James Brand's questions to NATIONAL GRID (NGG) leadership • Q2 2024
Question
Questioned the company's balance sheet strength, asking if credit metrics will tighten over the 5-year plan, and inquired about the preferred methods for funding the large, long-term CapEx program, including the potential for more asset sales.
Answer
The CFO reiterated that gearing will remain in the low 70s with a sensible buffer against credit metrics. For long-term funding, he stated that while it's too early to define a specific strategy, all options are available, including debt, scrip dividends, hybrids, asset rotation, and partnerships, and the appropriate tools will be chosen once the CapEx cadence is clearer.