National Grid plc (NG.) has published its half-year results for the six months ended 30 September 2026, reporting record capital investment of £6.7 billion, up 32% at constant currency, alongside underlying earnings per share of 36.5p, a 22% increase year-on-year. Statutory profit before tax reached £1,730 million, more than doubling from £826 million in the prior period. The FTSE-listed energy networks operator, which runs electricity and gas infrastructure across the UK and US Northeast, also upgraded its full-year 2026/27 underlying EPS growth guidance to 15–16% from the 2025/26 baseline of 78.0p.

Key Points

  • National Grid plc (NG.) — UK-listed energy transmission and distribution operator
  • Record half-year capital investment of £6.7 billion, up 32% at constant currency, driven primarily by UK Electricity Transmission ASTI programme spending
  • Underlying EPS of 36.5p (up 22%); interim dividend of 16.97p per share, equating to 35% of the prior full-year dividend; full-year 2026/27 underlying EPS guidance upgraded to 15–16% growth
  • Investors may be watching progress on remaining ASTI Wave 2 planning consents, the Norwich to Tilbury DCO outcome due in early 2027, and delivery against the £70 billion five-year investment programme

UK Electricity Transmission Drives 71% Capital Investment Surge as ASTI Programme Accelerates

UK Electricity Transmission was the primary driver of investment growth in the period, with capital expenditure rising 71% at constant currency to £2,888 million, as National Grid accelerates its Accelerating Strategic Transmission Investment programme aimed at doubling network capacity. All six Wave 1 ASTI projects and the first two Wave 2 projects are now in construction. Major milestones in the half include completion of a 2.2 kilometre tunnel under the River Thames on the Grain to Tilbury project and a 3.4 kilometre tunnel under the Dwyryd Estuary on the Snowdonia VIP project. The Sea Link Development Consent Order was secured at the end of October, while the Norwich to Tilbury DCO outcome is expected in early 2027.

Underlying Profit Growth Reflects RIIO-T3 Price Control Impact and US Rate Base Expansion

Total underlying operating profit increased 13% at constant currency to £2,591 million, with UK Electricity Transmission underlying operating profit rising 45% to £1,227 million, primarily reflecting the first-year impact of the new RIIO-T3 regulatory price control. New York contributed £487 million, up 9%, supported by continued US rate base growth. National Grid Ventures underlying operating profit fell 32% to £127 million. Statutory operating profit rose 55% to £2,359 million, with the statutory result also benefiting from favourable timing swings of £240 million year-on-year and exceptional items including NGP portfolio revaluation gains and non-recurring divestment impacts totalling £333 million year-on-year.

£70 Billion Five-Year Programme 80% Supply-Chain Secured; Joulent Investment Announced for US Large-Load Customers

National Grid disclosed that supply chain and delivery mechanisms are now secured for approximately 80% of its £70 billion five-year investment programme running to 2030/31. The company also announced a $1.75 billion investment in Joulent to develop contracted power solutions for large-load customers in the United States, reflecting growing electricity demand from industrial and data-centre customers. In New York, National Grid has begun construction of an electricity connection for Micron's first semiconductor fabrication plant, with a second plant already planned, with both facilities expected to represent more than 1 GW of planned demand at full build, potentially accounting for around 2 GW at peak — equivalent to one-third of NIMO Electric's current peak demand.

Five-Year Financial Guidance Targets 8–10% Underlying EPS CAGR and Around 10% Asset Growth

National Grid maintained its five-year financial framework guidance, targeting cumulative capital investment of at least £70 billion, group asset growth of around 10% per annum compound, and underlying EPS compound annual growth of 8–10% from the 2025/26 baseline of 78.0p. The company aims to grow dividends per share in line with UK CPIH inflation and expects regulatory gearing to trend back to the high 60% range by 2030/31, from 61% in 2025/26. For 2026/27 specifically, the company now expects to deploy approximately £13.5 billion of capital investment, with the upgraded underlying EPS growth guidance of 15–16% above prior-year reflecting the step-up from RIIO-T2 to RIIO-T3 allowed revenues.