National Grid PLC (LSE:NG.), the FTSE 100 energy networks operator, has committed to spending at least £70 billion over the next five years to modernise and expand electricity and gas infrastructure across the UK and the US Northeast.
The company said it expects the investment programme to drive compound annual asset growth of around 10% and underlying earnings per share (EPS) growth of 8% to 10% over the period to 2030/31, from a 2025/26 baseline of 78.0p.
For the current financial year, National Grid guided for underlying EPS to increase 13% to 15%, reflecting higher allowed revenue as it transitions from the RIIO-T2 to RIIO-T3 regulatory price control period.
The outlook was set out alongside full-year results for the 12 months to 31 March 2026, which showed record capital investment of £11.6 billion, up 18% on the prior year.
Underlying EPS rose 8% at constant currency to 78.0p, with strong operating performance partially offset by divestments, storm costs, a higher share count and the impact of a recent order from the US Federal Energy Regulatory Commission.
Statutory earnings per share came in at 65.5p, up 9%.
National Grid said supply chain and delivery mechanisms had been secured for around three-quarters of the £70 billion investment plan, with about two-thirds covered by regulatory agreements.
The company pointed to increased regulatory visibility following approval of its Niagara Mohawk rate case in New York, energy storage investments in Massachusetts, and acceptance of the RIIO-T3 price control in UK electricity transmission.
A final dividend of 32.14p brought the total for the year to 48.49p, up 3.8%, in line with its policy of increasing the payout with UK Consumer Prices Index, including owner occupiers' housing costs inflation.
National Grid completed the divestments of National Grid Renewables and Grain LNG during the year.
Chief executive Zoë Yujnovich, who took the helm in January, said the investment programme would underpin economic growth, strengthen energy security and enable the transition to a cleaner energy system.
She said the company was building the skilled workforce needed to deliver at pace, creating thousands of jobs across its markets.
National Grid said it expected regulatory gearing to trend back to the high 60% range by 2030/31, from 61% in 2025/26, while maintaining credit metrics consistent with its current group rating.