London, Feb 3, 2026, 08:46 GMT — Regular session
- National Grid shares edged up roughly 0.4% in early London trading, hitting about 1,245 pence.
- A UK transmission company has released final terms for a €650 million green bond maturing in 2034.
- Investors have their eyes on the Bank of England’s meeting on Feb. 5 and a key Ofgem licence decision expected later this month.
Shares of National Grid crept up 0.36% to 1,245 pence by 0831 GMT on Tuesday, after starting the day at 1,233 pence. Early trades saw the stock fluctuate between 1,232 and 1,247 pence.
The change is slight, yet it comes as investors watch closely how the utility manages its spending and awaits upcoming UK regulatory rulings. For grid owners, the cost of capital and the regulator’s permitted returns can be just as critical as demand.
National Grid’s UK transmission business, National Grid Electricity Transmission plc, announced final terms for a €650 million sale of senior green bonds carrying a 3.563% coupon, maturing on Feb. 3, 2034. These “green” bonds are specifically allocated to fund projects with environmental advantages. Investegate
A separate filing on Monday revealed that National Grid’s registered capital as of Jan. 31 stood at around 5.20 billion ordinary shares. Of those, about 4.97 billion carried voting rights once treasury shares were excluded. Treasury shares are those the company retains and do not have voting power.
The stock heads into Tuesday following a solid session for the broader London market, with the FTSE 100 hitting a record close on Monday. Swissquote Bank senior analyst Ipek Ozkardeskaya noted the rally mirrors improved global risk appetite. Attention now shifts to Thursday’s Bank of England policy decision, where rates are widely expected to stay steady at 3.75%.
National Grid faces a key deadline from Ofgem, which plans to release its decision on RIIO-3 licence changes this February. This comes ahead of the new price-control period kicking off on April 1. These price controls determine what network firms can charge customers—and consequently, their allowed earnings.
But the situation works both ways. Should bond yields climb once more or regulators clamp down on permitted returns and incentives, utilities could lose their edge as “bond-like” dividend payers, even if their daily operations remain stable.
The Bank of England’s decision on Feb. 5 is next on the calendar. Investors will then turn to Ofgem’s February licence call, watching closely for any follow-up comments from National Grid about how the final terms could impact investment and financing strategies.
