National Grid outlines £70 billion investment plan, shares in focus for income investors

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 16:32.

National Grid (GB00BDR05C01) reported underlying EPS growth of 8 percent at constant currency to 78.0 pence for the financial year to 31 March 2026, driven by record capital investment of £11.6 billion, according to its latest results statement from London.The FY2026 full-year results statement outlines plans to invest at least £70 billion in UK and US energy networks over the next five years, reinforcing the company’s role as a regulated infrastructure heavyweight in the FTSE 100.

What the latest results show

The FY2025/26 update indicates that National Grid lifted underlying EPS by 8 percent at constant currency to 78.0 pence, helped by regulated returns and higher asset growth across its UK and US businesses.The company’s own FY2026 results release highlights that capital expenditure reached £11.6 billion, a record level for the group in a single year.

Management targets at least £70 billion of capital investment between 2026/27 and 2030/31 to modernize and expand electricity and gas networks in the UK and the US Northeast, aligning with the energy transition and electrification trends.The same statement notes that for 2026/27, underlying EPS is expected to increase by 13 to 15 percent from the 2025/26 baseline, supported by higher allowed revenues as the group moves from the RIIO-T2 to RIIO-T3 regulatory period.

Analyst views and dividend profile

National Grid’s London listing on the LSE and its position in the FTSE 100 make it a reference point for income-focused utility investors, alongside peers such as SSE and United Utilities, with the shares often assessed on dividend stability and regulated asset base growth in analyst coverage.Broker data from Davy shows the stock recently trading around 1,221 pence, with an ex-dividend date of 28 May 2026 and a dividend payment scheduled for 23 July 2026.

Several research houses track the utility as part of their UK infrastructure coverage, focusing on how the planned £70 billion capex program, the RIIO regulatory settlements and the group’s leverage interact with its progressive dividend ambition and credit metrics.The consensus data on the same broker platform underscores the importance of stable cash flows from regulated networks when assessing valuation multiples and yield relative to other defensive FTSE 100 names.

How National Grid makes its money

National Grid generates revenues primarily from regulated electricity and gas transmission and distribution networks in Great Britain and the US Northeast, earning allowed returns on its regulated asset base under long-term frameworks such as RIIO in the UK and state-level regulation in the US.The company’s investor materials emphasize its role in connecting power generation to homes and businesses, reinforcing infrastructure for offshore wind integration and supporting electrification of transport and heating.

Where the stock trades today

National Grid shares (GB00BDR05C01) last traded on the London Stock Exchange at 1,221 pence as of 2026-06-23, 03:32 London time, according to delayed quote data in sterling.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, investment recommendation or an offer or solicitation to buy or sell any financial instrument. Investors should conduct their own research or consult a qualified financial adviser before making investment decisions.