National Grid sets out £70bn network investment plan

National Grid has set out plans to invest at least £70bn across its regulated energy networks over the five years to 2030/31, extending its financial framework as grid expansion moves further into the centre of the UK’s electrification programme.

The group reported record capital investment of £11.6bn for the year to 31 March 2026, up from £9.8bn in the previous year. The revised five-year framework follows greater clarity across several regulated businesses, including the outcome of the RIIO-T3 price control for UK electricity transmission, rate case progress in the US, and wider regulatory agreements covering around two-thirds of planned investment.

Supply-chain and delivery mechanisms are already in place for around three-quarters of the £70bn programme. That position gives National Grid a stronger footing in a market where transformers, switchgear, high-voltage cables, power electronics, protection systems, construction capacity, and specialist engineering labour are all under increasing pressure.

Alongside the investment plan, the company has completed the divestments of National Grid Renewables and Grain LNG, continuing a portfolio shift toward regulated energy networks. Its financial outlook points to annual asset growth of around 10% over the 2026/27 to 2030/31 period, with capital investment expected to reach around £13bn in 2026/27.

The UK component of the programme lands as electricity transmission planning is being reshaped by renewable generation growth, connections reform, higher demand from data centres, and the wider electrification of transport, heat, and industry. Acceptance of the RIIO-T3 price control gives National Grid clearer investment parameters for the next phase of transmission delivery, including reinforcement required to support offshore wind, interconnection, and greater utilisation of existing assets.

Generation capacity can be consented and procured, but its system value depends on whether the transmission network can move output at the right time and whether distribution systems can absorb new demand from heat pumps, electric vehicles, storage, local generation, and industrial loads. Network investment is therefore becoming one of the practical delivery tests for the UK’s clean power timetable.

That pressure is already visible across several grid programmes. Early funding for Scottish transmission projects has allowed developers to secure long-lead components and progress enabling works before final project approval, while dynamic line rating on National Grid’s transmission network is targeting higher usable capacity from existing overhead circuits.

Those two strands — faster physical build and smarter operation — are now advancing together. New substations, overhead routes, HVDC schemes, and underground cable systems remain essential, while digital monitoring, real-time ratings, flexibility tools, and more granular asset data are being deployed to increase available capacity before major reinforcements are completed.

Procurement will shape the pace of delivery. Grid operators across Europe, North America, and Asia are competing for a limited pool of high-voltage equipment, while data centre developers, renewable project owners, and industrial users are also securing electrical infrastructure earlier in project development. Cable, transformer, and switchgear availability is now embedded in programme risk rather than treated as a late-stage purchasing issue.

National Grid’s updated framework also points to a more regulated, network-led investment model for major energy companies. The commercial centre of gravity is shifting toward the electricity and gas infrastructure that allows low-carbon generation, flexible demand, storage, and electrified loads to operate at scale.

The full results statement is available through National Grid’s investor results portal.