National Grid plc Stock (LSE: NG.) News, Forecasts and Analysis — Share Price, Dividend and Outlook on 12 December 2025

Meta description: National Grid plc shares ended 12 December 2025 near 1,115p as investors weighed Ofgem’s RIIO‑T3 decision, major Sea Link contracts, dividend timing and fresh analyst targets.

National Grid plc stock closed the UK week on a steady footing, with the FTSE 100 utility trading in a tight range and the market focused less on day-to-day volatility and more on the company’s regulated return outlook, capex pipeline and dividend dependability.

As of the close on Friday, 12 December 2025, National Grid (NG.) was around 1,115p, with Hargreaves Lansdown showing an intraday range of about 1,110.5p to 1,125.0p, a market capitalisation near £55.3bn, and a quoted dividend yield of about 4.19%. ^[1]

Below is what’s driving the National Grid share story as of 12.12.2025, including the latest company announcements, regulatory developments, broker targets and investor debates.

What’s happening with National Grid stock today

1) Corporate governance update: Deloitte reappointed as auditor (from FY2028)

One of the freshest company-specific headlines in the market is governance-related: National Grid announced the outcome of its competitive audit tender, with the board approving the proposed re-appointment of Deloitte LLP as external auditor from the financial year ending 31 March 2028, subject to shareholder approval at the 2027 AGM. The company also noted Deloitte would continue for FY2026 and FY2027, with shareholder votes at the relevant AGMs. ^[2]

Financial media coverage on 12 December picked up and reiterated those points, framing it as a compliance step under UK audit tendering and rotation rules rather than an operational or earnings catalyst. ^[3]

Market impact: Typically modest. But for long-duration utilities like National Grid, governance and reporting credibility matter—especially when the investment case leans heavily on regulated returns and multi-year capital plans.

2) Regulation remains the main valuation driver: RIIO‑T3 and the UK grid spend

The biggest fundamental issue investors continue to price is the next UK electricity transmission price control.

On 4 December 2025, National Grid responded to Ofgem’s Final Determination for RIIO‑T3 covering National Grid Electricity Transmission for April 2026 to March 2031, highlighting a proposed real allowed cost of equity of 6.12% at 60% gearing. The company said it would review the full package to judge whether it is “investable and workable.” ^[4]
Ofgem’s RIIO‑3 documentation confirms the RIIO‑3 period and the publication of the final determinations. ^[5]

At the same time, the broader political and consumer backdrop around bill impacts has intensified. Reuters reported that Ofgem approved £28bn of investment over the next five years as part of the upgrade plan, with costs expected to add £108 to consumer bills by 2031 (via network charges), even as the regulator and government argue the investment is needed for system reliability and the energy transition. ^[6]

Why it matters for NG. shareholders: Even small changes in allowed returns, incentives, or cost recovery mechanics can move valuation—because the company is essentially priced as a long-duration regulated cash-flow stream.

3) Capex pipeline credibility: Sea Link contracts signed under “The Great Grid Upgrade”

National Grid also delivered a highly tangible project headline this week: it confirmed it has signed two major contracts for Sea Link, a proposed 140km subsea electricity connection between Kent and Suffolk.

National Grid said Siemens Energy was appointed to build the project’s converter stations and Sumitomo Electric Industries to supply the high-voltage cable, framing it as a supply-chain and jobs milestone under “The Great Grid Upgrade,” which it says is expected to support up to 55,000 jobs nationally across design, engineering, construction, manufacturing and the wider supply chain. ^[7]
A Reuters/Refinitiv market note also flagged the two-contract signing and named the same counterparties. ^[8]

Investor lens: The market generally rewards utilities when they demonstrate (1) deliverable project pipelines, and (2) credible partners and procurement—because execution risk and supply-chain bottlenecks are among the biggest threats to regulated “growth by building.”

4) US operations: AI wildfire risk initiative signals resilience focus

Across the Atlantic, National Grid’s US business has been pushing resilience and risk-management initiatives. On 2 December 2025, National Grid in the US announced a collaboration with Rhizome to deploy an AI-powered platform (gridFIRM) across parts of its networks in Massachusetts, New York, and the United Kingdom to identify and mitigate wildfire risks, prioritise high-risk areas and support cost-effective prevention and response planning. ^[9]

Why it matters: Climate-related risk is increasingly linked to capex and operating cost profiles for network operators; utilities that can justify spend as risk-mitigating (and recoverable) can strengthen the long-term investment narrative.

Share price snapshot for 12 December 2025: levels, range, and performance

Hargreaves Lansdown’s end-of-day view for 12 December 2025 shows National Grid (NG.) roughly around 1,115p, with:

Year high: ~1,183.5p
Year low: ~909.8p
1-year performance: ~+18.77%
P/E ratio (shown): ~20.07
Dividend yield (shown): ~4.19% ^[10]

These figures reinforce why the stock is often discussed as a “defensive compounder”: low-to-moderate volatility, yield support, and earnings growth that is usually driven by the regulated asset base expanding—so long as regulators keep the framework investable.

Dividend outlook: what income investors are watching next

National Grid’s dividend remains central to the share’s appeal. On the UK listing, Hargreaves Lansdown shows the declared interim dividend at 16.35p, with an ex-dividend date of 20 November 2025 and a payment date of 13 January 2026. ^[11]

For US investors, National Grid confirms its NYSE-traded NGG depositary shares each represent five ordinary shares, which is relevant when comparing dividends and price levels between London and New York. ^[12]

Practical takeaway: If you’re valuing the stock as an income play, the key questions are less about next quarter’s earnings and more about (1) regulatory cash-flow visibility post‑RIIO‑T3, and (2) how efficiently National Grid can finance its investment plan without pressuring coverage ratios.

Forecasts and analyst targets: where the Street sits heading into 2026

Analyst commentary over the past 24–48 hours has been notably constructive on the UK-listed shares, at least based on the broker notes being circulated in market feeds:

JPMorgan reiterated a Buy rating with a target price of 1,250p (GBX 1250) in a note timestamped 12 December 2025. ^[13]
Bernstein reiterated a Buy rating with a target price of 1,300p (GBX 1300) in a note dated 11 December 2025. ^[14]

At a share price around 1,115p, those targets imply roughly 12%–17% potential upside before dividends—but investors should treat price targets as scenario outputs, highly sensitive to discount rates and regulatory assumptions.

Consensus snapshots (UK shares and US ADR)

For the US ADR (NYSE: NGG), MarketBeat shows a consensus “Hold” (mix of buy/hold/sell) and an average 12‑month price target of $82.95 (with a stated upside versus its referenced current price). ^[15]
For the UK listing, MarketBeat’s LON:NG page indicates a small sample of recent analyst inputs and a forecast range clustered around the low‑to‑mid 1,200p area. ^[16]
Simply Wall St, aggregating analyst expectations, describes National Grid as forecast to grow earnings and revenue at double‑digit annual rates (as presented on its platform), though investors should validate such aggregated figures against primary research and the company’s own guidance. ^[17]

Important context: Utilities are often valued with bond-like logic. So “forecast upside” can evaporate quickly if discount rates rise, or expand quickly if markets price in rate cuts—regardless of whether the company executes well operationally.

The medium-term strategy backdrop: focusing on regulated networks

National Grid has been reshaping its portfolio toward regulated electricity and gas networks, and recent disclosures underscore that theme:

Reuters’ coverage of National Grid’s first-half results (6 November 2025) noted that the company reaffirmed medium-term expectations, targeting 6% to 8% compounded annual growth in underlying EPS from the 2024–25 baseline, and highlighted the transition to a new CEO (Zoë Yujnovich) after John Pettigrew’s tenure. ^[18]
The company has also been executing disposals consistent with the “focus on networks” message. National Grid confirmed it completed the sale of its Grain LNG business to a consortium comprising Centrica and Energy Capital Partners (part of Bridgepoint). ^[19]
- Centrica described the deal with an enterprise value of £1.5bn, with project finance debt and equity split details from its side of the transaction. ^[20]

Risks to watch: what could move National Grid shares next

Even for a “defensive” utility, there are clear catalysts and risks—especially at a time when Britain is trying to accelerate grid buildout.

Key swing factors for NG. (and NGG) into 2026:

RIIO‑T3 final economics in practice: The headline allowed return is only part of the story; the details around incentives, outputs, uncertainty mechanisms and cost recovery will decide whether returns are financeable at scale. ^[21]
Political and consumer scrutiny of network charges: Ofgem’s £28bn plan and the projected bill impact keep the sector in the public spotlight; that can translate into tougher scrutiny on future allowances and performance. ^[22]
Supply-chain and execution risk on mega-projects: The Sea Link partner announcements help, but delivery, planning consent, and cost control remain critical. ^[23]
Grid reform and connection queues: The UK is overhauling grid connection processes to remove “zombie” projects and accelerate viable ones—changes that can affect network planning and timelines. ^[24]
Financing and interest-rate sensitivity: Higher rates generally pressure utility valuations; a lower-rate environment can do the opposite—sometimes more than operational news does.

Bottom line for investors on 12.12.2025

National Grid plc stock heads into year-end with momentum built on three pillars:

Regulated growth visibility (but with RIIO‑T3 details still being digested), ^[25]
Execution signals from contract wins and supply-chain partnerships like Sea Link, ^[26]
Income support via a clearly defined dividend timetable and a mid‑4% yield profile at current prices. ^[27]

Add in fresh broker targets in the 1,250p–1,300p zone, and it’s easy to see why the stock is still being treated as a “core holding” candidate by many long-term, income-oriented investors—while more valuation-sensitive investors remain focused on the regulatory fine print and discount-rate direction. ^[28]