London, Jan 27, 2026, 09:00 GMT — Regular session
- National Grid shares dip slightly in early London trading following GriffinLink interconnector announcement
- Company and TenneT Germany have launched studies for a proposed 2-gigawatt offshore wind connection
- Traders are focused on funding conditions amid a packed schedule of grid projects and earnings reports
National Grid (NG.L) shares slipped roughly 0.2% to 1,202 pence by 0900 GMT, shedding 2 pence from Monday’s finish. The stock has hovered near a one-year peak and gained about 25% over the last 12 months. 1
The shift was small, yet the headline remains familiar: grid spending. Investors continue to back network operators as Europe ramps up offshore wind integration into aging power grids, aiming to avoid soaring costs.
National Grid announced plans to collaborate with TenneT Germany on GriffinLink, a proposed subsea “multi-purpose interconnector” aimed at linking offshore wind farms to multiple markets. The project could deliver up to 2 gigawatts of offshore wind capacity to both Britain and Germany. It’s targeting late 2030s for operation, though the final investment decision is still pending. 2
Politics is moving in step with engineering. At a North Sea summit, ministers agreed to build 100 gigawatts of offshore wind capacity, connected by cross-border cables designed to send power where it’s needed most. “If Germany can’t use all of the power, the UK can take some instead of wasting it,” said Jordan May, a senior analyst at consultancy TGS 4C. This is crucial during episodes of “negative pricing,” when surplus power drives wholesale prices below zero. 3
The FTSE 100 edged up roughly 0.2% in early trading. 4
Financing is also on the radar. Societe Generale issued a notice saying stabilisation might back National Grid Electricity Transmission plc’s planned 500 million euro bond sale. The stabilisation period starts Jan. 27 and will wrap up by March 5 at the latest. This post-issue tactic lets banks buy securities in the market to prop up prices. 5
Equity investors remain focused on one critical issue: the pace at which projects transition from press release to regulated asset base — and the returns they can expect once regulators and politicians begin disputing costs.
There are clear risks here. Multi-country connections demand a rulebook that works across diverse markets, while extended timelines open the door to supply-chain hiccups and rising costs that can erode expected returns.
In the near term, planning and execution risks remain local. National Grid’s Sea Link transmission project faces examination hearings from Jan. 27 to Jan. 30. The company expects a decision on development consent by mid-2026. 6
National Grid’s 2025/26 full-year results are due May 14, marking the next major event on its calendar. Dividend watchers should note the ex-dividend dates: ordinary shares go ex-dividend May 28, while ADRs follow on May 29. Purchases made after these dates won’t qualify for the final dividend. 7
