National Grid (NG · LSE)

Energy & MaterialsLSE

Doubling Britain's Grid to Power Tomorrow

£60 billion plan for transmission infrastructure connecting offshore wind and data centres to power Britain's economic growth.

National Grid PLC

NG: LSE

1217.50 GBp

+5.18%

year to date

Source: Finnhub

Market Cap£60.00B

Avg Volume10.88M

PriceGBp1,217.50+2.01%

P/E Ratio18.39ttm

Pricing delayed 20 minutes Oct 16, 2026, 12:00 AM

£60 Billion Drives 10% Asset Growth
Guaranteed returns on £60bn capex compound at 10% annually through 2029.
Wind and Data Centres Queue for Grid Access
35 GW renewable backlog plus AI demand create decade-long contracted revenue pipeline.
Regulated Returns Shield Downside, Policy Locks Upside
Bond-like stability with 4.7% yield plus equity upside from infrastructure rerating.

Regulatory Reset Could Cut Returns
Ofgem could lower allowed returns below 4.55%, compressing margins and valuation.
Execution Delays Postpone Earnings Growth
Permit delays and supply chain bottlenecks could push major projects beyond 2029.
Rising Debt Amplifies Interest Rate Sensitivity
£43bn debt plus £60bn funding needs expose cash flow to rate volatility.