London, Jan 26, 2026, 09:04 GMT — Regular session
- National Grid shares edged up roughly 0.4% in early trading, nudging just ahead of the broader FTSE 100.
- Investor focus has returned to policy headlines surrounding North Sea offshore wind and cross-border cables.
- Up next: insights from the Hamburg summit and National Grid’s full-year figures for May.
National Grid (NG.L) shares ticked up 0.4% to 1,196.5 pence by 0843 GMT, swinging between 1,194.5 and 1,202.5 pence earlier. The FTSE 100 barely moved, edging up 0.05%. 1
The stock’s initial surge reflects a shift in investor focus toward grid spending rather than just power generation. Offshore wind goals are expanding, but it’s the cables, substations, and onshore connections that remain the costly, slow bottlenecks.
National Grid’s core revenue comes from regulated networks, where returns are set by regulators who essentially determine how much the company can charge to recoup its investments. These rules can provide reliable cash flow, but they’re also vulnerable to sudden changes if the political landscape shifts.
Britain, Germany, Denmark, and other European countries are set to sign a clean-energy agreement at Monday’s Hamburg summit, aiming to produce 100 gigawatts of offshore wind via large-scale joint ventures, the British government announced. UK energy minister Ed Miliband described the initiative as a way to free the country from the “fossil fuel rollercoaster.” 2
National Grid is plugged directly into the core of that plan. It operates Britain’s high-voltage electricity transmission network and manages regulated electricity and gas businesses in certain US regions.
Weather and gas prices both played a role. A Reuters column pointed to an Arctic blast hitting the U.S. Northeast and Midwest, sparking a sharp jump in U.S. natural gas futures, which surged nearly 70% last week to $5.35 per million British thermal units. “The global gas market has become far more interconnected,” said Mashal Jaffery, a partner at Baringa. 3
The company posted a first-half underlying operating profit of 2.29 billion pounds for the six months ending Sept. 30, edging past a company-compiled consensus of 2.24 billion pounds. It also reaffirmed its medium-term earnings growth target, Reuters reported in November. 4
That downside risk is all too familiar for large regulated utilities: rising financing costs, delays in planning approvals, or stricter regulatory deals can tighten margins and stretch out payback periods. Plus, a surge in bond yields can swiftly dent their attractiveness to investors.
Investors are keenly awaiting fresh details from the Hamburg summit on the strategy for funding and developing cross-border grid links. National Grid’s upcoming key date is the release of its 2025/26 full-year results, set for May 14. 5
