# National Grid Transco, PLC National Grid PLC (NEW) > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/National Grid Transco, PLC National Grid PLC (NEW)). ## Overview 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. ## Products & services • Electricity transmission networks in England and Wales • Electricity distribution networks in the UK and US Northeast • Gas distribution and transmission networks in New York and New England • Electricity interconnectors and cross-border infrastructure • Competitive energy infrastructure through National Grid Ventures • LNG storage and related commercial energy assets - **Regulated Electricity Transmission** (30%) — High-voltage networks that move power across large regions under regulated returns. - **Regulated Electricity Distribution** (30%) — Local and regional networks that deliver electricity to homes and businesses. - **Regulated Gas Networks** (20%) — Gas transmission and distribution assets serving New York and New England. - **National Grid Ventures** (20%) — Competitive infrastructure investments and operations outside the core regulated networks. - Electricity transmission networks in England and Wales - Electricity distribution networks in the UK and US Northeast - Gas distribution and transmission networks in New York and New England - Electricity interconnectors and cross-border infrastructure - Competitive energy infrastructure through National Grid Ventures - LNG storage and related commercial energy assets ## 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** (primary) — Households using regulated electricity and gas distribution for daily energy needs. - **Commercial and industrial customers** (primary) — Businesses and industrial users connected to local and regional networks for dependable supply. - **Large-load and contracted infrastructure customers** (secondary) — Data-center, AI, and other large-load customers seeking contracted power and grid capacity solutions. - **Market counterparties and utilities** (secondary) — Counterparties using interconnectors, LNG-related services, and competitive infrastructure assets. - Residential households connected to local electricity and gas networks - Commercial and industrial customers needing reliable network access - Large-load customers seeking power and transmission solutions - Utilities and market participants using interconnectors and grid assets - Public-sector and community customers served by regulated networks ## 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. - UK Electricity Transmission covers England and Wales - UK Electricity Distribution serves the Midlands, southwest England and South Wales - New York and New England are the main US utility markets - National Grid Ventures operates in the UK and US competitive markets - US Northeast exposure links the company to electrification and load growth ## 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 expansion** (medium-term) — Supports electrification, service reliability, and regulated asset growth. - **Commercial infrastructure investment** (medium-term) — Adds exposure to contracted power demand beyond the regulated base. - **Technology and innovation deployment** (medium-term) — Improves productivity, network capacity, and customer service at scale. - Expand and modernize regulated networks in the UK and US Northeast - Invest in transmission and distribution capacity for electrification - Use Ventures to access contracted infrastructure outside the core utility base - Deploy technology to improve productivity and network utilization - Target large-load and AI-driven power demand opportunities ## 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. - **Regulatory and allowed-return risk** [high] — A large share of earnings comes from regulated networks whose returns depend on regulatory frameworks. - **Capital project execution risk** [high] — The business depends on major network build-outs and modernization projects that can slip or overrun. - **Demand and partner risk in ventures** [medium] — Commercial infrastructure investments rely on contracted customers and successful project delivery. - **Weather and outage risk** [medium] — Utility networks are exposed to storm damage, service interruptions, and repair obligations. - Regulatory decisions can affect allowed returns and investment recovery - Large capital programs create execution and delivery risk - US Northeast and UK exposure increases weather and outage sensitivity - Competitive ventures depend on contracted demand and partner execution - Interest-rate and financing conditions affect capital-intensive utilities ## Accounting National Grid’s results are shaped by regulated-asset accounting, long-lived infrastructure depreciation, and judgment around capital programme timing and recoverability. The company also uses exceptional items and remeasurements in presentation, while venture investments and disposals can create valuation and gain/loss volatility that investors should separate from core network earnings. - **Exceptional items and remeasurements** — Can materially change statutory profit trends - **Depreciation and useful lives** — Affects operating profit and asset carrying values - **Impairment and investment valuation** — Can create one-off gains or losses - **Regulated asset accounting** — Important for utility rate-base economics - Regulated network asset values affect depreciation and allowed-return economics - Exceptional items and remeasurements change comparability of reported results - Long-lived infrastructure requires judgment on useful lives and impairment - Investments and disposals can create fair-value or gain/loss volatility - Lease and financing accounting matter for capital-intensive utility assets --- *Last updated: 2026-09-28T12:13:19.445270+00:00*