LONDON, April 25, 2026, 19:03 BST
National Grid plc shares climbed again Friday, finishing 0.61% higher at 1,295p after Thursday’s 0.97% advance, according to market data. Investors appeared willing to return to the UK utility ahead of a May results update, which could challenge the company’s long-term investment case. Investing
National Grid’s timeline is key here, since management has already pointed to a short-term earnings headwind. In a recent U.S. filing, the company said results for the year ended March 31 matched forecasts, but it put the dent from customer refund charges—tied to the March 19 FERC ruling on New England Transmission—and higher-than-planned U.S. storm expenses at about 1p per share on underlying earnings. Investors get the full-year numbers May 14. SEC
Underlying EPS—adjusted earnings per share—lets investors focus on core profit by taking out certain one-offs. FERC, short for the U.S. Federal Energy Regulatory Commission, regulates portions of the interstate power market. For National Grid, these details are key; the firm’s profits hinge on regulated networks, where changes in allowed returns, cost structures, and refunds can all affect the bottom line.
UK utilities saw a mixed session. SSE dropped 1.0% on Friday, whereas Severn Trent eked out a modest 0.13% gain. The numbers hint at investors picking through regulated infrastructure names selectively, rather than scooping up the entire defensive sector in one go. Investing
National Grid, headquartered in the UK, handles electricity transmission and distribution across Great Britain, and runs electricity and gas networks in the northeastern U.S. Its business stretches across UK Electricity Transmission, UK Electricity Distribution, New England, New York, and also covers National Grid Ventures. Reuters
The bigger story revolves around the group’s spending commitments. Back in March, Chief Executive Zoë Yujnovich called “modern, resilient networks” essential for expansion. The company is targeting at least £70 billion in capital investment through fiscal 2031. For fiscal 2027, it’s projecting underlying EPS growth in the range of 13% to 15%. FCA Data
RIIO-3, the UK’s regulatory framework for energy networks, sets price controls for five years starting April 1, 2026, through March 31, 2031. Under the regime, Ofgem aims to balance revenue, incentives, innovation and outputs, describing the framework as a way to guarantee that monopoly gas and electricity networks can invest, operate reliably and meet customer needs. Ofgem
Analysts are divided over just how much of that growth is already in the share price. JPMorgan’s Pavan Mahbubani bumped up his National Grid target to 1,450p from 1,250p on April 1, sticking with an overweight call. Morgan Stanley’s Sarah Lester went the other way, trimming her target to 1,480p from 1,525p on April 15, though she also maintained an overweight rating, according to an analyst tracker. @IntellectiaAI
National Grid’s U.S. ADR caught a technical spotlight this day. According to Investor’s Business Daily, its Relative Strength Rating ticked up to 76 from 70—this score tracks how a stock’s price moves versus the market over a year. For context, the publication notes that high-flying shares often break above 80 ahead of big moves. Investors
The risks are clear enough. Tougher regulatory decisions, weather-related hits, slow hookups to the grid, rising financing costs, or slippage on managing expenses—all of these could erode the expected earnings bump from National Grid’s hefty investment plans. The company itself flagged a host of possible pitfalls: price controls, U.S. rate cases, bad weather, infrastructure setbacks, IT issues, and funding hurdles could all throw off future results, according to its latest cautionary note. Investegate
Shares have ticked up, though gains remain measured. Investors get more concrete figures on May 14. They’ll be weighing whether National Grid can accelerate its buildout pace, even with the 1p earnings hit, and if that growth can happen without ceding too much of its return—whether to customers, regulators, or the weather.
