Paula G. Reynolds
Good morning, everyone, and welcome to the 2026 AGM of National Grid. I’m Paula Reynolds, Chair of the Board. And since we have a quorum present, I now declare the meeting open.
Thank you all for joining us today here at King’s High School in Warwick. It’s a new venue for us, which we’ve chosen principally because it’s close to our Warwick campus, which is just down the road and which is the home of our U.K. electricity transmission business and also our National Grid Ventures business.
The venue for those of you who’ve been with us in the past, you’ll note that this is a bit smaller than ones we’ve used previously, which I think is more appropriately sized to the number of shareholders who do wish to be with us in person rather than online. So we thank those of you who travel to be with us and those of you who are actually listening to this call — listening to this meeting online.
One of the things about being here in Warwick is that this gives us an opportunity for our employees to join us in person and also for our Board to visit some of our various operations. And just this morning, the Board members have just been to a briefing around our cybersecurity, which obviously is something that’s very much top of mind in this day and age.
As set out in the notice of the meeting, the AGM is being held in a hybrid format. So shareholders have
 Shareholder/Analyst Call Transcript){kind=link}