National Grid Transco NYSE: NGG used its 2026 annual general meeting to outline a record investment year, an expanded five-year capital program and shareholder concerns ranging from climate policy to grid connections, data centers and infrastructure security.
Chair Paula Reynolds opened the hybrid meeting at King’s High School in Warwick, noting the venue’s proximity to National Grid’s Warwick campus, home to its U.K. electricity transmission business and National Grid Ventures. Reynolds also introduced Chief Executive Zoë Yujnovich, who took up the CEO role on Nov. 17 after joining the company last year as CEO designate.
Yujnovich said her goal is to build on National Grid’s existing strategy while sharpening execution through a framework focused on “Brilliant Basics,” “Big Shifts” and “Disciplined Growth.” She said the company’s purpose remains centered on reliable energy delivery and investment in networks needed for economic growth and the energy transition.
Record Investment and Five-Year Growth Plan
Yujnovich told shareholders National Grid delivered “a strong performance” over the past year, investing a record GBP 11.6 billion in networks and other energy infrastructure. She said that was 20% higher than the prior year and helped grow the company’s asset base by 10.9%.
Underlying operating profit rose to GBP 5.7 billion, while earnings per share increased 8% at constant currency, in line with guidance. The company increased its dividend by 3.8%, in line with U.K. CPIH inflation.
Looking ahead, Yujnovich reiterated National Grid’s plan to invest at least GBP 70 billion over the next five years, describing it as the largest capital investment program in the company’s history. She said about two-thirds of that program is already covered by regulatory agreements, with delivery mechanisms secured for around three-quarters of the investment.
The CEO said the company expects to connect up to 35 gigawatts of new generation and 19 gigawatts of new demand to its U.K. transmission network over the next five years. Demand is expected to come from homes, businesses, transport, data centers and industrial customers.
Yujnovich also said National Grid expects asset growth of around 10% per year over the next five years, underlying earnings per share growth at an 8% to 10% compound annual rate and continued dividend growth in line with CPIH inflation. For the current financial year, she said capital investment is expected to rise by about 10% to nearly GBP 13 billion, with underlying EPS growth of 13% to 15% from the 2025 to 2026 baseline.
Balance Sheet and U.S. Investment
Yujnovich said cash generated from continuing operations was GBP 7.9 billion last year, up 15% at constant currency, supported by operational performance in regulated businesses. Net debt increased to GBP 44.2 billion at constant currency, reflecting the company’s capital investment program and partially offset by disposal proceeds.
She said National Grid remains committed to maintaining a strong overall investment-grade credit rating and retains flexibility in funding the business through debt markets and other options where appropriate.
In the U.S., Yujnovich said National Grid continues to invest in New York and New England networks while monitoring demand growth from economic development, manufacturing, electrification and data centers. She cited National Grid Ventures’ agreement to invest $1.75 billion for a 35% stake in Joulent as part of a strategic partnership focused on serving large energy users.
Shareholders Raise Climate, Data Center and Policy Questions
During the question-and-answer session, shareholders asked how National Grid would work with a new Labour government and whether the company would change its approach given concerns about public ownership of essential services. Reynolds said the company works with every government and regulator, while Yujnovich said National Grid sees common ground with emerging policy goals around energy resilience and economic growth.
On U.S. climate policy, Reynolds said National Grid must respect policy differences across jurisdictions, including the continued role of natural gas in regions where it operates. Yujnovich added that the company’s U.S. regulated business is primarily overseen at the state level in Massachusetts and New York, where she said governors have shifted toward an “all-of-the-above” strategy balancing affordability, supply security and sustainability.
Shareholder James Hewitt questioned the climate and affordability implications of data center demand and National Grid’s Joulent investment. Reynolds said data centers are tied to advanced computing, economic growth and security, but acknowledged that renewables alone may not meet 24-hour demand. Yujnovich said a power purchase agreement with Microsoft was structured as an “islanded configuration,” meaning associated infrastructure costs are paid by the offtaker and not transferred to the broader rate base.
Security, Connections and Community Consultation
Hewitt also asked about the threat of drone attacks on transmission lines and substations. Yujnovich said National Grid is not complacent about physical and cyber risks, adding that the company coordinates with government agencies, maintains barriers and conducts crisis exercises as part of emergency planning.
Another shareholder asked about connecting small and medium-scale solar projects on farms. Yujnovich said the issue is part of discussions around the ED3 distribution rate case and that connection queues are managed in consultation with Ofgem, government and NESO. Reynolds added that the distribution system was not originally designed for today’s expected levels of distributed generation, electric vehicles, heat pumps and other electrified uses.
On criticism of the Norwich to Tilbury transmission project consultation process, Reynolds said the board is engaged on community consultation and reviews public sentiment, project tracking and field feedback. She said National Grid uses both non-statutory and statutory consultation processes and employs 3D modeling tools to show affected communities what infrastructure could look like from specific viewpoints.
Reynolds said preliminary proxy voting indicated all resolutions had passed by substantial percentages. Final results will be published on the company’s website and announced in London and New York after tabulation.
About National Grid Transco NYSE: NGG
National Grid Transco NYSE: NGG is a utility company focused on the transmission and distribution of electricity and natural gas. The company builds, owns, operates and maintains large-scale energy infrastructure, including high-voltage electricity transmission lines, electricity distribution networks and high-pressure gas pipelines. Its core activities center on providing safe, reliable delivery of energy to residential, commercial and industrial customers while meeting regulatory requirements across its service territories.
Services provided by National Grid Transco encompass network operation and maintenance, system balancing and control, metering and connections, and capital investment in grid modernization and reliability projects.
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