London, July 3, 2026, 12:05 BST
- National Grid traded 0.94% higher at 1,241.50p/1,242.00p in midday London trade, with the FTSE 100 off 0.31%.
- Shares bounced back from the 1,230.5p mark seen after the July 1 Joulent announcement, which sent the stock down 1.4%.
- The $1.75 billion Joulent check is around 2% of National Grid’s overall five-year plan, but it’s close to 130% of National Grid Ventures’ current capex share, based on the firm’s $1.35/£ planning rate.
National Grid plc (LON:NG) traded higher at midday in London on Friday, bucking a lower FTSE 100. The move came as investors weighed its $1.75 billion investment in supplying power to AI data centres for a second time.
AJ Bell showed National Grid trading at 1,241.50p/1,242.00p, up 11.50p, or 0.94%. Volume was 1.15 million shares. Hargreaves Lansdown had the FTSE 100 at 10,620.30, down 32.57 points, or 0.31%.
| Midday screen | National Grid | FTSE 100 |
|---|---|---|
| Latest quoted level | 1,241.50p / 1,242.00p | 10,620.30 |
| Day move | up 11.50p or 0.94% | down 32.57, off 0.31% |
| Open | 1,242.00p | — |
| Session high | 1,250.50p | 10,701.32 |
| One-year range | 1,000.00p to 1,428.50p | — |
No trading update landed in Friday’s RNS releases. National Grid only disclosed a share award for CFO Andy Agg under its LTIP. The Joulent deal announced Wednesday is still the main move for the stock this week.
National Grid said its commercial division is picking up a 35% stake in Joulent LLC, a U.S. operator of contracted power generation and high-voltage assets. Joulent has started with the Kilby project, a 2.67 GW gas plant in West Texas, and is working with Chevron Corporation NYSE:CVX in a 50/50 split. The plant’s power is set for a Microsoft Corp NASDAQ:MSFT-run data center campus on a 20-year deal.
The deal doesn’t move the needle for the wider group, but it matters for National Grid Ventures. National Grid’s FY31 plan pointed to at least £70 billion in capital investment, with only about £1 billion of that earmarked for NGV. Using its $1.35 to the pound planning rate, the Joulent stake works out to roughly £1.3 billion.
| Item | Size | Investor read |
|---|---|---|
| Joulent stake | $1.75 bln | About £1.3 bln using $1.35 to the pound |
| Five-year group capex plan | At least £70 bln | Joulent makes up about 2% of that plan |
| Existing NGV slice in plan | c.£1 bln | Joulent is roughly 130% of that existing allocation |
| Market value | £61.80 bln | Joulent is around 2.1% of the current equity value |
The share move is key since National Grid is valued mostly as a regulated network. Buying Joulent puts some U.S. commercial power into the mix, which comes with its own risks and returns. Data-center demand tied to generative AI climbed 17% in 2025, easily outpacing the 3% growth for global electricity, Reuters said.
Chief Executive Zoë Yujnovich called the deal a “disciplined, partner-led investment,” saying it gives National Grid access to a “major source of electricity demand growth.” Joulent founder and CEO Chris James said the funding will support “reliable, large-scale power.” Noelle Walsh, Microsoft’s president of Cloud Operations + Innovation, said rising AI and cloud needs mean energy and infrastructure need to work more closely. National Grid
J.P. Morgan NYSE:JPM analysts said National Grid Ventures should see higher returns from the investment than the 9%-10% return on equity they look for from regulated networks. They noted the higher risk.
Investors will keep an eye on the funding claim. National Grid closed FY2025/26 carrying £44.2 billion net debt and booked capital investment of £11.6 billion, up 18% on an actual exchange rate basis. The group sees capex of about £13 billion for 2026/27, with underlying EPS projected to rise 13%-15% off a 78.0p base.
National Grid said the project isn’t meant for short-term earnings. Kilby aims to deliver first power in 2028. Reuters reported Joulent may hit free cash flow in the early 2030s, with a final investment decision due by end of 2026. The company said it has already reserved GE Vernova Inc NYSE:GEV turbines and construction slots.
The stock has a 3.97% dividend yield, according to AJ Bell’s numbers, and trades roughly 13% off its one-year high. The final 32.14p dividend is set to be paid out on July 23.
