National Grid (NGG) Makes $1.75 Billion Bet on US Data Center Power Demand
Guinness Global Real Assets Fund reported a 0.8% return in July, underperforming the MSCI World Core Infrastructure Index. The fund highlighted National Grid (NGG) in its Q3 2026 investor letter, noting a $1.75 billion investment in Joulent LLC to support U.S. data center power demand. NGG's stock traded between $73.37 and $94.64 over the past year, closing at $78.23 on October 13, 2026, with a market cap of $78.30 billion.
How this was made
The 30-second read
Why it matters
The investment positions National Grid to capture rising electricity demand from AI‑driven data centers, potentially expanding its revenue base in the US.
Market read
A $1.75 bn stake signals a strategic shift toward high‑growth data‑center power markets, likely moving NGG stock.
What to watch
Regulatory approvals and potential cost overruns in building new transmission capacity.
Background
Guinness Global Real Assets Fund highlighted National Grid's new stake in Joulent as part of its infrastructure focus.
Ticker impact
National Grid announced a $1.75 bn investment for a 35% stake in Joulent LLC to expand US data‑center power infrastructure.
likely upward pressure as investors price in higher future earnings from data‑center power demand
A multi‑billion‑dollar stake in a high‑growth sector is material and new, prompting immediate market reaction.
Market effects
Boosts outlook for US utility and infrastructure stocks tied to AI‑driven data‑center demand.
Supports bullish bias for US energy infrastructure investors.
Highlights growing global demand for power capacity from AI and cloud services.
Counterpoint
If the partnership fails to secure long‑term contracts, the premium paid could weigh on earnings.
Key entities
- companyNational Grid plc
UK‑based utility expanding US power infrastructure.
- companyJoulent LLC
Provider of contracted power solutions for large‑load electricity demand.
