London, Feb 26, 2026, 09:22 GMT — Regular session.
- National Grid edged up roughly 0.2% to trade around 1,390p early in the London session
- Grid operators drew attention following Engie’s £10.5 billion acquisition of UK Power Networks, with new investment programs surfacing across Europe.
- Next up: Ofgem’s consultation wraps March 2, with National Grid’s full-year numbers arriving May 14.
National Grid (NG.) ticked higher in early London action Thursday, trading around 1,390p. By 0912 GMT, shares were sitting at 1,390.5p, up roughly 0.2%, after swinging between 1,373.5p and 1,395.0p. Investors were watching the regulated grid space closely.
Engie announced Wednesday it’s acquiring UK Power Networks from CK Infrastructure for £10.5 billion, thrusting UK grid infrastructure back into focus. The distributor supplies power to 8.5 million customers across London and regions of England, overseeing 192,000 km of cables, according to Engie. “We wanted to strengthen our presence in electricity networks,” Chief Executive Catherine MacGregor said on a press call. Reuters
Britain faces a deadline as the existing price controls governing network monopolies near their end. Ofgem’s current transmission and gas distribution framework wraps up on March 31. The next phase, RIIO-3, is set to run from April 1, 2026, through March 31, 2031.
Over in Europe, E.ON laid out plans to pour 48 billion euros into grid upgrades and expansion through 2030, citing surging demand from data centers and growing electrification. “All of Germany’s critical infrastructure is effectively available on the internet and geolocated,” CEO Leonhard Birnbaum said. As grids get bigger, the company is pushing for stricter security measures. Reuters
National Grid shares have hovered just shy of their year-high near 1,399p, as investors continue to favor the company’s steady, regulated cash flows in volatile conditions. The stock finished Wednesday at 1,388p and started Thursday at 1,384p, market data show.
Ofgem dropped new figures Wednesday, adding detail to the row over grid costs. The regulator set the April-to-June household energy price cap at £1,641 a year for a typical dual-fuel customer on direct debit—6.6% lower than last quarter. Its breakdown? Network charges are up £66, despite wholesale costs falling.
The UK government touted the lower price cap as a win for household budgets, even as it reiterated support for major grid improvements. Prime Minister Keir Starmer called energy bills “at the front of everybody’s mind.” According to the statement, some elements of the cap are tied to investments aimed at reinforcing and updating the electricity network. GOV.UK
National Grid’s pipeline faces scrutiny as well. Ofgem has opened a consultation on its assessment of National Grid Electricity Transmission’s Bramford-to-Twinstead upgrade. Feedback is open until March 2, as authorities aim to bring more renewable power into the grid.
National Grid is set to post its full-year results May 14, giving investors more detail on spending and returns. The company’s investor calendar shows an ex-date for the final dividend on ordinary shares coming up May 28, with payment scheduled for July 23.
Still, there’s a hitch. Grid investment demands keep climbing, but allowed returns and consumer bills are being watched closely by politicians. Even whispers of tougher regulation or delays in project timelines are enough to sour sentiment.
Now traders turn to the March 2 consultation deadline and the April 1 launch of RIIO-3. Next up: National Grid reports results May 14, a date likely to reset expectations going forward.
