London, Jan 28, 2026, 08:45 GMT — Regular session underway.
- Shares of National Grid (NG.L) climbed in early London trading, hovering close to a fresh 52-week peak.
- A UK transmission unit issued a 650 million euro bond, highlighting the group’s ongoing funding requirements.
- Traders are eyeing upcoming regulation and the full-year results in May for clearer direction.
National Grid shares crept up in early London trading on Wednesday, hovering close to a new 52-week peak. By 08:45 GMT, the stock rose roughly 0.3% to around 1,226 pence, after hitting 1,228.5 pence earlier. Other UK utility stocks also showed gains. 1
The drift matters because National Grid is a classic “bond proxy”—investors view regulated utilities as long-term income sources, so shifts in funding costs and rate expectations can sway valuations. The company is also deep in a capital-heavy phase, with grid upgrades on both sides of the Atlantic adding strain to debt markets.
Policy moves gave markets a push Wednesday. Britain’s National Wealth Fund flagged the power grid as a key sector for investment in the coming five years. CEO Oliver Holbourn declared, “We’re going to go faster and in a more focused way.” 2
Societe Generale announced it might engage in stabilisation activity—buying to support prices—in the debt market for National Grid Electricity Transmission’s 650 million euro fixed-rate notes due Feb. 3, 2034, with a 3.563% coupon. The stabilisation period starts Jan. 27 and could run through March 5, the notice said. 3
Regulation remains the bigger picture here. Ofgem’s RIIO-T3 settlement for electricity transmission — which determines allowed returns and spending rules — kicks off in April. National Grid has flagged that the package includes a real allowed cost of equity at 6.12%, based on 60% gearing. The company plans to review these terms and expects to share its response by early March 2026. 4
In the U.S., the Massachusetts unit of the company reported restoring power to more than 8,800 customers following Winter Storm Fern. They credited recent network upgrades with helping to keep outages in check. “With sub-freezing temperatures the norm in recent weeks, it is critically important that we deliver for our customers,” said Chris Laird, chief operating officer for electric at National Grid New England. 5
UK stocks kicked off the week on a positive note as the FTSE 100 climbed Tuesday, boosted by bank shares. Investors were also bracing for the Federal Reserve’s rate decision, which the market widely anticipates will hold rates steady. 6
But the situation can change fast. Utilities usually react first when bond yields spike, and any hint that regulators clamp down on returns—or that inflation drives build costs beyond what’s approved—could dampen a rally that’s already lifted the stock to fresh highs.
Investors have National Grid’s 2025/26 full-year results on their radar for May 14. The final dividend schedule kicks off later that month. 7
