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National Grid boosts outlook after agreeing new pricing framework
(Sharecast News) - National Grid bolstered its outlook on Monday, after it struck a new pricing agreement with the regulator. The network operator said that its 2026 trading performance remained in line with expectations.
However, looking to 2027, and it now expects underlying earnings per share growth of between 13% and 15% after accepting the price control arrangements proposed by Ofgem. The RIIO-T3 regulatory period covers the UK electricity transmission business from April 2026 to March 2031.
The latest framework allows for higher revenues. But National Grid insisted higher prices would also allow it to invest "at the pace and scale needed to meet the ramp up in power demand", including plans to nearly double the amount of power that can flow across the country.
National Grid also confirmed it had upgraded its five-year financial framework. It now expects a cumulative capital investment of at least £70bn to the 2031 full year, upgraded underlying earnings per share compound annual growth rate of 8% to 10% from a 2026 full-year baseline, and asset growth of around 10%.
Zoe Yujnovich, chief executive, said: "Today marks a further step in accelerating investment in Britain and the US north east, at a time when modern, resilient networks are fundamental to economic growth.
"Our focus is clear: disciplined execution, at scale, supported by regulatory frameworks that recognise the critical role of networks."
As at 0830 GMT, the stock had ticked up 2% at 1,414.5p.
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