• National Grid Transco average debt/equity ratio for 2023 was 1.39, a 4.79% decline from 2022.
• National Grid Transco average debt/equity ratio for 2022 was 1.46, a 2.67% decline from 2021.
• National Grid Transco average debt/equity ratio for 2021 was 1.5, a 0% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.