National Grid plc Stock on 2 December 2025: Share Price, Dividend Yield and 2026 Forecasts

As of 2 December 2025, National Grid plc (LON: NG., NYSE: NGG) sits close to its 52‑week highs again, with investors reassessing the UK–US grid operator after a year of heavy capital raising, major asset sales, a CEO change and upgraded earnings guidance.

Below is a structured look at where the stock stands today – share price, fundamentals, dividend profile, strategy, risks and what analysts currently expect.

Where the National Grid share price stands today

On the London Stock Exchange, National Grid closed on 2 December 2025 at 1,149.44 pence, up 0.48% on the day. Over the last 12 months the shares have traded between 909.8p and 1,183.5p, putting the current level near the top of the range. ^[1]

Key snapshot (London listing NG.):

Latest close (2 Dec 2025): 1,149.44p
52‑week range: ~910p–1,183p ^[2]
One‑year share price change: roughly +14–15% ^[3]
Market capitalisation: about £57 billion ^[4]

In New York, the American Depositary Receipts (ADRs) trade under ticker NGG. Recent quotes show the ADR around $75–76, with a 52‑week range of approximately $55.8 to $78.5, again close to its high for the year. ^[5]

A recent Yahoo Finance piece highlighted that National Grid’s London shares have risen about 19% in 2025 so far, underlining a strong rebound after last year’s rights issue sell‑off. ^[6]

Half‑year 2025/26 results: profit up, investment surging

National Grid’s latest numbers are for the half year to 30 September 2025 (its 2025/26 financial year). The group delivered:

Underlying operating profit: £2,292 million, up 13% at constant currency versus £2,026 million a year earlier ^[7]
Underlying EPS:29.8p, up 6% from 28.0p
Capital investment:£5,052 million, up 12% from £4,494 million – a record half‑year spend ^[8]
Net debt:£41.8 billion at 30 September 2025, £0.5 billion higher than at 31 March 2025, despite £1.5 billion of proceeds from the sale of National Grid Renewables ^[9]
Cash generated from operations: about £3.6 billion, up from £2.7 billion for the prior half ^[10]

By segment, investment continues to step up across both sides of the Atlantic:

UK Electricity Transmission: capital investment of £1.7bn, up 31%, driven by new substations, grid reinforcements and projects such as London Power Tunnels. ^[11]
UK Electricity Distribution: capital investment of £756m, up 17%, as the group accelerates asset replacement and reinforcement work. ^[12]
US New York: about £1.6bn of capex, including mains replacement and the “Upstate Upgrade” programme. ^[13]
US New England: about £1.0bn of capex, up 23%, including smart meters and capacity upgrades. ^[14]

Reuters noted that the half‑year adjusted operating profit slightly beat market expectations, thanks to higher UK transmission revenue and strong US regulated performance, while management reaffirmed medium‑term EPS growth guidance of 6–8% per year from a FY2025 baseline. ^[15]

A £60 billion grid build‑out: rights issue, asset sales and green capex

The current investment story is anchored in a huge multi‑year capex plan.

The 2024 rights issue

In May 2024, National Grid announced a 7‑for‑24 fully underwritten rights issue at 645p per share, raising gross proceeds of about £7 billion (net around £6.8bn). ^[16]

The proceeds are earmarked to help fund around £60 billion of capital investment in FY2025–FY2029, nearly double the previous five‑year period, focused mainly on UK and US electricity networks. ^[17]

Asset rotation: US renewables exit and Grain LNG sale

To support that investment while keeping an investment‑grade balance sheet, National Grid is also recycling capital:

National Grid Renewables (US onshore renewables):
- In February 2025, the company agreed to sell its US onshore renewables arm, National Grid Renewables, to Brookfield Asset Management and partners for an enterprise value of about $1.7 billion. ^[18]
- The sale completed on 30 May 2025. ^[19]
- Half‑year filings show net proceeds of about £1.5 billion used to reduce net debt and fund ongoing capex. ^[20]
Grain LNG (UK LNG terminal):
- On 28 November 2025, National Grid completed the sale of its Grain LNG business to a consortium led by Centrica and Energy Capital Partners. ^[21]
- Centrica disclosures indicate an enterprise value of roughly £1.5 billion for the terminal, one of the UK’s key LNG import facilities. ^[22]

These disposals follow the strategic plan laid out alongside the rights issue: exit LNG and US onshore renewables to focus on regulated electricity and gas networks in the UK and northeastern US. ^[23]

Long‑term financial framework

In its half‑year 2025/26 investor materials, National Grid updated its medium‑term framework: ^[24]

Capex FY2025–FY2029: about £60bn, of which roughly £51bn qualifies as “green” under EU taxonomy.
Group asset growth: targeted around 10% compound annual growth rate (CAGR).
Underlying EPS growth:6–8% CAGR from a FY2025 baseline EPS of 73.3p.
Dividend policy: aim to grow dividend per share in line with UK CPIH over the period.
Credit metrics: commitment to maintain a strong investment‑grade rating, with metrics above current threshold levels.

In short, management is pitching National Grid as a regulated “growth utility” – combining the traditional stability of a grid operator with an unusually high capex pipeline linked to the energy transition.

New leadership: Zoë Yujnovich takes the helm

2025 is also a transition year at the top of the company.

National Grid announced in May 2025 that Zoë Yujnovich, formerly Shell’s Integrated Gas and Upstream director, would become its next Chief Executive, succeeding long‑time CEO John Pettigrew. ^[25]
Yujnovich joined as CEO‑designate in September and became Chief Executive on 17 November 2025, according to the company’s leadership biography and her own statements. ^[26]

Commentary around the appointment has stressed her experience managing large, capital‑intensive energy businesses and dealing with complex regulatory environments – a skill set that aligns closely with National Grid’s £60bn build‑out plan. ^[27]

A detailed November feature noted that under her leadership investors will be watching how she balances UK versus US growth, manages execution risk on mega‑projects and potentially simplifies the portfolio further. TS2 Tech

Dividend profile: ~4% yield and inflation‑linked ambition

Income remains a core part of the National Grid investment case.

2025/26 interim dividend

On 6 November 2025, alongside the half‑year results, the company declared a 2025/26 interim dividend of 16.35p per ordinary share and $1.0657 per ADR. ^[28]

Key dates: ^[29]

Ex‑dividend (ordinary shares): 20 November 2025
Record date: 21 November 2025
Payment date: 13 January 2026

National Grid also confirmed scrip dividend reference prices of 1,130.40p per ordinary share and $74.2334 per ADR, allowing investors to take shares instead of cash. ^[30]

Yield and policy

Based on the current London share price around 1,150p and trailing dividends, the stock offers a dividend yield of roughly 4.1–4.2%, slightly above the broader utilities sector median. TS2 Tech+2TIKR.com+2

The company’s stated policy is to grow the dividend per share in line with UK CPIH inflation over the medium term, backed by its 6–8% EPS growth target. ^[31]

For income‑oriented investors, this sets up a classic “regulated yield plus modest real growth” proposition – provided that debt remains manageable and regulators remain supportive.

What analysts and valuation models are saying

Sell‑side price targets

Broker and consensus data show National Grid trading close to, but generally a little below, analysts’ central estimates of fair value:

Investing.com reports a 12‑month average price target around 1,180p for NG., based on roughly 15 analysts, with a consensus rating of “Buy” (mix of Buys and Holds, and a single Sell). ^[32]
MarketBeat shows a smaller subset of brokers with an average target of about 1,200p, implying low single‑digit upside from the current price. ^[33]
ValueInvesting.io aggregates analyst forecasts with a mean target near 1,225p and a consensus Buy stance. ^[34]

Overall, the sell‑side picture is that the shares are modestly undervalued at best, fairly valued at worst, after their strong run in 2025.

Fundamental and DCF‑style models

Different independent valuation tools tell a slightly different story:

Morningstar’s latest analyst note, “National Grid Earnings: Strong US Performance Drives EPS Guidance Raise, Shares Fairly Valued” (7 November 2025), argues that after a guidance upgrade – implying fiscal 2026 EPS in the high‑70p range – the shares now trade close to Morningstar’s fair value estimate. ^[35]
Alphaspread’s blended DCF and multiples model estimates an intrinsic value around 1,568p per share, roughly 25–30% above recent prices, classifying the stock as materially undervalued. ^[36]
Simply Wall St’s forward‑looking model forecasts earnings growth of about 11–12% per year and revenue growth around 10% per year over the next three years, but concludes that the stock is only slightly below its calculated fair value based on those assumptions. ^[37]

Put together, quantitative models are more bullish than many human analysts, but there is no consensus on deep undervaluation.

Third‑party research and commentary

Several recent research and opinion pieces add colour:

A series of Seeking Alpha articles frame National Grid as a “toll‑road‑like” regulated utility with a solid 4% yield and mid‑single‑digit EPS growth, arguing that the stock still offers attractive risk‑adjusted returns even near 52‑week highs; the latest November note keeps a Buy rating on NGG. ^[38]
TIKR’s October dividend‑focused analysis highlighted National Grid’s approximate 4.2% yield, steady mid‑teens net margins and moderate revenue growth, concluding that it remains a credible income stock with modest growth. ^[39]
A follow‑up TIKR piece in November discussed how far the group can push its growth targets in the face of rising capital needs, flagging execution risk and capital‑cost risk as key factors to watch even within a supportive regulatory framework. ^[40]
Zacks and other US‑focused outlets have upgraded NGG at various points in 2025, citing strong earnings revisions, resilient cash flows and the regulated growth pipeline, giving it ratings in the “Buy” to “Strong Buy” range for US investors. ^[41]

Technical and short‑term signals

On the technical side:

Investor’s Business Daily recently assigned National Grid a Relative Strength Rating in the low‑80s, reflecting its outperformance versus the broader market over the past 12 months. ^[42]
However, chart services generally do not see the stock as sitting in an obvious fresh “buy zone” after the 2025 rally; instead it is seen as extended above earlier support levels. ^[43]

One AI‑driven service (Intellectia AI) even projects a potential 11% downside over the next month based on purely quantitative models – a reminder that short‑term signals can differ sharply from long‑term fundamentals and should be treated cautiously. ^[44]

Ownership trends: BlackRock tops up as stock stabilises

A late‑November 2025 analysis noted that BlackRock has raised its stake in National Grid to about 8.17%, reinforcing the presence of a large, long‑term institutional investor at the top of the shareholder register. TS2 Tech

The same piece also highlighted that:

National Grid shares are now trading near the upper end of their 12‑month range and roughly 5% below all‑time highs.
BNP Paribas Exane recently downgraded the stock to “Underperform” on valuation concerns, setting a $70 ADR target for NGG, which has made the broker consensus slightly more cautious even as fundamentals remain solid. TS2 Tech

Ownership support, in other words, remains strong, but not all brokers believe the recent rally leaves a wide margin of safety.

Legal investigations and headline risk

One overhang that investors are monitoring is a cluster of US shareholder‑rights law firm investigations into National Grid plc (NGG):

Bragar Eagel & Squire, the Rosen Law Firm, the Schall Law Firm, Wolf Haldenstein and others have all announced investigations into potential securities‑law claims relating to National Grid over the course of 2025. ^[45]

These announcements do not in themselves prove wrongdoing; such investigations are relatively common in US markets after significant share price moves or capital raisings. At this stage they represent headline and litigation risk rather than quantified financial liabilities, but they are part of the risk backdrop that investors need to consider.

Regulatory and policy backdrop

National Grid’s growth plan is tightly linked to regulatory and policy developments in the UK and US:

In the UK, Ofgem is working through Sector Specific Methodology consultations for the next distribution price control (RIIO‑ED3), while the government pushes forward with the Planning and Infrastructure Bill and connections‑reform initiatives aimed at speeding up grid build‑out. ^[46]
National Grid has taken a lead role in the Electricity Networks Sector Growth Plan, aiming to demonstrate the sector’s economic contribution, articulate workforce needs and strengthen domestic supply chains for the vast investment programme ahead. ^[47]
In the US, regulators in Massachusetts and New York have approved multi‑year rate plans and cost‑recovery frameworks, including around $600m of Electric Sector Modernization Plan (ESMP) allowances in Massachusetts and a $5.6bn capital investment package in New York with an allowed return on equity of 9.5%. ^[48]

These regulatory decisions are central to the investment case: they determine allowed returns, timing of cash recovery and the degree to which National Grid can translate its capex into earnings and dividend growth.

Key risks for National Grid investors

While the story has clear attractions – regulated assets, inflation‑linked dividends and a long runway of grid investment – several risks stand out as of December 2025:

Leverage and financing costs
- Net debt stands at £41.8bn, and management itself highlights that average net debt is rising as capex accelerates. ^[49]
- Sustained higher interest rates or a deterioration in credit metrics could squeeze earnings and limit future dividend growth.
Execution risk on a very large capex plan
- A £60bn programme across multiple jurisdictions inevitably carries risk of cost overruns, delays or supply‑chain issues.
- Analysts and company commentary both stress the importance of delivering projects such as UK transmission expansions, US “Upstate Upgrade” initiatives and interconnectors on time and on budget. ^[50]
Regulatory and political risk
- While the UK and US frameworks are broadly supportive, they are also under intense political scrutiny due to energy‑bill pressures and the cost of net‑zero. Future price‑control decisions or rate cases could be less generous than expected. ^[51]
Litigation and reputational risk
- The ongoing US securities‑law investigations add uncertainty, even though no specific allegations have yet been proven in court. ^[52]
Valuation risk after the 2025 rally
- With the stock near its 52‑week high and trading close to or slightly below many fair‑value estimates, upside now depends more heavily on flawless execution and continued regulatory support than on a cheap starting valuation. ^[53]

Bottom line: How does National Grid stock look on 2 December 2025?

As of 2 December 2025, National Grid presents a relatively clear – but not risk‑free – equity story:

A regulated infrastructure giant with a uniquely large £60bn grid investment pipeline linked to decarbonisation and electrification. ^[54]
Solid current fundamentals, with double‑digit operating‑profit growth, rising cash generation and reaffirmed medium‑term EPS guidance. ^[55]
An approximately 4% dividend yield, underpinned by an inflation‑linked dividend policy and regulated earnings growth. ^[56]
A valuation that ranges from “fair” to “moderately cheap” depending on whether you trust human analysts’ price targets or more aggressive DCF‑style intrinsic‑value models. ^[57]

Against that, investors must weigh high leverage, the sheer scale and complexity of the capex plan, ongoing legal investigations in the US and the fact the shares are no longer obviously cheap after their 2025 rebound. ^[58]

For long‑term, income‑focused investors comfortable with regulated utility risk, National Grid remains a central player in the UK–US energy transition story. For more tactically minded traders, the stock now looks more like a quality franchise priced around fair value, where future returns will depend heavily on how smoothly the next phase of the grid build‑out and new CEO tenure develops.

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