavioural standards and adhere

to a policy of strict compliance with all relevant standards, legislation and regulatory conditions.

Performance during the year:

In order to assure compliance with distribution licence and other regulatory

obligations, NPg Northeast operates a regulatory compliance affirmation process. Responsible managers are

required to review compliance with approximately 3,300 obligations on a quarterly basis and report on any

identified non-compliances or perceived risks which are then addressed by members of the senior management

team. To minimise the risk of NPg Northeast breaching its licence conditions and other statutory requirements

(which could lead to financial penalties), the board reviews the outcomes of each exercise. Each quarterly

regulatory compliance affirmation process was completed satisfactorily during the year.

NPg Northeast submitted its annual Data Assurance Report to Ofgem in March 2025, which included risk

assessments of the regulatory returns to be submitted during the Regulatory Year ahead (April 2025 to March

2026), together with a report detailing the assurance work carried out in the Regulatory Year ended 31 March

2025.

On 6 November 2024, Ofgem initiated the process for determining the arrangements for the next electricity

distribution price control period, which will begin on 1 April 2028, by issuing a consultation on the framework

for ED3. Ofgem envisages that ED3 will have a critical role in the path to achieving net zero by 2050, which

could involve a significant change in the level of network investment. In that respect, Ofgem has stated that it

will aim to keep the costs of the infrastructure needed for net zero as low as possible through maintaining a low

cost of capital and driving further efficiency. NPg Northeast submitted its response to the consultation on 15

January 2025 and the process will culminate with Ofgem expected to issue its Draft Determinations in June

2027 and its Final Determinations in December 2027.

PRINCIPAL RISKS AND UNCERTAINTIES

The Northern Powergrid Group operates a structured and disciplined approach to the management of risk as part

of its overall risk management policy and in support of its financial reporting practices. A system is in place to

facilitate the identification of new and emerging opportunities and risks, including those associated with the

achievement of the Northern Powergrid Group’s strategic objectives and Core Principles. This includes regular

reviews of the macro environment as well as risks that arise from within functional business areas.

Once identified, key risks and their respective controls and mitigation plans are continually assessed and

formally reviewed on a quarterly basis by the Risk Advisory Board ("RAB") in order that they are managed to

an acceptable level in accordance with the Northern Powergrid Group’s risk appetite. The Northern Powergrid

Group’s risk appetite is determined by a process based on risks, issues and consequences. The level of tolerance

varies in accordance with the pursuit of objectives and with caution or acceptance adopted depending on

whether risks can be influenced or mitigated fully, partly or not at all. The RAB routinely reports its findings to

the board to ensure the directors are sufficiently appraised of the risk exposure associated with the pursuit of the

Group’s long-term strategy.

The risk management programme includes regular reviews of the crisis management, disaster recovery and

major incident plans. To determine the level of disaster preparedness and responsiveness against threats to

business continuity, risk management plans and processes are periodically tested. This self-evaluation approach

is reinforced by Berkshire Hathaway Energy, which benchmarks risk management activities across its business

units and shares significant lessons learned. The business continuity and disaster recovery plans are tested

regularly to ensure that as required, operational performance can remain resilient and employees are able to

perform their duties safely.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Principal Risks

During the year, two risks were renamed to ‘enabling the energy transition’ (from transmission connection

delays) and ‘regulatory framework’ (from the outcome of the regulatory price control). No other notable

changes have taken place. The Northern Powergrid Group’s principal risks are not ranked or prioritised in any

particular order. Given their sensitivity and ever-changing nature, the board has elected not to disclose the risk

appetite associated with each risk.

Cyber and Information Security

Unauthorised access or compromise of the Information Technology or Operational Technology networks,

resulting in loss of network control and availability. Unauthorised access or loss of large volumes of data or

sensitive data.

Mitigations:

•

Robust cyber security risk mitigation programme is in place.

• Accreditation under the ISO 27001 Information Security standard for operational, customer, employee and

financial information.

• Compliant to the Network Information Security Directive and the Basic Cyber Assessment Frameworks.

•

Compliance with the Centre for Internet Security Critical Security Controls.

Regulatory and policy positioning

Decisions taken resulting in negative impacts to our business model.

Mitigations:

•

Continued dialogue and engagement with Ofgem.

•

Active involvement in consultations on price controls.

•

Robust budgetary and financial position.

• Optimising price control reopener mechanisms.

Network resilience

Loss of the Network due to significant weather events, targeted physical attack or catastrophic asset failure

resulting in sustained or widespread loss of essential supply.

Mitigations:

•

Major incident and crisis management policies, plans and governance arrangements in place.

•

An industry mutual aid agreement exists.

•

Grid resilience programme and audits.

• Vulnerable site protocols.

Safety

Fatality or serious harm caused to an employee or a third party.

Mitigations:

•

Overseen by the Health and Safety Committee.

• Safety Health and Improvement Plan and associated policies and procedures.

•

Health and safety training, enhanced audit programme and inspection regimes are in place.

•

ISO45001 safety management system in place.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Environment and climate protection

Failure to prevent network assets from having a significant negative impact on the environment.

Mitigations:

•

Programme to reduce fluid loss, business carbon footprint and remove assets containing PCBs.

• Environment improvement plan, Environment Action Plan and science-based targets.

• Path to carbon neutrality by 2040.

• Incident response, waste management and habitat protection programmes.

•

ISO14001 environmental management system in place.

Resource availability

Access to and availability of skilled resource resulting in an inability to deliver work programmes.

Mitigations:

•

Mix of direct labour and contracted resource is used.

•

Workforce renewal programmes in place to recruit and retain employees.

•

Ongoing training and development builds internal capability.

•

Employee engagement, health and well-being initiatives and a diversity, equality and inclusion plan in place.

•

Good relationships with trade unions representatives.

Enabling the energy transition

The Network either becomes, or is perceived to have become, an obstacle to decarbonisation and energy

transition.

Mitigations:

•

Overseen by a steering group.

•

Change programme in place to improve customer connection lead times and customer communication.

•

Part of an industry work programme through the ENA.

•

Policy team engages and with Government and Ofgem.

•

Stakeholder engagement programme scrutinised by the ISG and DRP.

Efficiency and output performance

Failure to maintain cost and output performance competitiveness in the industry.

Mitigations:

•

Robust business planning process.

•

Robust financial controls in place.

•

Monthly executive business performance review.

•

Comprehensive “Efficient Output Delivery” programme.

Financial risks

The exposure to interest rate, tax, liquidity and treasury risks.

Mitigations:

• Financed by long-term borrowings at fixed rates and access to short-term borrowing facilities at floating

rates.

• As at 31 December 2024, 98% of the Group's long-term borrowings were at fixed rates and the average

maturity for these borrowings was 23 years.

•

Financial covenant monitoring is in place.

•

Regulatory adjustments control the effect of taxation changes.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Internal control

The Company’s internal control exists to support the financial reporting process, including regular reporting, a

series of operational and financial policies, investigations undertaken by internal audit and a stringent process

for ensuring the implementation of internal audit recommendations. In addition, the Group utilises

comprehensive business planning procedures, regularly reviews KPIs to assess progress towards its goals, and

the internal audit function provides independent scrutiny. Financial controls include centralised treasury

operations and established procedures for the planning, approving and monitoring of major capital expenditure.

The RAB monitors the effectiveness of internal controls and reports on its findings to the board and Berkshire

Hathaway Energy. As part of the statutory reporting process, the Group’s external auditor reviews and tests a

sample of internal controls and reports their findings and recommendations for improvements to the board.

Controls which are applicable to financial decisions are governed via a schedule of delegations of authority

which are approved by the board (and applies to the Northern Powergrid Group) for the purpose of enabling the

senior management team to make decisions up to certain financial limits, above which point the decision making

reverts to the directors. These limits reflect the board’s level of risk appetite and are reviewed regularly.

In accordance with Berkshire Hathaway Energy’s requirements to comply with the Sarbanes-Oxley Act, the

Group undertakes a quarterly risk control assessment confirming that the effectiveness of the system of internal

controls have been reviewed during the year. A self-certification process is in place, in support of this review,

requiring certain senior managers to confirm that the system of internal control in their area of the business is

operating effectively. Consequently, the directors believe that a robust system of risk assessment and

management is in place.

The Northern Powergrid Group does not have a specific human rights policy. However, in accordance with the

Core Principles, it remains fully committed to operating ethically and responsibly and with fairness and

integrity. This is implemented through its policies and procedures, which are applicable to all stakeholder

groups and encompasses employees’ health, safety and welfare, dealings with customers (particularly those who

are vulnerable), the impact of the Northern Powergrid Group on the environment and the contribution to

sustainability.

To ensure that the Northern Powergrid Group maintains the highest level of ethical standards in the conduct of

its business, Berkshire Hathaway Energy's Code of Conduct has been adopted (See ‘Employees’). The Northern

Powergrid Group has robust procedures in place to meet the requirements of the Bribery Act 2010 for which

every employee must undertake annual training.

Section 172(1) statement

Decision-making at the Board

All matters which under the Company and Group’s governance arrangements are reserved for decision by the

directors are presented at board meetings. Directors are briefed on any potential impacts and risks for customers,

and other stakeholders and how they are to be managed. The directors take these factors into account before

making decisions, which together they believe are in the best interests of the Company and Group and its

member.

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)

Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Long-term sustainability

As referenced throughout the Strategic Report, NPg Northeast’s business model is to make sufficient profit in

order to invest in the Network thereby, ensuring the integrity of the electricity supply for its customers. To

achieve this objective, NPg Northeast delivers its service to fulfil the needs of the stakeholders with whom it

interacts and in doing so, ensures all business relationships are conducted in an open and transparent manner.

Consequently, fostering business relationships is a prerequisite of the activity performed by the Group in the

pursuit of its goals and the long-term sustainability of the Group is at the forefront of decision-making.

The Group’s policy in respect of engaging with stakeholders is governed by the Core Principles and the Code of

Conduct. The Core Principle of ‘Regulatory Integrity’ defines the Northern Powergrid Group’s commitment to

comply with all laws wherever it does business and the expectation that all employees (including directors)

manage their activities in a manner that is compliant with all standards, regulations and corporate policies. In

addition, the Code of Conduct requires adherence to the highest level of ethical conduct and fair dealings with

all customers, suppliers and competitors.

Employees

As detailed in ‘Employee Commitment’, the Group works hard to ensure the health and safety of employees and

to provide them with opportunities for advancement alongside fair terms whilst remunerating appropriately.

Activities undertaken by the board in the year included reviewing health and safety performance, monitoring

key appointment changes and reviewing the Northern Powergrid Group’s gender pay gap report.

Customers

Customers, whether they are domestic or commercial, are the primary stakeholder group served by the Group

and therefore the services offered are all tailored to provide a benefit or enhance an experience. During the year,

the board regularly reviewed performance levels, closely monitored the response in respect of major storms and

associated Network resilience and engaged with the Chair of the ISG. Further detail of the Group’s relationship

with customers and the support programmes provided is discussed in ‘Customer Service’.

Producers and suppliers

The Group works closely with its supply chain and has measures in place to ensure the treatment of all supplies

is fair and equitable. Relations with suppliers is managed using a supplier registration system which supports a

robust and transparent procurement process and ensures strict compliance with the prevention of slavery and

human trafficking. As a consequence, the system allows the Group to make informed decisions which align with

its values when awarding contracts. When considering suppliers, the board advocates prompt payment practices,

which are reviewed regularly by the internal audit function, and the implementation of procedures to reduce the

risk of modern slavery in supply chains - as set out in the Northern Powergrid Group’s annual modern slavery

statement.

Financial stakeholders

Financial information is routinely made available to financial stakeholders, including relationship banks and

bondholders. Directors engage with stakeholders when entering into new financial arrangements. During the

year, the board approved an interim dividend, the annual, interim and Regulatory accounts and the tax strategy

and met representatives from the Group’s external auditor.

Community and environment

Each director is required to take all reasonable steps to minimise any detrimental impact the Group’s operations

may have on the environment (see ‘Environmental Respect’). NPg Northeast provides a range of charitable and

community activities to support customers with fuel poverty and safety around electricity (‘Corporate

Responsibility’). During the year, the directors routinely reviewed environmental performance and made

decisions pursuant to Environmental Respect.

Regulator

NPg Northeast is in regular dialogue with Ofgem concerning new policy development and emerging risks or

opportunities within the sector. As outlined in ‘Regulatory Integrity’, to meet its licence conditions, NPg

Northeast and the directors provide regular reporting to Ofgem (including the annual regulatory certificates and

Regulatory Accounts), contribute to various regulatory consultations and monitor regulatory compliance. Given

the implications on the NPg Northeast’s long-term strategy, the relationship with Ofgem and the evolving ED3

framework were regular items on the board agenda throughout the year.

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Northern Electric plc

Strategic Report for the Year Ended 31 December 2024 (continued)

Acting fairly between the Company’s owners

The Company has one class of ordinary shares which are all held by Northern Powergrid Limited, a company

owned by Northern Powergrid UK Holdings. The Company also has one class of preference shares, further

details of which can be found in Note 20. As outlined in ‘Strategy’, the Northern Powergrid Group is owned by

Berkshire Hathaway Energy. Further details of the shareholder relationship is set out in the ‘Corporate

Governance Statement’.

Statement pursuant to Listing Rule 14.3.27R Task Force on Climate-related Financial Disclosures

(“TCFD”)

The non-financial reporting information pursuant to Section 414CA of the Companies Act 2006 has been

reported throughout the Strategic Report and principal risks and uncertainties. The climate-related financial

disclosures pursuant to Section 414CB (2A) can be found in the ‘Adapting to Climate Change’

and ‘Environmental Respect’ sections of the Strategic Report.

The Company has complied with all of the requirements of LR 14.3.27R by including climate related financial

disclosures consistent with the TCFD recommendations and recommended disclosures, with the exception of the

scope 3 greenhouse emissions disclosures relating Metrics and Targets (b) . The Company has reported scope

3 emissions in relation to certain categories (being those required by Ofgem’s reporting framework) .

However, it is accepted that further work is required to develop the disclosures.

The steps the Company plans to take in order to be able to make the relevant disclosures in the future, and the

timeframe within which it expects to be able to make those disclosures, is set out in Ofgem’s ‘Environmental

Reporting Guidance’, sections 3.8 to 3.13, a copy of which can be found via Ofgem’s website. This includes a

recommendation for the energy industry to work collaboratively to develop an appropriate methodology for

reporting scope 3 emissions during the remainder of the ED2 period.

Approved by the Board on 11 June 2025 and signed on its behalf by:

A P Jones

Director

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024

The directors present their annual report and the audited consolidated financial statements for the year ended 31

December 2024.

Dividends

During the year, an interim dividend of £277.4 million was paid (2023: £48.0 million). The directors

recommend that no final dividend be paid in respect of the year (2023: £nil).

An interim dividend of £300.0 million was paid on the 26 March 2024 from NPg Northeast to the Company.

The Group's dividend policy is that dividends will be paid only after having due regard to available distributable

reserves, available liquid funds and the financial resources and facilities needed to enable the Company and

Group to carry on its business for at least the next year, with the Company and Group’s long-term prospects and

viability in mind. In addition, the level of dividends is set to maintain sufficient equity in the Northern

Powergrid Group so as not to jeopardise any investment grade credit ratings. These strict parameters align with

the conditions set out in NPg Northeast’s distribution licence and are considered carefully by the board so as to

ensure that the payment of any dividend does not cause NPg Northeast to breach any licence obligations in the

future.

Directors of the Company

The directors who held office during the year under review and to the date of signing this report were:

A P Jones

S J Lockwood

J N Reynolds

J C Riley (appointed 17 October 2024)

During the year, none of the directors had an interest in any contract which was material to the business of the

Company or Group. During the year and up to the date of approval of the Directors' Report, an indemnity

contained in the Company's (and each company within the Northern Powergrid Group’s) Articles of Association

was in force for the benefit of the directors of the Company and as directors of associated companies, which was

a qualifying indemnity provision for the purposes of the Companies Act 2006.

Future developments and future outlook

The financial position of the Group, as at 31 December 2024, is shown in the consolidated statement of financial

position. There have been no significant events since the year end and the directors intend that:

• NPg Northeast will continue to develop its business by efficiently investing in the Network and improving

the quality of supply and service provided to customers. NPg Northeast intends to continue to embrace the

role of DSO by expanding its energy systems operations in order to allow its Network to form a key part of a

whole energy system, which fosters flexibility and facilitates decarbonisation.

• IUS will develop its business by concentrating on its core skills of engineering contracting thereby

delivering a high standard of service to its existing clients and pursuing opportunities to increase its portfolio

of clients.

• NPg Metering will retain its focus on pursuing opportunities in the market for meter asset provision as the

smart meter roll-out programme develops.

There are no plans to change the existing business model of the Company, or any of the companies within the

Group.

Research and development

The Group supports a programme of research that is expected to contribute to higher standards of performance

and a more cost-effective operation of its business. During the year, the Group invested £5.6 million (2023: £2.0

million) in its research and development activities.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Financial instruments

Financial risk management

Details of financial risks are included in the Principal Risks and Uncertainties, found in the Strategic Report and

in Note 28 to the financial statements.

Financial derivatives

As at 31 December 2024 the Group held two derivative financial instrument (2023: two) to mitigate the interest

rate risk on a floating interest rate loan. More details on derivative financial instruments are available in Note 29

to the financial statements.

Stakeholder engagement and environmental disclosures

In accordance with Paragraphs 10, 11 and 20 of Schedule 7 of the Large and Medium-sized Companies and

Groups (Accounts and Reports) Regulations 2008, details concerning the employment of disabled persons, the

relationship and engagement with employees and those with whom the Company and Group does business, in

addition to information concerning greenhouse gas emissions can be found in the Section 172 Statement and the

Strategic Report (Environmental Respect and Employee Commitment).

Vote holder and issuer notification

There have been no disclosures to the Company under Disclosure and Transparency Rule 5 (Vote Holder and

Issuer Notification Rules).

Directors' biographies

Alex P Jones

Mr Jones joined the Northern Powergrid Group in January 2015 and became Finance Director in March 2022.

He is a Chartered Accountant having completed his training with KPMG, spending seven years in their

Restructuring practice. Prior to becoming Finance Director, Mr Jones was the Director of Performance and

Planning, leading on the development of the Northern Powergrid Group’s Business Plan. He has also spent time

leading the Northern Powergrid Group’s engineering and major projects operations teams.

Stephen J Lockwood

Appointed in April 2022, Mr Lockwood joined the Northern Powergrid Group in 1983 and became Group

Financial Controller in 2016 before taking on the role of Head of Technical Accounting and Quality in 2023.

Prior to this he held a number of finance roles in the Northern Powergrid Group. Mr Lockwood is a qualified

Chartered Management Accountant and Chartered Tax Advisor.

Jennifer C Riley

Mrs Riley was appointed in October 2024 as a director of Northern Electric plc. Mrs Riley joined the Northern

Powergrid Group in 2016 as the Company Secretary. Prior to this, she had held a number of roles at Farnell UK

(formerly Premier Farnell plc). Mrs Riley is a Chartered Governance Professional and Company Secretary.

Board diversity

Of the four board directors of the Company, one is female (25%). Mrs Riley does not hold any of the positions

outlined in Listing Rule 16.3.29 (ii). No members of the board are from a minority ethnic background.

All appointments are based on merit with due regard for diversity, inclusion and equal opportunity. The

Northern Powergrid Group does not set diversity targets.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

CORPORATE GOVERNANCE STATEMENT

The Company has sought to apply the UK Corporate Governance Code 2018 (the "Code") and report on the

application of the Principles and supporting Provisions. Given the nature of the securities in issue, the Company

(nor any Company within the Northern Powergrid Group) is not required to adopt the Code, and it has not been

voluntarily applied. However, the board has elected to operate within the spirit of the Code and explain below

how the Company’s governance framework aligns with the Principles and Provisions.

The directors confirm that the governance framework in place is appropriate to the circumstances of the

Company and the Group. The framework is agreed with the Northern Powergrid Group’s shareholder, Berkshire

Hathaway Energy. The Company and the Group has not complied with Provisions 4, 9, 12, 17, 18, 19, 20, 23,

26, 32, 33, 35, 38, 40 and 41 as they are deemed not to be relevant to the Company’s or the Group’s

circumstances (given it is privately owned) or for the reasons explained in the pages that follow. Consequently,

the Company and Group do not intend to put actions in place in order to comply with the aforementioned

provisions at this time. A copy of the Code can be found at https://frc.org.uk/.

BOARD LEADERSHIP AND COMPANY EXPOSURE

Strategic Ownership

The board (of the Company and the Group throughout) is collectively responsible for generating value for the

Northern Powergrid Group’s shareholder and wider society which is achieved through the delivery of a strategy

which corresponds to Berkshire Hathaway Energy’s six Core Principles. The strategy is set out in two forms of

business plan (the Business Plan and Annual Plan), both of which are approved and monitored by the board and

are designed to promote the long-term sustainable success of the Company and the Group whilst achieving the

commitments developed to address stakeholder requirements.

For the purpose of scrutinising performance in respect of both business plans, the board review a range of

financial and non-financial KPIs which correspond to the Core Principles and have been established to operate

within a framework of internal controls.

The deliverables set out in the business plans shape the allocation of both financial and operational resource for

which the board delegates the responsibility to a single senior management team who have specific functional

responsibilities in respect of operations, safety, health and environment, asset management, customer service,

business development, energy systems, regulation, economic analysis, human resources, information systems,

legal and finance.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Engagement and Values

The Company and Group has an established relationship with its shareholder, reflected by the leadership

structure, whereby the President and Chief Executive Officer of the Northern Powergrid Group reports directly

to the President and Chief Executive Officer of Berkshire Hathaway Energy. Frequent interaction and dialogue

with Berkshire Hathaway Energy (which is maintained through regular governance reporting and meetings with

the Northern Powergrid Group’s President and Chief Executive Officer and senior management team) ensures

that strategic views and board decisions are understood and aligned, and that appropriate values, standards and a

desired culture of integrity, openness and transparency are set. Demonstrated by the adoption of Berkshire

Hathaway Energy’s ‘Core Leadership Expectations’, required behaviour and standards include the delivery of

quality and improvement (for which all employees are responsible) to developing individuals and teams,

building stakeholder relationships and establishing strategic direction (predominantly responsibilities of the

senior management team and the board).

Employee engagement (and the investment therein) is implemented through consistent messaging and regular

training which commences with the induction programme, during which colleagues are introduced to the

Northern Powergrid Group, its business model, strategy and the Core Leadership Expectations. Throughout the

year, every employee has regular meetings with line management and communications from the President and

Chief Executive Officer in addition to having access to the board and senior leadership team during events

(whether virtual or physical), via engagement visits and as a result of rotational working locations. Whilst there

is direct exposure, given the Group’s large and disparate workforce, the board elect to engage with employees

via the senior management team and the reporting hierarchy which is deemed to be very effective. However, to

supplement the existing arrangement, the board engages directly with members of each of the trade unions

which represent the workforce.

A number of policies such as the Code of Conduct and Code of Practice and Business Ethics support the

employee engagement programme and underpin the onward dissemination of the values, desired culture and

expected standards of behaviour to the wider employee population. The board is able to reassure itself that

corporate messaging concerning behaviour and culture is provided on an annual basis in the form of training on

the aforementioned policies. In addition, the Northern Powergrid Group’s non-executive directors and

independent member routinely challenge the executive team on topics that are more difficult to track, including

cultural change and diversity to establish how embedded the culture is. In the event employees have concerns

regarding behaviour, ethics or compliance related matters, they are able to raise these confidentially via either

internal or externally facilitated independent channels.

Throughout the year, the board routinely monitored the effectiveness of engagement with the Group’s various

stakeholders via updates and bespoke briefings. In addition, the directors participate in direct engagement with

the Northern Powergrid Group’s shareholder, Chair of ISG, the external auditor, employees (as detailed above)

as well as various political and regulatory representatives. Further detail concerning the way in which the

Company and Group participates in engagement with stakeholders can be found in the Strategic Report.

DIVISION OF RESPONSIBILITIES

The role of the President and Chief Executive Officer

The President and Chief Executive Officer combines the executive responsibility of running the Company and

Group’s business with the responsibility for the leadership of the Company and Northern Powergrid Group’s

various boards of directors, which includes directing the Company and the Group, ensuring its effectiveness and

facilitating a constructive and open board culture. The Northern Powergrid Group’s shareholder supports the

role undertaken by the President and Chief Executive Officer and, through the shareholder’s regular interaction

with the President and Chief Executive Officer and input into and oversight of the principles governing to whom

the board of the Company (and the wider Northern Powergrid Group) delegates its authority, ensures no one

person has unfettered powers of decision. Chairpersons and senior independent non-executive directors are not

routinely appointed to the Group’s boards.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Non-executive directors

The board of the Company comprises three executive directors and one non-executive director. There are two

additional non-executive directors appointed within the Northern Powergrid Group. Each of the Northern

Powergrid Group’s non-executive directors and Mr Knowles (a member of the Group’s audit committee) are

considered to be independent. Although the board of the Company (nor that of any other Northern Powergrid

Group company) does not include a balanced number of executive and non-executive directors, the board

believes that the combination is appropriate, and it possesses the requisite skills and experience necessary to

provide effective leadership, stewardship and control of the Company and the Group. The non-executive

directors of the Company and the Northern Powergrid Group constructively challenge the executive board and

senior management team on the delivery of the Company’s and the Group’s strategic objectives. In accordance

with their individual areas of specialism, the non-executive directors chair a number of the Northern Powergrid

Group’s board sub-groups, which combined with the guidance and challenge they provide during routine board

meetings, gives them additional opportunity to hold the executive directors and senior management team to

account.

Time Commitment and Resources

To facilitate the delivery of their duties, the directors continually update their knowledge of and familiarity with

the operations of the Company and the Group. This is supported by robust reporting arrangements, access to the

Group's operations and interaction with its staff. Under the direction of the President and Chief Executive

Officer, information is provided to the board in a timely manner to enable directors to commit sufficient time to

the preparation for and attendance at board meetings. In addition, updates and briefings are circulated during the

course of the regular board meeting cycle. The directors are able to utilise the advice and services of the

Company Secretary and her team. Upon request, the directors have access to independent professional advice. A

register of situational conflicts is held centrally to ensure independent judgment is maintained and time

commitment is not jeopardised. Conflicts of interests are declared as a matter of routine pursuant to individual

director’s duties.

The board of NPg Northeast meet on a quarterly basis to review business performance, strategic initiatives and

operational and risk-related issues. Additional board meetings are held as required. Meetings of the board are

chaired by the President and Chief Executive. The board of the Company meet on a regular basis, with meetings

predominantly aligned with reporting financial cycles.

Board committees and sub-groups

During the year, there were a number of committees and board sub-groups in operation, acting under delegated

terms of reference which oversee the Company and Group and report regularly on their activities. Attendance at

meetings by the Company and Group’s appointed representatives during the year was as follows:

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q1UVFRUql0z549VlZW9913X0REhIODQ2Nj46lTp44cOeLn51dZWXnzD0QEwQ8AcAu4cuXKpk2bxLFARUVFQUFB4mAhi8Vy/vz58vJyk8lkbW3d1dW1efPmRYsWRUVFXbp0KSMjIzw8XKvVHj16VKFQ+Pv7Hzp06KOPPoqJifH29vb39zcYDCdOnLh48WJPT4/FYmloaPjjlU6n09XX16ekpJjN5tOnTzc1NVVWVoptKVZWVjU1NaWlpTExMdHR0a2tradPn5bJZLNmzeru7t62bVtdXZ1Sqezq6iorKxPPEXNzcz/++OMjR47ce++9YsOO2BKrUChu5naJmpqavXv39ofehoaGioqK/ra+K1euiJVxdHQsKio6fvy4g4ODVCrNyMhoampSq9WFhYUmk2n06NE3dmaTyWS2trYSiUQul8vlcplMZjabOzs7c3JyrKysrl+/Xl1dvWDBAjc3N5lM1v9eFBUVZWdnKxQKmUx2+fLl06dPjxgxYteuXVlZWXK5PDU1VaFQ7N+/PywsLCYmpqurKzMzs66uTqFQdHV11dXV3Vr7Xk5OzocffqhQKDo6OgYNGjR+/Pjg4GCxDvv37//oo48mTpyYkpLS09Nz5swZiUSSnZ1dUFAQGhp6Y7praWm5dOmSi4uLWLRb9DD09va+4447tm3btnv37tLS0pSUlOTkZLHvekVFRXZ2dnFxsY2NTWVl5cGDB9VqtV6v3759+6ZNm6ZPnx4cHHzt2rWDBw92dXW5ubmVlZWdPn3aYrHU19e///77kZGRvr6+3d3dLS0tFoslKSmpra3tzJkzly9ftra2bm5u/vzzz11dXe3t7S9dupSVlSUIgsViOXPmjE6nu//+++3t7cUj12AwlJeXf/TRRxERERaLJTs7W6fTJSYmiu9UaGhobGysyWTKy8tLSEjw8vIyGo0XLlw4ceKEtbV1d3d3R0cHd18AwQ8A8CuoqKj46quvxKvj9vb24rVqg8FgbW0tDnxatGiRk5NTWVnZvffem5OTo1KpjEajp6fn008/ff78+VdeeaWioqK9vf3s2bPt7e0ODg7z5s0bMWJEZWXlihUrRo4cOWXKFJPJ9PHHH//B6tbb29vR0VFeXl5YWCiXy41GY0tLy6lTp8TgN2TIkOrqar1eL5PJAgICbr/9drHJy2AwFBcX79+//9FHH50zZ86pU6fuvvvuoKAgQRBKS0svXbokbjwtLa29vd3b2zs+Pn7evHk3cx2am5vLy8sLCgrEH3t6esxmc0REhPjjkSNHxPlakpOTDx48+N1336nV6mHDhun1+mXLlslksk8//bStra2mpubG4BceHv7SSy999dVXd9111/Tp041GY21tbXd3t8Viueuuu0JDQzMyMkpKStRqdX9cMRgMpaWlt912W2hoaEtLy+nTp/Py8gYMGHDlypXS0lJ/f38PD48nnnhi+PDhDQ0N4nN+/fXXX3vttcGDBx85cuSjjz66tXa/kpKS1tZWo9Ho7Oy8adOm/vYlo9F4/Pjx5uZmcRfVaDTt7e3z5s27ePGiTqe7scgVFRWenp7p6ekLFiy4pedb8vLyuvPOO1UqVUZGhtiqNmPGjBkzZnh4eGRnZ5eXl6ekpMydOzc7O3vv3r09PT11dXWnT5++sVwZGRl33313aGhoZmZmQUFBa2urQqFoaGgwGAwjRoyIjY3Nzc09fvy4OKC3pKQkPDx88eLFZWVlr7zyitForKmpOXHixKVLlx5//HGLxbJly5ZDhw5NnTpVqVSK+6fJZNLpdLa2tg899FBjY+N7771XXFzc09OTlZXV0dFRWFg4cuTIJUuWvPrqq7W1tRqNpra29uzZszY2NmvWrKmvr6+pqRHfUIDgBwD4j0ybNu3ZZ58VZ87YuHHjhx9+eOrUqddeey0gIOD48eODBg3y8PCQSqXBwcGLFi3q6ekxGo133HHH0KFDs7KyXn755bKysuTk5LCwsBdeeCEvLy8lJSUwMFAQBI1Gs3///kWLFnl5efX19cXHx//B6tbZ2Xnp0qWPP/5YzLR9fX3Ozs4nT56cN2/eT4wd0mq1J06cSE5O9vf3FwTBzc1t0qRJ4kNiwFu9evWtVYeEhISpU6emp6eLPxYWFh44cODChQvij1VVVZmZmUePHhXbAN3c3MaNGxcVFfXqq6/W1NSsWLHi22+/HT169L/8K9bW1j4+PmKDc3Z2tslkam1tvbF/pkqlmjFjhl6vf//997du3drZ2TljxoyIiIilS5f6+PioVKpFixaJa3Z3d1dVVV27dk0mk0VERKhUqrCwsMTExO++++4WKvtdd901Y8aM7Ozst956S6vV9vb2iuFNpVJt3Ljx+vXrgiDY2tqqVKqSkpKnn376ySefnDp1qo2NjVg0k8n0P//zP+Hh4Vu3br112/r6L8FYLJYZM2bMnDlz375977///uuvv67VahcvXlxZWSmTyeLj4+Vy+ciRI0eOHCn+yiuvvPL111+LR3FdXV12dnZhYaH4UEhIyODBg2fMmHH58uWJEydOmjTJZDKdOXOmoaHBbDZXVFSoVKrY2FiFQhETE/Ppp58KgvDNN99cunTp/PnzCxcuFA/8ESNGaDSa/mdob2+fmpoaGxt74sSJDRs2nD9/fvLkyR4eHps3bx4+fHh6evr9998vrt/S0iI2D9bW1k6bNs3a2jokJCQkJMRkMvFVBYIfAOBXPpu8fPlybm7uuXPnxJartra2zs5OJyenG1fLzMx87rnnxo4du379+nfeeef/Zq2uX78uzqnYn3B27dp14sSJ2tpaDw8PuVzO7iQaN27cc889J3a9k8lkjo6OhYWF69atq66uXrVqVWJiYm1t7X/+VzQazYkTJ1555ZWRI0cuW7asrKzsFh229/P5+PikpaXl5ORs37597ty5iYmJP1wnICBg37599fX1b7755pYtW2bPnj1//nxBEE6fPl1XVxcREVFUVBQVFXXzz3HyEwoLCz/88MM1a9aoVKpx48Z5eXllZWVlZ2eLV1K0Wq3Y2P4TBg8evG3btv5LDPb29h0dHT+2cldX1w8f9fHxWbVq1axZsxwcHARBEO8ieOPkRhcuXJg3b97YsWMfeuihr7/++saZeID/BLN6AgD+TZcuXaqpqbG3txdP08PDw69evSrOi2AymQoLC/38/AwGw/Xr1wMDA++9997w8PAfu3OdlZWVh4fH6dOnKysr29vba2pqenp6/vGPf9w4A8otrbOzs6urK/D/SUpKio2NlUgkJ06c0Gq14joGg0FsmLp+/XpFRcX58+czMjJcXV3Pnj1bUFDQ1dWl0Whyc3O//vrr48ePV1VV/SHDiUwmO3v2rFilkpKS8+fPl5WV5eTkrFixYtiwYU5OTr9Ki1N3d3dmZqY42i08PFw8//4x4sjJ2traM2fOtLS0NDY2lpaWlpWVvf/++7fQYFQrKys/P78VK1Zcu3YtMzNTPE5vpNfry8rKPvzwQycnp7vvvnvgwIH9E89GRkY++uijQ4YMWbdundlsvqX3sa6urtzc3H379jU2NtrZ2VlZWXV2dqpUKplMJk67Io6+E+Pu9z5/HB0dPT09LRbL8ePHXV1dAwMDq6urz58//2N/y9/fv7Ky8vjx4/1xrqSkxMrKytHR8eDBg2azWfzkrKysrKqq6r/0UFdXV1BQ4ObmNmfOnISEhO/dXPGH7Ozsuru7d+/ebTQaW1tbGxoaTp06tXnz5sbGRpr+8P3PAUoAAPhpBoOhrq5u9+7dV65ckcvlr7zyiniinJ+fLwhCenr6wIEDJRLJvffeu2/fvo8++ujo0aPiSXxUVJSjo+OlS5fq6uoyMjIkEsnVq1fb2trefvttiURSX1+fmZnp7u4+YcIEZ2fnBx544JtvvmlpafH09BR71gUHB/fPF3qLEid+OHz4cFZWlkQiEe8TbWNj09jYWF1d3djY+Mknn1y7dm3OnDlubm6Ojo4ZGRlXr15tamrSaDTe3t4hISFeXl5fffVVVlZWUVFRT0+P2EfUxcUlNzf3wIEDra2tb7zxxpNPPqlUKpubm3fu3FlRUbF8+fKbcHaHjz76aP/+/c3NzQaDwWQyjRo1qrS09NChQ998801DQ8NLL720dOnSMWPGtLe379+/v62tTRAEuVyemJhoa2srl8vPnj176dKlvLy81tbWbdu2WVtb79u3T5z2MDo6OiQkRK1Wi78olUpPnjzZ2tq6d+/e3NzcU6dOXb16dffu3SEhIaGhoeKlB5lM5uLiUlFRsXv3bovFUllZ2dbWJo74On/+vJeX165du6qqqhoaGk6fPu3v7x8RETF69Ojt27d/++23RqOxqanJzs7O39//Zm6q1el0169fF+fh1Gq1np6eEydOjI2NHTp06JkzZ8rKyoYMGTJ06NBz585VVFR0dnb6+fnFx8efPXu2s7NTIpGYTCZPT89Lly4dPXq0trY2ODhYnNDyueeek8lkt99+e1JS0q14SMrlchcXl8rKyo0bN/b19XV2dppMprlz56rV6qSkpPLy8m+//VbsQd3b25uent7X1/fpp59aLJatW7e6ubmNGDFCnMqlqKhIoVA4ODi4u7tXVFSUlpb29fVZWVkZjcYjR440NDR88cUXgwYNCg0Nzc3NFTdoNBrT09NDQ0OHDBmSl5e3ceNGJycniUQSFBQ0ZcqU/nZUuVyuVCrb29u/+uorBweHixcvtre3i7c2raurO3bsmIODg6ura3Z2tpjJIyIi4uLitm3btmbNGhsbm+LiYmdnZ19f3190ixQQ/AAAEARB6Ovr02q14rT4giBUV1eLy6VSaVpa2oQJE8Qhf5MnT25ubv7mm28KCwvt7e2XL18uJreYmJjAwMCioiJnZ+fY2FipVFpeXu7o6JiSktLb26vT6Xp7e52cnJYsWdLW1lZdXW1jYxMQEDBr1qz7779fHNt2S9Pr9ZWVlQaDwcvLq62tTbzVnlardXBwGDp0qCAI4gwNISEhI0aMaG5uFqfLHz9+fGRkZFpamiAI8+fPP3HixPXr1+3t7adPn+7i4jJ8+PALFy5YW1uPHTtWvK4fFBQknmKWlJTcnJf5xc6uAQEBZrO5oaFBnO2mu7tbpVKJ9/zQarVJSUkmk6m5uVkcQzVhwoTw8HCz2TxjxoySkpLe3l5XV1d3d/fu7u6urq6+vr6AgACVStXW1hYVFTV9+vTKysq6ujq5XC6VSseOHdvd3V1ZWeng4CB2a9Tr9f2tVfb29pMnT/7ss8/q6+uVSqWnp6ednV1bW5vBYPD29vbw8Kitrb169erQoUN7e3v7+vpCQkIeeOCBzz77rKamxtPTc9iwYdbW1pMmTbqZg5/ZbNZoNCUlJeLLb25u7u7uFgRh+vTpWq320qVL5eXlERER165dS0xMNBqNGo1G3LWKi4v1en1CQsKoUaM0Go2Dg4Ovr6+1tbWLi8vEiRPFRrDU1NRb9Hj08PCYNm2as7PzsWPHGhoanJyckpOTxaGzjo6O48aN6+rqEne/pKQktVqt0Wg6OjpmzpzZ29vb09MzZMgQmUxWWlp67do1QRDS0tICAwNzc3PFW0p2d3ebTCZnZ+fhw4e3tLS4ublNnDhRIpGI7auhoaEqlcrX11ehUBgMhszMzNbWVk9PT2dn5xvvruHi4iLO7ltdXa1SqQIDA319fa9evSoIQkpKislkampqsre3F0dH9/X1eXt7T5o06fr161evXnVycoqKigoJCRk7duz3utwDgiBIbuabveKnZWVlLViw4OLFi+IpF35L7e3t8fHxb7311rRp06gGbhIzZsyIjY197rnnKMUvMnPmzOjo6Oeff55S/CKzZs2KjIx84YUXKMUvrVtERMSaNWsoxS8ye/bsgQMHvvjii5Tit/fKK68cO3bs0KFDlOJWRxMwAAAAABD8AAAAAAAEPwAAAAAAwQ8AAAAAQPADAAAAABD8AAAAAAAEPwAAAADA/8IN3AEAvzWDwVBdXb127drly5eLd5e+5Rw5cuS9994T/z9x4kQ/Pz8bG5uoqChnZ2eZTPYbPIGtW7fW1L9vYhoAACAASURBVNTcf//9Li4uEonkD7aHWCyWCxcu7Nq1q7i4eMCAAfPmzcvLy0tLS/P19f2J36qqqtq9e/epU6fs7e2HDh06c+ZMV1fXP/Bx1NHRsXbt2oEDB6ampg4YMODHVnvrrbcUCkVqaurAgQN/bJ38/Pz8/HyZTDZz5kyp9I/cKpCXl/fyyy//04cefvjhUaNG/fxNfffdd9euXfP29h47dux/8pR0Ol1ZWdnatWuff/75sLAwviDw30OLHwDgN3Lq1KmamhpBECQSiUKhCA0Ntbe3v+VeRWNj486dO/fv3y+XyyMiIiIiIurr63fv3r1v376enp7f7Gm4u7v7+vpaW1sLgtDQ0FBSUlJfXy8IgslkysnJqa6u1ul0t+h+0tvb29bWtmXLFo1GExERIZfLd+/enZGR0djY+NO/mJGRUVRU5OrqqtfrN23a1NLS8sN1iouLL1y48Ac4mnQ63bVr17Kysr788suSkpIfu8Jy9OjRnTt3nj17tq2t7Se2Zmdn5+bm5ubm9sf+CNLr9c3NzfX19SEhIX5+fuXl5aWlpeJRXFFR8dMl+t4uWlJSsmPHjszMzOvXr/+Hz6qkpGTDhg1ffvnlz38CwL+HFj8AwH+dyWRqamrKzMycOnWqr6+vjY2Nr6/vU089dSu+lpycnJ07d9ra2j7xxBMJCQmCIGRlZe3YsUOj0ej1eovF8ts8jdtuu63//2fPntVoNFFRUV5eXgaD4bPPPktPTx8yZIitre0turfU1dUdO3bsr3/965133llWVrZp0yaNRtPb2/tjv2KxWHQ63VdffZWSkvKnP/2pvLz8jTfeEFPxjerq6s6cOdPX1ye+cbe09vb2y5cvx8XFZWdnl5aWjho16oeXUcxmc3V19U+XThQUFBQUFPSH/yDq7e319PRcsmTJ7NmzOzs7NRqNyWRas2aNxWLx9vYODg7+mdvp6+vr6Oior6//Va71dHZ2lpSU9PX18U0Bgh8A4LdmNpu7urokEonFYjEYDCaTSalU2traitlGoVB4eHiIa2q12u7ubr1eLwiCi4uLra2tTCYzGo1dXV09PT0Wi8Xe3l6pVLa0tOzZs6eoqCg2NjYiIsLR0bG3t7ejo8PJyUmhUGi12o6ODnd39+bmZvFvqVQqGxsbQRA6Ojq0Wm3/aatMJnNycrKzs/tdymKxWMxm86FDh+Ry+eTJk/vDQ1pamrOzc0lJiU6ns1gsRqOxs7Oz/4zQy8vLxsamt7dXp9N1d3er1eqOjg6j0WhnZ6dSqZqamnp7e+3t7R0cHGxsbMxmc1NTk729vclk0mq1EonEycnJbDZrtVqz2WxnZ+fk5CSev3Z2dvb19Tk5ObW1te3Zs8fFxcXNza2+vr6pqWnHjh2enp7BwcFyudzGxqatrU1MpHZ2dmq12srK6sbCWllZubm5WVtb3zz9Rfv6+np6ehwdHTUaTWtra1BQ0F//+te3337b2dlZEASj0djd3a3RaARBsLa2dnBwUCqVOp0uPz+/q6vLbDZbWVklJibu2bOnra2tpqbGbDbL5XIXFxedTnfgwIG8vLzAwMCqqiq5XG4wGCQSiYODg4ODQ09PT0dHh62trYODg1wuvyWCX0FBwapVq5YvX15eXl5ZWRkVFdX/qMFg6O7u7u7unjBhwqFDh+zt7cV9pqOjQxAElUqlVCqNRmNra6tcLhf3MYPBYG1tbWdnZzab29vbTSaTXC6XSqWOjo7iQd1f9v7D0Gw263Q6nU5nMpnMZnN/dFEqlQ4ODoIgdHV16fV6FxcXhULx23SB/mn29vZxcXFxcXFi3OpfLpFIHnzwwf7Stbe3GwwGQRAcHR3Fly8IQlNTk3gcyeVyV1fXwYMHz5kzJzc312AwNDc39/T02NjYqNVqW1tbg8HQ2tqqVqu1Wq1er7eyslKpVLa2thKJRHxTxI3b2dk5Ojra2NgkJSWtWbNmypQp/elUp9P1t/6pVCq1Wt0fEbVarclk6n/m4rug1+tlMpm7u7tEIuns7NTr9UqlUjxegO9/jeEWdfjwYXd397q6Okrx22tra/P399+7dy+lwM3jjjvuePbZZ3+VTbW3t//tb39bu3bt6tWrJ0+eHBwcvHLlykOHDt1+++1qtXrmzJn9a+7Zs2fKlClqtVqtVn/22WdNTU0Wi6WoqOjBBx/09PRUq9UrV648cuTIhg0blEqleFr50EMPFRcXf/3116mpqadOnbJYLF988UViYuLVq1dTUlLUavXChQvz8/PF7b/44ouxsbHq/yciImLXrl2/bt1mzJixevXqn7Om0WisrKwcOnToww8/XFhYeONDJpNJr9ebTKa+vr78/PyFCxeKT9jZ2bmgoMBisdTU1HzwwQepqalff/31qFGj1Gr1Aw88UFxcHBcX5+bmtnLlysuXL1sslpaWlnHjxn344Yd//vOfBwwYEBUV9cUXX7zzzjupqakxMTH97299ff2KFSvuu+++ysrK2bNniyfW4eHhY8aMcXR0lEgktra2d9xxR2ZmZnV19Zw5c/z8/NRq9dKlS/u/MtauXRsXF6dWq2NjYwsLC8XI+ovMnDnzmWee+W/syX19fXq9PiYmxs7O7tFHH62vrxejYG9vr8ViKSgoeOqpp8TyDhs27OOPP25vbz9w4IC/v79MJlMoFImJievXrzebzStXrgwPD1er1WlpacXFxRs3boyLi5PL5ba2tt7e3tOnT/fz8wsJCVm/fn1TU9Mnn3wSFBT04IMPnjt37r96nM6cOfPpp5/+z7eTn5//5JNPdnR0rFy5cvny5QcOHLjx0fPnzz/00ENubm6TJ0+Oi4tbtmzZjh07Xn/9dbFua9asuXTp0vbt211dXSdPnpyXl7d///6nn356y5YtZrO5pqbm7rvvHj58+OOPP/63v/2tvb3dYrFcvnx51apV3zsMm5qaPvvsswULFgwbNiwgIKD/OF2wYMF333136tSp+fPne3l57dq1q7W19T98vbNmzfrb3/72K74RdXV1ixcvvueee763/MKFC5MnT3Zzc1Or1c8++6z4mWaxWObOnevr66tWq2+77bbKykqTyfTFF188+eSTDz300KJFi9Rq9fjx448cOWKxWLKzs4cPH56ZmblgwYKAgIDx48cfOnRI3Ht37NgxYcIEtVrt5ua2ZMmSK1euWCwWjUZz5MgRhUJx5swZ8ej+4IMP+ou5du3a/uf25ptvih+S/ZYsWTJ9+nTxTbl8+XJFRcXSpUsjIyOffPLJX7FW69evT09P50v2D4AWPwDA/1JbW7t3794dO3b09vaOHz9+0qRJcXFxH3/8cW1t7fTp04ODg4uKik6fPp2cnHz69OkrV66MGDFi+fLlpaWlH374oUqlCgoKOn78uFwu37x5c319/bFjxw4cOLB48eK2trZvv/120qRJo0ePLiwsfO6558RWrO3bt7/11ltFRUXz5s1bsWJFfn6+VqstLy8PDQ3Nzs6ura2dO3duYmJifn7+U0899dprrw0fPvx3bAhtbm7W6XRSqVRsN+tnZWXVv2Tr1q0xMTGLFi1qa2s7dOjQyy+/fOedd5aXl7/99tutra1bt2594IEHjh49evz48ebm5mefffa7775raWkpKCiwsbF58803L1y4UFlZOX369BUrVpw5c2b16tXTpk1bsGDBuXPnsrOz6+vr3dzc1q5du3PnzlGjRrm7u4vpy8HBYfTo0dHR0bW1tYsXL164cOH06dMlEsm2bduCg4Pnz59fX19/+fLlt99+e/Xq1Z9++qler3/44YcdHR1zcnLEkP8TM3/8xiQSiY2NzaZNm/7+978fPHjw3Llznp6emzZtEnuuFhcXnzhx4p133nFzc9u4cePFixfT09OTkpI2bNjw3HPPDRs27L777pPJZG+88Yatre3TTz/d19d34cKFNWvWrFq1SqPRXLx40cfHZ+rUqSqV6r333pPL5QkJCSqVatSoUbNmzUpPT7956vATmpqaNBpNamqqQqEYOnRoZmZmbm7uxIkTxUcLCgpOnjwpl8t37NjR2Nj46quvajQad3f3hIQEqVR67ty5hISEoKAgOzu7NWvWDBo0qKamZseOHXV1dYGBgYIgHDp0aMSIEWPHji0uLt61a9eyZcvMZnNOTo6tre2ePXsEQfjyyy8PHz7c1tZmb2//wgsvtLa2Ll++PCUlxdbWtr6+/qmnnho1alRAQEBPT8+UKVNGjhyZnJwsNgDe/HJyco4cOZKUlPTII48UFhYWFBRs3br1zjvv3LBhQ1RU1MyZM6urqy9evJiRkbF48WJBEAoLC/V6/axZs9LS0tatW1dfX3/y5Elxt3zyySfvueeemJiY6urq/Pz8cePGnT9/vr29febMmU899ZROp3vttdd2794tCIJY9hufQ3Z2tljqU6dOFRcXv/baa8uXLy8rK/v222+nTZu2bt26goKCxx57bN26daNGjaqqqvL399dqtd7e3kqlcsSIEREREZMnT+a7DD9E8AMA/C92dnZhYWHBwcEymWzo0KGDBg3KyclpaGgYNmzY+PHjJRJJbW2teP3+woULJ06cEATh+vXrzc3Nubm5VVVVer3+m2++uXbtmk6n02g058+fj4+PVyqVkZGRZWVlcXFx0dHREolk6NChJ0+eFAQhLCwsNjb26tWr6enpo0eP7u3tzcvLa2hoEATBZDK1t7cPGjRoxIgRUqlUKpX6+vo6Ojr+joFEoVD8xJyHRqOxqKhIo9EMGTJk1KhRWq3Wx8dn1apVDQ0NXl5e8fHx4tSUY8eOvXbtWn5+flhY2JgxY0wmU1ZWlkajcXJyGjJkyMGDBxMSEkaPHu3u7l5dXZ2bmztkyJDk5OSmpqaioiKxk5j4pgiCoFAoYmJiPDw8PDw8oqOjExMTAwMD5XL5wIEDIyMjL168eODAAXGAZXd3d0lJiZeXl8lkOnr0aE1Njaenp4ODw7Vr1y5dutTV1XVT7YQSiSQ5OVlsHL5w4cKWLVtWrVq1ZMmS6OjoiIiIxYsXh4eH7927t6ioyNnZ2WKxuLi4JCUlqdXq4ODgwYMHX7t2LTMz02AwXLt2TSqVXr16taGhwcXFJSgoqK2tbcCAASNHjhQEYcaMGceOHWtoaBB766WlpcXExKhUqpv/IK2srDx48GBxcfGBAwfq6uqKioqMRmNNTY046+mFCxcaGxtjYmJGjRrV3Ny8bds2GxsbhUIRFBQ0c+bMnJwcKysrBwcHvV4fFBQUHR2tUqkGDBjQ36HaxsYmLy/P0dExMjIyODjYwcHh8uXLra2tAQEB4qSXdnZ2b7zxRlFR0R133DFo0KArV64MGjRo9OjRCoWisbFx5syZWq22s7NTIpHY2dmNHj3azc3texdKblpXr149ePCgRCJpampqamoqLCwUBKGzs/OLL7549913hw8f3tXVlZCQYG1tLfYHdnZ2dnFxGT16tEwm6+vra2tri4mJiY+PP3ny5NChQ0ePHt3Z2dnW1lZdXW2xWE6dOmVtbT148ODExESdTldYWFheXl5RUXFj8KusrKyurhavRAiC4Ovr+/777xcUFIjtrjU1NePHjx81apSNjY1EIgkODg4KCgoICDAajV9++aVWq7VYLJ6env7+/j8xyysIfgAA/P/UanVSUlJsbKyDg0NcXJynp6cgCFKpdOzYsb6+vgqFon8OiZaWlr6+PnGwkEqlmjVrVkhISG1trTh4TxwNOHLkyISEhBvnLZDL5cHBwdOmTTt//rwgCElJSSUlJceOHbvnnntcXFzE+NTT0yOVSgMCApydnS9fvqzX6+vq6kaMGGFvb/+bzZ7yQzKZzMPDw8nJqbOzs6mpKTQ0tP+h9vZ2cVxQaWmp2OFQPD9OSkoS26kGDhw4ZsyYmpqaSZMmiS/Tx8cnNTVVpVI5ODiI05C4u7tPmjTp3XffHTNmTFxcXGdnp42NTUBAQFxcnJ+f340ztYwfP/7bb7+9cZDSP9XT09PY2BgUFGQymezt7ZOSkkJDQ/v6+urq6sQgLZFIQkJCQkJCbqrhQCaTqbW1VTyHTk1NvXLlikajOXbs2ODBg319fW1tbW1tbb/99tuWlpYbBzt9bwvV1dV+fn4Wi8XGxiYyMnLw4ME/nOomMTHxyJEj5eXlVVVV+fn5Y8aMuSVSnyAIGo2ms7PT3t5ep9M5OTk5Ozt3dXXl5eWJwa+urs5sNgcEBMhkMk9PT2dnZzGlWFtbe3t7y2Syjo6OhoaG7u5ucUcNDQ2Nj4/vH5WakJBQX1/f0tLS2dmpVqt7enrESWKVSqW4wqBBg+RyudFoDA0NTUtL0+l0rq6u4qYcHR3vvPPOt956Kzg42MfHR6PReHl53UKffhqNpr29PTAwUK/Xi32JBw8ebDKZqqqqHB0dbW1tVSqVn59f//qenp5hYWGBgYHifMU6nc7Hx2fUqFHbtm2bMmXKgAED8vPzTSZTd3e3eIHM399fLJS1tfXIkSMrKirEYZP9mpqaxHdW/DEkJMTb27uhoUGn03l4eISEhBQWFm7atKmxsTEpKcnZ2VnM8H5+fjKZLD8/Xy6XKxQKb29vvshA8AMA/JpsbW1jYmLGjh07bdo0i8XS2tpqY2OTlZXl5+cXFxe3ePFie3v7rq6u3t7efzmp4A9JpVIPD4+oqKjDhw+fPn3azc3tiSeeiIiI+B1nqrSysnJ1dY2NjS0tLT179uzAgQPF28TpdLqioiKxPU1s9GhsbNTr9TY2NgaDwcrKSi6X/y4zW1hZWXl7e8+ePXvq1Kmurq4ajUacMMbe3j45OXnGjBmxsbEmk6m+vr5/tp6bgZifDx8+PHny5OTk5JiYmNdff/2ee+7p7u5ubW3Nz89/5ZVXRowY8Ze//OV7J8037jwODg6TJk26/fbbBwwYIE7i/8O2Ymdn59DQ0OvXr585c0ar1To5Od0S07p0dHRYW1unp6f39+389NNPv/rqq5MnT06bNk1833U6XUtLizgw1WAw9PT0NDQ0GI1Ga2vrhISE9vb28+fPu7q6hoaG/rAtzsXF5b777isuLt62bdvXX3/t7e1tsVg6Ojqqq6vFLeh0uhsvAH3vMyE5Obm9vb2oqMja2vqWm1fWxsYmODj4rrvumjx5slKpbG9vN5vNjY2Njo6OFRUVYWFh7u7uBoOho6Pj37hFpFKpbGpqqq+vj4yMtFgsWq1WvIrxvSeg1+tramq6u7uVSqXZbBYvlikUCgcHh1GjRh04cODkyZOenp7Lli2Li4sT+9D6+PiMHTs2KyvLwcFh6tSpP396Uvxfw338AAD/izh3ZV9fn/kGFotFzG/9D/X19YWHh1+4cOHLL780mUwmk2nPnj25ubl2dnZWVlbr1q3r6OgwmUzZ2dlff/11U1OTuOX+jYhTHYj/EbcvTgzYv32j0Zifny+VSleuXHnmzJl9+/alpaXZ29v/7pOe33vvvUql8osvvti/f7/4wsvLy0+dOnX9+vXx48eLQ3pycnLKy8t7enqqqqrEG+45ODjcWMa+vr6+vr7+Uog/3liWfuLy/lkT+1fo34LYBCr+vz9gi5tycXHx9/d/+eWXxbkosrOzt23bZmVllZSUdPjw4ePHj5tMpubm5n/84x91dXU32364Y8cOcfSjyWTS6XQXLlyQSqVdXV1VVVU+Pj6vvfaah4dHfxH6/xVfuFKpHDZs2GeffZaXlye+QW+++abY6iJWz2QyiVMdpKamSiSSTz755OaZ1PRfHpvffPNNU1NTTExM//LIyEiVSnXkyBFxP3F2dq6oqNi3b58YIWpqajIyMrZu3SoehiNGjCgvLz9+/LhOp/P29raysrrxYO/r69u8efP+/fvd3d2XL18+ceLE2tpaNze3lpaWb775pqamxmQyFRUVBQYGii35N34g9D+fuXPnnjx5cteuXTdnh0NxAqH+406ck0k8jnx8fBQKxauvvip+fB09enT//v3iwLnjx4+XlpaaTKaampovvviiu7v7xuNU3KNu/EAT/3PjURwVFVVYWHjy5ElxLqiioqKIiIiwsLD+A1m824RMJjt//nxeXp5Wq21sbJRIJP7+/q6urg0NDTU1NcuWLTtz5szu3bvnzJmjVCrFsvv7+48fP37z5s1XrlzRarV8i+FHrwZSAgDAjaqrq3fu3Pn555+Lpzh2dnYZGRlms3n58uUBAQHXr18vLCzMzc11cnIaPnx4R0dHRkZGfHy8xWJJSUmJjo4eNGiQnZ1dW1vbpEmTzGbzgAEDZsyY4ePj09zcXFBQsHTp0kmTJoWFhW3YsKG5ufnVV1/duHFjSUlJVVXVtGnTFi1adOLEiZycHLHzYWBg4N69e9evX9/fxywtLe2ee+5JTEz8HesTFhb29NNP79ix4+mnn3711VcFQQgICLjjjjsWLVokk8m8vb1Xr1798ccf33777Uql0t3d/YUXXvD19d22bdsbb7yh0+n+/Oc/KxSK7Ozsa9eulZeX5+bmZmRk1NTUlJSUiMN7iouLX3rppYsXLyoUis8//1yn07355psVFRW5ubldXV3z58/ft2/fs88+u3v3brlcvmzZsnfffdfd3f2rr77atWtXenr6X/7yFy8vr/Xr1x85cuT2229/6KGHampq7rvvvt7e3tDQ0BkzZsjl8oceeqinp2fr1q3vv/++g4PDhAkTfnjLu9/dY489dubMmc8//1xsGFm2bNnEiRP9/Pyqq6tLSkri4+MlEok4GWlHR8fDDz+8atWqwsLCsrKygoKC++677y9/+cvf/va39evXP//88+7u7lOnTpVKpU5OTuXl5Vu2bNm1a9fGjRt9fHz8/f19fX2dnJzEIWo3+bFpNpvXrFmzf//+lpaWtLS0TZs2icszMzN37tzZ09MTHx//+OOPp6SktLa2vvfee8nJyS4uLi0tLXPnzp0/f77YrhseHi4IQk1NTf8NA7KysrZt23by5El/f38vL6+urq7S0tLt27fX1tY6Ozs/+uijXl5eEolk586dEyZMsLKyGjhw4MKFC6Ojow8fPvzMM89oNBoHB4e+vj5x5KQgCIMHDz59+rSLi0tYWNhNWEaDwXD69OkNGzZ89913Fotl2rRpL774YkREhFKpTElJMZvNL7/88m233WaxWOLj42fPnu3j4/POO+/ceeedd999t1Kp9Pf3v+uuu06dOvXhhx9evHgxNja2ra3to48+qqysfOONNw4fPuzo6FhaWvrYY4/Nnz+/oqLiyJEjdnZ2a9eunTNnTldX1/79++Pj462tradNmzZjxoyQkJDjx48/+OCDRqPxiSee+Otf/zpz5kyJRLJw4UKFQuHk5HTnnXcuXbpUfObHjh376KOPxPvZSCSShISEFStWJCUlCYJgZ2d3xx13REVFubm58S0Ggh8A4GdxcnIaP368n5+f2WwWRwQNGzZMEASlUqlUKvV6fXd3t1wuDwsLc3Nzmzhx4oABA8SWBH9//9DQUAcHh9jY2CeeeKKqqspsNru4uAwYMMDBwSE6Ovrll1/u7u729vZ2cnIShw6Kd6Xr6ekR5ywJCwtLSkpqb2+3t7cPCgrq7OycNGnS5MmTxUFxgiBUVFT8jmP8RAqFYuDAgQsWLOhvclGr1QMHDnR3dxcEwcbGZsiQIXZ2dtXV1VKpVKlURkdHW1tbT5gwISAgQCqVurq6SqXSyZMnizf+8vf3j46ONhqNarXayclJq9VOmTKlr6/Py8vL2tpanMLUz8+vo6ND7NYol8sdHR3vvvvu8ePHi11PpVLpzJkzk5KSxAYcOzu7l156qb29XZyxw9PT8+mnnxbvFih27ZNKpe7u7gsXLkxNTdVqteJbeVON8ZPL5eHh4YGBgbGxsU1NTWL3wvj4eB8fH1tb2+HDh7/66qs6nU5cU7xXZFhY2FNPPWU0GgVBcHV1DQ8P9/LyWr58eU1NjU6nE1cQeyY//PDDM2bMsLe3d3FxkclkYlaPiooKDg6++ScgEfec+Ph4vV5/49i5qVOn9kesuLg4f3//22+/PTg42GAw2NraSqVSLy+vwMBAMd7b2trOnz9fo9EEBASIvxIREbF8+fLZs2eLJfL19RVvranValUqlTiuMjExUa1WizOOuLi4REdHq9XqlJQU8dqHl5dXSEhI//Oxs7OLiYkR79J5M577WlkNHDhw+fLlCxYsEATB3t7e399fvHGo2At69erV4gBmLy+v0NBQcajt6tWr+++CKN4yceXKlR0dHWq12sPDw9/fX9y4UqlUKBTz5s0TBCEoKEir1U6fPt3a2trf3z8gIEC87NXS0iKVSgcOHBgSEqJQKKKiotauXSu+NbGxsR4eHnPnzhXrqVAoIiMj3dzcxOGs6enpcrlcfOvNZnNBQUH/TiveXDElJeXGIYgAwQ8A8FPEOV3Eexz/S/7+/v1nPP1UKlVKSkpKSsqNC93c3KZOndr/Y2xs7E9vWavVvvnmmwMHDkxOTu4/lXnnnXd+966eYt6IjIyMjIz8p4+q1eoRI0Z8b2F8fHx8fPw/XT85OfnH/tCP3bti9OjRN/4YFRV1482709LSbnxUPFn/npiYmBv7Ct5UrK2txRT9w11LjMH/9NR25syZ31syaNCgQYMG3bjE3d1d3HK/trY2uVweFRX1T0es3YTBb/DgwT9cnpiY+L1m8AEDBvxEN8uEhISfOIq/d3eB/utBSUlJYuNSv7CwsH/apldZWenn59cfLG/C4Pdje5EgCM7OzuPGjfvh8v4Rlf1ufIE/sxuCeEnrX36KhoaG3jh3lHh17OjRo76+vikpKeJDRqPxrbfe+t7gYU9Pz99x3mMQ/AAA+HeYzeby8vLu7u7u7u7+zks2Njb93T6Bf5vRaKytrb1+/XpTU5OVlVV0dDQ1+c+1tbWVlpZ2dHSUlZXFxsb+0wCJf3uPvXr1al9fn/gfQRD6+vpkMpnRaLxy5UpNTU1vb++AAQP4eATBDwBw67G1tV2+fPnq3VcbcAAAIABJREFU1as3b97cv/DAgQM3Nm0B/57u7u5Dhw598MEHKpXq3nvv/bHGWPwipaWl69aty8nJueeee26he2PcEtRq9bJly/70pz9t3bpVXCKXyz/99FOZTPbxxx9v377dz88vKyuL5j4Q/AAAt+D3k5VVdHT0li1bbrxXmzgmEPjPT6MXLlw4e/ZsqVR6y91y4KaVmJi4efNmk8lka2t788+Uc8t9Hvr4+Gzfvr1/5l6JRKJSqSQSybPPPvvkk0/KZLJborsyCH4AAHyfRCKxtrYm6eG/QZx35/9j777jorjWh4HP9sayjS2wS++9GUQsKCKo2IgiiSUmxqiJuclPjcnPGG+aMdeYqClq1KjYY0UFFQREROm9LU2W3YWFBbb3/v4x78uHVxOT3JubqJzvX+7s7Oz47DAzz5xzngP6xf25sFgsXCIF+G+cD1Eo1C8WYcJgMKChD/i9pz4QAgAAAAAAAAAAgOcbaPEbF9rb27u7u+VyuZOTU0JCAoPBwGAwKpVKIBA0NTVBEESn00NDQx+vNAX8h6RSKZ/PF4lEYxe6u7tHRkb+0eLpBoOhsrKSzWZzudxHnu0plcr+/n6FQhEXFweetgIA8DTr6uoqLy+H/x0UFESlUlEoFJvNJhKJSORf8TC6tbVVLpeHhITQ6fRnYtL2389iscjl8rKyMnjmj7FiY2P/9MGxcIGcioqKpKQkOp3+FE4F+Z9E8uHDh0Kh0MfH55HqmmP19vYODAzAc9U8YWu9vb319fVJSUlOTk6PFOEEAJD4AX++hoaG7OzsiooKi8Xy+eefL1iwgMlkKhSK0tLS/fv3azSaF154Yd26dSDx+9P19/dnZ2dfvnx5eHg4ICAAiUQqlcrw8PD169enpKRgMJjff9uh1+uvX78eExNDIBCcnZ3NZvPw8DCLxcJgMDKZrLq6Gp7RGCR+AAA8nQwGg1QqvXbt2oEDB8hkMgRBqampNBqNQCCkp6f/ZQPtqqur29vbGQwGjUYzGo3wJIFEItFut8vlcgKBgMPhnv4J/X4tXenr6/vpp5/KysqQSCSbzYaTsZGRkdWrV7/55ptubm5/4tcNDg5euXLl008/vXHjRkxMzPOU+BmNxmvXrmVnZy9btszd3f3x8YoOh8NgMNy8efP+/fsRERFPTvza29t/+umnqKgoPB4PEj8AJH7Af11mZmZmZua5c+eWL1++Zs2a6upqJpPp6en5+uuvJycnFxQUwFMwg0D96aKjoz09PQMCAvbs2VNWVubk5HTu3LlDhw7985//DA0N5fF4v/9KSafTv/nmm9GXAwMDX3/99bZt2zgcjo+Pj4+PD4g2AABPs66urs8//3xkZOTAgQOpqakQBB09evSnn37C4/Hp6el/2W6sWrVq9N8dHR0ikYjH48XExJjN5osXL4aHh4eGhj6jI0vhadZzc3NXrFhBJBI//fRTeKbv77777vr163q9fuxF5D9XXFy8Z8+e5/JYtVqtDQ0N3d3d7e3tQqEwMDDw8RVaWlpOnjwpl8t/c0rS1NRU+IAHgL8dGOM3LiAQCAQC4enpuWjRokmTJv3www9lZWWIx4BA/ZciP1Z8fPzEiRP1en1ra6vJZPr3NtXZ2ZmTk/OLb4GYAwDwdMrNzUWj0QsXLkxISIDPV+np6Vu2bJkzZ45MJrPb7X/9aTk7O7ujowNebjQajx492tPT8zxdcWApKSlcLrevr08qlTocjj/r62bMmLFx48bn70BVq9WdnZ0zZsxITExUq9UNDQ2Pr4NGo0NDQ1euXDlhwoQ/9LuA8wDw9wItfuMIDofz9/d/8803P/3005ycHAqF8kgzkUAguHXrVnV1td1uDwwMnDlzJpyibN++fd68eX19fYWFhTQa7Y033ujo6KiurkYgEFOmTJk7dy788ezs7KtXryKRSAaDsWHDBtBx9BfJ5XK5XI7BYNhsNhqNrq2tLSoqam1txWAw/v7+y5cv5/F4Uqm0oqLi2rVrS5cu1ev1Xl5eMTExcrl87969M2fORKPRd+7cyc7OhvtNbdq0ycXFpbm52Wq1LliwAIfDtba2FhcXV1dXQxDk5+e3ZMmS4ODgoaGhyspKhUJBJpPb2tqGhoZiYmLGPvkGAAD4L7HZbHK5vKKiwtXVNS4ubnSUMoPBmDZtWnh4OJ1OR6FQYrH4+vXrVVVV8L3y559/7u7urtPp6urqzp8/v3HjxnPnznV1dcXExKSmpubm5nZ2dkZGRiYlJQUHB+t0uhMnTnh7eyuVypaWFrVanZqaSqVS7927JxKJoqOj161bB3/phQsX+vv709LScnJyrl+/DkFQS0uLt7d3R0cHn88/ePCgWCyeM2eOr68vvDNqtTo2NjY9Pd3d3R2+0j148GB4eJjBYGzatInFYj39Hew7OztVKhWbzR4t9//zzz+XlpZqtVo8Hr906dLY2FgqldrT05OXl1dZWQlBUHBwcFJSUlxcnE6n27t3L5VKHRoastvtycnJ06ZNO3PmTG1tLRaLNZvNz9/hKpPJKisrZ82ahUKh7t69O/poAKbT6RoaGg4fPgxBEJVKhQemDg4O7t27d2RkhM1mJycnh4SE5ObmVlVVLVy4MDw8vKOjo7CwcMeOHRgMJj8/v7i4GI1Gr1ixQq1W+/n50en06urqH374Ad7+nDlzZsyYwWazDQbD9u3bORyOVqtVKpWenp5NTU12uz09PT0hIUEoFO7fv9/f3z8jIyMgIACcZACQ+AG/wMnJaebMmcXFxXw+Pz8/f8mSJaNvGQyGlpaWS5cuRURE6PX6+/fv43A4T0/PS5cunThxQiQSeXt722y2iooKs9nMZDKVSqVIJJLJZHDiV1RUBKeCJBKpsbGxpKQEjUbDl0kAgiClUvn999/jcLiOjo7BwcGkpCRvb2+5XN7Q0CCTyRgMhsViuXv3LpvNnjlz5uDgYGVlJY1Ga2hoEIlE06dP53A4ubm5WVlZXC43KChotAo5nU6XyWS1tbXFxcUBAQFz585Vq9UtLS1isZjBYDgcjurqaiqVqlarBwYGDh8+rFar4+PjIQjq6ekRCoUg8QMA4K9J/KRSqUQi8fb2ZjKZY99iMpmjSwoKCoRCIYPB0Ov1bW1t58+fX7RokUQiOXjwYG5uLp1ON5vNEolEJBINDQ2hUCi5XH737l0qlcpise7du5eVlcXhcOBLlUAg+PHHH2NjY61Wa29vr0gkmj9/PovFKioqysrKQqFQM2fOJJPJOBwOhUI5OztTqVQ6nY5EIp2cnMhkslarra6urqysRKPRKBSqrq7OZrO9/fbbVVVVjY2NBoMBi8WKRKLTp0+vXLmSy+U+hTFvamo6dOgQnGN3dnb6+PhMnz6dRCJBEFRZWSkUClEoFIVC0Wq1WVlZCAQiPDy8qanpypUr4eHhOp3u3r17eDzey8vr1q1bWVlZYWFh7u7unp6eNpvtzp07zc3NNpvNbrcPDQ09f4erxWJRqVQ8Hi8xMbGmpqa7u1sqlbJYLLi9rr6+/urVqxgMhkwm9/X1wXV0UCgUlUotKioKDw93OBzwZCFmsxmBQFRUVJw7d47P53/22WdDQ0M9PT1qtRqHwx08eDA6OprL5ba2tlZVVWGxWCcnp5GRkcLCQrPZPHny5Ly8vBMnTkyZMgVODgkEglwuHxgYSExMRKFQZrNZKBSGhYU9o+NRAZD4AX+d119//euvv37w4AGTyXzhhRdGz3RWq9XNzW3z5s319fV79+4VCARKpfL+/ftGo7G5uXnOnDkvv/zy3r17b9y4sW3btpSUlGvXrj148MDhcJhMplOnTul0ujlz5lCp1IGBgcLCQnd3d5D4jdLr9fn5+fAJOiYmJjMzk0KhFBYWymSyWbNmJScnj4yMfPXVV4WFhfCQDJlMtmTJkpaWFgaDQaFQlEplQ0ODRqOx2+0BAQF0Ot1gMAwNDW3btk0mk929e7evrw9+5tfW1iaRSF544YUlS5bYbLavvvqqpqZGq9WSSKSOjg6z2ZyampqUlFReXn7y5EmDwYDD4f6aSnoAAIxb8GXiCZ05bTabTCYrKytLSkpatmyZQqG4devWDz/84OnpqdPpGhsbrVZrW1vbxx9/7Ovrm5WVVVlZuWfPHrFYDD+X1Gq1bW1tUqlUoVBMnDhx2rRplZWVH3/8cUhIyKpVq9hs9rlz50QiEYPBaG5uhp9jwr1XmpubWSxWWlpaTEyMQqHIyclZunTpkiVLxGJxVlaWSCTKzMy0Wq3Xr1+/ePHiK6+8cubMGYPBEBUVxWKxysvLDxw4kJyc/HQmfmKxuKioCIfDQRCEx+MTExO9vb2NRiMOhztz5kxsbOzKlSvpdHpPT8/q1atra2upVKrNZuNyuVu2bKmqqtqzZ09vb69ara6rq1OpVM7OzkuXLp06dapYLH7nnXemTp06b948q9V68uTJ5+xYNRqNCoViaGiopKQEj8fLZLKBgYHGxsZZs2ZBEKRSqR48eMDn848ePcpkMv/3f/+3rq4Ofn6xdetWtVodFBQUGBhIoVCmT58eGRnp7u5+9uzZtrY2OGlUq9UmkykoKIjL5R49enT69OkQBN27d6+3t3fHjh1MJlMgEPzrX/+6f/8+nU4vLS01GAw8Hm/58uVRUVEGgyEkJOTy5ctwCVw3N7clS5YsX76cSqWCMwwAEj/gSeDuf4cOHdq/f/93330HX4ydnZ3nzp0bHR1dUlLy9ddf8/n80NDQoKCgQ4cORUVFbdy4MT09vbe318nJKS0tLTk5mUwmw51GHA7H0NDQwMDA/fv37969C39FdHS01WoFoR7l5uaWm5s72s0GgiCTyVReXu7i4gI/7aZQKG+++eb//M//DA0N+fv7m0ymVatW/fjjj0uWLGEwGEQicdu2beXl5Y/3KQoNDX3xxRdJJBLc5aa+vt5iscA3IkgkcsWKFZ999hkKhZo3b55Wq5VIJBkZGUwms7y83Gq1DgwMcLlc+M4AAADgvwSFQjGZTDweb7PZLBbL2LesVqvNZtPr9aWlpQwGAz4f0mi0zMzM06dPK5XKmTNnQhC0devW/fv3s9nsiooKf3//xMTE8PBwq9UKl1v09PTcsGFDS0vLhAkT5s6dSyAQ6urq3NzcVq1aFRoaWllZ6eLiAn/de++9J5PJWlpanrzDSqWypqamsbHxwYMH8KOxqKiowcHBxsbGzs7Oa9eujdZm/BOHzP250tLSRou7HD58+MiRI6Wlpfv27fP29r537150dDSHw0EikV5eXitXrtTpdBaLBU6Ai4qKdu/e3dHRERMT4+fn98knn9TW1k6cONHLywuCIK1We+PGjVWrVnE4HIfDERkZ+Zwdq1KptLy8/Oeff/7555/h49PNza20tDQ5ORmBQPD5fK1WGx4ezuFwIAiKi4tTqVSjnw0PD9doNP39/RgMpqKiYvbs2UQicenSpRaLZf/+/fDdV29v7507d2bPnn3y5EkCgQDPxqTT6dhsNgRBvr6+M2bMePjwIR6PP3LkSGRkZGhoqKenJwRBBAJh2rRphw8f7urq8vHx0ev1PB4PNPcBfxR40j9OTZkyZdGiRVgsdtOmTQqFAl54+/bt2bNnV1ZW7tix49+oQLVu3bqG/+f06dPTpk0Dcf5NCoVCq9U+sjA6Ovqbb765f//+sWPHli5deurUqT+0TbVarVQqQWwBAHh6Ej83NzcejycSieDJY0fB48pKSkosFsvw8PDj58O/C5PJ/OKLL0pKSuCL2pkzZ9zc3FAo1DvvvJOXlzd6sXsmMp9ly5bFx8cPDAxUVFSMXnoev0zcunVr7ty51dXVX375ZXJy8vg8VoeHh9ls9ujve/78+UmTJuXn5/+ez8bFxQ0NDT35scLHH3986tQpNze3uLi47777TiQSqVSqkZGR37l706dPN5vNBQUFXV1dKSkp8KAPAACJH/Ab8Hj8zJkzV6xYwefz4eevAoGgp6fHz89v9erVgYGBv/9sgkAgmEwmh8Pp6+trbGzkcrlcLre0tLS7uxvE+Ul/e0hkQEBAVVVVbW0tBEEWi6WrqysiIsLDw6OiouLgwYOenp5bt2718PCQSqVyufx3btbLy6u7u/vevXsQBDkcDoFA4O3tDUZ+AwDwN0IgEGg0+uWXX0aj0ZcuXSosLISXi8XiBw8etLe3x8bGBgYGikSihoaGvr4+i8UyODhIpVI5HM7YjhJ/GQqF4urqevz4cYfDweVyDQZDQ0ODUqkMDg6ur68XCARcLpdEIuXk5Mhksqc//nV1dUKhkEQiwfP4BQcHd3d3NzY2wpeetrY2d3d3s9nc29vr7++/Zs2agICAX5tWEYVCcTic0tJSgUCgUChEIpHRaNy9e3d7e/tzcKAqlUqlUolCobj/T3x8fGRk5MjISElJiUajcXJy0mq19fX17e3tFoulp6envr6+pKQkPz/fbrfDPWgEAkFbWxs8ZPSR7T98+LC4uFgqlaakpKxdu7ajo8PhcLDZbI1Gk5eXB/eTEolENpstKirqF/dwzpw5Uqk0Nzd3aGiIQCCAkRrAHwXaiMcFqVR69+7dW7du9fb24nA4uJMGh8NJTEzMzMyEczwSiYTH48Vi8blz59BodHt7O5FI3L17t9FoVKlU2dnZcIcc+HnhzZs3VSpVQUFBf3//d999t2rVqmXLll28ePG7774rLS2FIIjD4QQFBYHICwSCoqKia9euyWSyjz/+OCMjIyQkBB5tj0Kh4uPjm5qa6urqtm7dCtfFmTx5cmBgYF1dXX19/UcffQTfMLHZbKlUevPmTXi2XAaD4eHhgUAgysrKdu7cOXXq1K6ursLCQiwWW1JS4uXlFRER0draunXrVofD4eTkFB4ezuVyq6qq8vPztVptZGSkTqe7efPm0NDQ7t27t23bxuPxwC8FAMB/2+TJk3U6XWFh4b59+4qKiiAIwmAwLBZr0qRJXC6XTCanpKTw+fzPP/8cvmlOSUkJDw9vaGi4dOmSVqvdv39/UFBQeXl5bW2tTqejUqmFhYV1dXUajQbuFgHXK4bPezk5OSMjI1euXCkqKiotLeXz+cePH2exWJWVlZWVlSKR6NixY9u2bXN2dm5oaJBIJImJibNnz6ZSqTk5OWq1OjQ0NCUlpaGh4ccff4TP2PBcfy+99NLx48evXLkCl/hHIBBPVVlLk8kkkUguXbpUX1+PwWB27twJp818Pt/hcMydOxe+Lr/66qtXr149evTo7du3EQgEj8cLDQ2lUqnNzc1isfjMmTMoFKqrq0sqle7btw+FQvX19V27do3BYKSlpdFotLfeequgoGBoaMjNza23txeJRAYGBpLJ5Gf64HQ4HJ2dnTdu3KioqKDT6aGhoQEBARgMRiQS9fT0jIyM7N27d8aMGQkJCeHh4Q8fPty5cyeHwxEIBKPPvhEIBIFA8PX1vX379o0bNzZu3Aj3w7x3797169fhutyRkZHNzc19fX1kMlkmk/n5+TGZzJSUFIPB8O233xYXFyORSBwOFx8fbzQaf/zxR6VSefXqVR6PN2/ePHg/uVwum82WSCR0Oh2cUgCQ+AG/zGw2Dw8PG41GHo8nkUhGL1Tu7u5vv/02PHKPxWJFREQEBweLRCI6nR4dHQ1BUF9fn8PhmDNnjs1mU6lUFAoFbjsymUwKhYLL5Xp7e/f391ut1tTUVI1Gc+nSJYFAAEHQjBkz4CeL45zRaFSr1TQaLTU1tb+/X6PR2Gw2+C0kEunn55eRkVFQUNDU1EQgEOLj46OiouAJ2SdPngzXNI+IiIiNjUWj0VqtNikpyWazWa1WZ2fn0NDQlpaWoaGhkZERNBrN4/GIRKJOp+NyuQsWLCASiRUVFfC0gWFhYXg8vrOzEx7s4XA4lEoli8VKTk5WKBSj+wMAAPBfxWKxFixYQCaTz507B18pPDw8QkND4XEBVCr1pZdeys7OLi8v1+l08A2xm5tbU1OTk5PT/PnzFQrF8PAwk8kMDQ2F75vNZnNYWBiTyRwaGiISiVFRUSaTyWq1ms1mFxeX1NRUi8UikUioVOqECROsVi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Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

The senior leadership team attend meetings of the RAB and relevant members also attend meetings of the

Health and Safety Committee and STAP. A number of independent members are also appointed to the STAP.

Health and Safety Committee

Role: Meets bi-annually to manage the health and safety policy and performance of the Company and Group.

Duties:

• oversee the implementation and review the effectiveness of health and safety policy;

• develop the strategy for managing health and safety issues;

• monitor health and safety performance consider policy changes; and

• report to the board.

STAP

Role: Meets quarterly to provide independent and expert challenge and assurance to the Group’s plans, as the

sector transitions to the low-carbon energy future embodied in the national targets for decarbonisation.

Duties:

• provide strategic oversight and challenge of the Group’s science, data and technology programmes, initiatives

or projects, and promote a culture of change, creativity and innovative thinking;

• keep under review progress against ED2 (including decarbonisation) commitments;

• monitor the level of risk and opportunity associated with the programme; and

• report to the board.

Further detail concerning the Audit Committee and RAB can be found in ‘Audit, risk and internal control’

below.

Appointments

Given the nature of the relationship between the Northern Powergrid Group and its shareholder, a nominations

committee has not been established for the purpose of identifying board appointments, or indeed considering the

removal of directors. Instead, this function is undertaken by the appropriate representative of Berkshire

Hathaway Energy and the President and Chief Executive Officer of the Northern Powergrid Group. All board

appointments are subject to a formal and rigorous process and are considered with due regard to the board’s

overall composition including the balance of skills, experience and the promotion of diversity, inclusion and

equal opportunity, ahead of recommendations being put to the board. Succession plans are in place for all board

and senior management positions and are reviewed and agreed by the President and Chief Executive Officer of

Berkshire Hathaway Energy. Prior to appointment, the commitments already held by directors are considered so

as to ensure each individual has sufficient time to discharge their duties.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Evaluation

The board of the Company (and that of each Northern Powergrid Group subsidiary) is subject to thorough

evaluation as a consequence of its performance being continually monitored and assessed by Berkshire

Hathaway Energy through the delivery of the Annual Plan. In addition, each year, the President and Chief

Executive Officer of the Northern Powergrid Group considers the composition of the board as a whole and its

effectiveness in achieving strategic objectives during the annual performance evaluation process. Off cycle

reviews of the Northern Powergrid Group’s governance arrangements (including the composition or board and

sub-board groups) is also undertaken periodically to ensure its structure remains fit for purpose and evolves to

reflect changes to strategic priorities. The Northern Powergrid Group does not and is not required to undertake

external evaluation of its boards.

As a matter of routine, the committees and sub-groups that have been constituted on behalf of the Northern

Powergrid Group have historically been evaluated through the activity delivered in accordance with their terms

of reference. In addition, board committees and sub-groups are also subject to the aforementioned off-cycle

governance reviews, whereby the scope, purpose, duties and membership are revisited so as to ensure they

remain effective, are refreshed as appropriate and have the requisite level of skill and expertise.

The Company’s Articles of Association requires the periodic retirement and re-election of directors.

Appointments and reappointments are therefore put to the shareholders at the Company’s Annual General

Meetings. The notice period for all board members is less than one year.

Diversity policy

The Company and Group has adopted a number of policies (including the policy on diversity at work and the

Code of Conduct) that collectively comprise the policy on diversity. Diversity is actively supported through

recruitment, educational programmes, employee opportunities and the Global Days of Service charitable support

programme. All appointments (which includes board, board committee, and senior management appointments)

are based on merit with due regard for diversity, inclusion and equal opportunity. The Northern Powergrid

Group does not set diversity targets. . Further information concerning how the Group and Northern Powergrid

Group is supporting gender diversity in the energy industry can be found in the Northern Powergrid Group’s

gender pay gap report via the Northern Powergrid Group’s corporate website.

AUDIT, RISK AND INTERNAL CONTROL

Each of the Company’s and Group’s directors is responsible for the management of risk and the internal control

environment which is designed to address Berkshire Hathaway Energy’s United States Sarbanes-Oxley Act

requirement. As part of this responsibility, the board has established and maintains robust procedures and

processes which ensure the effectiveness of both the internal and external audit functions.

Audit committee

The audit committee meets twice per year as a minimum to consider the application of corporate reporting, risk

management and internal control principles. Membership comprises, an independent non-executive director

(chair), an independent member and the Finance Director. All members are considered to have relevant financial

experience. Its duties include:

- carrying out the functions required by DTR 7.1.3R;

- overseeing the RAB;

- monitoring the internal audit plan;

- sub-delegating activities to another person or body as seen fit; and

- reporting to the board.

As referenced above, the performance of the audit committee is evaluated each year via a review process

whereby its remit, terms of reference and the attributes of its members is assessed by the board and through the

process whereby Berkshire Hathaway Energy’s Finance team retains a degree of oversight of a number of duties

including the financial audit process.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Internal Audit

The internal audit team operates in an independent and objective manner without interference from the

Company or the Group. This provides the flexibility to refocus the scope of the annual internal audit plan to

align with changing priorities if required. Internal audit findings including the resilience of internal controls are

reported to the board on a quarterly basis in order to keep the directors sufficiently apprised of areas of risk. An

external assessment of the activity of the internal audit team confirmed it operates at the highest level in

accordance with the Institute of Internal Audit standards.

External Audit

An appropriate relationship is maintained with the Northern Powergrid Group’s external auditor to ensure

independence and rigour is preserved. The Audit Engagement Lead has regular interaction with the Finance

Director and routinely attends two board meetings per year to present the audit plan for the forthcoming year

and subsequently disseminate the findings. It is at such meeting where the board consider the effectiveness of

the external audit process, in terms of quality, timeliness, preparation and insight into technical matters and

discuss any comments and issues raised. Matters (predominantly routine) raised by KPMG and considered by

the board during the year included capitalisation of plant, property and equipment, the valuation of the defined

benefit obligation and the prior period restatements set out in Note 1 to the financial statements. Any control

findings raised by the external auditor are allocated to an owner and are tracked by the Finance Director or

managed via the internal audit team, both of whom report their findings to the board.

Deloitte LLP had been the Company’s external auditor since 1998. As such, and in accordance with the

Statutory Auditors and Third Country Auditors Regulations 2016, the Audit Committee, in conjunction with the

Northern Powergrid Group’s procurement team, undertook a selection process, following which, a

recommendation was put to the board and a resolution was put to the Company’s shareholder at the 2024

Annual General Meeting to appoint KPMG as the Company’s external auditor.

KPMG staff have full access to the Group’s systems and premises for the purpose of conducting their audit

work in a robust and efficient manner.

RAB

The RAB is chaired by one of the Northern Powergrid Group’s independent non-executive directors and meets

quarterly to ensure effective risk management and internal control processes are in place. Its duties include:

• contributing to the setting of the Northern Powergrid Group’s risk tolerance and appetite;

• keeping under review current business risks and the effectiveness of internal controls;

• overseeing the processes for the identification of emerging risks; and

• reporting to the board, Berkshire Hathaway Energy and the Audit Committee.

Further detail concerning the procedures to manage risk, oversee the internal financial reporting control

framework, set the board’s risk appetite and the Company's principal risks can be found in the Strategic Report.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

REMUNERATION

As outlined above, the board has not elected to establish a remuneration committee for the purpose of

determining executive directors’ and senior managers’ compensation. However, this does not reflect a lack of

policy or rigour given the process is instead managed by the Northern Powergrid Group’s shareholder. As a

consequence, remuneration is strictly aligned to both the Company’s and the Northern Powergrid Group’s

long-term strategy, the delivery of sustainable growth and Berkshire Hathaway Energy’s values as defined by

the Core Principles. No individual is involved in determining their own remuneration.

The Company’s and the Northern Powergrid Group’s executive directors’ and senior managers’ remuneration is

considered on an annual basis and is explicitly linked to the employee performance evaluation process. Each

individual’s effectiveness is measured against both personal and Berkshire Hathaway Energy goals with all

resulting awards based on merit and linked to the delivery of stretching accountabilities. Only basic salary is

pensionable.

Non-executive director remuneration is also reviewed on an annual basis and is reflective of time commitment

and level of responsibility. Any increases are made in line with the wider Northern Powergrid Group’s

employee population and is subject to continued satisfactory performance.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Going Concern

A review of the Company's business activities during the year, together with details regarding its future

development, performance and position, its objectives, policies and processes for managing its capital, its

financial risk management objectives and details of its exposures to trading risk, credit risk and liquidity risk are

set out in the Strategic Report, the Directors' Report and the appropriate notes to the financial statements.

The directors have responsibility over performing a going concern assessment and when considering continuing

to adopt the going concern basis in preparing the annual reports and financial statements, they have considered a

number of factors, including:

• The Company is profitable with strong underlying cash flows;

• The Company benefits from strong investment-grade credit ratings;

• The Company meets its day to day working capital requirements from intercompany loans (via the current

account mechanism) with the Northern Powergrid Group;

• Northern Powergrid Holdings Company, being the ultimate UK parent company, has indicated its intention

to make available such funds as are needed by the Company through the intercompany current account

mechanism;

• The Northern Powergrid Group as a whole is financed both in its operating companies and in other entities

within the Northern Powergrid Group through the use of the current account mechanism. For that reason,

financial health is also considered with reference to the Northern Powergrid Group, the directors therefore

take into consideration a number of factors affecting the wider group

o The Northern Powergrid Group's main subsidiaries, NPg Northeast and NPg Yorkshire, are stable

electricity distribution businesses operating an essential public service and are regulated by the Gas and

Electricity Markets Authority (“GEMA”). In carrying out its functions, GEMA has a statutory duty under the

Electricity Act 1989 to have regard to the need to secure that licence holders are able to finance the

activities, which are the subject of obligations under Part 1 of the Electricity Act 1989 (including the

obligations imposed by the electricity distribution licence) or by the Utilities Act 2000

o The Northern Powergrid Group is financed by long-term borrowings with an average maturity of 17 years

and has access to short-term committed borrowing facilities of £242 million provided by Barclays Bank plc,

Lloyds Bank plc, HSBC UK Bank plc and Royal Bank of Canada

o The Northern Powergrid Group benefits from strong investment-grade credit ratings which allow access to

a range of financing options including the capital markets. A successful bond issue by the Northern

Powergrid Group in April 2025, demonstrates that the Northern Powergrid Group’s bonds remain attractive

to investors and there is an active market with strong appetite to invest

o The Northern Powergrid Group has prepared forecasts which consider reasonable possible changes in

trading performance, show that the Northern Powergrid Group has sufficient resources to settle its liabilities

as they fall due for at least the 12 months from the date of these accounts; and

o Consideration was also given to the obligations contained in NPg Northeast plc and NPg Yorkshire plc

licences to provide Ofgem with annual certificates, confirming that the directors have a reasonable

expectation that the Northern Powergrid Group will have sufficient financial and operational resources

available for the continuation of business for a period of at least 12 months.

Consequently, after making their assessment, the directors have a reasonable expectation that the Company has

adequate resources to continue in operational existence and meet its liabilities as they fall due for at least 12

months from the date of approval of these financial statements. Accordingly, they continue to adopt the going

concern basis in preparing the annual report and financial statements.

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)

Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of

any relevant audit information and to establish that the group's auditor is aware of that information. The

directors confirm that there is no relevant information that they know of and of which they know the auditor is

unaware. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the

Companies Act 2006

Reappointment of auditor

KPMG will continue in office in accordance with the provisions in Section 487 of the Companies Act 2006 and

has indicated its willingness to do so.

Non-financial and sustainability information statement

In accordance with Section 414CA(7) of the CA06, the directors have set out the information required by

Section 414CB (1) to (6) in Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the Group and parent Company financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare Group and parent Company financial statements for each

financial year. Under that law they have elected to prepare the Group financial statements in accordance with

UK-adopted international accounting standards and applicable law and have elected to prepare the parent

Company financial statements on the same basis.

Under company law the directors must not approve the financial statements unless they are satisfied that they

give a true and fair view of the state of affairs of the Group and parent Company and of their profit or loss for

that period. In preparing each of the Group and parent Company financial statements, the directors are required

to:

•

Select suitable accounting policies and then apply them consistently;

•

Make judgements and estimates that are reasonable, relevant and reliable;

•

State whether they have been prepared in accordance with UK-adopted international accounting standards;

• Assess the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern; and

• Use the going concern basis of accounting unless they either intend to liquidate the Group or the parent

Company or to cease operations, or have no realistic alternative but to do so.

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Northern Electric plc

Directors' Report for the Year Ended 31 December 2024 (continued)

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the

parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006.

They are responsible for such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error, and have general

responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to

prevent and detect fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report,

Directors’ Report, and Corporate Governance Statement that complies with that law and those regulations.

The directors are responsible for the maintenance and integrity of the corporate and financial information

included on the Company’s website. Legislation in the UK governing the preparation and dissemination of

financial statements may differ from legislation in other jurisdictions.

In accordance with Disclosure Guidance and Transparency Rule (“DTR”) 4.1.16R, the financial statements will

form part of the annual financial report prepared under DTR 4.1.17R and 4.1.18R. The auditor’s report on these

financial statements provides no assurance over whether the annual financial report has been prepared in

accordance with those requirements.

Approved by the Board on 11 June 2025 and signed on its behalf by:

A P Jones

Director

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Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc

1 Our opinion is unmodified

We have audited the financial statements of Northern Electric Plc (“the Company”) for the year ended 31

December 2024 which comprise the Consolidated Income Statement, the Consolidated Statement of

Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of

Changes in Equity, the Consolidated Statement of Cash Flows, the parent Company Statement of Financial

Position, the parent Company Statement of Changes in Equity, and the related notes, including the accounting

policies in note 2.

In our opinion:

• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s

affairs as at 31 December 2024 and of the Group’s profit for the year then ended;

• the Group financial statements have been properly prepared in accordance with UK-adopted international

accounting standards;

• the parent Company financial statements have been properly prepared in accordance with UK accounting

standards, including FRS 101 Reduced Disclosure Framework; and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and

applicable law. Our responsibilities are described below. We believe that the audit evidence we have obtained is

a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the audit

committee.

We were first appointed as auditor by the shareholders on 26th June 2024. The period of total uninterrupted

engagement is for the one financial year ended 31 December 2024. We have fulfilled our ethical responsibilities

under, and we remain independent of the Group in accordance with, UK ethical requirements including the FRC

Ethical Standard as applied to listed public interest entities. No non-audit services prohibited by that standard

were provided.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

2 Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of

the financial statements and include the most significant assessed risks of material misstatement (whether or not

due to fraud)  identified by us, including those which had the greatest effect on: the overall audit strategy; the

allocation of resources in the audit; and directing the efforts of the engagement team. We summarise below the

key audit matters, in decreasing order of audit significance, in arriving at our audit opinion above, together with

our key audit procedures to address those matters and, as required for public interest entities, our results from

those procedures. These matters were addressed, and our results are based on procedures undertaken, in the

context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our

opinion thereon, and consequently are incidental to that opinion, and we do not provide a separate opinion on

these matters.

Retirement Benefit Obligations

Gross Defined Benefit Obligations: £850.9m (2023: £949.7m)

Refer to page 62 (critical accounting estimates and judgements)  and pages 59-134 (accounting policies and

financial disclosures) .

The risk - Subjective valuation

The Company is the principal employer of a defined benefit pension scheme, Northern Powergrid Group of the

ESPS, that is material in the context of the overall balance sheet and the results of the Group and Company.

Significant assumptions, including the discount rate, the inflation rate and the mortality rate, are made in valuing

the Group’s and Company’s defined benefit pension obligations (before deducting the scheme assets) . Small

changes in the assumptions and estimates with respect to the obligation would have a significant effect on the

financial position of the Group and Company. The Group and Company engages external actuarial specialists to

assist them in selecting appropriate assumptions and calculate the obligations.

The effect of these matters is that, as part of our risk assessment, we determined that the valuation of the defined

benefit obligations has a high degree of estimation uncertainty, with a potential range of reasonable outcomes

greater than our materiality for the financial statements as a whole, and possibly many times that amount.

Our response

We performed the tests below rather than seeking to rely on any of the Group’s or Company’s controls because

the nature of the balance is such that we would expect to obtain audit evidence primarily through the detailed

procedures described.

Our procedures included:

•

Benchmarking financial assumptions

: involved our actuarial specialists to develop an independent

expectation over the key financial assumptions, including the discount rate and inflation rate, to compare the key

financial assumptions against the market data.

•

Benchmarking demographic assumptions

: involved our actuarial specialists to assess management's process

for development of key demographic assumptions, including the mortality, and the resulting assumptions, to

compare the key demographic assumptions against market data.

•

Actuary's credentials

: assessed the competence, capabilities and objectivity of the Group's and Company’s

actuarial expert.

•

Sensitivity analysis

: assessed the sensitivity of the defined benefit obligation to changes in key assumptions.

Page 42

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

•

Assessing transparency

: considered adequacy of the Group's and Company’s disclosures in respect of the

sensitivity of the gross obligation to changes in key assumptions.

Our Results:

We found the valuation of the gross defined benefit obligation to be acceptable.

The split of total costs between operating and capital expenditure and the assessment of what is directly

attributable to Property, Plant and Equipment

Expenditure allocated to property, plant and equipment: £58.6m

Refer to page 62 (critical accounting estimates and judgements)  and pages 59-134 (accounting policies and

financial disclosures) .

The risk - Accounting Treatment

The Group undertakes major capital projects, including enhancements to the distribution network.

The determination of costs as capital or operating expenditure, in line with IAS 16 Property, Plant and

Equipment, depends on the ability to distinguish between enhancement and maintenance works. Under IAS 16,

expenditure is capitalised when it is probable that the future economic benefits associated with the item will

flow to the entity where such expenditure enhances or increases capacity of the network.

We determined that there is an elevated level of judgement involved in determining the costs to be capitalised or

expensed, and an elevated level of estimation uncertainty involved, with a potential range of reasonable

outcomes greater than our materiality for the financial statements as a whole.

Our response

We performed the tests below rather than seeking to rely on any of the Group’s controls because the nature of

the balance is such that we would expect to obtain audit evidence primarily through the detailed procedures

described.

Our procedures included:

•

Accounting analysis

: assessed the Group’s capitalisation policy for compliance with IAS 16.

•

Test of details

: critically assessed the capital nature of a sample of additions against the capitalisation policy;

•

Methodology implementation

: assessed the mathematical accuracy of the model used to calculate the level of

expenditure capitalised, for a sample of costs capitalised;

•

Test of details

: challenged the Group on the selection and application of methods and performed sensitivity

analysis on the percentage of expenditure that is capitalised, based on our understanding of the business and the

nature of the costs; and

•

Assess transparency

: assessed the adequacy of the Group's disclosures with respect to its capitalisation

policy, including the judgement involved in determining whether expenditure is capital in nature and the

estimation involved in setting the capitalisation rate of 41.8%,

Our Results

:

We found the Group’s capitalisation of expenditure to be acceptable.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

3 Our application of materiality and an overview of the scope of our audit

Our application of materiality

Materiality for the Group financial statements as a whole was set at £7.8m, determined with reference to a

benchmark of Group profit before tax, normalised by averaging over the last three years due to fluctuations in

the business cycle, of £206.7m, of which it represents 3.8%.

Materiality for the parent Company financial statements as a whole was set at £3.6m determined with reference

to a benchmark of the parent Company’s total assets of which it represented 0.8%.

In line with our audit methodology, our procedures on individual account balances and disclosures were

performed to a lower threshold, performance materiality, so as to reduce to an acceptable level the risk that

individually immaterial misstatements in individual account balances add up to a material amount across the

financial statements as a whole.

Performance materiality was set at 65% of materiality for the financial statements as a whole, which equates to

£5.1m for the Group and £2.3m for the parent Company. We applied this percentage in our determination of

performance materiality based on based on our understanding of the control environment obtained as part of our

first year audit, and our understanding of the level of identified misstatements during the prior period.

We agreed to report to the Audit Committee any corrected or uncorrected identified misstatements exceeding

£0.4m in addition to other identified misstatements that warranted reporting on qualitative grounds.

The Group team performed the parent Company audit. The audit was performed using the materiality levels set

out above.

Overview of the scope of our audit

We performed risk assessment procedures to determine which of the Group’s components are likely to include

risks of material misstatement to the Group financial statements and which procedures to perform at these

components to address those risks.

In total, we identified 8 components, having considered our evaluation of the Group’s operational and legal

structure, and our ability to perform audit procedures centrally. Of those, we identified 1 quantitatively

significant component which contained the largest percentage of either total revenue or total assets of the Group,

for which we performed audit procedures.

We also identified 1 component as requiring special audit consideration, owing to the Group risk relating to the

gross defined benefit pension obligations residing in the component.

Additionally, having considered qualitative and quantitative factors, we selected 2 components with accounts

contributing to the specific RMMs of the Group financial statements.

Accordingly, we performed audit procedures on 4 components, including the audit of the parent Company.

We set the component materialities, ranging from £3.1m to £6.2m, having regard to the mix of size and risk

profile of the Group across the components.

Our audit procedures covered 93% of Group revenue. We performed audit procedures in relation to components

that accounted for 93%of Group profit before tax, and 95% of Group total assets.

The scope of the audit work performed was predominately substantive as we placed limited reliance upon the

Group’s internal control over financial reporting.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

4 Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to

liquidate the Group or the Company or to cease their operations, and as they have concluded that the Group’s

and the Company’s financial position means that this is realistic. They have also concluded that there are no

material uncertainties that could have cast significant doubt over their ability to continue as a going concern for

at least a year from the date of approval of the financial statements (“the going concern period”).

We used our knowledge of the Group, its industry, and the general economic environment to identify the

inherent risks to its business model and analysed how those risks might affect the Group and parent Company’s

financial resources or ability to continue operations over the going concern period. The risks that we considered

most likely to adversely affect the Group and parent Company’s available financial resources over this period

are refinancing risks, uncertainties around inflationary rises in operating costs and regulatory price control

outcomes.

We considered whether these risks could plausibly affect the liquidity or covenant compliance in the going

concern period by comparing severe, but plausible downside scenarios that could arise from these risks

individually and collectively against the level of available financial resources and covenants thresholds indicated

by the Group’s financial forecasts.

Given the purpose of the Group, and since the entity is reliant on financial support from its intermediate parent

Company, Northern Powergrid Holdings Company, we assessed the risk that this support would not be

available. Our procedures on going concern also included:

■ Inspecting letters received by the directors indicating the intermediate parent Company’s intention to provide

this support;

■ Inspecting and critically assessing the internally provided cash flow projections over the going concern

assessment period for the wider group, and the level of available financial resources indicated by those financial

projections to assess the ability of the intermediate parent Company to make scheduled repayments to the

Group, including repayments in line with the Group’s external debt obligations; and

■ Assessing the business reasons why the intermediate parent Company may or may not choose to provide this

support.

We also assessed the completeness of the going concern disclosure.

Our conclusions based on this work:

• we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial

statements is appropriate;

• we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty

related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or

Company's ability to continue as a going concern for the going concern period; and

• we found the going concern disclosure in note 2 to be acceptable.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes

that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions

are not a guarantee that the Group or the Company will continue in operation.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

5 Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that

could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk

assessment procedures included:

• Enquiring of directors, the audit committee, and internal audit, and inspection of policy documentation as to

the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function,

and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected

or alleged fraud.

• Reading Board minutes and attending Group audit committee meetings.

• Considering remuneration incentive schemes and performance targets for management and directors.

• Using analytical procedures to identify any unusual or unexpected relationships.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of

fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets and our

overall knowledge of the control environment, we perform procedures to address the risk of management

override of controls, in particular the risk that Group management may be in a position to make inappropriate

accounting entries and the risk of bias in accounting estimates and judgements such as the defined benefit

pension assumptions. On this audit we do not believe there is a fraud risk related to revenue recognition because

the lack of material judgement or estimation and, due to the nature of the industry, the Group operates in a

stable, regulated market where the energy volumes are monitored and supplied by an independent third party.

We did not identify any additional fraud risks.

We performed procedures including:

• Identifying journal entries to test at the Group level and components based on risk criteria and comparing the

identified entries to supporting documentation. These included unusual postings to revenue, cash, loans and

borrowings, property plant and equipment, and legal expenses.

• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the

financial statements from our general commercial and sector experience, through discussion with the directors

and others management (as required by auditing standards), and from inspection of the Group’s regulatory and

legal correspondence and discussed with the directors and other management the policies and procedures

regarding compliance with laws and regulations.

As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment

including the entity’s procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of

non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including

financial reporting legislation (including related companies’ legislation), distributable profits legislation,

pensions legislation, taxation legislation, and regulatory requirements governing distribution revenue and we

assessed the extent of compliance with these laws and regulations as part of our procedures on the related

financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance

could have a material effect on amounts or disclosures in the financial statements, for instance through the

imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas

as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment

law, environmental, Ofgem regulations and certain aspects of company legislation recognising the nature of the

Group’s activities and its legal form.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and

regulations to enquiry of the directors and other management and inspection of regulatory and legal

correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from

relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some

material misstatements in the financial statements, even though we have properly planned and performed our

audit in accordance with auditing standards. For example, the further removed non-compliance with laws and

regulations is from the events and transactions reflected in the financial statements, the less likely the inherently

limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit

procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance

or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

6 We have nothing to report on the other information in the Annual Report

The directors are responsible for the other information presented in the Annual Report together with the

financial statements. Our opinion on the financial statements does not cover the other information and,

accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial

statements audit work, the information therein is materially misstated or inconsistent with the financial

statements or our audit knowledge. Based solely on that work we have not identified material misstatements in

the other information.

Strategic report and directors’ report

Based solely on our work on the other information:

• we have not identified material misstatements in the strategic report and the directors’ report;

• in our opinion the information given in those reports for the financial year is consistent with the financial

statements; and

• in our opinion those reports have been prepared in accordance with the Companies Act 2006.

7 We have nothing to report on the other matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have

not been received from branches not visited by us; or

• the parent Company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

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)

Northern Electric plc

Independent Auditor's Report to the Members of Northern Electric plc (continued)

8 Respective responsibilities

Directors’ responsibilities

As explained more fully in their statement set out on page 39, the directors are responsible for: the preparation

of the financial statements including being satisfied that they give a true and fair view; such internal control as

they determine is necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error; assessing the Group and parent Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of

accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or

have no realistic alternative but to do so.

Auditor’s responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report.

Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance

with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at

www.frc.org.uk/auditorsresponsibilities.

The Company is required to include these financial statements in an annual financial report prepared under

Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This auditor's report provides no assurance

over whether the annual financial report has been prepared in accordance with those requirements.

9 The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members

those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the

Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Williamson (Senior statutory auditor)

For and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

Glasgow

United Kingdom

G2 5AS

11 June 2025

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YPAAAA4wcAAIDxAwAAwPgBAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAABg/AAAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAMD4AQAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAjB8AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAAAYPwAAAIwfAAAAxg8AAADjBwAAgPEDAADA+AEAAGD8AAAAMH4AAADGDwAAAOMHAACA8QMAAMD4AQAAYPwAAAAwfgAAABg/AAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAGD8AAACMHwAAgPEDAADA+AEAAGD8AAAAMP7sOkkAAACoSURBVH4AAAAYPwAAAIwfAAAAxg8AAADjBwAAYPwAAAAwfgAAABg/AAAAjB8AAADGDwAAAOMHAACA8QMAADB+AAAAGD8AAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAAAYPwkAAACMHwAAAMYPAAAA4wcAAIDxAwAAwPgBAABg/AAAADB+AAAAxg8AAADjBwAAwBZCAgAA4G+1ne91l5KZYkyMI/qz2OkDCThiE+j2MPYAAAAASUVORK5CYII=)

Northern Electric plc

Consolidated Income Statement for the Year Ended 31 December 2024

Note

2024

£ 000

(As restated)

2023

£ 000

Revenue

3,4  670,688 570,538

Cost of sales (54,476) (78,420)

Gross profit

616,212 492,118

Distribution costs

3 (154,203) (145,263)

Administrative expenses (147,512) (130,660)

Operating profit

314,497 216,195

Other gains

456 1,538

Finance income

5 20,537 16,704

Finance costs

5

(54,243) (53,916)

Profit before tax

281,247 180,521

Income tax expense

9

(73,529) (45,143)

Profit for the year

207,718 135,378

Profit attributable to:

Owners of the Company

207,718 135,378

The above results were derived from continuing operations.

The notes on pages 59 to 134 form an integral part of these financial statements.

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Please refer to Note 3 for details of the restatement.

![Graphics](data:image/png;base64,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)

Northern Electric plc

Consolidated Statement of Comprehensive Income for the Year Ended 31 December

2024

Note

2024

£ 000

2023

£ 000

Profit for the year

207,718 135,378

Items that will not be reclassified subsequently to profit or

loss

Remeasurements of post employment benefit obligations (net)

24 (11,825) (7,995)

Items that may be reclassified subsequently to profit or loss

Loss on cash flow hedges (net)

9

(1,027) (5,261)

Total comprehensive income for the year

194,866 122,122

Total comprehensive income attributable to:

Owners of the Company

194,866 122,122

The notes on pages 59 to 134 form an integral part of these financial statements.

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Northern Electric plc

(Registration number: 02366942)

Consolidated Statement of Financial Position as at 31 December 2024

Note

31 December

2024

£ 000

(As restated)

31 December

2023

£ 000

(As restated)

1 January

2023

£ 000

Assets

Non-current assets

Property, plant and equipment

10 3,309,787 3,186,730 3,079,086

Right of use assets

11 12,013 11,229 12,787

Intangible assets

12 54,300 50,606 47,357

Equity accounted investments

13 3,289 3,633 3,982

Pension assets

24 138,700 148,600 151,500

Trade and other receivables

15 8,051 6,463 4,087

Other non-current financial assets

29

8,827 8,831 18,926

3,534,967 3,416,092 3,317,725

Current assets

Inventories

14 29,388 29,904 25,740

Trade and other receivables

15 178,254 342,948 349,542

Tax receivable

9 - - 1,054

Cash and cash equivalents

16 13,440 14,760 13,439

Contract assets

4 10,286 7,052 5,824

Other current financial assets

29

4,496 5,861 2,781

235,864 400,525 398,380

Total assets

3,770,831 3,816,617 3,716,105

Equity and liabilities

Equity

Share capital

17 (72,173) (72,173) (72,173)

Share premium

(158,748) (158,748) (158,748)

Capital redemption reserve

(6,185) (6,185) (6,185)

Cash flow hedging reserve

18 (9,992) (11,019) (16,280)

Retained earnings (1,155,598) (1,237,104) (1,157,721)

Equity attributable to owners of the Company (1,402,696) (1,485,229) (1,411,107)

Non-current liabilities

Lease liabilities

20 (9,632) (8,395) (9,791)

Trade and other payables

(6,548) - -

Loans and borrowings

19 (1,119,735) (1,153,068) (1,193,131)

Provisions

21 (983) (1,641) (1,921)

Deferred revenue from contracts with

customers

3, 23 (693,396) (672,734) (654,829)

Deferred tax liabilities

9

(171,291) (165,505) (167,588)

(2,001,585) (2,001,343) (2,027,260)

The notes on pages 59 to 134 form an integral part of these financial statements.

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Northern Electric plc

(Registration number: 02366942)

Consolidated Statement of Financial Position as at 31 December 2024 (continued)

Note

31 December

2024

£ 000

(As restated)

31 December

2023

£ 000

(As restated)

1 January

2023

£ 000

Current liabilities

Lease liabilities

20 (2,942) (3,231) (3,402)

Trade and other payables

(188,609) (155,769) (117,404)

Loans and borrowings

19 (134,763) (135,284) (125,040)

Income tax liability

9 (5,655) (3,245) -

Deferred revenue from contracts with

customers

3, 23 (32,181) (30,219) (29,379)

Provisions

21

(2,400) (2,297) (2,513)

(366,550) (330,045) (277,738)

Total liabilities (2,368,135) (2,331,388) (2,304,998)

Total equity and liabilities

(3,770,831) (3,816,617) (3,716,105)

Further detail of prior year adjustments affecting the Statement of Financial Position can be found in Note 3.

Approved by the board on 11 June 2025 and signed on its behalf by:

A P Jones

Director

The notes on pages 59 to 134 form an integral part of these financial statements.

Page 53

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)

Northern Electric plc

(Registration number: 02366942)

Company Statement of Financial Position as at 31 December 2024

Note

31 December

2024

£ 000

31 December

2023

£ 000

Assets

Non-current assets

Property, plant and equipment

10 1,534 1,541

Right of use assets

11 742 879

Investments in subsidiaries, joint ventures and associates

13 242,903 242,902

Pension assets 138,700 148,600

383,879 393,922

Current assets

Trade and other receivables

15 71,743 11,416

Income tax asset

9

844 4,367

72,587 15,783

Total assets

456,466 409,705

Equity and liabilities

Equity

Share capital

17 (72,173) (72,173)

Share premium

(158,748) (158,748)

Capital redemption reserve

(6,185) (6,185)

Retained earnings (139,195) (119,570)

Total equity (376,301) (356,676)

Non-current liabilities

Lease liabilities

20 (697) (850)

Loans and borrowings

19 (1,117) (1,117)

Provisions

21 (983) (956)

Deferred tax liabilities

9

(34,357) (36,802)

(37,154) (39,725)

Current liabilities

Lease liabilities

20 (153) (64)

Trade and other payables

(35,853) (6,557)

Loans and borrowings

19 (7,005) (6,368)

Provisions

21

- (315)

(43,011) (13,304)

Total liabilities (80,165) (53,029)

Total equity and liabilities

(456,466) (409,705)

The notes on pages 59 to 134 form an integral part of these financial statements.

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Northern Electric plc

(Registration number: 02366942)

Company Statement of Financial Position as at 31 December 2024 (continued)

Approved by the Board on 11 June 2025 and signed on its behalf by:

A P Jones

Director

The Directors have taken the exemption offered under section 408 of the Act from publishing a separate

statement of profit or loss. The Company reported a profit for the financial year ended 31 December 2024 of

£311.1 million (2023: £51.3 million).

The notes on pages 59 to 134 form an integral part of these financial statements.

Page 55

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)

Northern Electric plc

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital

£ 000

Share

premium

£ 000

Capital

redemption

reserve

£ 000

Cash flow

hedging

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

At 1 January 2024

72,173 158,748 6,185 11,019 1,237,104 1,485,229

Profit for the year

- - - - 207,718 207,718

Other comprehensive income/(expense) - - - (1,027) (11,825) (12,852)

Total comprehensive income

- - - (1,027) 195,893 194,866

Dividends (note 25) - - - - (277,400) (277,400)

At 31 December 2024

72,173 158,748 6,185 9,992 1,155,598 1,402,696

Share capital

£ 000

Share

premium

£ 000

Capital

redemption

reserve

£ 000

Cash flow

hedging

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

At 1 January 2023 (As restated)

72,173 158,748 6,185 16,280 1,157,721 1,411,107

Profit for the year (As restated)

- - - - 135,378 135,378

Other comprehensive income/(expense) - - - (5,261) (7,995) (13,256)

Total comprehensive income (As restated)

- - - (5,261) 127,383 122,122

Dividends (note 25) - - - - (48,000) (48,000)

At 31 December 2023 (As restated)

72,173 158,748 6,185 11,019 1,237,104 1,485,229

The notes on pages 59 to 134 form an integral part of these financial statements.

Page 56

Retained earnings at 1 January 2023 were previously reported as £1,144.6 million. Total equity at 1 January 2023 was reported as £1,398.0 million. Please refer to Note 3 for details of the prior

year adjustment (£13.1 million).

![Graphics](data:image/png;base64,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)

Northern Electric plc

Company Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital

£ 000

Share

premium

£ 000

Capital

redemption

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

At 1 January 2024 72,173 158,748 6,185 119,570 356,676

Profit for the year

- - - 311,050 311,050

Other comprehensive income - - - (14,025) (14,025)

Total comprehensive income

- - - 297,025 297,025

Dividends - - - (277,400) (277,400)

At 31 December 2024

72,173 158,748 6,185 139,195 376,301

Share capital

£ 000

Share

premium

£ 000

Capital

redemption

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

At 1 January 2023 72,173 158,748 6,185 126,897 364,003

Profit for the year

- - - 51,323 51,323

Other comprehensive income - - - (10,650) (10,650)

Total comprehensive income

- - - 40,673 40,673

Dividends - - - (48,000) (48,000)

At 31 December 2023

72,173 158,748 6,185 119,570 356,676

The notes on pages 59 to 134 form an integral part of these financial statements.

Page 57

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Northern Electric plc

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024

£ 000

(As restated\*)

2023

£ 000

3 789,750 693,455

(133,664) (289,824)

(65,923) (34,959)

590,163 368,672

(264,640) (239,773)

(15,259) (14,444)

(226,536) (31,973)

803 416

1,083 615

(504,548) (285,158)

(39,254) (39,090)

(25) (360)

(2,688) (26,548)

(8,983) (8,983)

(3,430) (3,511)

9,200 37,300

(41,754) (41,001)

(86,934) (82,193)

(1,320) 1,321

14,760 13,439

GROUP

Cash flows from operating activities

Cash receipts from customers

Cash paid to suppliers and employees

Income taxes paid

Net cash from operating activities

Cash flows from investing activities

Acquisition of PPE

Acquisition of intangible assets

Cash transferred to related parties

Interest received

Dividends received

Net cash flows used in investing activities

Cash flows from financing activities

Interest paid

Financing transaction costs

Movement in short-term borrowings

Preference dividends paid

Payment of lease liabilities

Proceeds from loans and borrowings

Repayment of borrowings

Net cash flows from financing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 December

13,440 14,760

FRS 101 disclosure exemptions have been taken for the Company to not present a statement of cash flows

\*Further detail can be found under 'Restatement of Cash Flow Statement' in Note 3.

The notes on pages 59 to 134 form an integral part of these financial statements.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024

1 General information

The Company is a public company limited by share capital, incorporated in England and Wales and domiciled

in the United Kingdom and is part of the Northern Powergrid Holdings Company and its subsidiaries group of

companies (the "Northern Powergrid Group").

The principal activities of the Group is split between the following three areas:

- NPg Northeast is the distribution of electricity to approximately 1.6 million customers connected to its

electricity distribution network.

- IUS provides engineering contracting services.

- NPg Metering rents meters to energy suppliers.

The address of its registered office is:

Lloyds Court, 78 Grey Street, Newcastle upon Tyne, Tyne and Wear, NE1 6AF, United Kingdom.

2 Accounting policies

Statement of compliance

The consolidated financial statements have been prepared in accordance with United Kingdom adopted

international accounts standards as issued by the IASB.

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Basis of preparation

The consolidated financial statements of the group have been prepared in accordance with UK-adopted

international accounting standards.

The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical

accounting estimates. It also requires management to exercise its judgement in the process of applying the

Group's accounting policies.

The Company financial statements were prepared in accordance with Financial Reporting Standard 101

Reduced Disclosure Framework (“FRS 101”). In preparing these financial statements, the Company applies the

recognition, measurement and disclosure requirements of UK-adopted international accounting standards

(“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006

and has set out below where advantage of the FRS101 disclosure exemptions has been taken. In the transition to

FRS 101 from UK-adopted IFRS, the Company has made no measurement and recognition adjustments.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of

the following disclosures:

• The statement of cash flows;

• Certain disclosures regarding revenue;

• Certain disclosures regarding leases;

• Comparative period reconciliations for tangible fixed assets;

• Disclosures in respect of transactions with wholly owned subsidiaries;

• Disclosures in respect of capital management;

• Disclosures in respect of the compensation of Key Management Personnel; and

• Disclosures of transactions with a management entity that provides key management personnel services to the

Company;

• Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7

Financial Instrument Disclosures.

Climate change

No material impact from climate change within the accounts.

Principal activity

The nature of the Company's business model, strategic objectives, operations and activities are set out in the

Strategic Report.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Going Concern

The directors have responsibility over performing a going concern assessment and when considering continuing

to adopt the going concern basis in preparing the annual reports and financial statements, they have considered a

number of factors, including:

• The Company is profitable with strong underlying cash flows;

• The Company benefits from strong investment-grade credit ratings;

• The Company meets its day to day working capital requirements from intercompany loans (via the current

account mechanism) with the Northern Powergrid Group;

• Northern Powergrid Holdings Company, being the ultimate UK parent company, has indicated its intention

to make available such funds as are needed by the Company through the intercompany current account

mechanism;

• The Northern Powergrid Group as a whole is financed both in its operating companies and in other entities

within the Northern Powergrid Group through the use of the current account mechanism. For that reason,

financial health is also considered with reference to the Northern Powergrid Group, the directors therefore

take into consideration a number of factors affecting the wider group:

o The Northern Powergrid Group's main subsidiaries, NPg Northeast and NPg Yorkshire, are stable

electricity distribution businesses operating an essential public service and are regulated by the Gas and

Electricity Markets Authority (“GEMA”). In carrying out its functions, GEMA has a statutory duty under the

Electricity Act 1989 to have regard to the need to secure that licence holders are able to finance the

activities, which are the subject of obligations under Part 1 of the Electricity Act 1989 (including the

obligations imposed by the electricity distribution licence) or by the Utilities Act 2000

o The Northern Powergrid Group is financed by long-term borrowings with an average maturity of 17 years

and has access to short-term committed borrowing facilities of £242 million provided by Barclays Bank plc,

Lloyds Bank plc, HSBC UK Bank plc and Royal Bank of Canada

o The Northern Powergrid Group benefits from strong investment-grade credit ratings which allow access to

a range of financing options including the capital markets. A successful bond issue by the Northern

Powergrid Group in April 2025, demonstrates that the Northern Powergrid Group’s bonds remain attractive

to investors and there is an active market with strong appetite to invest

o The Northern Powergrid Group has prepared forecasts which consider reasonable possible changes in

trading performance, show that the Northern Powergrid Group has sufficient resources to settle its liabilities

as they fall due for at least the 12 months from the date of these accounts; and

o Consideration was also given to the obligations contained in NPg Northeast plc and NPg Yorkshire plc

licences to provide Ofgem with annual certificates, confirming that the directors have a reasonable

expectation that the Northern Powergrid Group will have sufficient financial and operational resources

available for the continuation of business for a period of at least 12 months.

Consequently, after making their assessment, the directors have a reasonable expectation that the Company has

adequate resources to continue in operational existence and meet its liabilities as they fall due for at least 12

months from the date of approval of these financial statements. Accordingly, they continue to adopt the going

concern basis in preparing the annual report and financial statements.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Judgements, estimation and uncertainties

Management may be required to make a number of judgements and assumptions regarding the future and about

other sources of estimation uncertainity at the end of the reporting period that may have a significant risk of

resulting in a material adjustment to the reported amounts of assets and liabilites within the next financial year.

Key sources of estimation uncertainty

The following are the key assumptions concerning the future and other key sources of estimation uncertainty at

the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying

amounts of assets and liabilities within the next financial year:

• Assumptions used when evaluating long-term pension plans - these assumptions and their possible impacts

are disclosed in Note 24.

• Useful lives of property, plant and equipment - The useful economic lives of distribution system assets and

other network related facilities, which principally comprise distribution equipment and other technical

installations, are estimated based on management experience. When management identifies that actual useful

economic lives differ materially from the estimates used, they are adjusted prospectively. This estimation

uncertainity creates a risk of a material adjustment to the asset lives, and therefore the depreciation charge in

the next financial year. The depreciation charge on these distribution system assets for the year is £100.1m.

Income for connections is recognised over the useful life of the associated distribution system asset, the

amount recognised in the financial year was £31.4m.

Additionally, consideration has been given to any estimates over the longer-term which should be disclosed

to allow for an understanding of the financial statements. The Group has no estimates of this nature to

disclose.

The following are the critical judgements, that the directors have made in the process of applying the

Northern Powergrid Group's accounting policies and that have the most significant effect on amounts

recognised in the consolidated financial statements:

The split of total costs between operating and capital expenditure and the assessment of what is directly

attributable to property, plant and equipment.

The allocation of expenditure to property, plant and equipment which results in higher capital expenditure

and a reduction in operating costs. Costs are capitalised where it is probable that future economic benefits

associated with the asset will flow to the enterprise; and the cost of the item can be reliably measured.

The allocation of expenditure to capital is derived from a detailed analysis of the costs and their relevant cost

drivers, which is reviewed on an annual basis. There has been no change in the methodology since the prior

year.

The amount of expenditure capitalised in the year was £58.6 million out of total costs of £140.3 million

(2023: £49.6 million out of a total cost of £118.7 million), this is a capitalisation rate of 41.8% (2023:

41.8%).

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Changes in accounting policy

New standards, interpretations and amendments effective

Effective for periods beginning on 1 January 2024

- Amendments to IAS 1: Classification of Liabilities as Current or Non-current

- Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

- Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements

The Directors have considered new accounting standards issued that are not yet applicable and have noted no

material changes are likely to arise.

Leases

The Group applies IFRS 16 to all leases (except as noted below) which include buildings, land and fleet

vehicles. The right-of-use assets are initially measured at the amount of the lease liability plus any initial direct

costs incurred by the lessee, discounted at the rate implicit in the lease if that can be readily determined. If that

rate cannot be readily determined, the lessee shall use their incremental borrowing rate.

The Group has taken practical expedients as per below:

- For short-term leases (lease term of 12 months or less) and leases of assets less than £5,000 (which includes

personal computers, small items of office furniture and telephones), the Group has opted to recognise a lease

expense on a straight-line basis as permitted by IFRS 16. This expense is presented within ‘administrative

expenses’ in the Statement of Profit or Loss.

- Applies the implicit rate in the lease and uses the IBR when this isn't readily available;

The weighted average lessee's incremental borrowing rate is applied to determine the present value of the lease

liabilities during the current period was 5.5% in comparison to the incremental borrowing rate used in 2023 of

2.33%.

The Group recognises deprecation of right-of-use assets (within administration expenses) and interest on lease

liabilities (within finance costs) in the Statement of Profit and Loss.

Right-of-use assets are depreciated over the shorter of the useful life of the asset or the lease term. For

information regarding the depreciation charge per class of asset and carrying value, please refer to Note 12

Right of use assets.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

All items included within metering equipment are subject to operating leases where the Northern Powergrid

Metering is the lessor.

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an

operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of

the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a

finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain

indicators such as whether the lease is for the major part of the economic life of the asset.

The Group recognises lease payments received under operating leases as income on a straight-line basis over the

lease term.

Northern Transport Finance Limited ("NTFL") lease income is recognised in the profit and loss statement on a

straight-line basis over the lease term. Lease income is presented under "other revenue" in note 4. The lease

receivables are presented in the statement of financial position under non-current assets for amounts due beyond

12 months and current assets for amounts due within 12 months.

Revenue recognition

Recognition

The Group earns revenue from the provision of services which are recognised by the following means:

- Distribution use of system income is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and

fixed (per 'customer' per day) basis;

- Work for related parties relates to revenue generated from services provided to related parties within the

Northern Powergrid Holdings group;

- Customer contributions income for connections is recognised over the life of the corresponding distribution

system asset;

- Contracting revenue is recognised in line with expenditure;

- Meter asset provision income is accounted for under lease accounting;

- Intercompany recharges for services provided are based on costs incurred; and

- Other revenue includes assessment and design fees and disconnections from the network and are recognised by

reference to the proportion of total costs of providing the service.

Revenue is recognised in the accounting period when the services are rendered at an amount that reflects the

consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to

customers.

Any under/over-recovery in the regulatory year is trued up in subsequent years’ revenue allowances in line with

the regulatory framework. Hence, no accounting adjustments are made for under/over-recoveries in the year that

they arise as they are contingent on future events. Due to the nature of the national electricity settlements

processes billed revenue includes the reconciliations of data for prior periods. Invoices are raised one month in

arrears and typically settles within the month.

The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:

1. Identify the contracts with the customer

2. Identify the performance obligations in the contract

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations in the contract

5. Recognise revenue when or as the entity satisfies its performance obligations

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Fee arrangements

Below are details of fee arrangements and how these are measured and recognised, for revenue from the

provision of

services:

• For regulated use of system income the revenue for the service is recognised on the basis of agreed charging

methodologies which is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per

'customer' per day) basis.

• For fixed price contracted service, the input method is used. Revenue is recognised based on the stage of

completion and performance obligations met for actual services provided as a proportion of the total fixed fee

agreed in the contract.

• For stage payment on long-term contracts, the output method is used. Revenue is recognised by reference to

stage of manufacture at the year end date using contractual rates specified in the contract. Revenue on materials

is measured at the actual amount of the material used on the contract at the price specified in the contract.

The performance obligations involved in engineering contracting work are accounted for as follows:

• Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to

the stage of completion of the contract activity at the end of the reporting period, based on the proportion of

contract costs incurred for work performed to date relative to the estimated total contract costs, except where

this would not be representative of the stage of completion.

• Variations in contract work, claims and incentive payments are included to the extent that they have been

agreed with the customer.

• Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of

the costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in

the period in which they are incurred. When it is probable that total contract costs will exceed total contract

revenue, the expected loss is recognised as an expense immediately.

• When revenue recognised on the contract exceeds amounts billed, the excess is recognised as a contract

asset.

Other performance obligations include but are not limited to:

- Provision of vehicles over a specified period accounted for under lease accounting; and

- Passage of milestones and completion of installation of equipment for engineering contracting.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Contract modifications

The Group’s contracts are often amended for changes in contract specifications and requirements. Contract

modification exists when the amendment either creates new or changes the existing enforceable rights and

obligations. The effect of a contract modification on the transaction price and the Group’s measure of progress

for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the

following ways:

a. Prospectively as an additional separate contract:

b. Prospectively as a termination of the existing contract and creation of a new contract;

c. As part of the original contract using a cumulative catch up; or

d. As a combination of b) and c).

The facts and circumstances of any contract modification are considered individually as the types of

modifications will vary contract by contract and may result in different accounting outcomes. Judgement is

applied in relation to the accounting for such modifications where the final terms or legal contracts have not

been agreed prior to the period end as management need to determine if a modification has been approved and if

it either creates new or changes existing enforceable rights and obligations of the parties. Depending upon the

outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant

accounting periods. Modification and amendments to contracts are undertaken via an agreed formal process. For

example, if a change in scope has been approved but the corresponding change in price is still being negotiated,

management use their judgement to estimate the change to the total transaction price.

The results and assets and liabilities of joint ventures are incorporated in these consolidated financial statements

using the equity method of accounting. Investments in joint venture entities are initially recognised at cost and

adjusted thereafter to recognise the Group's share of profit or loss and other comprehensive income of the joint

venture. When the Group's share of losses of a joint venture exceeds the Group's interest in that joint venture,

the Group discontinues recognising its share of future losses.

Investments in subsidiaries

Investments in subsidiaries are account for at cost less impairment. Where the recoverable amount is estimated

to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An

impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of

changes in value.

Trade receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business. If

collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are

classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at the transaction price. They are subsequently measured at transaction

price less provision for impairment. The Group applies the simplified model for the calculation of expected

credit losses which may result in a provision for impairment.

Inventories

Inventory is not held for sale, consists primarily of spare parts and expected to be consumed in the normal

course of operating and maintaining the network assets. Cost is determined using an average cost basis.

Cost includes all directly attributable costs incurred in bringing the inventories to their present location and

condition.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current

liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost

using the effective interest method.

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings

are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs,

and the amount due on redemption being recognised as a charge to the income statement over the period of the

relevant borrowing.

Deferred financing costs include all incremental costs directly attributable to the issuance of debt instruments,

such as legal fees, underwriting fees, and other professional fees are recognized as part of the carrying amount

of the financial liability

Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of

the liability for at least 12 months after the reporting date, the right to defer settlement must have substance and

exist at the reporting date. The terms of a liability that could, at the option of the counterparty, result in its

settlement by the issue of equity instruments do not affect its classification as current or non-current

Intercompany Short-term loans (Current Accounts)

The Northern Powergrid group operates a central treasury function operated through its subsidiary Yorkshire

Electricity Group plc. As a result, every company within the Northern Powergrid group has a relationship with

Yorkshire Electricity Group plc as either an intercompany debtor or creditor.

Interest periods are for a duration of one month, and the interest is applied to an intercompany debtor balance on

the last day of the preceding month at the compounded reference rate (currently SONIA) applicable under the

most recent revolving facility agreement to which Northern Powergrid Holdings Company is a party.

Monthly interest is applied to an intercompany creditor balance on the last day of the preceding month at the

aggregate of the compounded reference rate (currently SONIA) and the margin (currently 20bps) applicable

under the most recent revolving facility agreement to which Northern Powergrid Holdings Company is a party.

The Intercompany debtor or creditor balance will be repaid at the end of each month, or if still required will be

rolled over for a further period of one month.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past

event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made

of the amount of the obligation.

Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the

reporting date and are discounted to present value where the effect is material.

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BA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8XAEAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8ABCVfjEAAAEOSURBVAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAADwbz1eZRERsWhP5uNRxLB/Ph+PPr9/TSlFXAw+fj7LIiJ6B8W7xeDrb1n1+/XtlK+rzrVp5z0trjmG5ev9bnGvKaXUzCNuGtGMiGjm5QmeDh/Gox8U+knx93trfry4v+9L0zRd/vxLZ8t7LXcax9eXd9NV/4/9rqvfqO839t7328ojbreK/bbK/c6e7dd+N+e8i+36fnuV/bYr+22X+z19sV/73Zzzzlr1/e5X9tup7LdT7ref7Nd+N+j5t1vf76Sy324eEeXzb3f5/Jsd2e8v7PcNQ/8Y6Zd2A3YAAAAASUVORK5CYII=)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Impairment of non-financial assets

At the balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss

(if any). Where the asset does not generate cash flows that are independent from other assets, the Group

estimates the recoverable amount of the cash-generating unit to which the asset belongs.

An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is

an indication that the asset may be impaired.

Where the recoverable amount is estimated to be less than its carrying amount, the carrying amount of the asset

is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other

resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred

and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the Company’s financial

statements in the period in which the dividends are approved by the Company’s shareholders.

Defined benefit pension obligation

The net funded position of the defined benefit pension scheme is recognised in the Company in accordance with

IAS 19 Employee Benefits. Individual companies whose employees participate in the scheme account for their

contribution to the scheme. The company accounts for the difference between defined pension costs calculated

in accordance with IAS19 and contributions paid by the individual companies.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that

a change attributable to an item of income or expense recognised as other comprehensive income is also

recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or

substantively enacted by the reporting date in the countries where the Group operates and generates taxable

income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and

liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax

credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or

substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and are reduced to the extent that

it is no longer probable that the related tax benefit will be realised. Any such reduction is reversed when the

probability of future taxable profits improves.

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary

undertakings drawn up to 31 December 2024.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to

govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its

subsidiaries, which are related parties, are eliminated in full.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies

adopted by the Group.

Financial instruments

Initial recognition

The Group recognises financial assets and financial liabilities in the statement of financial position when, and

only when, the Group becomes party to the contractual provisions of the financial instrument.

Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value,

representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable

to the financial liability.

Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost

or fair value.

Classification and measurement

Financial instruments are classified at inception into one of the following categories, which then determine the

subsequent measurement methodology:

Financial assets are classified into one of the following three categories:

· financial assets at amortised cost;

· financial assets at fair value through other comprehensive income (FVTOCI); or

· financial assets at fair value through the profit or loss (FVTPL).

Financial liabilities are classified into one of the following two categories:

· financial liabilities at amortised cost; or

· financial liabilities at fair value through the profit or loss (FVTPL).

The classification and the basis for measurement are subject to the Group’s business model for managing the

financial assets and the contractual cash flow characteristics of the financial assets, as detailed below:

Financial assets at amortised cost

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated

as at FVTPL:

· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash

flows; and

· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments

of principal and interest on the principal amount outstanding.

If either of the above two criteria is not met, the financial assets are classified and measured at fair value through

the profit or loss (FVTPL).

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Financial assets at fair value through other comprehensive income

A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated

as at FVTPL:

· the asset is held within a business model whose objective is achieved by both collecting contractual cash flows

and selling financial assets; and

· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments

of principal and interest on the principal amount outstanding.

Financial assets at fair value through the profit or loss

Financial assets not otherwise classified above are classified and measured as FVTPL.

Financial liabilities at amortised cost

All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised

cost using the effective interest rate method.

Financial liabilities at fair value through the profit or loss

Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification

includes derivative liabilities.

Derecognition

Financial assets

The Group derecognises a financial asset when:

- the contractual rights to the cash flows from the financial asset expire;

- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks

and rewards of ownership of the financial asset are transferred; or

- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not

retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the

consideration received is recognised as a gain or loss in the profit or loss.

Financial liabilities

The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or

expire.

Modification of financial assets and financial liabilities

Financial assets

If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset

are substantially different. If the cash flows are substantially different, then the contractual rights to the cash

flows from the original financial asset are deemed to expire. In this case the original financial asset is

derecognised and a new financial asset is recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the

financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset and

recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the

statement of income.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Financial liabilities

If the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified

asset are substantially different. If the cash flows are substantially different, then the contractual obligations

from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial

liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the

financial liabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and

recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the

statement of income.

Impairment of financial assets

For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be

recognised from initial recognition of the receivables.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared

credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have

substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has

therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss

rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31

December 2024 and the corresponding historical credit losses experienced within this period. The historical loss

rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the

ability of the customers to settle the receivables. The company has identified GDP growth in the UK to be the

most relevant factor, and accordingly adjusts the historical loss rates based on expected changes to this.

Definition of default

The Group considers the following as constituting an event of default for internal credit risk management

purposes as historical experience indicates that financial assets that meet either of the following criteria are not

recoverable:

• when there is a breach of financial covenants by the debtor; and

• information developed internally or obtained from external sources indicates that the debtor is unlikely to pay

its creditors, including the Group, in full.

Derivative financial instruments

Derivative financial instruments are contracts, the value of which is derived from one or more underlying

financial instruments or indices, and include futures, forwards, swaps and options in the interest rate, foreign

exchange, equity and credit markets.

Derivative financial instruments are recognised in the statement of financial position at fair value. Fair values

are derived from prevailing market prices, discounted cash flow models or option pricing models as appropriate.

In statement of financial position, derivative financial instruments with positive fair values (unrealised gains) are

included as assets and derivative financial instruments with negative fair values (unrealised losses) are included

as liabilities.

The changes in the fair values of derivative financial instruments entered into for trading purposes are included

in trading income.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Hedge accounting

Derivatives held for risk management purposes include all derivative assets and liabilities that are not classified

as trading assets and liabilities.

The Group designates certain derivatives held for risk management as hedging instruments in qualifying

hedging relationships. On initial designation of the hedge, the Group formally documents the relationship

between the hedging instruments and hedge items, including the risk management objective and strategy in

undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging

relationship. The Group makes an assessment, both at inception of the hedge relationship and on an ongoing

basis, of whether the hedging instruments are expected to be highly effective in offsetting that changes in the

fair value or cash flows of the respective hedged items during the period for which the hedge is designated.

These hedging relationships are discussed below.

Cash flow hedges

The Group makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast

transaction is highly probable to occur and presents an exposure to variations in cash flows that could ultimately

affect profit or loss.

When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable

to a particular risk associated with a recognised asset or liability that could affect profit or loss, then the

effective portion of changes in the fair value of the derivative is recognised in OCI and presented in the hedging

reserve within equity. Any ineffective portion of changes in the fair value of the derivative is recognised

immediately in profit or loss. The amount recognised in OCI is reclassified to profit or loss as a reclassification

adjustment in the same period as the hedged cash flows affect profit or loss, and in the same line item in the

statement of profit or loss and OCI.

If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for

cash flow hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued

prospectively. However, if the derivative is novated to a central clearing counterparty by both parties as a

consequence of laws or regulations without changes in its terms except for those that are necessary for the

novation, then the derivative is not considered expired or terminated.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their

acquisition and installation along with costs from transfer of inventories used in capital projects. Overheads are

allocated to property, plant and equipment which are derived from a detailed analysis of operating costs.

Assets in the course of construction are carried at cost, less any recognised impairment loss. Costs include

professional fees, and, for qualifying assets, borrowing costs capitalised in accordance with the Company's

accounting policy. Such assets are classified to the appropriate categories of property, plant and equipment when

completed and ready for intended use. Depreciation on these assets, on the same basis as other assets,

commences when the assets are commissioned and ready for use.

Adopted assets and associated contributions are recorded upon completion where such assets are adopted by the

Company under a Deed of Gift adoption agreement.

Assets are derecognised when they are disposed of, profit or loss on disposal is recognised in other gains on the

statement

of profit or loss.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction

over their estimated useful lives, as follows:

Asset class Depreciation method and rate

Distribution system:

- Generation assets 15 years

- Conventional metering equipment up to 5 years

- Information technology equipment up to 10 years

- Land not depreciated

- Other system assets 45 years

Land and buildings:

- Freehold buildings up to 60 years

- Leasehold buildings lower of lease period or 60 years

- Non-operational land not depreciated

Furniture, fittings and equipment up to 10 years

Metering equipment up to 15 years

Intangible assets

Software development activities undertaken by the Group, including internally generated software and software

acquired for internal use are recognised if the conditions set out in IAS 38 relating to the recognition of

intangible assets are met. The amount initially recognised for internally generated software is the sum of

expenditure incurred from the date when the intangible asset first meets the recognition criteria. Intangible

assets acquired separately are measure on initial recognition at cost.

Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and

less accumulated impairment losses.

Software as a service (‘SAAS’) contract costs are expensed to the income statement. For SAAS and cloud based

technology, assessment is made as to whether the Group controls the software or whether the software is

controlled by the third-party provider. Where the Group does not control the software, any configuration and

customisation costs are expensed.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over

their expected useful economic life as follows:

Asset class Amortisation method and rate

Software development up to 10 years

Derecognition

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or

disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between

the net disposal proceeds and the carrying amount of the asset, are recognised in the profit or loss when the asset

is derecognised.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Accounting policies (continued)

Finance income and costs policy

Interest income or expense is recognised using the effective interest method. The effective interest method is the

rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial

instrument to the gross carrying amount of the financial asset to the amortised cost of the financial liability.

Capitalised interest costs are presented within interest paid in the financing activities section of the cash flow

statement.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of

the financial asset (when the asset is not credit-impaired) or to the amortised cost of the liability.

However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income

is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no

longer credit-impaired, then the calculation of interest income reverts to the gross basis.

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)

3 Prior period adjustments

Adopted assets - Adjustment 1

The Financial Statements have been restated to incorporate the impact of under reporting of the value of

distributions network assets adopted from other parties.

Distribution network assets are on occasions constructed by other parties who then transfer them to the Group.

At the date of transfer the value of property, plant and equipment is increased with an equal increase in the value

of deferred revenue. The assets are depreciated in line with the depreciation policy for those assets with a similar

release of the deferred revenue. It was discovered during the year that not all adopted assets had been

captured in the Financial Statements.

This had no impact on prior years’ profits or net assets, however impacts the constituent parts of the previously

reported figures in the Income Statement and the Statement of Financial Position.

Pension costs - Adjustment 2

The Financial Statements have been restated to correct the amount of pension costs that have been capitalized in

the Group. The defined benefit pension contributions paid by entities in the wider Northern Powergrid Group

reduces the defined benefit cost to be recognised by the Group which includes the principal employer of the

defined benefit pension scheme. The Group has a policy of capitalising the pension costs of employees where their

work is directly attributable to the development of PPE.  In previous years, the contributions received by the

Group  from  the  wider  Northern  Powergrid  Group  entities  were  reflected  in  the  amounts  considered  for

capitalisation,  reducing  the  amount  capitalised.  The  amount  capitalised  should  have  reflected  only  the  IAS  19

pension costs of  employees of  the Group whose  work was  directly attributable to  the development of  PPE. The

comparatives have been restated accordingly.

These two matters, which impact the Group only, have been corrected in the Consolidated Income Statement

and the Consolidated Statement of Financial Position as shown below:

Consolidated Income Statement:

2023

(As restated)

£'000

Adjustment 1

£'000

Adjustment 2

£'000

2023

(previous)

£ 000

Revenue

(570,538) (54) - (570,484)

Distribution costs

145,263 54 146,220

(1,011)

Taxation

45,1

43

253

44,8

90

Profit for the year

135,378

758

134,620

Page 76

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3 Prior period adjustments (continued)

Consolidated Statement of Financial

Position:

31 Dec 2023

(As restated)

£ 000

Adjustment 1

£ 000

Adjustment

2

£ 000

31 Dec 2023

(previous)

£ 000

Property, plant and equipment

3,186,730 4,847 18,492 3,163,391

Deferred revenue non-current

(672,734) (4,667) - (668,067)

Deferred revenue current

(30,219) (180) - (30,039)

Deferred tax

(165,505) - (4,623) (160,882)

Retained earnings

(1,237,104) - (13,869) (1,223,235)

1,081,168 - - 1,081,168

1 Jan 2023

(As restated)

£ 000

Adjustment 1

£ 000

Adjustment 2

£ 000

1 Jan 2023

(previous)

£ 000

Property, plant and equipment

3,079,086 2,406 17,481 3,059,199

Deferred revenue non-current

(654,829) (2,353) - (652,476)

Deferred revenue current

(29,379) (53) - (29,326)

Deferred tax

(167,588) - (4,370) (163,218)

Retained earnings

(1,157,721) - (13,111) (1,144,610)

1,069,569 - - 1,069,569

Page 77

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3 Prior period adjustments (continued)

Restatement of Cash Flow Statement

During the current year, the Group reflected on the presentation of cash inflows and outflows in the cash flow

statement. In the prior year the cash flow statement showed cash flows flowing through the Group's bank accounts

together  with  transactions  made  by  other  entities  within  the  wider  Northern  Powergrid  Group  on  the  Group's

behalf  and  recorded  in  the  inter-company  current  account.  The  Group's  cash  flow  statement  should  have  only

shown  the  cash  flows  flowing  through  the  Group's  bank  accounts.  The  comparatives  have  been  restated

accordingly.

The prior year cash flow statement was presented using the indirect method, which reconciled profit before tax

to net cash flows from operating activities by adjusting for non-cash items and changes in working capital. The

restatement involves presenting cash flows from operating activities using the direct method, which shows

major classes of gross cash receipts and gross cash payments relating to the Group.

The impact on the operating, investing and financing cash flows is as follows:

Consolidated Cash Flow Statement:

2023

(As restated)

£'000

2023

(Previous)

£'000

Difference

£ 000

Operating

368,672 367,393 1,279

Investing

(285,158)

(242,911)

(42,247)

Financing (82,193) (378,383) 296,190

Net cash flow

1,321 (253,901) 255,222

The reason for all changes relates to amounts paid for or received by other entities within the wider

Northern  Powergrid  Group  on  the  Group's  behalf.  These  are  settled  through  the  intercompany  current  account

mechanism  which  was  previously  included  as  a  cash  equivalent.  Non-cash  investing  and  financing

activities  were  previously  disclosed  in  the  Statement  of  Cash  Flows,  these  are  now  disclosed  in  Note  31,

which includes non-cash settlements of intercompany interest and dividends. These changes also impact the Net

Debt Reconciliation in Note 26.

Linked to the above, the intercompany current account of £255.2 million was previously disclosed as

cash equivalents as at 31st December 2022. This should have been presented as a receivable and this has been

restated accordingly. Trade and other receivables of £94.3 million have been restated to £349.5 million and cash

of £268.6 million has been restated to £13.4 million.

Related Parties

During the preparation of the current year's financial statements, it was identified that certain related party

balances were either inaccurate or omitted from the prior year's related party note. These have been corrected in

the current year's Statutory Accounts. This restatement has no impact on the primary financial statements. More

details can be found in the Related party transactions note (Note 30).

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Revenue & Segmental Analysis

The analysis of the Group's revenue for the year from continuing operations is as follows:

(As restated)

2024

2023

£ 000

£ 000

Distribution revenue

470,438 370,379

Work for related parties

34,002 34,928

Connections revenue

31,355 30,017

Contracting revenue

40,851 41,445

Meter asset rental

90,723 89,679

Other revenue 3,319 4,090

670,688 570,538

Work for related parties which was reported within distribution revenue in the comparative year has now been

presented in a separate line to be consistent with the current year.

Other revenue includes assessment and design fees and disconnections from the network.

Connection revenue is recognised over the life of the corresponding item of property, plant and equipment

against which the contribution was received.

Further detail of prior year adjustments affecting Revenue in the Income Statement can be found in Note 3.

The tables below represent the internal information provided to the President and Chief Executive Officer of the

Group who is the Chief Operating Decision Maker for the purposes of resource allocation and segmental

performance appraisal. The Group operates in three principal areas of activity, those of the distribution of

electricity, engineering contracting, and smart meter rental in the United Kingdom.

Reportable segments are those that meet two or more of the following criteria under IFRS 8:

- Its reported revenue is 10% or more of the combined revenue of all segments;

- The absolute measure of its profit or loss is 10% or more of the combined reported profit; and

- Its assets are 10% or more of the combined assets of all segments.

The Group is separated into the following segments:

Regulated Networks (Distribution): Northern Powergrid (Northeast) plc

Contracting: Integrated Utility Services Limited

Metering: Northern Powergrid Metering Limited

Other: Includes intercompany recharges for services provided

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Revenue & Segmental Analysis (continued)

2024

Distribution

£ 000

Contracting

£ 000

Metering

£ 000

Other

[1]

£ 000

Total

£ 000

Revenue

535,795 40,851 90,723 3,319 670,688

Inter-segment sales 388 7,475 - (7,863) -

Total revenue

536,183 48,326 90,723 (4,544) 670,688

Operating profit

264,146 2,427 38,711 9,213 314,497

Other gains

456

Finance costs

(54,243)

Finance income 20,537

Profit before tax

281,247

Capital additions

242,231 58 40,301 8,796 291,386

Depreciation and amortisation

109,430 336 49,972 8,553 168,291

Segment assets

3,210,680 15,773 297,052 242,813 3,766,318

Unallocated corporate assets 4,514

Total assets

3,770,832

Segment liabilities

(818,931) (9,684) (163,259) (99,936) (1,091,810)

Unallocated corporate liabilities (1,276,326)

Total liabilities

(2,368,136)

Segment net assets

2,391,749 6,089 133,793 142,877 2,674,508

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Revenue & Segmental Analysis (continued)

Unallocated net corporate liabilities (1,271,812)

Total net assets

1,402,696

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Revenue & Segmental Analysis (continued)

(Restated)

2023

Distribution

£ 000

Contracting

£ 000

Metering

£ 000

Other

[1]

£ 000

Total

£ 000

Revenue\*

435,324 41,445 89,679 4,090 570,538

Inter-segment sales 416 6,649 - (7,065) -

Total revenue

435,740 48,094 89,679 (2,975) 570,538

Operating profit

166,056 2,103 37,760 10,276 216,195

Other gains

1,538

Finance costs

(53,916)

Finance income 16,704

Profit before tax

180,521

Capital additions\*

204,630 507 65,772 (965) 269,944

Depreciation and amortisation\*

116,985 687 52,059 (7,313) 162,418

Segment assets

2,810,945 14,693 310,076 432,693 3,568,407

Unallocated corporate assets 248,210

Total assets

3,816,617

Segment liabilities

(554,741) (8,771) (193,820) (322,568) (1,079,900)

Unallocated corporate liabilities (1,251,488)

Total liabilities

(2,331,388)

Segment net assets

2,256,204 5,922 116,256 110,124 2,488,506

Page 82

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Revenue & Segmental Analysis (continued)

Unallocated net corporate liabilities (1,003,277)

Total net assets

1,485,229

[1]: Included in Other are the Company and consolidation adjustment balances.

\* Further detail of prior year adjustments affecting the Income Statement and the Statement of Financial Position can be found in Note 3.

Contract assets arise where goods or services are transferred to the customer before the customer pays consideration, or before payment is due. All contract assets relate to

engineering contracting work within Integrated Utility Services. Contracts in progress at statement of financial position date:

Assets recognised from costs to fulfil a contract with customers

31 December

2024

£ 000

31 December

2023

£ 000

Contract costs incurred plus recognised profit less recognised losses to date

92,566 56,873

Less: progress billings (82,280) (49,821)

10,286 7,052

At 31 December 2024, no retentions are held by customers for contract work (2023: £nil).

The Company recognised £10.3m contract assets at 31 December 2024 (2023: £7.1m).

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5 Finance income and costs

2024

£ 000

2023

£ 000

Finance income

Other finance income

20,537 16,704

Finance costs

Interest on borrowings at amortised cost

(54,560) (54,003)

Interest expense on leases

(440) (316)

Borrowing costs included in cost of qualifying asset 757 403

Total finance costs (54,243) (53,916)

Net finance costs

(33,706) (37,212)

Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool

and are calculated by applying a capitalisation rate of 3.23% (2023: 3.02%) to expenditure on such assets.

6 Staff costs

Group

2024

£ 000

2023

£ 000

Salaries

88,384 74,948

Social security costs

10,625 9,031

Defined benefit pension (credit)/cost

(4,160) 230

Defined contribution pension cost 7,731 5,999

102,580 90,208

Less capitalised to property plant and equipment (52,510) (49,029)

50,070 41,179

A proportion of the Group's employees are members of the DB Scheme, details of which are given in the

Employee Benefit Obligations Note 24.

The average monthly number of persons employed by the Group (including directors) during the year, analysed

by category was as follows:

2024

No.

2023

No.

Distribution

1,451 1,344

Engineering contracting

175 165

Other 13 13

1,639 1,522

The Company had an average monthly number of 13 employees during the year ended 31 December 2024

(2023:13).

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7 Directors' remuneration

The directors' remuneration for the year was as follows:

2024

£

2023

£

Highest paid

Short-term employee benefits

117,907 110,663

Post retirement benefits - defined contribution

4,748 3,488

Other long-term benefits

- 33,953

122,655 148,104

Total

Short-term employee benefits

273,558 185,594

Post retirement benefits - defined benefit

13,674 29,744

Post retirement benefits - defined contribution

12,101 3,488

Other long-term benefits 16,500 44,613

315,833 263,439

Post retirement benefits

No. of Directors who were members of a defined contribution scheme in

the year

2 1

No. of Directors who were members of a defined benefit scheme in the

year

1 1

2024

£

2023

£

Key personnel remuneration

Short-term employee benefits

1,325,119 1,206,990

Post retirement benefits - defined benefit

26,050 -

Post retirement benefits - defined contribution

115,373 129,883

Other long-term benefits

50,000 460,360

1,516,542 1,797,233

2024

£

2023

£

Total directors and key personnel:

Short-term employee benefits

1,598,677 1,392,584

Post retirement benefits - defined benefit

39,724 29,744

Post retirement benefits - defined contribution

127,474 133,371

Other long-term benefits 66,500 504,973

1,832,375 2,060,672

Other key personnel includes a number of senior functional managers who, whilst not board directors, have

authority and responsibility for planning, directing and controlling activities of the Group. The total director and

key personnel remuneration for the year amounts £1.8m (2023: £2.1m).

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 Auditor's remuneration

The auditor's remuneration for the year was as follows:

2024

£ 000

2023

£ 000

Fees payable to the auditor for audit of the Company's annual accounts

50 71

Fees payable to the auditor for audit of the Company's subsidiaries

pursuant to legislation 303 368

Total audit fees

353 439

Audit of regulatory reporting

- 69

Other services  - 7

Total auditor's remuneration

353 515

Other services relate to non-statutory audit services of the pension schemes.

9 Income tax

Tax charged in the income statement

2024

£ 000

(As restated)

2023

£ 000

Current taxation

UK corporation tax

65,132 43,247

UK corporation tax adjustment to prior periods (2,406) (1,333)

62,726 41,914

Deferred taxation

Arising from origination and reversal of temporary differences

8,560 3,240

Deferred tax expense/(credit) from unrecognised temporary difference

from prior period

2,243 (380)

Deferred tax credit relating to changes in tax rates or laws - 369

Total deferred taxation 10,803 3,229

Tax expense in the income statement

73,529 45,143

Page 86

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9 Income tax (continued)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023:

higher) than the standard rate of corporation tax in the UK of 25% (2023 - 23.5%)

The differences are reconciled below:

(As restated)

2024

2023

£ 000

£ 000

Profit before tax

281,247 180,521

Corporation tax at standard rate

70,312 42,459

Increase in deferred tax due to changes in tax rates or laws

- 369

Tax effect of result of joint venture entities

(193) (54)

Decrease in current tax from adjustment for prior periods

(2,406) (1,333)

Permanent differences (including non-taxable dividends)

(1,262) (929)

Pension contributions recognised in other comprehensive income

2,200 2,655

Increase/(decrease) in deferred tax from adjustment for prior periods

2,243 (380)

Non-deductible interest

2,250 2,117

Other tax effects for reconciliation between accounting profit and tax

expense/(income) 385 239

Total tax charge

73,529 45,143

Finance Act 2024 confirmed that the corporation tax rate will remain at 25% from 1 April 2023 as previously

enacted. Deferred tax balances are therefore measured at 25% at 31 December 2024 (after taking into account

the estimated effect of timing differences which will reverse at the 19% rate prior to 1 April 2023).

There is no uncertainty over the acceptable income tax treatment. Should any uncertainties arise the Company

will apply adopted amendments to IFRIC 23

Amounts recognised in other comprehensive income

2024

Tax (expense)

Before tax

benefit

Net of tax

£ 000

£ 000

£ 000

Loss on cash flow hedges

(1,369) 342 (1,027)

Remeasurement of post employment benefit

obligations (18,700) 6,875 (11,825)

(20,069) 7,217 (12,852)

2023

Tax (expense)

Before tax

benefit

Net of tax

£ 000

£ 000

£ 000

Loss on cash flow hedges

(7,015) 1,754 (5,261)

Remeasurement of post employment benefit

obligations (14,200) 6,205 (7,995)

(21,215) 7,959 (13,256)

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9 Income tax (continued)

Deferred tax

Group

Deferred tax movement during the year:

(As restated)

At 1 January

2024

£ 000

Reclassification

£ 000

Recognised in

income

£ 000

Recognised in

other

comprehensive

income

£ 000

Accelerated tax depreciation

132,530 (6,061) 8,207 -

Pension benefit obligations

30,929 6,061 2,115 (4,675)

Other items

2,043 - 481 (342)

Holdover relief 3 - - -

165,505 - 10,803 (5,017)

At

31 December

2024

£ 000

Accelerated tax depreciation

134,676

Pension benefit obligations

34,430

Other items

2,182

Holdover relief 3

171,291

A reclassification has been processed in the year which has moved deferred tax in relation to pension benefit

obligations capitalised from pension benefit obligations to accelerated depreciation.

(As restated)

At 1 January

2023

£ 000

(As restated)

Recognised in

income

£ 000

Recognised in

other

comprehensive

income

£ 000

(As restated)

At

31 December

2023

£ 000

Accelerated tax depreciation

131,624 906 - 132,530

Pension benefit obligations

32,104 2,383 (3,558) 30,929

Other items

3,835 (38) (1,754) 2,043

Holdover relief 25 (23) - 3

167,588 3,228 (5,312) 165,505

The other items of £2.2m (2023: £2.0m liability) includes the deferred tax impact of cash flow hedges,

provisions and employee benefits which are deductible on a paid basis. Within pension benefit obligations the

movement in the year represents pension costs on the movement in retirement benefit obligation/asset. A

proportion of the movement has been capitalised in property, plant and equipment.

Page 88

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9 Income tax (continued)

Company

Deferred tax movement during the year:

At 1 January

2024

£ 000

Recognised in

income

£ 000

Recognised in

other

comprehensive

income

£ 000

At

31 December

2024

£ 000

Accelerated tax depreciation

(7) 2 - (5)

Pension benefit obligations 36,809 2,228 (4,675) 34,362

36,802 2,230 (4,675) 34,357

Deferred tax movement during the prior year:

At 1 January

2023

£ 000

Recognised in

income

£ 000

Recognised in

other

comprehensive

income

£ 000

At

31 December

2023

£ 000

Accelerated tax depreciation

(8) 1 - (7)

Pension benefit obligations 37,361 2,998 (3,550) 36,809

37,353 2,999 (3,550) 36,802

Page 89

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 Property, plant and equipment

Group

(Restated)

Land and

buildings

£ 000

Distribution

system

£ 000

Metering

equipment

£ 000

Furniture,

fittings and

equipment

£ 000

Cost or valuation

At 1 January 2023

6,534 4,087,729 507,083 90,108

Prior period adjustment - 25,343 - -

At 1 January 2023 (restated)

6,534 4,113,072 507,083 90,108

Additions (restated)

- 189,669 65,772 4,074

Disposals - (8,184) (25,530) (116)

As at 31 December 2023

(restated)

6,534 4,294,557 547,325 94,066

At 1 January 2024

6,534 4,294,557 547,325 94,066

Additions

- 228,463 40,301 7,419

Disposals - (10,221) (11,293) -

At 31 December 2024 6,534 4,512,799 576,333 101,485

Depreciation

At 1 January 2023

6,534 1,295,557 249,314 80,850

Prior period adjustment - 5,456 - -

At 1 January 2023 (restated)

6,534 1,301,013 249,314 80,850

Charge for year (restated)

- 95,554 52,027 3,328

Eliminated on disposal - (8,184) (24,567) (116)

As at 31 December 2023

(restated)

6,534 1,388,383 276,774 84,062

At 1 January 2024

6,534 1,388,381 276,774 84,062

Charge for the year

- 99,393 49,967 3,722

Eliminated on disposal - (10,221) (11,248) -

At 31 December 2024 6,534 1,477,553 315,493 87,784

Carrying amount

At 1 January 2023

- 2,812,059 257,769 9,258

At 31 December 2023

- 2,906,174 270,551 10,004

At 31 December 2024

- 3,035,246 260,840 13,701

Page 90

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 Property, plant and equipment (continued)

(Restated)

Total

£ 000

Cost or valuation

At 1 January 2023

4,691,454

Prior period adjustment 25,343

At 1 January 2023 (restated)

4,716,797

Additions (restated)

259,515

Disposals (33,830)

As at 31 December 2023 (restated)

4,942,482

At 1 January 2024

4,942,482

Additions

276,183

Disposals (21,514)

At 31 December 2024 5,197,151

Depreciation

At 1 January 2023

1,632,255

Prior period adjustment 5,456

At 1 January 2023 (restated)

1,637,711

Charge for year (restated)

150,909

Eliminated on disposal (32,867)

As at 31 December 2023 (restated)

1,755,753

At 1 January 2024

1,755,751

Charge for the year

153,082

Eliminated on disposal (21,469)

At 31 December 2024 1,887,364

Carrying amount

At 1 January 2023

3,079,086

At 31 December 2023

3,186,729

At 31 December 2024

3,309,787

For more information on the prior year restatements, please refer to Note 3.

Page 91

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 Property, plant and equipment (continued)

Expenditure recognised in the carrying amount of property, plant and equipment in the course of construction

was as follows:

31

December

2024

£ 000

31

December

2023

£ 000

Distribution system 187.867 184,298

Contractual commitments for the acquisition of property, plant and equipment were as follows:

31

December

2024

£ 000

31

December

2023

£ 000

Distribution system 35,543 33,834

Company

Land and

buildings

£ 000

Distribution

system land

£ 000

Furniture,

fittings and

equipment

£ 000

Total

£ 000

Cost or valuation

s

At 1 January 2024 280 1,259 3,634 5,173

At 31 December 2024 280 1,259 3,634 5,173

Depreciation

s

At 1 January 2024

84 - 3,548 3,632

Charge for the year 7 - - 7

At 31 December 2024 91 - 3,548 3,639

Carrying amount

At 31 December 2024

189 1,259 86 1,534

At 1 January 2023

203 1,259 86 1,548

Page 92

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11 Right of use assets

Group

Fleet

£ 000

Property

£ 000

Land

£ 000

Total

£ 000

Cost or valuation

At 1 January 2023

16,676 4,019 1,923 22,618

Additions

1,967 - - 1,967

Disposals (1,026) (181) - (1,207)

At 31 December 2023 17,617 3,838 1,923 23,378

At 1 January 2024

17,617 3,838 1,923 23,378

Additions

2,623 1,744 - 4,367

Disposals (2,400) (435) - (2,835)

At 31 December 2024 17,840 5,147 1,923 24,910

Depreciation

At 1 January 2023

8,011 1,688 155 9,854

Charge for year

2,911 527 64 3,502

Eliminated on disposal (1,026) (181) - (1,207)

At 31 December 2023 9,896 2,034 219 12,149

At 1 January 2024

9,896 2,034 219 12,149

Charge for the year

2,926 593 64 3,583

Eliminated on disposal (2,400) (435) - (2,835)

At 31 December 2024 10,422 2,192 283 12,897

Carrying amount

At 31 December 2024

7,418 2,955 1,640 12,013

At 31 December 2023

7,721 1,804 1,704 11,229

Page 93

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11 Right of use assets (continued)

Company

Property

£ 000

Total

£ 000

Cost or valuation

At 1 January 2023 1,366 1,366

At 31 December 2023 1,366 1,366

At 1 January 2024

1,366 1,366

At 31 December 2024 1,366 1,366

Depreciation

At 1 January 2023

350 350

Charge for year 137 137

At 31 December 2023 487 487

At 1 January 2024

487 487

Charge for the year

137 137

At 31 December 2024 624 624

Carrying amount

At 31 December 2024

742 742

At 31 December 2023

879 879

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

12 Intangible assets

Group

Software

development

£ 000

Total

£ 000

Cost or valuation

At 1 January 2023

149,597 149,597

Additions 14,444 14,444

At 31 December 2023 164,041 164,041

At 1 January 2024

164,041 164,041

Additions 15,203 15,203

At 31 December 2024 179,244 179,244

Amortisation

At 1 January 2023

102,240 102,240

Amortisation charge 11,195 11,195

At 31 December 2023

113,435 113,435

At 1 January 2024

113,435 113,435

Amortisation charge 11,509 11,509

At 31 December 2024 124,944 124,944

Carrying amount

At 31 December 2024

54,300 54,300

At 31 December 2023

50,606 50,606

As at year-end, the amount of contractual commitments for the acquisition of intangible assets amounted to £5.2

million (2023: £4.1m).

The majority of the costs classified under intangible assets relate to the development and implementation of IT

software systems. These systems are integral to the Company's operations, enhancing efficiency and supporting

the management of our energy distribution network.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments

Investment in

joint ventures

£ 000

Share in other

undertakings

£ 000

Total

£ 000

At 1 January 2023

3,961 21 3,982

Profit from investments

266 - 266

Dividends paid by investments (615) - (615)

At 31 December 2023

3,612 21 3,633

Profit from investments

739 - 739

Dividends paid by investments (1,083) - (1,083)

At 31 December 2024

3,268 21 3,289

More information on the joint venture can be found on page 97.

Page 96

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Summary of the Company investments

31 December

2024

£ 000

31 December

2023

£ 000

Investments in subsidiaries

242,903 242,902

Group subsidiaries

Details of the Group subsidiaries as at 31 December 2024 are as follows:

Page 97

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Name of subsidiary Principal activity

Registered office and country

of incorporation

Proportion of

ownership interest

and voting rights

held

2024 2023

CE Electric Services

Limited

Dormant

England and Wales

100% 100%

Central PowerGrid

Limited

Dormant

England and Wales

100% 100%

East PowerGrid

Limited

Dormant

England and Wales

100% 100%

Eastern PowerGrid

Limited

Dormant

England and Wales

100% 100%

Infrastructure North

Limited

Dormant

England and Wales

100% 100%

Integrated Utility

Services Limited

Engineering contracting

England and Wales

100% 100%

IUS Limited Dormant

England and Wales

100% 100%

Midlands PowerGrid

Limited

Dormant

England and Wales

100% 100%

NEDL Limited Dormant

England and Wales

100% 100%

North East PowerGrid

Limited

Dormant

England and Wales

100% 100%

North Eastern

PowerGrid Limited

Dormant

England and Wales

100% 100%

North PowerGrid

Limited

Dormant

England and Wales

100% 100%

North West PowerGrid

Limited

Dormant

England and Wales

100% 100%

North Western

PowerGrid Limited

Dormant

England and Wales

100% 100%

Northern Electric

Distribution Limited

Dormant

England and Wales

100% 100%

Northern Electric

Properties Limited

(02522939)\*

Property holdings &

management company

England and Wales

100% 100%

Northern Electric Share

Scheme Trustee

Limited

Dormant

England and Wales

100% 100%

Northern Electricity

(North East) Limited

Dormant

England and Wales

100% 100%

Northern Electricity

(Yorkshire) Limited

Dormant

England and Wales

100% 100%

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Name of subsidiary Principal activity

Registered office and country

of incorporation

Proportion of

ownership interest

and voting rights

held

2024 2023

Northern Electricity

Limited

Dormant

England and Wales

100% 100%

Northern Electricity

Networks Company

(North East) Limited

Dormant

England and Wales

100% 100%

Northern Electricity

Networks Company

(Yorkshire) Limited

Dormant

England and Wales

100% 100%

Northern Electricity

Networks Company

Limited

Dormant

England and Wales

100% 100%

Northern Electrics

Limited

Dormant

England and Wales

100% 100%

Northern Energy

Funding Company

Limited

Dormant

England and Wales

100% 100%

Northern Powergrid

Metering Limited

Meter asset provider

England and Wales

100% 100%

Northern Powergrid

(Northeast) plc

Distribution of

electricity

England and Wales

100% 100%

Northern Powergrid

(North West) Limited

Dormant

England and Wales

100% 100%

Northern Power

Networks Company

(North East) Limited

Dormant

England and Wales

100% 100%

Northern Power

Networks Company

(Yorkshire) Limited

Dormant

England and Wales

100% 100%

Northern Power

Networks Company

Limited

Dormant

England and Wales

100% 100%

Northern Transport

Finance Limited

Car finance company

England and Wales

100% 100%

Northern Utility

Services Limited

Dormant

England and Wales

100% 100%

PowerGrid (Central)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (East)

Limited

Dormant

England and Wales

100% 100%

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![Graphics](data:image/png;base64,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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Name of subsidiary Principal activity

Registered office and country

of incorporation

Proportion of

ownership interest

and voting rights

held

2024 2023

PowerGrid (Eastern)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (Midlands)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (North East)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (North

Eastern) Limited

Dormant

England and Wales

100% 100%

PowerGrid (North

West) Limited

Dormant

England and Wales

100% 100%

PowerGrid (North

Western) Limited

Dormant

England and Wales

100% 100%

PowerGrid (North)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (Northern)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (South East)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (South

Eastern) Limited

Dormant

England and Wales

100% 100%

PowerGrid (South

West) Limited

Dormant

England and Wales

100% 100%

PowerGrid (South

Western) Limited

Dormant

England and Wales

100% 100%

PowerGrid (South)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (Southern)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (West)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (Western)

Limited

Dormant

England and Wales

100% 100%

PowerGrid (Yorkshire)

Limited

Dormant

England and Wales

100% 100%

South East PowerGrid

Limited

Dormant

England and Wales

100% 100%

South Eastern

PowerGrid Limited

Dormant

England and Wales

100% 100%

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Name of subsidiary Principal activity

Registered office and country

of incorporation

Proportion of

ownership interest

and voting rights

held

2024 2023

South PowerGrid

Limited

Dormant

England and Wales

100% 100%

South West PowerGrid

Limited

Dormant

England and Wales

100% 100%

South Western

Powergrid

Dormant

England and Wales

100% 100%

Southern PowerGrid

Limited

Dormant

England and Wales

100% 100%

West PowerGrid

Limited

Dormant

England and Wales

100% 100%

Western PowerGrid

Limited

Dormant

England and Wales

100% 100%

YEDL Limited Dormant

England and Wales

100% 100%

Yorkshire Electricity

Distribution Limited

Dormant

England and Wales

100% 100%

Yorkshire PowerGrid

Limited

Dormant

England and Wales

100% 100%

Northern Electric

Finance plc\*\*

Finance company

England and Wales

100% 100%

\*These companies have taken advantage of s479A Companies Act exemption from audit.

\*\*These companies are indirectly owned subsidiaries, with the rest of the above being directly owned.

All dormant companies have taken advantage of s480 (dormant entities) exemption from audit.

The class of shares related to the above companies are ordinary shares.

Unless otherwise stated the registered office of the above companies is: Lloyds Court, 78 Grey Street,

Newcastle upon Tyne, Tyne and Wear, NE1 6AF.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Investments (continued)

Group joint ventures

Details of the Group joint ventures as at 31 December 2024 are as follows:

Name of

Joint-ventures Principal activity Registered office

Proportion of

ownership interest and

voting rights held by

the Group

2024 2023

Vehicle Lease and

Service Limited

Transport services Centre for Advanced Industry,

3rd Floor, Coble Dene, North

Shields, NE29 6DE

England and Wales

50% 50%

VLS Limited Dormant Centre for Advanced Industry,

3rd Floor, Coble Dene, North

Shields, NE29 6DE

England and Wales

50% 50%

The class of shares related to the joint ventures above are ordinary shares.

Summarised financial information in respect of the Group's joint venture is set out below:

Joint ventures and associates are not strategic to the Group’s activities.

31 December

2024

£ 000

31 December

2023

£ 000

Current assets

31,231 27,878

Non-current assets

9,497 9,475

Current liabilities

(14,690) (12,501)

Non-current liabilities

(19,506) (17,699)

Net assets

6,532 7,152

Group's share of net assets

3,268 3,576

Revenue

20,453 19,512

Profit for the year

1,478 532

Groups share of profit for the year

739 266

14 Inventories

Group Company

(As restated)

31 December

2024

£ 000

31 December

2023

£ 000

31 December

2024

£ 000

31 December

2023

£ 000

Raw materials and consumables

28,536 28,662 - -

Work in progress

- 607 - -

Vehicle inventory 852 635 - -

29,388 29,904 - -

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

14 Inventories (continued)

Work in progress that was included within inventories in 2023 is now included in trade receivables. This relates

to recoverable amounts from third parties from damages to our network that have not yet been billed.

15 Trade and other receivables

Group Company

31 December

2024

£ 000

31 December

2023

£ 000

31 December

2024

£ 000

31 December

2023

£ 000

Distribution use of system

receivables and accrued income\*

75,264 59,298 - -

Trade receivables

23,067 30,552 67 50

Lease receivable

3,934 3,858 - -

Loss allowance (5,458) (8,150) - -

Net trade receivables

96,807 85,558 67 50

Receivables from related parties

68,769 242,733 70,998 9,876

Social security and other taxes

- - 443 1,199

Prepayments

7,594 7,934 235 291

Other receivables 5,084 6,723 - -

178,254 342,948 71,743 11,416

Non-current lease receivables 8,052 6,463 - -

186,306 349,411 71,743 11,416

\* All accrued income relates to distribution revenue.

The average credit period on receivables is 30 days. No interest is charged on outstanding trade receivables.

Within Distribution use of system receivables and accrued income above is £43.7m of distribution accrued

income (2023: £32.4m).

More information on receivables from related parties can be found within Note 2 and Note 30.

The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected

credit loss. The expected credit losses on trade receivables are estimated using a provision matrix by reference

to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for

factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate

and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

There has been no change in the estimation techniques or significant assumptions made during the current

reporting period.

As the Company’s historical credit loss experience does shows significantly different loss patterns for different

customer segments, the provision for loss allowance based on past due status is distinguished as follows:

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 Trade and other receivables (continued)

• Distribution businesses: DUoS receivables, damages receivables, and other receivables;

• Metering: contracted meters, contracted churn, and non-contracted churn; and

• Engineering contracting: construction contracts receivables.

31 December

2024

£ 000

31 December

2023

£ 000

At 1 January

8,150 9,579

Amounts utilised/written off in the year

(3,542) (2,561)

Amounts recognised in the income statement 850 1,132

At 31 December

5,458 8,150

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 Trade and other receivables (continued)

The loss allowance is made on amount due net of VAT which would be recoverable from His Majesty's

Revenue and Customs when the debt is written off.

Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition,

the Company compares the risk of a default occurring on a financial instrument at the reporting date with the

risk of a default occurring on the financial instrument at the date of initial recognition. In making this

assessment the Company considers historical experience as well as forward-looking information that is available

without undue cost or effort. Forward-looking information includes the future prospects of the industries in

which the Company's debtors operate obtained from economic expert reports, financial analysts, government

bodies, relevant think-tanks and other similar organisations. In particular the following information is taken into

account when assessing whether credit risk has increased significantly since initial recognition:

• existing or forecast adverse changes in business, financial or economic conditions that are expected to cause

a significant decrease in the debtor's ability to meet its debt obligations;

• an actual or expected significant deterioration in the operating results of the debtor;

• significant increases in credit risk on other financial instruments of the same debtor; and

• an actual or expected significant adverse change in the regulatory, economic, or technological environment

of the debtor that results in a significant decrease in the debtor's ability to meet its debt obligations.

Distribution use of system receivables

The customers served by the Group’s distribution network are supplied predominantly by a number of electricity

supply businesses (circa 110) with the E.ON group accounting for approximately 16.2% of distribution revenues

in 2024 (2023: 18.1%) and British Gas plc accounting for approximately 13.5% of distribution revenues in 2024

(2023: 14.5%). Ofgem under Code Governance arrangements, set out a framework known as Credit Cover

within the Distribution Connection and Use of System Agreement (DCUSA), which sets credit limits for each

supply business based on its credit rating (taken from a credit agency). If no score is available, then they can

build up their credit limit through good payment history. In addition, suppliers can provide other forms of

collateral to cover their value at risk (measured as being equivalent to 45 days usage) or if their credit rating

alone is not sufficient to cover their value at risk. Acceptable collateral typically is provided in the form of a

parent company guarantee, letter of credit, cash or an escrow account.

Provided the Group has implemented credit control, billing and collection processes in line with best practice

guidelines and can demonstrate compliance with the guidelines or is able to satisfactorily explain departure from

the guidelines, any losses arising from supplier default will be recovered through an increase in future allowed

income. Losses incurred to date have not been material therefore no ECL has been made on DUoS balances.

Other distribution trade receivables

Sales of goods and services comprise all income streams which are not classified as DUoS income. Examples of

non-DUoS income streams would be service alterations/disconnections, assessment and design fees, and

recovery of amounts for damage caused by third parties to the distribution system. The average credit period on

sales of goods and services is 30 days. Interest is not generally charged on the trade receivables paid after the

due date.

Engineering contracting receivables

The average credit period on Engineering contracting receivables is 30 days. Interest is not generally charged on

receivables paid after due date. Included in the Group’s construction contracts balance are debtors with a

carrying amount of £2.8 million (2023: £4.2 million), which are past due at the reporting date for which the

Group has provided for an irrecoverable amount of £0.8 million (2023: £0.5 million) based on past experience.

The Group does not hold any collateral over these balances. The average age of these receivables is 60 days

(2023: 60 days).

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 Trade and other receivables (continued)

Included in the Group's construction contracts balance are debtors with a carrying amount of £nil (2023: £nil)

which are past due at the reporting date for which the Group has not provided as there has not been a significant

change in credit quality and the amounts are still considered recoverable. The Group does not hold any collateral

over these balances.

Lease receivables

Meter asset provision

Included in lease receivables are balances relating to the provision of meters through Northern Powergrid

Metering Limited with a carrying amount of £18.3 million (2023: £19.7 million). The average credit period on

these receivables is 30 days. Interest is not generally charged on receivables paid after the due date.

The Group writes off a lease receivable when there is information indicating that the debtor is in severe financial

difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or

has entered into bankruptcy proceedings, or when the debtor is over 1 year past due. None of the trade

receivables that have been written off are subject to enforcement activities.

For receivables where there is no specific provisions, a provision is made for debts past their due date based on

lifetime expected credit loss determined by reference to past default experience.

Vehicle finance leases

Northern Transport Finance Limited ("NTFL"), a wholly owned subsidiary, enters into credit finance

arrangements for motor vehicles with employees in the Group. All agreements are denominated in sterling. The

term of the finance agreements is predominantly three years.

The interest rate inherent in the agreements is fixed at the contract date for all of the term of the agreement. The

average effective interest rate contracted is approximately 6.5% (2023: 6.5%) per annum. ECL has been

assessed as immaterial.

The interest rate inherent in the agreements is fixed at the contract date for all of the term of the agreement.

The directors consider the carrying value of lease receivables approximates their fair value. The maximum risk

exposure is the book value of these receivables, less the residual value of the leased assets.

2024

Minimum

lease

payments

£ 000

Interest

£ 000

Present value

£ 000

Within one year

4,855 (70) 4,785

In two to five years 8,509 (457) 8,052

13,364 (527) 12,837

2023

Minimum

lease

payments

£ 000

Interest

£ 000

Present value

£ 000

Within one year

3,903 (45) 3,858

In two to five years 7,067 (604) 6,463

10,970 (649) 10,321

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 Trade and other receivables (continued)

Operating lease receivables

Operating leases relate to the metering assets owned by the Group with lease terms of 10-15 years, these are

disclosed in Note 10. The lessee does not have an option to purchase the meters at the expiry of the lease period.

The total future value of minimum lease payments is as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Within one year

84,045 85,848

In two to five years

198,959 236,459

Over five years 186,288 177,401

469,292 499,708

The Group's exposure to credit and market risks, including maturity analysis, relating to trade and other

receivables is disclosed in Note 28 "Financial risk review".

16 Cash and cash equivalents

Group Company

31 December

2024

£ 000

31 December

2023

£ 000

31 December

2024

£ 000

31 December

2023

£ 000

Cash at bank

2,240 810 - -

Other cash and cash equivalents 11,200 13,950 - -

13,440 14,760 - -

Included in other cash and cash equivalents is the money market funds.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

17 Share capital

Allotted, issued, and fully paid:

The Company has one class of ordinary shares which carries no right to fixed income. Details of cumulative

non-equity preference shares are contained in the borrowings Note 19.

Share value No. of shares

2024

£ 000

2023

£ 000

Ordinary shares 56 12/13p 127,689,809

72,173 72,173

18 Reserves

Group

The changes to each component of equity resulting from items of other comprehensive income for the current

year were as follows:

Cash flow

hedging

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

Loss on cash flow hedge (net)

(1,027) - (1,027)

Remeasurements of post employment benefit

obligations (net) - (11,825) (11,825)

(1,027) (11,825) (12,852)

There had been no movement on share premium and capital redemption reserve.

Prior period

The changes to each component of equity resulting from items of other comprehensive income for the prior year

were as follows:

Cash flow

hedging

reserve

£ 000

Retained

earnings

£ 000

Total

£ 000

Loss on cash flow hedge (net)

(5,261) - (5,261)

Remeasurements of post employment benefit

obligations - (7,995) (7,995)

(5,261) (7,995) (13,256)

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

18 Reserves (continued)

Company

The changes to each component of equity resulting from items of other comprehensive income for the current

year were as follows:

Retained

earnings

£ 000

Total

£ 000

Remeasurements of post employment benefit obligations

(14,025) (14,025)

The changes to each component of equity resulting from items of other comprehensive income for the prior year

were as follows:

Retained

earnings

£ 000

Total

£ 000

Remeasurements of post employment benefit obligations

(10,650) (10,650)

19 Loans and borrowings

Group Company

2024

£ 000

2023

£ 000

2024

£ 000

2023

£ 000

Non-current loans and

borrowings

1,119,735 1,153,068 1,117 1,117

Current loans and borrowings 134,746 135,284 7,005 6,368

1,254,481 1,288,352 8,122 7,485

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

19 Loans and borrowings (continued)

Group

Carrying value Fair value

2024

£ 000

2023

£ 000

2024

£ 000

2023

£ 000

Short-term loans

79,260 72,883 79,260 72,883

Amortising loan 2026 -

2.3012%\*

94,920 135,502 96,117 137,476

Bond 2035 - 5.125%

153,647 153,550 150,467 158,526

Bond 2049- 2.75%

150,225 150,161 92,098 106,192

Bond 2052 - 3.25%

355,096 355,018 233,823 272,362

Bond 2062 - 1.875%

297,837 297,742 132,772 159,538

European Investment Bank 2027

- 2.564%

120,128 120,128 111,524 111,677

Cumulative preference shares 3,368 3,368 140,153 133,454

1,254,481 1,288,352 1,036,214 1,152,108

The group's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings

is disclosed in Note 28 "Financial risk review".

Included within short-term loans is a £75m capital expenditure facility which is 80% swapped at a fixed rate of

2.6005%, with the remaining 20% floating at SONIA plus 1.75%

\*2026 £218m Amortising Loan is 80% swapped at a fixed rate of 2.5455%, with the remaining 20% floating at

SONIA plus 1.65%.

Company

Carrying value Fair value

2024

£ 000

2023

£ 000

2024

£ 000

2023

£ 000

Short-term loans

3,968 5,580 3,968 4,118

Cumulative preference shares 3,368 3,368 140,153 133,454

7,336 8,948 144,121 137,572

Of the total financial liabilities of £1,254.5 million, £1,175.2 million (2023: £1,215.5 million) relates to external

borrowings and preference shares (111,662,378 shares) whose fair value is determined with reference to quoted

market prices. The directors' estimates of the fair value of internal borrowings are determined in accordance

with generally accepted pricing models based on discounted cash flow analysis using prices from observable

current market transactions or dealer quotes for similar instruments. The valuation of liabilities set out above is

based on Level 1 inputs.

The terms of the cumulative preference shares:

Page 110

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

19 Loans and borrowings (continued)

• entitle holders, in priority to holders of all other classes of shares, to a fixed cumulative preferential dividend

of 8.061p (net) per share per annum payable half-yearly in equal amounts on 31 March and 30 September;

• on a return of capital on a winding up, or otherwise, will carry the right to repayment of capital together with

a premium of 99p per share and a sum equal to any arrears or accruals of dividend. This right is in priority to

the rights of ordinary shareholders;

• carry the right to attend a general meeting of Northern Electric plc and vote if, at the date of the notice

convening the meeting, payment of the dividend to which they are entitled is six months or more in arrears,

or if a resolution is to be considered at the meeting for the winding-up of Northern Electric plc or abrogating,

varying or modifying any of the special rights attaching to them; and

• are redeemable in the event of the revocation by the Secretary of State of Northern Electric plc's Public

Electricity Supply Licence at the value given above.

During the year ended 31 December 2001, under the terms of the Northern Electric plc's transfer scheme, as

approved by the Secretary of State in accordance with the provisions of the Utilities Act 2000, the Northern

Electric plc's Public Electricity Supply Licence was converted into an Electricity Distribution Licence and an

Electricity Supply Licence.

20 Obligations under leases

Group

Lease liability

Lease commitments relate to fleet vehicles from Vehicle Lease and Service Limited, a joint venture, with terms

of up to 7 years and land and buildings with terms of up to 50 years.

The total future value of minimum lease payments is as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Within one year

3,285 3,524

In two to five years

7,870 6,996

In over five years 3,504 2,381

Total lease payment

14,659 12,901

Unearned interest

(2,085) (1,275)

Total lease liability

12,574 11,626

The discounted amount due within one year totalled £3,231k (2023: £3,231k).

Unearned interest is future interest on leases not yet earned at the balance sheet date.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

20 Obligations under leases (continued)

Company

Lease Liability

The Company holds one single lease relating to the main office building within Newcastle upon Tyne.

The total future value of minimum lease payments is as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Within one year

172 86

In two to five years

687 687

In over five years 48 219

Total lease payment

907 992

Unearned interest

(57) (78)

Total lease liability

850 914

21 Provisions

Group

Legal

proceedings

£ 000

Other

£ 000

Total

£ 000

At 1 January 2024

1,001 3,339 4,340

Additional provisions

1,676 325 2,001

Provisions used (1,684) (1,273) (2,957)

At 31 December 2024

993 2,391 3,384

Non-current liabilities

- 983 983

Current liabilities

992 1,408 2,400

Legal proceedings: Provision has been made to cover costs arising from utility damages, public liability, and

motoring legal proceedings. Settlement is expected substantially within 12 months.

The provisions are not discounted on the grounds of materiality. The impact of discounting is immaterial to the

financial statements, as the effect on the present value of the provision is not significant enough to influence the

economic decisions of users of the financial statements. Therefore, the provisions are presented at their nominal

value.

Other: Primarily consists of a provision for future safe disposal of transformers which contain oil contaminated

with Polychlorinated Biphenyls (PCBs), and for an amount to cover claims made under Section 74 of the New

Road and Street Works Act 1991.

Also included within 'other' are pension provisions which relate to the Group's share of expected settlements of

liabilities relating to pension deficit repair of Electricity Association Technology Limited ("EATL") and are

expected to be settled over a period of approximately one year. As at 31 December 2024 the provision relating

to EATL is £0.2m (2023: £0.3m).

Page 112

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

21 Provisions (continued)

Company

Other

provisions

£ 000

Total

£ 000

At 1 January 2024

1,271 1,271

Additional provisions

56 56

Provisions used (344) (344)

At 31 December 2024

983 983

The Company's provisions relate to the actuarial assessment of the costs of unfunded pension arrangements in

respect of former employees. This is expected to be realised over the next 20 years.

Also included above are pension provisions which relate to the Group's share of expected settlements of

liabilities relating to pension deficit repair of Electricity Association Technology Limited ("EATL") and are

expected to be settled over a period of approximately one year. As at 31 December 2024 the provision relating

to EATL is £0.2m (2023: £0.3m).

22 Trade and other payables

Group Company

31 December

2024

£ 000

31 December

2023

£ 000

31 December

2024

£ 000

31 December

2023

£ 000

Current liabilities

Payments on account

71,329 68,670 - -

Trade payables

16,231 4,842 1,795 2,242

Accrued expenses

38,721 49,027 2,909 3,991

Amounts due to related parties

30,200 - 30,200 -

Social security and other taxes

12,925 5,334 116 143

Other payables 19,203 27,896 834 189

188,609 155,769 35,854 6,565

Non-current liabilities

Payments on account 6,549 - - -

Non-current liabilities

6,549 - - -

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

22 Trade and other payables (continued)

Payments on Account are primarily advanced customer contributions for which no associated distribution asset

has been constructed or yet to be completed.

Included within the Payment on Account line is innovation funding received from the National Energy System

Operator (NESO) for the Community DSO project of £10.5m (2023:£8.8m). The funding will be released over a

period of time until 2028. This funding was successfully bid for and is aimed at supporting the development and

implementation of a decentralised system operator model within the community. The performance obligations

associated with this funding include the establishment of infrastructure, engagement with local stakeholders and

reporting on project progress and outcomes across the industry. Based on the latest project schedule, £3.9m has

been classified as current and £6.6m as non-current as at the reporting date. For the comparative year, the total

amount was incorrectly included in current other payables. As the Directors do not consider the effect on the

prior period financial statements to be material, this has not been adjusted. The related income recognised in the

current year was £1.5m (2023:£0.5m).

The Group's exposure to market and liquidity risks, including maturity analysis, related to trade and other

payables is disclosed in the financial risk review Note 29.

The directors consider that the carrying amount of other financial liabilities approximates their fair value,

calculated by discounting future cash flows at market rate at the statement of financial position date. The

valuation is based on Level 1 inputs. Trade creditors and accruals principally comprise amounts outstanding for

trade purchases and on-going costs. Invoices are paid at the end of the month following the date of the invoice.

The Group has financial risk management policies in place to ensure that all payables are paid within the credit

timeframe. The standard payment term for trade payables is net monthly.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

23 Contract Liabilities (Deferred Revenue)

Group

31 December

2024

£ 000

(As restated)

31 December

2023

£ 000

Opening balance

702,953 681,802

Prior year restatement

- 2,406

Revised opening balance

702,953 684,208

Additions (prior year restated)

54,105 48,761

Released to Income Statement (prior year restated)

(31,482) (30,017)

Closing balance

725,576 702,953

31 December

2024

£ 000

(As restated)

31 December

2023

£ 000

Current

32,181 30,219

Non-current

693,395 672,734

725,576 702,953

Further detail of prior year adjustments affecting the Statement of Financial Position can be found in Note 3.

Contract liabilities are deferred customer contributions payments for distribution system assets where work has

commenced or is completed. The Group's policy is to credit the customer contribution to revenue on a

straight-line basis, in line with the useful life of the associated distribution system asset.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes

Defined benefit pension schemes

Electricity Supply Pension Scheme

The Group contributes to two pension schemes, which it operates on behalf of the participating companies

within the Group. Those pension schemes are:

- The Northern Powergrid Group of the ESPS (the "DB Scheme"); and

- The Northern Powergrid Pension Scheme.

The Northern Powergrid Pension Scheme was introduced for new employees of the Group from July 1997 and

is a money purchase arrangement accounted for as a defined contribution scheme.

The DB Scheme is a defined benefit scheme for directors and employees, which provides pension and other

related retirement benefits based on final pensionable pay. The DB Scheme closed to staff commencing

employment with the Group on or after 23 July 1997. Members who joined before this date, including some

Protected Persons under The Electricity (Protected Persons) (England and Wales) Pension Regulations 1990,

continue to build up future pension benefits.

Under the DB Scheme, employees are typically entitled to annual pensions on retirement at age 63 of

one-eightieth of final pensionable salary for each year of service plus an additional tax-free cash lump sum at

retirement of three times pension. Benefits are also payable on death and following other events such as

withdrawing from active service.

No other post-retirement benefits are provided to members of the DB Scheme.

The Group agrees the defined benefit pension scheme contribution rate applied to pensionable pay as part of the

triennial valuation. The agreed rates are applied consistently to all contributing employees.

The assets and liabilities of the scheme are recorded in the Company, with individual companies recording

contribution paid. Differences between pension costs calculated in accordance with IAS19 and contributions

paid by individual companies are recorded in the Company.

Pension regulation

The UK pensions market is regulated by the Pensions Regulator whose key statutory objectives in relation to

UK defined benefit plans are to:

- protect the benefits of members;

- promote and to improve understanding of good administration;

- reduce the risk of situations arising which may lead to compensation being payable from the Pension

Protection Fund ("PPF"); and

- minimise any adverse impact on the sustainable growth of an employer.

The Pensions Regulator has various powers including the power to:

- wind up a scheme where winding up is necessary to protect members' interests;

- appoint or remove a trustee;

- impose a schedule of company contributions where trustees and company fail to agree on appropriate

contributions; and

- impose contributions where there has been a detrimental action against the scheme.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

Role of Trustees

The DB Scheme is administered by a board of Trustees which is legally separate from the Company. The assets

of the DB Scheme are held in a separate trustee-administered fund. The board of Trustees is made up of

Trustees appointed by the Company, as the Principal Employer of the DB Scheme, Trustees elected by the

membership and an independent trustee. The Trustees are required by law to act in the interests of all relevant

beneficiaries and are responsible in particular for the asset investment strategy plus the day-to-day

administration of the benefits payable. They also are responsible for jointly agreeing with the Principal

Employer the level of contributions due to the DB Scheme.

Funding requirements

UK legislation requires that pension schemes are funded prudently (i.e. to a level in excess of the current

expected cost of providing benefits). The next actuarial valuation of the DB Scheme will be carried out by the

Trustee's actuarial advisors, Aon, at a date no later than 31 March 2025. Such valuations are required by law to

take place at intervals of no more than three years. Following each valuation, the Trustees and the Northern

Powergrid Group must agree the contributions required (if any) such that the DB Scheme is fully funded over

time on the basis of suitably prudent assumptions.

At the latest funding valuation as at 31 March 2022, the funding surplus was assessed to be £2.9 million. In light

of this and subsequent changes in the funding position, the Group are not currently paying any deficit

contributions. The next actuarial valuation is underway as at 31 March 2025 and is expected to be completed by

30 June 2026, by which time a new contribution schedule will be agreed.

The contributions payable by the Northern Powergrid Group to the DB Scheme in respect of future benefits

which are accruing, reduced from 49.1% to 46.1% of pensionable pay with effect from 1 July 2023. These

contributions were determined as part of the 31 March 2022 actuarial valuation. These rates will remain in place

until such a time as a new schedule of contributions is agreed between the Trustees and the Group as part of the

31 March 2025 valuation.

The Northern Powergrid Group’s total contributions to the DB Scheme for the next financial year are expected

to be £8.4m.

The Trust Deed provides the Group with an unconditional right to a refund of surplus assets assuming the

gradual settlement of plan liabilities over time. Furthermore, in the ordinary course of business the Trustees

have no right to unilaterally wind up, or otherwise augment the benefits due to members of the DB scheme.

Based on these rights, any net surplus in the plan is recognised in full.

Profile of the scheme

The defined benefit obligation ("DBO") includes benefits for current employees, former employees and current

pensioners. The overall duration of the DB Scheme's obligation was assessed to be about 17 years based on the

results of the 31 March 2022 funding valuation. This is the weighted-average time over which benefit payments

are expected to be made.

As at 31 March 2022, broadly about 23% of the liabilities are attributable to current employees (duration about

24 years), 7% to former employees (duration about 22 years) and 70% to current pensioners (duration about 13

years).

We anticipate that the overall duration of the Scheme’s obligation will have reduced to around 12 years at 31

December 2024.

Investment objectives for the DB Scheme

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

The Trustees aim to achieve the Scheme's investment objectives through investing partly in a diversified mix of

growth assets which, over the long term, are expected to grow in value by more than low risk assets like cash

and gilts. This is done with a broad liability driven investing framework that uses cash, gilts and other hedging

instruments like swaps in a capital efficient way. In combination this efficiently captures the Trustees' risk

tolerances and return objectives relative to the Scheme's liabilities.

The Company and Trustees have agreed a long-term strategy for reducing investment risk as and when

appropriate. This includes the use of Liability Driven Investment (LDI) from October 2016 to more closely

match the nature and duration of the DB Scheme's liabilities through the use of derivatives such as swaps and

repurchase agreements. The portfolio is designed to hedge a proportion of the interest rate and inflation risk

inherent in the Scheme's liabilities. The target hedging level is currently 99% (2023: 99%) of the DB Scheme's

liabilities as measured on the basis used for the funding valuation.

The trustees insure certain benefits which are payable on death before retirement.

Risks

Volatile asset returns

The DBO is calculated using a discount rate set with reference to corporate bond yields. If assets underperform

this discount rate, this will create an element of deficit. The DB Scheme aims to hold a significant proportion

(27%) of its assets in return-seeking assets (such as equities) which, although expected to outperform corporate

bonds in the long-term, create volatility and risk in the short-term.

Mitigation

The allocation to return-seeking assets is monitored to ensure it remains appropriate given the DB Scheme's

long-term objectives. The Trustees regularly review the strategy from return-seeking assets and have diversified

some return-seeking assets from equities into Reinsurance and Listed Infrastructure to reduce overall risk. To

avoid concentration risk, the allocation to UK equity is restricted to 35% of the total equity allocation.

Changes in bond yields

A decrease in corporate bond yields will increase the value placed on the DBO for accounting purposes,

although this will be partially offset by an increase in the value of the DB Scheme's bond holdings.

Mitigation

The DB Scheme aims to hold a substantial proportion of its assets (73%) as bonds and Liability Driven

Investments (LDI), which provide a significant hedge against falling bond yields (falling yields which increase

the DBO will also increase the value of the bond assets). There are some differences in the credit quality of

bonds held by the DB Scheme and the bonds analysed to decide the DBO discount rate, such that there remains

some risk should yields on different quality bond/swap assets diverge.

Inflation risk

A significant proportion of the DBO is indexed in line with price inflation (specifically UK Retail Price Index)

and higher inflation will lead to a higher DBO.

Mitigation

The DB Scheme invests around 42% in LDI (included in the 73% above) which provides a hedge against

higher-than-expected inflation increases on the DBO (rising inflation will increase both the DBO and the value

of the LDI portfolio).

Life expectancy risk

The majority of the DB Scheme's obligations are to provide benefits for the life of the member, so increases in

life expectancy will result in an increase in the liabilities.

Mitigation

The DB Scheme regularly reviews actual experience of its membership against the actuarial assumptions

underlying the future benefit projections and carries out detailed analysis when setting an appropriate scheme

specific mortality assumption.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

Other risks

There are a number of other risks associated with the DB Scheme including operational risks (such as paying

out the wrong benefits), legislative risks (such as the government increasing the burden on pension schemes

through new legislation) and other demographic risks (such as a higher proportion of members dying than

assumed with a dependant eligible to receive a survivor's pension from the DB Scheme).

Legislative risk

The risk that new legislation, or clarification to existing legislation, increases the benefits due to members.

Please note the results shown in this report reflects our understanding of the benefits due at the date of the report

make no allowance for any potential impact on benefits of recent case law.

In June 2023, the English High Court issued a judgment involving the Virgin Media NTL Pension Plan which

held that amendments to the plan’s rules in relation to benefit changes were invalid in the absence of a

confirmation from the scheme actuary under Section 37 of the Pension Schemes Act 1993. Virgin Media

appealed the judgment. The Court of Appeal heard the case on 25 July 2024 and dismissed the appeal.

While the ruling only applied to the specific pension plan in question it could be expected to apply across other

‘UK contracted out’ pension plans. The Trustees of The Northern Powergrid Group of ESPS continue to receive

legal advice regarding this matter and, subject to any subsequent development on the issue, are of the view that

firstly, as the scheme had been historically managed at the ESPS level, and secondly, as there are Protected

Persons in the Scheme (as detailed in the statute book The Electricity (Protected Persons) (England and Wales)

Pension Regulations 1990), the impact is expected to be nil or minimal. The defined benefit obligation has been

calculated based on the pension benefits currently being administered, and at this stage the Company do not

consider it necessary to make any adjustments as a result of the Virgin Media Court Ruling. Any subsequent

developments following the Court of Appeal’s judgment will be monitored by the Company.

Reporting at 31 December 2024

For the purposes of this disclosure, the current and future pension costs of the Northern Powergrid Group have

been assessed by Aon, a qualified independent actuary, using the assumptions set out below, which the actuary

has confirmed represent a reasonable best estimate of those costs. The review has been based on the same

membership and other data as at 31 March 2022. The board of Northern Powergrid Holdings Company has

accepted the advice of the actuary and formally approved the use of these assumptions for the purpose of

calculating the pension cost of the Northern Powergrid Group.

The results of the latest funding valuation at 31 March 2022 have been adjusted to 31 December 2024. Those

adjustments take account of experience over the period since 31 March 2022, changes in market conditions, and

differences in the financial and demographic assumptions. The present value of the DBO and the related current

service cost were measured using the Projected Unit Credit Method.

For schemes closed to new members, such as the DB Scheme, the current service cost (as a percentage of

pensionable pay) calculated under the Projected Unit Credit Method is expected to increase as the members of

the DB Scheme approach retirement.

Principal actuarial assumptions

The significant actuarial assumptions used to determine the present value of the defined benefit obligation at the

statement of financial position date are as follows:

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

31 December

2024

%

31 December

2023

%

Discount rate

5.50 4.55

Future salary increases

3.30 3.00

Future pension increases

2.85 2.65

Inflation - RPI

3.05 2.75

Inflation- CPI

2.70 2.35

Proportion of pension exchanged for additional cash at retirement

10.00 10.00

The Group has updated the inflation risk premium used to derive RPI assumption from 0.6% at 31st December,

2023 to 0.4% at 31st December, 2024 in order to be consistent with market practices. This has resulted in

increase in the DBO of approximately £12 million.

Post retirement mortality assumptions

31 December

2024

Years

31 December

2023

Years

Life expectancy for male currently aged 60

26.00 26.70

Life expectancy for female currently aged 60

28.00 28.90

Life expectancy at 60 for male currently aged 45

26.90 27.40

Life expectancy at 60 for female currently aged 45

29.30 30.10

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the statement of financial position are as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Fair value of scheme assets

989,600 1,098,300

Present value of scheme liabilities (850,900) (949,700)

Defined benefit pension scheme surplus

138,700 148,600

Scheme assets

Changes in the fair value of scheme assets are as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Fair value at start of year

1,098,300 1,117,000

Interest income

48,900 52,700

Re-measurement (loss)/gains on scheme assets

(101,800) (3,000)

Employer contributions

9,200 10,500

Contributions by scheme participants

400 400

Benefits paid

(62,900) (77,900)

Administrative expenses paid (2,500) (1,400)

Fair value at end of year

989,600 1,098,300

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

Analysis of assets

The major categories of scheme assets are as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Developed market equity

72,000 71,700

Emerging market equity

2,100 2,100

Property

103,100 103,300

Reinsurance

70,000 93,800

Listed infrastructure

47,000 53,500

Investment grade corporate bonds

100,700 49,700

Other debt (non-investment grade)

153,600 191,400

Fixed interest gilts

8,100 37,500

Liability driven investments

342,100 454,500

Cash and cash equivalents including derivatives 90,900 40,800

989,600 1,098,300

The pension scheme has not invested in any of the Company's own financial instruments or in properties or

other assets used by the Company.

Scheme liabilities

Changes in the present value of scheme liabilities are as follows:

31 December

2024

£ 000

31 December

2023

£ 000

Present value at start of year

(949,700) (965,500)

Current service cost

(4,400) (5,100)

Actuarial gains/(losses) arising from changes in demographic

assumptions

2,700 34,400

Actuarial gains/(losses) arising from changes in financial assumptions

80,900 (18,300)

Actuarial gains/(losses) arising from experience adjustments

(500) (27,300)

Interest cost

(42,400) (45,400)

Benefits paid

62,900 77,900

Contributions by scheme participants (400) (400)

Present value at end of year

(850,900) (949,700)

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

Amounts recognised in the income statement

31 December

2024

£ 000

31 December

2023

£ 000

Current service cost

4,400 5,100

Administrative expenses

2,500 1,400

Net interest (6,500) (7,300)

Amounts recognised 400 (800)

Costs included in cost of qualifying assets (2,030) (2,500)

Total recognised in the income statement

(1,630) (3,300)

Amounts taken to the Statement of Comprehensive Income

31 December

2024

£ 000

31 December

2023

£ 000

Actuarial gains arising from changes in demographic assumptions

(2,700) (34,400)

Actuarial losses and (gains) arising from changes in financial

assumptions

(80,900) 18,300

Actuarial losses arising from experience adjustments

500 27,300

Return on plan assets in excess of that recognised in net interest 101,800 3,000

Amounts recognised in the Statement of Comprehensive Income

18,700 14,200

Sensitivity analysis

Significant actuarial assumptions for determination of the defined benefit obligation are discount rate, inflation,

and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the

respective assumptions occurring at the end of the reporting period, while holding all other assumptions

constant:

31 December

2024

31 December

2023

Adjustment to discount

rate

+ 0.1%

£ 000

0.0%

£ 000

- 0.1%

£ 000

+ 0.1%

£ 000

0.0%

£ 000

- 0.1%

£ 000

Present value of total

obligation

840,800 850,900 861,100 945,000 957,600 970,400

31 December

2024

31 December

2023

Adjustment to rate of

inflation

+ 0.1%

£ 000

0.0%

£ 000

- 0.1%

£ 000

+ 0.1%

£ 000

0.0%

£ 000

- 0.1%

£ 000

Present value of total

obligation

860,700 850,900 845,200 966,700 957,600 946,600

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

24 Pension and other schemes (continued)

31 December

2024

31 December

2023

Adjustment to mortality

age rating assumption

+ 1 Year

£ 000

None

£ 000

- 1 Year

£ 000

+ 1 Year

£ 000

None

£ 000

- 1 Year

£ 000

Present value of total

obligation

880,400 850,900 820,500 993,800 957,600 920,600

The sensitivity analysis presented above may not be representative of the actual change in defined benefit

obligation as it is unlikely that the changes in assumptions would occur in isolation of one another as some of

the assumptions may be correlated.

25 Dividends

31 December

2024

31 December

2023

£ 000 £ 000

Dividend of £2.17 (2023 - £0.38) per ordinary share

277,400 48,000

26 Net debt reconciliation

Group

At 1 January

2024

£ 000

Net cash flows

£ 00

0

Other changes

£ 000

At 31

December

2024

£ 000

Cash and cash equivalents

14,760 - 13,440

(1,320)

Lease liabilities

(11,626)

3,430

(4,

378)

(12,574)

Borrowings (1,288,352)

35,242

(1,388) (1,254,498)

(1,285,218) 37,352 (5,766) (1,253,632)

At 1 January

2023

£ 000

(As restated)

Net cash flows

£ 000

(As restated)

Other changes

£ 000

At 31

December

2023

£ 000

Cash and cash equivalents

13,439 - 14,760

1,321

Lease liabilities

(13,193) (1,944) (11,626)

3,511

Borrowings (1,318,171)

30,249 (430) (1,288,352)

(1,317,925) 35,081 (2,374) (1,285,218)

Other changes include accrued interest movement and amortisation of borrowings.

Further detail of prior year adjustments affecting the Statement of Financial Position can be found in Note 3.

Interest and preference dividends paid of £48.2 million (2023: £48.1 million) as shown in the Statement of Cash Flows is not

shown in the reconciliation above as it is approximately equal to the interest expense.

Page 124

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

27 Classification of financial assets and financial liabilities

Group

The classification of financial assets and financial liabilities by accounting categorisation for the year ended 31

December 2024 was as follows:

Financial

assets at

amortised cost

£ 000

Financial

assets at fair

value - hedging

instruments

£ 000

Financial

liabilities at

amortised cost

£ 000

Non-current assets

Trade and other receivables

8,052 - -

Other non-current financial assets (Note 29)

- 8,827 -

8,052 8,827 -

Current assets

Trade and other receivables

170,530 - -

Cash and cash equivalents

13,440 - -

Other current financial assets (Note 29)

- 4,496 -

183,970 4,496 -

Total financial assets

192,022 13,323 -

Non-current liabilities

Long term lease liabilities

- - (9,632)

Loans and borrowings

- - (1,119,735)

- - (1,129,367)

Current liabilities

Current portion of long term lease liabilities

- - (2,942)

Trade and other payables

- - (104,355)

Loans and borrowings

- - (134,763)

- - (242,060)

Total financial liabilities

- - (1,371,427)

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

27 Classification of financial assets and financial liabilities (continued)

The classification of financial assets and financial liabilities by accounting categorisation for the period ending

31 December 2023 was as follows:

Financial

assets at

amortised cost

£ 000

Financial

assets at fair

value - hedging

instruments

£ 000

Financial

liabilities at

amortised cost

£ 000

Assets

Non-current assets

Trade and other receivables

6,463 - -

Other non-current financial assets (Note 29)

- 8,831 -

6,463 8,831 -

Current assets

Trade and other receivables

342,948 - -

Cash and cash equivalents

14,760 - -

Other current financial assets (Note 29)

- 5,861 -

357,708 5,861 -

Total financial assets

364,171 14,692 -

Liabilities

Non-current liabilities

Long term lease liabilities

- - (8,395)

Loans and borrowings

- - (1,153,068)

- - (1,161,463)

Current liabilities

Current portion of long term lease liabilities

- - (3,231)

Trade and other payables

- - (150,435)

Loans and borrowings

- - (135,284)

- - (288,950)

Total financial liabilities

- - (1,450,413)

Fair values are derived from level 1 inputs.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

28 Financial risk review

Capital management

The Group manages its capital centrally to ensure that entities in the Group will be able to continue as going

concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The Group’s overall strategy remains unchanged from 2023.

The capital structure of the Group consists of net debt (borrowings as detailed in Note 19 offset by equity of the

Company (comprising issued capital, reserves and retained earnings as detailed in Notes 17 and 18).

At 31 December 2024, 98% of the Group's long-term borrowings were at fixed rates (2023: 98%) and the

average maturity for these borrowings was 23 years (2023: 23 years).

During the year all obligations under the various debt covenants have been complied with.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial

loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties. The

Group's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value

of transactions concluded is spread amongst approved counterparties. The carrying amount of financial assets

recorded in the financial statements, which is net of impairment losses, represents the Group's maximum

exposure to credit risk as no collateral or other credit enhancements are held.

The Group's income is primarily generated from use of system revenue from electricity suppliers; suppliers are

credit checked by independent ratings agencies. Impaired income from DUoS will be recovered in future

periods through system charges and is therefore of no material risk to the Group. The Group's credit risk

exposure is shown below:

Group

2024 Notes

Gross carrying

amount

£ 000

Loss allowance

£ 000

Net carrying

amount

£ 000

Trade and other receivables

15 184,171 (5,459) 178,712

Cash and short-term deposits

16 13,440 - 13,440

Contract assets

15 10,286 - 10,286

Other non-current financial assets

8,827 - 8,827

Other current financial assets 4,496 - 4,496

221,220 (5,459) 215,761

2023 Notes

Gross carrying

amount

£ 000

Loss allowance

£ 000

Net carrying

amount

£ 000

Trade and other receivables

15 357,561 (8,150) 349,411

Cash and short-term deposits

16 14,760 - 14,760

Contract assets

15

7,052 - 7,052

379,373 (8,150) 371,223

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

28 Financial risk review (continued)

For trade receivables the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at

lifetime ECL. The Group determines the expected credit losses on these items by using a provision matrix,

estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as

appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit

risk profile of these assets is presented based on their past due status in terms of the provision matrix. The

expected credit loss (ECL) has been assessed as immaterial for related parties and contract assets.

The carrying amount of the Group’s financial assets at FVTPL as disclosed in Note 27 best represents their

respective maximum exposure to credit risk. The Group holds no collateral over any of these balances.

Amounts due from Group undertakings are regarded as low credit risk as the Group has a strong capacity to

meet its contractual cash flow obligations and maintains an investment grade credit rating.

Liquidity risk

Ultimate responsibility of liquidity risk management rests with the board of directors, which has established an

appropriate liquidity risk management framework for the management of the Group's short, medium, and

long-term funding and liquidity management requirements. The Group manages liquidity by maintaining

adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and

actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Ultimate responsibility of liquidity risk management rests with the board of directors, which has established an

appropriate liquidity risk management framework for the management of the Group's short, medium, and

long-term funding and liquidity management requirements. The Group manages liquidity by maintaining

adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and

actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturity analysis for financial liabilities

The following table sets out the remaining undiscounted contractual cash flows of financial liabilities by type.

Page 128

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

28 Financial risk review (continued)

Group

2024

Less than 3

months

£ 000

3 months - 1

year

£ 000

1-5 years

£ 000

More than 5

years

£ 000

Non-interest bearing

104,355 - - -

Short-term interest bearing

4,220 75,632 - -

Long-term interest bearing - 78,436 341,159 1,752,019

108,575 154,068 341,159 1,752,019

2024

Total

£ 000

Non-interest bearing

104,355

Short-term interest bearing

79,852

Long-term interest bearing 2,171,614

2,355,821

2023

Less than 3

months

£ 000

3 months - 1

year

£ 000

1-5 years

£ 000

More than 5

years

£ 000

Non-interest bearing

101,426 - - -

Short-term interest bearing

7,044 66,338 - -

Long-term interest bearing - 77,895 345,867 1,554,688

108,470 144,233 345,867 1,554,688

2023

Total

£ 000

Non-interest bearing

101,426

Short-term interest bearing

73,382

Long-term interest bearing 1,978,450

2,153,258

Market risk

Market risk is the risk of loss arising from movements in market variables such as interest rates, exchange rates

and commodity prices. Risks are mitigated by utilising appropriate risk management products.

The Group's policy on interest rate risk is designed to limit the Group's exposure to floating interest rates.

Consistent with this policy, at 31 December 2024 the Group had 98% (2023: 98%) of long term debt at fixed

rates. Short-term loans under the multicurrency revolving credit facility are charged at a floating rate of interest

at SONIA plus 20bps plus a credit adjustment spread. In aggregate, 20% of the amortising long-term loan and

the capital expenditure facility loans are at a floating rate of interest at SONIA plus 165bps and 175bps

respectively, thus exposing the Group to cash flow interest rate risk. A 1% movement in interest rates would

subject the Group to an approximate change in interest costs of £0.5m per year. This is considered an acceptable

level of risk. All other loans are at fixed interest rates and expose the Group to fair value interest rate risk.

More information on the use of cash flow hedges to manage interest rate risk on is available in Note 29.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

28 Financial risk review (continued)

Financial risk

The Group is not subject to significant risk relating to foreign exchange.

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Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

29 Derivatives held for risk management and hedge accounting

Derivatives held for risk management

Derivatives are financial instruments that derive their value from the price of an underlying item such as interest

rates, foreign exchange rates, credit spreads, commodities, equity or other indices. In accordance with Board

approved policies, derivatives are transacted to manage our exposure to fluctuations in interest rate. The Group

uses derivatives to manage these risks from our financing portfolio to optimise the overall cost of accessing the

debt capital markets.

The following table provides a reconciliation by risk category of components of equity and analysis of other

comprehensive income items (net of tax) resulting from hedge accounting. All derivative financial instruments

relate to cash flow hedges.

2024 2023

Assets

£ 000

Liabilities

£ 000

Assets

£ 000

Liabilities

£ 000

Non-current

8,827 - 8,831 -

Current 4,496 - 5,861 -

13,323 - 14,692 -

The maturity of financial instruments was as follows:

3 months to 1

year

£ 000

1 to 5 years

£ 000

More than 5

years

£ 000

Total

£ 000

2024

Notional principal

31,246 105,657 - 136,903

Cash flow hedge

4,496 8,827 - 13,323

35,742 114,484 - 150,226

2023

Notional principal

33,403 129,880 - 163,283

Cash flow hedge

2,171 12,521 - 14,692

35,574 142,401 - 177,975

All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are

designated as cash flow hedges to reduce the Group’s cash flow exposure resulting from variable interest rate

borrowings. The interest rate swaps and interest payments on the underlying loan occur simultaneously and the

amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest

payments on debt affect profit or loss.

The interest rate swaps are settled on a quarterly basis and are based on receiving a floating rate of interest based

on SONIA and paying a fixed rate of 0.8955% on the amortising long-term loans and 0.8505% on the capital

expenditure facility loans. The Group will settle the difference between the fixed and floating interest rate on a

net basis.

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

29 Derivatives held for risk management and hedge accounting (continued)

Effectiveness testing

The Group is using regression analysis to assess the effectiveness of the interest rate swap on a retrospective and

prospective basis throughout the term of the hedging relationship. The dollar offset method was also performed

at inception, showing zero ineffectiveness.

Nature of the risk being hedged

The Group is hedging the risk of variability in cash flows indexed to SONIA. Further details of the Group's risk

management is available in the strategic report, pages 22 to 27, and in financial risk review, Note 28.

30 Related party transactions

Directors' advances, credits and guarantees

During the year, 2 directors (2023: 1) and 2 key personnel (2023: 4) utilised the services provided by Northern

Transport Finance Limited. The amounts included in lease receivables owed by these directors and key

personnel were £61,912 (2023: £65,888).

Remuneration of key management personnel

Remuneration of key management personnel is disclosed in Note 7.

Group

2024

Sales to

£ 000

Purchases

from

£ 000

Amounts

owed

from/(to)

£ 000

Fi

nance

(income)/costs

£ 000

Integrated Utility Services

(Eire)

1,806 (2,279)

152

-

CE Gas Limited

832 - -

-

Northern Powergrid Limited

- - - -

Northern Powergrid (Yorkshire)

plc

40,028 (13,376)

(2,590)

(809)

Vehicle Lease and Service

Limited

61

(4,894)

(560) 77

3

Yorkshire Electricity Group

- -

(490)

(13,825)

Berkshire Hathaway Energy

- -

(30,200)

-

Northern Powergrid Holding Company

47

6

-

-

-

43,203 (20,549) (33,689) (13,861)

2024

Dividends

paid/(received)

Borrowings

to/(from)

£ 000

Integrated Utility Services (Eire)

-

-

CE Gas Limited

-

-

Northern Powergrid Limited

277,400

-

Northern Powergrid (Yorkshire) plc

-

-

Vehicle Lease and Service Limited

(1,083) -

Yorkshire Electricity Group

- 68,769

Berkshire Hathaway Energy

- -

Northern Powergrid Holdings Company

-

-

276,317

68,769

Page 132

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

30 Related party transactions (continued)

2023 (as restated)

Sales to

£ 000

Purchases

from

£ 000

Amounts owed

from/(to)

£ 000

Finance

(income)/costs

£ 000

Integrated Utility Services (Eire)

2,235 (2,932)

681

-

CE Gas Limited

662 - -

-

Northern Powergrid (Yorkshire)

plc

39,643

(15,367)

(2,707)

(786)

Vehicle Lease and Service

Limited

37

(5,132)

(560)

231

Yorkshire Electricity Group

- -

(490)

(11,855)

Northern Powergrid Limited

- - -

-

42,577 (23,431)

(3,077)

(12,410)

2023 (as restated)

Dividends paid

/(received)

£000

Borrowings

to/(from)

£ 000

Integrated Utility Services (Eire)

-

-

CE Gas Limited

-

-

Northern Powergrid (Yorkshire) plc

-

-

Vehicle Lease and Service Limited

(615)

-

Yorkshire Electricity Group

-

242,733

Northern Powergrid Limited

48,000

-

47,385

242,733

Intercompany balances with Yorkshire Electricity Group relate to intercompany current account transactions.

Further details can be found on Note 2. As explained in Note 3, the comparatives have been restated. The main

changes relate to the inclusion of the dividend payment (£48.0 million) to Northern Powergrid Limited and the

finance income from Yorkshire Electricity Group (£11.9 million).

31 Non-cash investing and financing activities

The following items were settled by other entities within the Northern Powergrid Group through

the intercompany current account mechanism.

2024

£ 000

2023

£ 000

GROUP

Non-cash investing activities

Interest received

18,107 15,010

Non-cash financing activities

Interest paid

(

4,289)

(

3,167)

Dividends paid (

277,400)

(48,000)

Total non-cash financing activities

(

263,582)

(36,157)

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)

Northern Electric plc

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

32 Parent and ultimate parent undertaking

The Company's immediate parent is Northern Powergrid Limited.

The ultimate parent and controlling party is Berkshire Hathaway Inc.. These financial statements are available

upon request from 3555 Farnam Street, Omaha, Nebraska 68131.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Berkshire Hathaway Inc.,

incorporated in United States of America.

The registered address of Berkshire Hathaway Inc. is:

3555 Farnam Street, Omaha, Nebraska 68131

The parent of the smallest group in which these financial statements are consolidated is Northern Powergrid

Holdings Company, incorporated in England and Wales.

The registered address of Northern Powergrid Holdings Company is::

Lloyds Court, 78 Grey Street, Newcastle upon Tyne, Tyne and Wear, NE1 6AF

33 Other reserves

At the Company's Annual General Meeting in August 1994, the shareholders gave approval to on-market

purchases of up to 10% of its shares and this was given effect on 21 September 1994 when 12,370,400 shares

were purchased. This transaction resulted in the creation of a capital redemption reserve of £6.2m. Under section

831(4) of the Companies Act 2006 this reserve is treated as an un-distributable reserve.

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)

Northern Electric plc

Unaudited Pro Forma Supplementary Group Cash Flows

2024

£ 000

2023

£ 000

GROUP

Cash flows from/(used in) operating activities

Profit for the year

207,718 135,378

Depreciation and amortisation

164,697 162,049

Depreciation on right of use assets

3,593 3,503

Amortisation of deferred revenue

(31,301) (30,017)

Profit on disposal of property plant and equipment

(456) (1,538)

Retirement benefit obligation

(8,800) (8,645)

Finance income

(20,537) (16,704)

Finance costs

54,243 53,916

Income tax expense 73,529 45,143

Net cash from operating activities

442,686 343,085

Increase in inventories

516 (4,164)

Increase in trade and other receivables

(10,859) (8,141)

Increase in trade and other payables

66,957 12,287

Increase in contract assets

(3,234) (1,228)

Receipt of customer contributions

51,737 68,109

Decrease in provisions (555) (496)

Cash generated from operations

547,248 409,452

Income tax paid (58,116) (33,253)

Net cash flow from operating activities

489,132 376,199

Cash flows from/(used in) in investing activities

Acquisitions of property plant and equipment

(301,773) (256,827)

Proceeds from sale of property plant and equipment

1,419 2,501

Acquisition of intangible assets

(15,259) (14,444)

Interest received

19,702 16,438

Dividend income 1,179 615

Net cash flows used in investing activities (294,732) (251,717)

Cash flows from/(used in) in financing activities

Repayment of long-term borrowing

(40,431) (41,001)

Movement in short-term borrowing

6,391 9,330

Repayment of lease liabilities

(3,430) (3,511)

Movement in intercompany treasury account

173,964 (242,733)

Interest expense on leases

(440) (316)

Interest paid

(54,374) (52,152)

Dividends paid (277,400) (48,000)

Net cash flows from/(used in) financing activities (195,720) (378,383)

This page does not form part of the statutory financial statements.

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2024

£ 000

2023

£ 000

(1,320) (253,901)

14,760 268,661

13,440 14,760

Northern Electric plc

Unaudited Pro Forma Supplementary Group Cash Flows

Net decrease in cash and cash equivalents

Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 December

This page does not form part of the statutory financial statements.

Page 136

The p

roforma supplementary statement of cash flows above shows the amounts settled by Yorkshire Electricity Group plc on

behalf of the Group as if they were cash inflows and outflows of the Group.