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National Grid PLC on Thursday said it plans to invest at least £70 billion over five years as it reported increased earnings for the 2026 financial year. The London-based electricity and gas utility, which operates the UK’s electricity transmission network, reported pretax profit of £4.18 billion for the year ending March 31, up 15% from £3.65 billion a year prior. Diluted earnings per share from continuing operations grew 9.0% to 65.2 pence from 59.8p. However, revenue for the year was down 3.8% to £17.69 billion from £18.38 billion. Despite this, operating profit advanced 10% to £5.43 billion from £4.93 billion as operating costs sank 5.6% to £12.50 billion from £13.24 billion. The company said its ‘strong operating performance’ was partially offset by divestments, storm costs in the US, and customer refund charges related to the March Federal Energy Regulatory Commission judgement on New England Transmission. The utility firm raised its final dividend by 4.1% to 32.14p per share from 30.88p a year ago, giving a total payout of 48.49p, up 3.8% from 46.72p. Looking ahead, National Grid said it plans to make a total cumulative capital investment of at least £70 billion from financial 2027 to financial 2031, ending in March 2031. It reported a record capital investment of £11.6 billion for financial 2026, up 18% from £9.8 billion a year ago. ‘National Grid is embarking on the largest investment programme in our history, committing at least £70 billion over the next five years to modernise and expand energy networks across the UK and the US Northeast - networks that underpin economic growth, strengthen energy security and enable the transition to a cleaner, more flexible energy system,’ said Chief Executive Zoe Yujnovich. ‘At the same time, we are building the skilled workforce needed to deliver this investment at pace, creating thousands of jobs across our markets.’ National Grid forecasts underlying EPS annual growth of between 8% and 10% in the five years to financial 2031, from a baseline of 78.0p in financial 2026. It aims to grow dividends in line with UK consumer prices index including owner occupiers’ housing costs inflation, or CPIH. For financial 2027, it expects a ‘strong operational performance’ with underlying EPS up between 13% and 15%, reflecting ‘higher allowed revenue’. CEO Yujnovich added: ‘Through executing today’s programme with pace and precision, and transforming our capabilities we will be able to meet the rapidly growing demand and enable a more efficient energy system - one that supports long-term affordability and reliability for customers.’ Shares in National Grid were up 1.5% at 1,295.00p on Thursday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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