National Grid commits record 70bn to power the next decade of energy networks

"National Grid has unveiled what amounts to the most ambitious capital programme in its history, pledging a further £70bn over the next five years to rewire the energy systems of Britain and the north-eastern United States. The FTSE 100 utility, which has spent the past two years reshaping itself into a pure-play networks business, said the fresh commitment would accelerate its march towards a net-zero electricity system on both sides of the Atlantic."

"Of the headline figure, some £31bn will be funnelled into UK electricity transmission, expanding capacity to absorb the surge of offshore wind, solar and nuclear coming on stream this decade. The company described the spend as the foundation of a " decarbonised electricity network " by the 2030s, and the bill will, in part, be underwritten by Ofgem's new RIIO-T3 framework, which has formally cleared the way for the heavier outlay."

"Across the Atlantic, £17bn has been earmarked for New York and a further £12bn for New England, with around 60 per cent of the US allocation flowing directly into National Grid's own networks. The group expects a 10 per cent uplift in returns from its asset base by the 2030/31 financial year on the back of the programme."

"Zoe Yujnovich, who took the helm as chief executive earlier in the year, said the company was "embarking on the largest investment programme in our history... to modernise and expand energy networks across the UK and the US Northeast, networks that underpin economic growth, strengthen energy security and enable the transition to a cleaner, more flexible energy system." She added that the group was "building the skilled workforce needed to deliver this investment at pace, creating thousands of jobs across our market"

National Grid has announced a £70bn capital programme over the next five years to rewire energy systems in Britain and the north-eastern United States. The company, focused on networks, aims to accelerate progress toward a net-zero electricity system on both sides of the Atlantic. The prior year included £11.6bn of capital expenditure, and the new plan signals continued structural demand for grid investment. In the UK, £31bn will expand electricity transmission capacity to absorb offshore wind, solar, and nuclear generation expected this decade. In the US, £17bn is earmarked for New York and £12bn for New England, with about 60% directed to National Grid’s own networks. The company expects a 10% uplift in returns by 2030/31 and will build a skilled workforce to deliver the programme.

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