– National Grid unveils a £60bn investment plan to transform its networks up to 2028, aiming for an annual asset growth of 10%
– The investment is expected to enhance shareholder value, support job creation, and expedite the decarbonization of the energy system
– The company reported reduced operating costs, increased underlying operating profit, and plans to invest in major projects in the UK and US, including an upgrade to New York’s electricity transmission network
National Grid, a British multinational utility company, has announced a £60 billion investment plan to transform its networks by 2028. This strategic move aims to achieve an annual asset growth of 10%, reaching £100 billion in assets by 2029. The investment is expected to enhance shareholder value, create more jobs, and accelerate the decarbonization of the energy system to meet the needs of digital and electrified economies. To fund this expansion, National Grid plans a £7 billion fully underwritten rights issue and is divesting its US onshore renewables division and UK-based LNG asset. The company reported financial results for 2023, with a reduction in operating costs by 13% and a rise in underlying operating profit by 4%.
Despite a decrease in statutory earnings, National Grid’s underlying earnings improved. The capital investment has increased to £8.23 billion, with investments in projects like the UK Electricity Transmission’s accelerated strategic transmission investment and new transmission projects in New York. CEO John Pettigrew highlighted the company’s commitment to investing £60 billion by 2029, citing strong financial and operational performance, record investment, and progress on major transmission projects in both the UK and US. National Grid’s focus on sustainability and grid modernization underpins its ambitious investment plans.