Our Annual Report and Accounts 2023/24

Read our last annual report as the Electricity System Operator (ESO), before we become the National Energy System Operator (NESO), to see how we're meeting the challenges of efficiently operating a rapidly changing electricity system and accelerating progress towards our net zero ambition. 

Our progress towards net zero

Over the last 12 months, Great Britain has continued to set new carbon intensity and wind generation records taking us closer to our ambition of operation a net zero electricity system. Since our last Annual Report, we’ve seen:

• The most solar generation of the network at 11GW on 20 April 2023.
• A record 21.8GW of wind generation on the network on 21 December 2023. Enough to power all UK homes for over a day.
• The highest proportion of zero carbon generation on the transmission network at 92.2% on 15 April 2024.
• The lowest level of carbon dioxide on the network ever at 19gCO2/kWh on 15 April 2024.

Read our Annual Report and Accounts 2023/24 to learn more about the growing use of renewables on the system and see how the carbon intensity of electricity generation is falling.

Developing an electricity system for the future

Over the last year, we’ve revolutionised how we manage the electricity network in real time by launching phase one of the Open Balancing Platform. This will help us use the more numerous, smaller-scale mix of generation assets we now see on the network better. 

To enable viable projects to connect to the grid quicker and get Britain building, we’re showing continued leadership in transforming the connections process by putting forward ambitious reform proposals that have the potential to halve the size of the queue.

In March, we outlined a £58bn investment plan in our Beyond 2030 report, which set out a blueprint for a decarbonised electricity system in Great Britain. We’ll continue to build on this, in particular as we start to undertake new strategic spatial energy planning and regional energy strategic planning responsibilities as NESO. Central to all of this will be increased collaboration across all parts of the energy sector, and with society and communities across the country.

We also need the right markets in place to reduce electricity costs, encouraging maximum use of flexible assets and improving system operability. We’ve continued to build on our relationship with the Department for Energy Security and Net Zero through the Review of Electricity Markets Arrangements (REMA) process and are work closely with the department and wider stakeholders as part of the REMA Programme Board to deliver these important reforms.

As Executive Sponsor Charlie Pate, Chief Financial Officer, said:

“I am pleased that we have published our Annual Report & Accounts (ARA) for FY2023/24. The ARA was approved and signed at the Board meeting held on 28th June 2024 and we received positive feedback from the Board who appreciated the clarity with which our successful outcomes over the last year had been set out. They were also pleased that we were able to deliver it ahead of our normal schedule. It’s our last Annual Report as ESO under the National Grid Group and this year we will start the work in earnest to prepare for how the report will look under NESO”.

View the report

Becoming the National Energy System Operator 

Later this year, we’ll become the National Energy System Operator (NESO), an independent, public corporation responsible for planning Britain’s electricity and gas networks and operating the electricity system. We’ll be taking on new roles, with a whole system perspective, and play a central part in ensuring that Britain’s energy system is secure and affordable forging the path to a sustainable future for everyone.

It's a transformative year ahead for us. Our vision of an energy system that is secure, reliable and fair for everyone has never been more relevant or important. 

Learn more about NESO