LONDON, March 13, 2026, 15:58 GMT
National Grid shares hovered close to their March 2 highs on Friday, following a robust performance the previous session. Investors shrugged off the latest UK regulatory setback, zeroing in on the utility’s broader growth strategy. The stock finished Thursday at 1,368 pence, up 2.51%. By 1553 GMT on Friday, Cboe Europe data put it at 1,371.75 pence. 1
That’s important now, since investors look to be supporting National Grid’s bigger spending plans, despite Ofgem forcing a £20 million redress from its UK transmission division on Wednesday. The company had only just raised its medium-term framework and upgraded its FY2027 earnings growth target less than two weeks earlier. 2
On March 2, National Grid announced it’s pushing its financial framework out to FY31, raising the bar to at least 70 billion pounds in capital spending over that period and targeting roughly 10% annual asset growth. The company has also agreed to Ofgem’s RIIO-T3 price-control for UK electricity transmission, which will apply from April 2026 through March 2031. 3
Modern, resilient networks are “fundamental to economic growth,” Chief Executive Zoë Yujnovich said, as National Grid ramps up investment in Britain and the U.S. Northeast. The company pointed to rising demand from data centres, AI, and broad electrification as key drivers behind the boosted spending plan. 3
National Grid is projecting adjusted earnings per share growth of 13%-15% for FY2027, Reuters reported March 2, pointing to increased allowed revenue during the upcoming regulatory cycle. The company added that FY2026 trading stayed in line with forecasts. 4
The Harker case’s fallout has been partly cushioned by this move. Ofgem confirmed that National Grid Electricity Transmission is set to pay £20 million into an industry redress scheme, after it acknowledged lapses from 2016 through 2021 in monitoring, maintaining, and fixing several civil assets at the 132-kV substation near Carlisle. “Delays and asset failures risk reliability issues,” warned Cathryn Scott, Ofgem’s regulatory director for market oversight and enforcement. 2
Still, the stock stands out. Shares finished Thursday 4.24% under their 52-week peak of 14.29 pounds, set back on March 2. Volume came in at 6.7 million, trailing the 50-day average of 10.3 million. 5
The environment for grid assets remains favorable. Just last month, Reuters said Engie struck a $14 billion deal to acquire UK Power Networks, following a missed opportunity on a smaller UK network snapped up by Iberdrola. The moves highlight just how prized regulated electricity networks are among Europe’s utilities. 6
The risk side isn’t hard to spot. London’s FTSE 100 slipped 0.3% as of 1058 GMT Friday, with oil holding above $100 a barrel and traders dialing back their Bank of England rate-cut expectations. Berenberg’s Jonathan Stubbs flagged a drawn-out closure of the Strait of Hormuz and stubbornly high energy prices as “the real risk.” That spells a tougher stretch for National Grid, right as it enters its next investment cycle. 7
National Grid handles Britain’s electricity transmission and distribution lines, plus electric and gas operations in both New York and New England. For the moment, investors seem content to set aside the Harker question and stick with the bigger picture: ramped-up regulated investment, a fatter asset base, and—if management keeps delivering—quicker earnings growth. 8
