【巴克莱-2025研究报告】RIIO-T3关键日增长与回报明晰性.pdfVIP

EquityResearch

16June2025

SSE/NationalGrid/Iberdrola

RIIO-T3D-Daygrowthandreturn

clarityIndustryUpdate

On25JuneOfgempublishesitsT3DraftDeterminationforNG.L/NG/LNOVERWEIGHT

NG,SSEandIberdrola.Ofgempreviouslyquoteda5.0%realEuropeanUtilitiesCleanPOSITIVE

Energy

RORE(55%gearing)withpotentialforaimingup.WePriceTargetGBp1250

estimatea5.5%realintheDDversus6.0%required.CapexPrice(13-Jun-25)GBp1063

PotentialUpside/Downside+17.6%

numberswereeye-wateringintheBP...wedoseesomeSource:Bloomberg,BarclaysResearch

adjustments.

IBE.MC/IBESMEQUALWEIGHT

EuropeanUtilitiesCleanPOSITIVE

OnWednesday,June25th,OfgemwillpublishtheRIIO-T3Dr