NGGNYSENatural Gas TransmissionUS GAAP · USD

National Grid Transco, PLC National Grid PLC (NEW)

National Grid plc is a utility holding company that owns and operates regulated electricity and gas networks in the United Kingdom and the northeastern United States. Its portfolio also includes National Grid Ventures, which develops and invests in competitive energy infrastructure such as interconnectors, transmission, generation, storage, LNG-related assets, and other energy-transition infrastructure.

Ask about the company
Revenue17.0bn USD
−4.0 %y/y
Operating profit (EBIT)5,431m USD
+10.1 %y/y
EBIT margin32.0%
+4.1 ppy/y
Net income3,243m USD
+11.6 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

0510152025bn USD2021: 14.8 bn USD2021: EBIT 2.9 bn USD20212022: 18.4 bn USD2022: EBIT 4.4 bn USD20222023: 20.8 bn USD2023: EBIT 4.9 bn USD20232024: 19.9 bn USD2024: EBIT 4.5 bn USD20242025: 17.7 bn USD2025: EBIT 4.9 bn USD20252026: 17.0 bn USD2026: EBIT 5.4 bn USD202617.05.4
RevenueOperating profit (EBIT)
Ask Clarifo about National Grid Transco, PLC National Grid PLC (NEW)

Business

Share of revenue
Regulated Electricity Transmission30 %

High-voltage networks that move power across large regions under regulated returns.

Regulated Electricity Distribution30 %

Local and regional networks that deliver electricity to homes and businesses.

Regulated Gas Networks20 %

Gas transmission and distribution assets serving New York and New England.

National Grid Ventures20 %

Competitive infrastructure investments and operations outside the core regulated networks.

Customers

National Grid serves regulated utility customers, including households, businesses, and public institutions that depend on electricity and gas delivery. It also serves large power users and counterparties in the competitive infrastructure market through National Grid Ventures, especially where contracted energy supply, transmission access, or grid capacity is needed.

Residential customers

Households using regulated electricity and gas distribution for daily energy needs.

Commercial and industrial customers

Businesses and industrial users connected to local and regional networks for dependable supply.

Large-load and contracted infrastructure customers

Data-center, AI, and other large-load customers seeking contracted power and grid capacity solutions.

Market counterparties and utilities

Counterparties using interconnectors, LNG-related services, and competitive infrastructure assets.

Strategy

National Grid is focused on expanding and modernizing energy networks to support electrification, reliability, and long-duration infrastructure needs. It also develops adjacent commercial infrastructure through National Grid Ventures to broaden its exposure to electricity demand growth and contracted cash flows.

Network modernization and expansionMedium term

Supports electrification, service reliability, and regulated asset growth.

Commercial infrastructure investmentMedium term

Adds exposure to contracted power demand beyond the regulated base.

Technology and innovation deploymentMedium term

Improves productivity, network capacity, and customer service at scale.

Geography

National Grid’s core regulated footprint spans the United Kingdom and the northeastern United States, with major network businesses in England and Wales, New York, and New England. Its commercial and venture activities extend across the UK and US, including interconnectors, generation, storage, LNG-related assets, and other infrastructure investments.

Risks

National Grid is exposed to regulatory oversight, capital intensity, and execution risk because most of its earnings depend on large network investments approved or influenced by regulators. It also faces demand, construction, and integration risks in competitive ventures and large-load infrastructure, alongside typical utility exposures such as weather, outages, and interest-rate sensitivity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and allowed-return risk1Capital project execution risk2Weather and outage risk3Demand and partner risk in ventures4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and allowed-return riskImpact: HighLikelihood: High

    A large share of earnings comes from regulated networks whose returns depend on regulatory frameworks.

    Exposure: UK and US regulated utilities

  2. Capital project execution riskImpact: HighLikelihood: High

    The business depends on major network build-outs and modernization projects that can slip or overrun.

    Exposure: Transmission and distribution capex

  3. Weather and outage riskImpact: MediumLikelihood: High

    Utility networks are exposed to storm damage, service interruptions, and repair obligations.

    Exposure: UK and US Northeast networks

  4. Demand and partner risk in venturesImpact: MediumLikelihood: Medium

    Commercial infrastructure investments rely on contracted customers and successful project delivery.

    ExposureNational Grid VenturesJoulent
Ask Clarifo about National Grid Transco, PLC National Grid PLC (NEW)

Accounting

Judgemental items
Exceptional items and remeasurements

Management presents results before and after these items, affecting comparability of underlying performance.

Impact: Can materially change statutory profit trends

Depreciation and useful lives

Large regulated networks are long-lived assets, so estimates affect expense recognition over time.

Impact: Affects operating profit and asset carrying values

Impairment and investment valuation

Ventures and other non-core investments may require fair-value or impairment assessments.

Impact: Can create one-off gains or losses

Regulated asset accounting

Allowed recovery and timing of capital spend influence reported earnings and balance-sheet values.

Impact: Important for utility rate-base economics

Similar listed companies

Publicly listed companies with a comparable business focus.

Enbridge Inc

ENB · Pipe Lines (No Natural Gas)

TC Energy Corporation

TRP · Natural Gas Transmission

National Fuel Gas Company

NFG · Natural Gas Distribution

Shell plc

SHEL · Crude Petroleum & Natural Gas

Enerflex Ltd.

EFXT · General Industrial Machinery & Equipment

The Southern Company

SO · Electric Services

Last updated: 28/09/2026