LONDON — 18 November 2025. National Grid begins the week under new leadership and with a dividend milestone approaching, as policy moves around AI data‑centre power, consumer bills and carbon‑capture regulation frame the investment case for the FTSE‑100 utility. Here’s what matters today.
Leadership change becomes official
Zoë Yujnovich formally became Chief Executive on 17 November 2025, succeeding John Pettigrew after nearly a decade in the role. The succession timeline was set out in National Grid’s May announcements and reiterated alongside its half‑year results this month; Reuters’ company profile now lists Yujnovich as CEO. [1]
Dividend timetable: ex‑dividend and record dates land this week
Income investors face a busy few days:
- 20 Nov 2025: Ex‑dividend date (ordinary shares)
- 21 Nov 2025: Ex‑dividend date (ADRs) and record date
- 11 Dec 2025 (UK) / 8 Dec 2025 (US): Scrip election deadlines
- 13 Jan 2026: Interim dividend payment date
These dates are listed on National Grid’s investor event calendar. [2]
Policy and sector headlines today that affect National Grid
- Price cap outlook: A new forecast suggests the January 2026 Great Britain energy price cap will slip about 1%—but could rise by ~£75 in April as policy and infrastructure costs (including network investment) feed through bills. Ofgem’s formal January–March determination is due 21 November. [3]
- AI power strategy: Government plans flagged today would discount electricity for data‑centre operators, reserve capacity for “AI Growth Zones,” and explore working with Ofgem to let developers build and connect their own high‑voltage lines and substations. That points to more (and faster) connection demand—squarely in National Grid’s lane. [4]
- Carbon capture infrastructure: Ofgem confirmed that modifications to carbon‑dioxide transport and storage licences take effect 18 November 2025, tightening the regulatory scaffolding for CCS build‑out—another grid‑adjacent investment theme. [5]
- System operations engagement: The UK’s National Energy System Operator (NESO) holds an in‑person Balancing Programme event in London today, with code panel papers published—incremental, but relevant to how the power market will be run as more assets connect. [6]
Project pipeline: capacity upgrades tied to data centres and storage
National Grid last week kicked off upgrades at the Didcot substation in Oxfordshire—adjacent to the UK’s first AI Growth Zone at Culham—to connect data centres and ~650 MW of battery storage, including SF₆‑free switchgear to cut emissions. The work underpins the load growth story investors are tracking in 2026–2030. [7]
Separately, within the Great Grid Upgrade, traffic measures near Assington on the A134 (Bramford–Twinstead reinforcement) were scheduled 15–18 November, a local marker of construction momentum on strategic transmission corridors. [8]
Strategy check: portfolio reshaping and earnings run‑rate
- Half‑year scorecard (6 Nov): National Grid posted underlying operating profit of ~£2.29bn, a touch above consensus, and reaffirmed medium‑term EPS growth guidance of 6–8% CAGR from the 2024/25 baseline. [9]
- Asset rotation: This year the company agreed to sell its U.S. onshore renewables arm to Brookfield (~$1.74bn including debt) and to divest the Isle of Grain LNG terminal to a Centrica/Energy Capital Partners JV (~£1.5bn). Both deals focus the group on regulated networks and are expected to complete subject to approvals. [10]
Why the policy noise matters for NG.L
Ofgem’s provisional five‑year network funding proposals point to a step‑up in UK grid capex from 2026, with the regulator signalling a multi‑billion programme for high‑voltage transmission and gas infrastructure—supportive for regulated asset base growth, even as consumer bills are carefully managed. Final determinations are due in December. [11]
What to watch next this week
- 20–21 Nov: Dividend timetable (ex‑div/record date). [12]
- 21 Nov: Ofgem January–March price cap announcement. [13]
- December: Final decisions on RIIO‑3 (transmission) allowances, closing the loop on 2026–2031 funding. [14]
Bottom line for investors
No new RNS from National Grid itself today, but leadership transition, near‑term dividend dates, and same‑day policy signals around AI power demand, consumer bills and CCS licensing all inform the next leg of the grid‑build cycle. Against that backdrop, NG.L remains positioned as a regulated‑asset growth story—bolstered by project delivery (Didcot, Great Grid Upgrade) and a portfolio increasingly concentrated on electricity networks. [15]
References
1. www.londonstockexchange.com, 2. www.nationalgrid.com, 3. www.theguardian.com, 4. www.theregister.com, 5. www.ofgem.gov.uk, 6. www.neso.energy, 7. www.nationalgrid.com, 8. www.nationalgrid.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.ft.com, 12. www.nationalgrid.com, 13. www.deeside.com, 14. www.ft.com, 15. www.nationalgrid.com
