National Grid plc (NG.) news today, 27 November 2025: new Northern Powerhouse Partnership role, key dividend scrip milestone, BlackRock stake increase, analyst views, latest financials and risks.
- National Grid joins the Northern Powerhouse Partnership (NPP), underscoring multi‑billion‑pound grid upgrades and job creation across the North of England. National Grid
- Today is the scheduled date for announcing the scrip reference price for the 2025/26 interim dividend of 16.35p per share, ahead of the 13 January 2026 payout. National Grid
- BlackRock has quietly lifted its holding to 8.17% of National Grid’s voting shares, consolidating its position as a major long‑term investor. Investegate
- BNP Paribas Exane recently downgraded the stock to Underperform, but the wider analyst consensus still sits around “Outperform” with modest upside and a 4%+ dividend yield. TechStock²
- Underlying first‑half operating profit is up 13% and capital investment hit a record £5.1bn, as the company leans into a £60bn, five‑year grid build‑out. Investegate
- Leadership is changing: long‑time CEO John Pettigrew has handed over to former Shell executive Zoë Yujnovich this month. Investegate
- A U.S. law firm continues to canvas a securities class action linked to the Heathrow substation fire and regulatory scrutiny, adding a legal overhang for investors. Business Wire
Northern Powerhouse push: National Grid joins the NPP
The standout corporate headline for 27 November 2025 is that National Grid has officially joined the Northern Powerhouse Partnership (NPP). The move is pitched as a way to lock in more of the economic upside from Britain’s energy transition for communities across the North of England. National Grid
In today’s press release, the company ties NPP membership directly to “The Great Grid Upgrade” – its programme of major transmission projects such as Eastern Green Link 1 and 2, Yorkshire Green, Cross Border Connection and North Humber to High Marnham. These links are designed to move huge volumes of offshore wind and other low‑carbon generation from coastal regions into industrial and urban demand centres. National Grid
Key takeaways from the announcement:
- National Grid highlights tens of billions of pounds of planned network investment, with a “significant share” earmarked for northern England. National Grid
- Across the UK, its network investment is expected to support up to 55,000 jobs by 2030, with many of those located in the North. National Grid
- On the Eastern Green Link 2 (EGL2) project alone, construction partner BAM is creating around 200 roles, including apprenticeships and specialist engineering jobs. National Grid
- “Meet‑the‑buyer” events for the EGL projects have connected hundreds of northern SMEs into contracts covering civil engineering, cabling, transport, environmental services and design work. National Grid
Baroness Julie Elliott, Chair of the NPP, welcomes National Grid’s membership as a way to ensure communities “feel the full economic and skills benefits” of this grid build‑out – especially as the region gears up for small modular reactors, more electric trains and growing electrified industry, all of which depend on strong transmission capacity. National Grid
For investors, the NPP move doesn’t change the numbers overnight, but it underlines two themes:
- Political signalling: deepening ties with regional leaders can matter when you’re seeking planning approval for controversial pylons and subsea cables.
- Local content and jobs: the more National Grid can demonstrate local opportunities, the smoother its mega‑project delivery may be.
Dividend watch: interim payout set, scrip reference price due today
Income remains a central part of the National Grid story – and 27 November 2025 is circled in the diary for dividend reasons too.
The company has already:
- Declared a 2025/26 interim dividend of 16.35p per share, up 3% and equal to 35% of last year’s full‑year dividend. Investegate
- Gone ex‑dividend on 20 November 2025, with a record date of 21 November 2025.
- Scheduled payment for 13 January 2026 to qualifying shareholders (with a parallel timetable for the U.S. ADR, NGG). National Grid
Today’s entry on National Grid’s investor event calendar marks the next step:
“Scrip reference price announced for 2025/26 interim dividend” (27 November 2025). National Grid
The scrip reference price is the average mid‑market price over the five dealing days from the ex‑dividend date; it determines how many new shares scrip electors receive instead of cash. At the time of writing, the company’s dividend page still shows the scrip reference price as “TBC”, suggesting the final figure has yet to be updated publicly even though the timetable is fixed. National Grid
A quick snapshot of the income profile:
- The interim 16.35p follows a 30.88p final dividend for 2024/25, giving a recent annual total in the mid‑40s pence per share once adjusted for last year’s rights issue. DividendMax
- Data providers currently put National Grid’s trailing dividend yield around 4.1%, reflecting that income against today’s share price area. Fidelity International
- The board continues to target dividend per share growth in line with UK CPIH inflation, subject to performance and regulatory conditions. Investegate
For investors weighing up cash vs. scrip, the choice is essentially between near‑term income and slightly higher future ownership in a highly capital‑intensive utility.
Share price, downgrade and consensus views
While there’s no big price‑moving RNS today, National Grid’s stock is still digesting a busy week in the market.
According to recent trading data compiled by TS2.tech and Shares Magazine:
- As of 26 November 2025, NG. was changing hands a little above 1,120p, broadly flat on the day.
- Over the last year, the 52‑week range runs from roughly 910p to 1,184p, with the stock currently about 5% below its recent high set earlier this month after the half‑year results. TechStock²
The more dramatic action came on Monday 24 November, when BNP Paribas Exane downgraded National Grid from Outperform to Underperform, cutting its ADR (NGG) price target from $83 to $70. That call sparked:
- Around a 2% drop in the London‑listed shares, on volumes well above their 50‑day average.
- A sharper 6%+ fall in the U.S. ADR on the same day. TechStock²
Even after that move, however, the broader consensus remains more upbeat:
- MarketScreener’s aggregation of about 15 analysts still shows an “Outperform” mean rating.
- The average target price sits near 1,180p, implying mid‑single‑digit upside from current levels, plus the dividend. TechStock²
In short: the stock is no longer obviously cheap, but most brokers still pitch it as a regulated growth and income combination rather than a value trap.
Ownership snapshot: BlackRock edges up to 8.17%
Alongside today’s softer news flow, one regulatory filing this week has caught investors’ attention.
A TR‑1 “Holding(s) in Company” notice filed with the London Stock Exchange shows that BlackRock, Inc. has increased its total interest in National Grid’s voting ordinary shares to 8.17%, equivalent to 406,584,816 voting rights as of 24 November 2025. Investegate
The breakdown is:
- 7.32% of voting rights attached directly to shares (about 363.4 million).
- 0.85% via financial instruments, including ADRs, securities lending and cash‑settled derivatives. Investegate
Previously, BlackRock reported a total interest of 8.12%, so this is a small but notable top‑up – and one that slightly shifts the mix towards directly held shares versus derivatives.
For a highly regulated utility, the presence of a long‑term, global asset manager at the top of the register is generally read as a vote of confidence in the long‑run cash‑flow story, though of course large institutions can change their stance over time.
Financial backdrop: record half‑year investment and resilient earnings
Today’s news sits against a robust set of half‑year numbers for 2025/26, released on 6 November and now fully digested by the market.
From the official RNS and earnings materials:
- Statutory operating profit rose 17% year‑on‑year to £1,526m.
- Underlying operating profit at constant currency increased 13% to £2,292m.
- Underlying EPS climbed 6% to 29.8p per share.
- Capital investment reached a record £5,052m in just six months, up around 12% at constant currency. Investegate
Management reaffirmed its five‑year financial framework for 2024/25–2028/29:
- Around £60bn of cumulative capital investment.
- Asset base growth of roughly 10% per year, driven by that capex and indexation.
- Target underlying EPS growth of 6–8% a year from a 2024/25 baseline of 73.3p. Investegate
Operational highlights from the half‑year include:
- Stronger earnings from UK Electricity Transmission, reflecting higher revenues and accelerated spend on Accelerated Strategic Transmission Investment (ASTI) projects such as Eastern Green Link 1 & 2 and London Power Tunnels 2. Investegate
- Improved performance in New England and New York, supported by new rate cases, storm‑cost recoveries and capital trackers. Investegate
- Progress on large‑scale U.S. upgrades, with the Smart Path Connect transmission project in upstate New York scheduled to energise in December 2025 after hundreds of new towers were installed. Investegate
At the same time, net debt sits around £41.8bn, and regulatory gearing is expected to move towards the mid‑60% range before trending back down later in the RIIO‑T3 period – a reminder that balance‑sheet management and credit ratings remain key watchpoints as capex stays elevated. Investegate
Portfolio reshaping: LNG and renewables exit
National Grid is also reshaping its asset mix to focus more squarely on regulated networks:
- It has completed the sale of National Grid Renewables, its U.S. onshore renewables business, to a Brookfield‑led consortium for about $2.1bn in cash. Investegate
- It has agreed to sell the Grain LNG terminal in the UK to a consortium including Centrica and Energy Capital Partners for roughly £1.66bn, with completion expected later in 2025. Investegate
These moves tilt earnings further towards regulated transmission and distribution, which typically offer more predictable returns – but require continued regulatory goodwill and careful cost control.
CEO handover: Zoë Yujnovich’s first weeks in charge
The first‑half results were also John Pettigrew’s swan song as Chief Executive.
- Pettigrew, who has led National Grid through a decade of heavy investment and major portfolio reshaping, stepped down on 16 November 2025.
- Zoë Yujnovich, a senior former Shell executive, joined as Chief Executive Designate on 1 September and formally became CEO on 17 November 2025. Investegate
The handover comes just as:
- The £60bn capex plan ramps up.
- The company navigates Ofgem’s RIIO‑T3 price‑control negotiations for transmission.
- Regulators in both the UK and U.S. scrutinise reliability, resilience and affordability more intensely.
Early commentary from market watchers frames Yujnovich as likely to maintain strategic continuity while bringing additional focus on execution, project delivery and stakeholder management – all critical for a business whose returns depend on political and regulatory trust. TechStock²
Legal and regulatory overhang: Heathrow fire and class‑action chatter
Not everything in the National Grid story is positive.
A July 2025 report by the National Energy System Operator (NESO) into the North Hyde substation fire, which temporarily shut London Heathrow Airport in March, found “preventable” failures in asset maintenance. That prompted Ofgem to open an investigation into National Grid’s performance. Investegate
Building on that, Rosen Law Firm in the U.S. has been actively soliciting investors for a potential securities class action, alleging that National Grid may have issued materially misleading information prior to the Heathrow incident. At this stage:
- Rosen’s announcement is only an investigation and solicitation, not a certified class action with proven wrongdoing. Business Wire
- National Grid has said it is co‑operating with Ofgem and implementing additional safety and resilience measures, while continuing to emphasise its overall reliability record. Investegate
Still, the combination of a high‑profile infrastructure failure, political attention and potential litigation means headline‑risk remains – something long‑term shareholders need to factor into their risk assessments.
What today’s developments mean for investors
Pulling together the threads from 27 November 2025 and the surrounding weeks:
- Growth story remains intact
- A record half‑year of investment and reaffirmed guidance point to a business firmly in build‑out mode, with regulated asset growth expected around 10% a year. Investegate
- Income still attractive, but not risk‑free
- A ~4%+ yield and an inflation‑linked dividend policy are appealing in a low‑growth environment, but they sit on top of a balance sheet carrying more than £40bn of net debt and heavy capex commitments. Fidelity International
- Valuation is full but not extreme
- After a strong run, the shares are near the top of their 12‑month range, and at least one major broker (BNP Paribas Exane) now thinks the risk/reward has tilted negative – even as the wider analyst community still leans “Outperform”. TechStock²
- Institutional backing looks solid
- BlackRock’s incremental move to an 8.17% stake adds to the impression that large, long‑term investors remain comfortable owning National Grid through this capex‑heavy phase. Investegate
- Politics and regulation are the wild cards
- From Ofgem’s RIIO‑T3 decisions to regional planning politics and safety investigations, the returns on that £60bn investment plan depend heavily on regulatory goodwill and execution discipline. Investegate
For now, today’s combination of Northern Powerhouse engagement and dividend timetable milestones reinforces the idea of National Grid as an infrastructure heavyweight at the centre of the UK’s net‑zero transition – but one that investors must approach with a clear eye on regulatory, legal and balance‑sheet risks.
Key upcoming dates for the National Grid diary
- 27 November 2025 – Scrip reference price for 2025/26 interim dividend (scheduled). National Grid
- 11 December 2025 (5pm GMT) – Deadline for ordinary shareholders to elect for scrip shares instead of cash. National Grid
- 13 January 2026 – 2025/26 interim dividend payable. National Grid
- Throughout 2026 – Key milestones on RIIO‑T3, Grain LNG sale completion, and progress updates on major UK and U.S. grid projects.
This article is for information and commentary only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a regulated financial adviser before making investment decisions.
