National Grid Proposes $1.2B Line Rebuild in Mass. and Vermont

National Grid raised its fiscal 2027 EPS growth outlook to slightly above 13-15%, citing stronger performance in National Grid Ventures & Other. The division is expected to contribute £130M more due to one-off gains and interconnector operations. Underlying EPS for the year ended March 31 was 78.0 pence, up 6-8%. The company plans £13B in capital investment for 2026/27 and £70B through 2030/31. It also invested £1.3B in Joulent for a 35% stake.

National Grid (NGG) raised its full-year earnings forecast, citing stronger-than-expected first-half performance from its investment portfolio and power grid business. The company now expects earnings growth to exceed prior guidance.

National Grid seeks NY regulators' approval for a $1.7B plan to stabilize gas rates through 2028, deferring costs and recovering them later. The plan includes upgrades to its gas system, with $60M allocated to its Greenpoint, Brooklyn facility. Critics argue the process lacks transparency and could burden customers with higher bills. The Public Service Commission is reviewing the proposal, with no decision yet.

National Grid Transco said it plans to invest at least GBP 70 billion over the next five years, with about two-thirds covered by regulatory agreements and delivery mechanisms for around three-quarters. It expects up to 35 GW of new generation and 19 GW of new demand connected, plus ~10% annual asset growth and underlying EPS growth of 8% to 10% CAGR. For 2025-26, capex is forecast to rise ~10% to nearly GBP 13 billion, with underlying EPS growth of 13% to 15%.

National Grid Ventures, the commercial arm of National Grid plc, agreed to invest $1.75 billion for a 35% stake in U.S. AI power company Joulent, according to the company. The deal values the stake at $1.75B and gives National Grid Ventures minority ownership, which may affect its investment exposure to the AI power sector.

National Grid said it submitted 25 “tactical proposals” to UK regulator Ofgem under the “re-openers” framework on June 3, seeking about £4.5 billion for transmission infrastructure upgrades in England and Wales. The request is part of its £70 billion, five-year investment plan for US and UK operations, according to the company. Ofgem will review expected spending for consumer value.