Management report, climate change, TCFD, Listing Rules and Companies Act disclosures

National Grid plc – Annual report – 31 March 2026

Industry: utility

Task Force on Climate-related Financial Disclosures (TCFD)

Understanding the potential impacts of climate change

At National Grid, we recognise that our networks and operations are crucial to transforming the energy system in the jurisdictions where we operate.

We support the Paris Agreement’s long-term goal to keep the rise in global average temperature by 2100 to well below 2ºC above pre-industrial levels, and to pursue efforts to limit the increase to 1.5ºC.

Over the past year, we have operated in a complex environment of economic and political uncertainty, with energy security and affordability remaining key priorities. As a responsible business, we respond to these expectations across our stakeholders. While UK policy continues to support clean power, affordability and system resilience are pressing challenges; in the US, New York faces affordability challenges and Massachusetts is behind on key climate targets.

We fully comply with Financial Conduct Authority (FCA) UK Listing Rule 6.6.6R(8) and align our climate-related financial disclosures with the TCFD’s four pillars – governance, strategy, risk management, and metrics and targets, with 11 recommended disclosures under these pillars.

Additionally, we meet the climate-related financial disclosure requirements outlined in sections 414CA and 414CB of the Companies Act 2006.