London, Feb 11, 2026, 08:59 GMT — Regular session
- National Grid shares climbed roughly 0.8% in early trading in London.
- Investors digested record U.S. gas throughput amid a polar vortex alongside new warnings about UK data-centre siting.
- Look for the utility’s full-year results, coming up in May.
National Grid NG.L shares climbed 0.8% to 1,302.5 pence by 0844 GMT, having peaked earlier at 1,304.5 pence. Over the last year, the stock has gained roughly 35%.
These moves are critical now as two pressures squeeze energy networks: extreme weather pushing U.S. gas systems to their limits, and a spike in electricity demand from data centres forcing tough decisions on where to build and who covers the cost of expanding the grid.
For investors, this ties directly into the classic regulated utilities debate: the pace of capital spending, how regulators allow returns, and whether customers accept higher bills. The stock has held a defensive stance lately, with early trading indicating buyers remain ready to jump in.
National Grid reported record natural gas deliveries across New York state as a polar vortex drove temperatures down. On Feb. 7, it moved over 1,196,680 dekatherms of gas on Long Island and the Rockaway Peninsula, topping a record set just a week earlier. The utility warned that soaring commodity prices could push customer bills higher. “Our outstanding workforce … performed exceptionally well,” said Sally Librera, president of National Grid New York. The company emphasized it does not profit from the volumes of gas it purchases for customers. National Grid
The head of the UK’s grid operator has flagged a potential problem with data centres built in “wrong places,” saying they could drive up prices and create security risks if their power demand isn’t flexible. Fintan Slye, CEO of NESO, pointed out that data centres consuming over 1 gigawatt should be located where excess wind power is often curtailed—like Scotland. He also urged the government to make sure grid capacity is ready before large facilities come online. Investing
A fresh regulatory filing revealed that two top National Grid executives purchased small stakes this week through the company’s share incentive plan. Chief Financial Officer Andy Agg and Chief People Officer Will Serle each acquired 12 shares at 12.841519 pounds apiece on Feb. 9, the notice said.
Jefferies maintained its “buy” rating on National Grid, setting a target price of 1,410 pence in a note dated Feb. 10, according to a summary from MarketScreener. MarketScreener
But the upside scenario isn’t without challenges. Data-centre demand might hit tough physical limits near London, and connection bottlenecks could slow things down. Plus, political pressure usually mounts when winter energy bills soar, making it trickier to pass costs along quickly.
Investors are now waiting on clearer guidance from both the government and the system operator about how data-centre connections will be prioritised. They’ll also be eyeing National Grid’s full-year results for 2025/26, due out on May 14.
