LONDON, June 30, 2026, 16:01 (BST)
- National Grid traded near 1,248p to 1,252p late in London, off 0.2% to 0.5% for the session.
- NESO’s June 30 workbook shows NGET appearing on 38 out of 43 recommended grid options for the 2030s.
- UK Electricity Transmission accounted for 38% of group FY26 capital investment, but only contributed 30% of the underlying operating profit.
National Grid plc (LON:NG) slipped in late trade Tuesday. Google Finance posted shares at 1,251.50p at 15:54:57 BST, down 0.24%. AJ Bell listed a sell price of 1,248.00p, off by 0.48%. Hargreaves Lansdown saw the stock down 0.40%. The FTSE 100 gained 0.31%.
The pick-up for equity holders showed up in new grid files from the National Energy System Operator, not from the tape. NESO’s own workbook lists NGET in 94 out of 102 options, and in 38 of 43 options NESO likes for the 2030s grid setup.
This is important since the stock usually trades like a yield utility, but the June 30 filings hint at a test for delivery. More named projects could mean regulated asset growth after the nod from regulators. That can also tie up cash in projects before any returns are seen.
The count here covers options with NGET alone or with another transmission owner. “Recommended subtotal” counts Critical, Maintain and Hold, in line with NESO’s 43 recommended options.
| NESO signal in workbook | All options | NGET named | NGET share |
|---|---|---|---|
| Proceed — Critical | 19 | 16 | 84% |
| Proceed — Maintain | 19 | 18 | 95% |
| Hold | 5 | 4 | 80% |
| Recommended subtotal | 43 | 38 | 88% |
| Stop / do not start | 55 | 52 | 95% |
| Alternative | 4 | 4 | 100% |
| Total assessed | 102 | 94 | 92% |
NESO said Britain will need around 89 billion pounds of grid investment through the 2030s, which is 53% higher than its 2024 plan. Its technical report listed 43 recommended options that could bring in 58 billion to 82 billion pounds of net transmission benefits. These still need Ofgem’s sign-off before costs hit bills.
CEO Zoë Yujnovich said in May that National Grid was beginning its “largest investment programme in our history,” putting in at least £70 billion over five years in the UK and U.S. Northeast. She said FY26 would see a “record investment of £11.6 billion”.
The segment split shows why more projects don’t translate straight into higher share price. UK Electricity Transmission had a larger piece of group capex than of profit for the year ended March 31.
| FY26 metric | UK Electricity Transmission | Group | UK ET share |
|---|---|---|---|
| Capital investment | £4.372 billion | £11.576 billion | 38% |
| Underlying operating profit | £1.682 billion | £5.680 billion | 30% |
National Grid’s London market cap was close to £62.2 billion on retail quote pages late Tuesday. Its current five-year investment plan stands at roughly 1.1 times that, and NESO’s £89 billion system plan is around 1.4 times the market value. Those numbers don’t line up perfectly—National Grid’s plan includes both the UK and the US Northeast, while NESO’s figure is for wider British transmission.
The trade-off is clearer now. NGET controls most of the levers in the new grid setup, but there’s still planning risk, supply chain delays, Ofgem’s stance on cost allowances, and political pressure on bills getting factored in. According to Reuters, network charges make up about a quarter of a typical home energy bill.
AJ Bell puts National Grid’s upcoming dividend at 32.14p per share. The stock goes ex-dividend on May 28, with payment set for July 23.
