National Grid (LSE:NG.) committed at least £70 billion of capital investment across the five years to 2030/31 and extended its five‑year financial framework, after reporting results for the year ended 31 March.
Underlying earnings per share rose to 78.0p, up 8% at constant currency, statutory EPS was 65.5p (up 9%), and record capital investment of £11.6 billion (2024/25: £9.8 billion) drove asset growth of 10.9%, National Grid, the UK and US Northeast electricity and gas networks operator, said.
"National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast," said Zoë Yujnovich, Chief Executive.
For 2026/27 the group expects underlying EPS to increase 13-15% from the 2025/26 baseline of 78.0p, reflecting higher allowed revenue as delivery steps up from RIIO‑T2 to RIIO‑T3, and it targets around 10% asset CAGR and 8-10% underlying EPS CAGR through to 2030/31.
The board recommended a final dividend of 32.14p, giving a total dividend of 48.49p (up 3.8% and in line with UK CPIH), and the Annual Report and Accounts 2025/26 is expected to be published on 3 June.
