June 17, 2026, 1:22 PM EDT. National Grid (LSE: NG.) shares, traditionally viewed as a stable, income-generating utility within the FTSE 100, are attracting fresh investor interest as a long-term infrastructure growth play. Rising electricity demand and grid capacity expansions have prompted forecasts of 8%-10% annual earnings growth through 2031, supported by increased regulated investment. This marks a departure from the defensive utility model reliant on stable cash flows, suggesting a shift toward a compounding growth story tied to infrastructure spending. However, the outlook hinges on continued supportive regulation, with potential risks from political and public pressure to curb household energy costs. Recent regulatory scrutiny in related sectors underscores the uncertainty. Investors should watch regulatory developments closely as National Grid's valuation era evolves.