National Grid

Strategic Intent

National Grid plc is a multinational utility company that owns and operates regulated electricity and natural gas transmission and distribution networks in the United Kingdom and the Northeastern United States.

Key Market Signals

• 2026-03: Agreed to pay £20 million to UK's energy regulator (Ofgem) for failing to properly maintain a key substation.
• 2025-04: Unionized workers (IBEW Local 1049) in Long Island approved a new four-year contract after extended negotiations.
• 2025-02: Unionized workers (IBEW Local 1049) voted to authorize a strike amid contract negotiations.
• 2024-12: Finalized a $42 million settlement with the New York Public Service Commission regarding a bribery and kickback scheme involving former employees.
• 2025-10: A federal jury awarded over $3 million in damages against National Grid USA in a lawsuit brought by two dispatchers who were denied remote work arrangements for their disabilities.

Financial Health

• For the fiscal year ending March 31, 2025, National Grid reported an underlying operating profit of £5.4 billion, a 12% increase from the previous year, and a statutory profit before tax of £3.65 billion, a 20% increase.
• The company announced a record capital investment of nearly £10 billion in FY2025, a 20% increase from FY2024, as part of a larger plan to invest approximately £60 billion over five years.
• Underlying Earnings Per Share (EPS) for FY2025 was 73.3p, with a projected compound annual growth rate (CAGR) of 6-8% through 2029.

Impact & Compliance

Legal & Risks

Recent legal issues include a £20 million payment to the UK regulator Ofgem for maintenance failures, a $42 million settlement in New York related to a bribery scheme involving former employees, and a $3 million verdict in a remote-work lawsuit. The company is also facing ongoing litigation, includi

Forensic Audit — 9 findings

• Systemic flaws in gas pipe maintenance data reporting led to an £8 million fine in 2025 for historical inaccuracies
• Bribery and kickback scheme involving former managers and facilities department contracts in NY/Long Island resulted in ...
• Securities class action filed in July 2025 alleging violations of federal securities laws between 2021 and 2025

+ 6 more findings

Classifications

Proprietary Analysis