London, Jan 24, 2026, 08:48 GMT — Market closed
National Grid (NG.L) shares ended Friday’s session up 0.4%, closing at 1,191.5 pence. The stock finished the week slightly higher, buoyed by renewed broker confidence despite subdued trading.
This move is crucial as the stock faces the twin pressures hitting regulated utilities now: clearer earnings rules and a volatile rates market driving up their borrowing costs. Jefferies bumped its price target on National Grid to 1,410p from 1,260p, maintaining a “buy” rating. The firm highlighted that the company now has regulatory certainty on roughly 80% of its regulated asset base through fiscal 2028. (The regulated asset base, or RAB, is the asset pool regulators allow utilities to earn returns on.) Investing.com
Separately, National Grid and its electricity transmission unit announced the release of an FCA-approved supplementary prospectus for their €20 billion Euro Medium Term Note programme — a setup allowing bond issuance in multiple tranches over time.
A note from dpa-AFX reported that Jefferies analyst Ahmed Farman reaffirmed a “buy” rating and lifted the target price, describing the shares as attractive at current levels. MarketScreener
On Friday, the stock fluctuated between 1,178.0p and 1,195.0p, with roughly 7.16 million shares traded. It had closed at 1,186.5p the previous day.
Rates continue to drive the market. UK 10-year gilt yields climbed to roughly 4.53% on Friday, underlining how minor shifts in borrowing costs can send shockwaves through a sector dependent on debt markets to finance long-term networks.
Across broader Europe, the STOXX 600 looked headed for a weekly drop amid fresh political turmoil and weakening sentiment.
National Grid’s ADRs in the U.S. ended Friday at $81.80, gaining 0.37%, following a slightly stronger session in London.
That setup could turn on a dime. A fresh surge in yields, a jump in credit spreads, or an unexpected move from regulators on allowed returns would probably shake support in utilities—despite the company sticking to its funding plan.
Traders will focus on rate expectations ahead of the Federal Reserve’s policy meeting on Jan. 27-28, a crucial date for global bond markets that frequently impacts utility valuations.
National Grid is set to release its 2025/26 full-year results on May 14. The final dividend ex-date for ordinary shares is scheduled for May 28.
