London, May 8, 2026, 23:11 BST
National Grid plc ticked up in London trading on Friday, not by much, but just enough to draw attention ahead of next week’s full-year results and a renewed look at its £70 billion investment strategy. The stock showed a 0.33% gain on the Barclays’ Refinitiv-powered page, with sell orders at 1,277.40p and buys at 1,279.20p, the latest numbers coming through at 15:51 in London.
Timing’s in focus here. National Grid will post its full-year numbers May 14, with investors watching three main points: U.S. storm costs, a regulatory refund out of New England, and whether the company can cover a bigger grid build without putting pressure on returns. Alliance News’ UK earnings calendar also flags United Utilities, another regulated utility, for results that same day.
Back in April, National Grid told investors its performance for the year ending March 31 matched expectations. The company pointed to a roughly 1 pence net impact on underlying EPS—earnings per share—citing customer refund charges tied to a March 19 FERC ruling on New England Transmission, plus a bump in U.S. storm costs.
Morningstar’s Tancrede Fulop, a senior equity analyst, pegged the impact at roughly 1.3% of fiscal 2026 EPS. The rest fit within the previously guided 6%-8% EPS growth, Fulop noted, while sticking to his 1,440p fair value call. He described National Grid shares as “appear undervalued.” Morningstar
Capital’s the sticking point here. Back in March, Chief Executive Zoë Yujnovich outlined plans for National Grid to push total capital investment up to at least £70 billion by FY31. Of that, around £31 billion is set aside for UK electricity transmission, another £9 billion for UK electricity distribution, £17 billion dedicated to regulated assets in New York, and £12 billion for New England. “Modern, resilient networks are fundamental to economic growth,” Yujnovich said. She also emphasized the group’s commitment to “disciplined execution, at scale.” Investegate
RIIO-3 sits at the heart of this. The framework, which governs how much regulated network firms can charge and keep, got a major update in December. That month, Ofgem signed off on £28 billion for upgrades to Britain’s electricity and gas networks from 2026 to 2031—a move that, according to Reuters, will tack £108 onto household bills by 2031 before any savings kick in. The regulator’s plan covers funding for 80 transmission projects plus related works over the five-year span.
National Grid agreed to the RIIO-T3 settlement for its UK electricity transmission arm back in March. According to the company, this new framework should enable a significant increase in delivery and nearly double the nation’s power transfer capacity. National Grid is also projecting underlying EPS growth for FY27 in the 13%-15% range, with higher allowed revenue expected to boost results.
Rival operators are jumping on the grid expansion wave too. SSE’s SSEN Transmission is targeting £29 billion in network upgrades through 2030 for northern Scotland. Over at SP Energy Networks, run by Iberdrola, Ofgem has signed off on nearly £12 billion in funding for central and southern Scotland under RIIO-T3. National Grid, for its part, now faces a crowded scramble—jockeying for profit amid tight competition for cables, transformers, workers and planning approvals.
The risks are obvious enough. National Grid’s April update made it clear: U.S. weather and regulatory calls can eat into profits. Even with a five-year plan, the company is counting on regulatory green lights, customer uptake, steady FX rates, and holding its credit steady. Then there’s public resistance. Reuters cited the End Fuel Poverty Coalition, which warned that grid upgrades shouldn’t become a “blank cheque” for network operators. London South East
The first numbers hit Thursday. Analysts, according to a May 7 MarketBeat note covering National Grid’s U.S. ADRs, are looking for $3.24 EPS and $16.36 billion revenue in the period. In London, investors face a different angle: does the 1p fall get contained, and can management actually keep that £70 billion build on track, funded, and under the regulator’s eye?
