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National Grid’s £40 Billion UK Grid Push — Can 35 GW Of New Generation Be Connected?

National Grid plc reported underlying operating profit growth to £5.7 billion, supported by a more than 20% increase in capital investment to £11.6 billion, driving a 10.9% growth in regulated asset value (RAV). This resulted in an 8% increase in underlying earnings per share (EPS) at constant currency, aligning with prior guidance. Dividend per share rose by 3.8%, in line with UK inflation, reflecting the company’s ongoing commitment to a progressive dividend policy. The leadership has emphasized sharpening execution, enhancing decision-making, and reinforcing accountability to drive long-term performance. The company’s portfolio spans both the UK and US, encompassing electricity and gas transmission and distribution with diversified regulatory frameworks and energy mixes. Growth drivers include connecting substantial new generation capacity—35 gigawatts in the UK over five years—and meeting rising electricity demand fueled by AI, electrification, data centers, and industrial reshoring, particularly across the US Northeast.