0:26 - My name is Chris McConnachie, the CFO of National Grid in New York, serving approximately 4 million electric and gas customers across the state. Our operations include managing a rate base worth about $19 million. Originally from Newcastle, England, my finance career began in the financial markets before transitioning to PricewaterhouseCoopers' insolvency practice. I joined National Grid's treasury team in London in 2008, marking my entry into the utility sector. Within a year, I became deeply engaged with the industry and have been with National Grid ever since, spending the last ten years in various finance roles across the US.

1:44 - At National Grid, preparedness and timely response to storms are core aspects of our identity as a utility provider. Recognizing that our reputation hinges on our last storm response, we prioritize maintaining a reliable, safe, and affordable network.

We ensure our team is adept at crisis management, familiar with the service territory, and skilled in local operations. Beyond having a plan, we engage in resilience training and disaster management exercises across the organization, assigning storm roles to employees from various departments to ensure a collective response effort. Proactive measures, such as pre-storm crew mobilization, are crucial. Anticipating the severity of the weather allows us to have sufficient personnel ready, significantly reducing restoration times. This readiness extends beyond immediate storm response to ensuring the continuity of essential services across all societal sectors, from healthcare to commercial and residential needs, underscoring our commitment to serving the community's diverse needs.

6:48 - Balancing safety, reliability, affordability, and the pursuit of a clean energy network is a complex challenge that involves careful consideration of various factors. In developing our capital plan, we prioritize these core tenets, especially in light of our commitment to both state net zero targets and maintaining affordability for our customers. For example, undergrounding the electric network can significantly reduce the risk of fire but comes at a substantial cost, potentially five times higher than above-ground solutions. Therefore, we strive to find a balance that aligns with our strategic objectives without causing undue financial burden on our customers. This process involves not only internal decision-making but also collaboration with state regulators to ensure that our investments are prudent, targeted, and supportive of broader societal and environmental goals.

9:00 - The renewable energy sector faces key challenges in:

In response, National Grid focuses on:

12:57 - Initially joining National Grid for a short stint, I quickly grew passionate about our critical role in society—not just in supporting its day-to-day functions but in driving sustainable growth and environmental progress. What excites me most is our position to influence and shape the future significantly. As one of the largest investor-owned utilities in the UK and US, National Grid has a unique responsibility and opportunity to impact societal and environmental outcomes positively. This sentiment was echoed in a meeting with utility leaders, highlighting our collective capability to define the future of the US's energy infrastructure. This ability to contribute to a sustainable future, beyond mere financial management, is profoundly fulfilling and motivates me to drive our agenda forward, making every workday worthwhile.

15:18 - National Grid is transforming customer interaction through technology, aiming not just to respond but to proactively engage customers. Our approach involves:

These strategies are part of our broader commitment to keeping the customer at the forefront of our operations, ensuring that every touchpoint—from call centers to field operations—reflects our dedication to service excellence and sustainability.

19:04 - National Grid operates uniquely in that our financial model doesn't depend on customer consumption levels but rather on the infrastructure investments we make to facilitate energy delivery. Despite not profiting from energy generation, we play a critical role in ensuring customers have access to and visibility of their energy sources. This responsibility includes providing options for renewable energy sources to meet customer demands for sustainable options.

Our approach emphasizes transparency and choice, allowing customers to understand and select their energy sources, much like choosing a flight based on carbon footprint considerations. Through digital platforms and communication, we aim to offer customers the knowledge to make informed decisions about their energy use, including the timing and source of their consumption, to align with their sustainability values. This focus on informed choice and transparency is key to adapting our services to meet evolving customer expectations and contribute to a more sustainable future, reflected in our financial and operational strategies.

22:39 - Reflecting on my path and experiences, my advice encompasses several key points: