Multiline utilities
National Grid is a major regulated energy infrastructure group operating electricity and gas networks in the United Kingdom and United States. Its earnings are largely supported by regulated returns, with investment focused on expanding and modernising networks for electrification and energy transition.
Electricity transmission in England and Wales, electricity distribution in the Midlands and South West, regulated electricity and gas networks in the US, interconnectors and related energy infrastructure.
The United Kingdom and north-eastern United States, serving regulated utility customers and connecting generation, storage, data centres and other large electricity users.
Regulated investment allowances and returns, network capital expenditure, electrification, renewable connections, data-centre demand, inflation-linked revenues, financing costs and operational efficiency.
Regulatory settlements, delivery of a very large capital programme, storm and weather costs, interest rates, supply-chain inflation, political scrutiny, operational reliability and sterling-dollar movements.
21 May 2026: full-year results showed continued strong regulated growth and record investment, with 2025/26 capital expenditure around £11.6bn. For 2026/27 National Grid expects capital investment to rise to nearly £13bn, while management is targeting 13-15% adjusted EPS growth as its enlarged network programme accelerates.
Established progressive dividend payer. The 2025/26 final dividend was 31.30p per share, ex-dividend 28 May 2026 and paid 23 July. Policy is to grow the ordinary dividend broadly in line with UK CPIH, subject to business performance and Board approval.
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