We’re expanding our record level of investment in Britain and the Northeast US by a further £10 billion, up to £70 billion (approximately $95 billion) over the five years to March 2031. This represents an increase of around 70% compared to the previous five years to March 2026.
This level of infrastructure investment reflects the fundamental changes taking place across the energy system, allowing us to recognise and unlock a wider range of power possibilities.
Why we’re increasing our investments
Demand for electricity is skyrocketing, driven by electrification, decarbonisation and the growth of data centres and AI. To support this, we need to deliver a more affordable, secure and cleaner energy future.
Modern, resilient networks are the backbone of economic growth: enabling homes, businesses and communities to access reliable, cleaner and more affordable energy, while supporting jobs and prosperity across our service territories in the UK and Northeast US.
Digital investment, including in AI, is helping us manage capacity more efficiently, from automated fault detection to more flexible demand management.
It’s about so much more than charging your phone or turning the lights on; it’s about making sure tomorrow’s grid allows for people and places to thrive. It's about bringing energy to power possibilities.
Where we’re investing
We invest across Britain and the Northeast US, as well as through our venture capital business National Grid Ventures which develops, operates and invests in large-scale energy infrastructure across the UK, US and Europe.
In the UK
~£31 billion in UK Electricity Transmission and Strategic Infrastructure
This includes The Great Grid Upgrade and other major delivery programmes.
The UK’s existing grid was built for fossil fuels. With the increase in clean energy generation, more infrastructure is needed to connect this new, greener power to the existing grid. This will, for example, allow energy generated in the North Sea by wind turbines to be carried into the grid, connecting to homes and businesses.
~£9 billion in UK Electricity Distribution
This includes investment to maintain the reliability of the network and supporting growing demand from heat pumps, EVs and new connections.
This includes EQUINOX innovation project; one of the UK’s largest trials exploring domestic heat pump flexibility. The trial explored how households with heat pumps can help manage electricity demand while still staying warm, by shifting heating patterns to certain times of day. This helps to manage the grid in an efficient, more affordable way.
National Grid Ventures UK investments
Our UK investments will retain their focus on maintaining our existing interconnectors portfolio, which links the UK to neighbouring European energy markets, whilst also exploring new opportunities in interconnectors and hybrid projects. Greater availability of interconnectors helps improve security of supply, enables the two-way flow of lower-cost energy and supports resilience.
There are opportunities to connect new interconnectors with offshore wind – called offshore hybrid assets or multi-purpose interconnectors – which would build on our existing portfolio.
In the US
In the US, we’re investing around £29 billion ($39 billion) across our regulated networks:
~ £17 billion ($23 billion) in New York
Our investments will serve to modernise the energy grid, boost reliability, create jobs and power clean energy.
This includes the Upstate Upgrade; building a smarter, stronger grid to deliver a more resilient energy network across Upstate New York. This project will transform the transmission grid to meet growing demand for electricity while generating thousands of new jobs and more than $1 billion in economic growth across the region.
~ £12 billion ($16 billion) in electricity distribution modernisation in New England
This includes our Electric Sector Modernization Plan – part of the 2022 Clean Energy Act in Massachusetts, which sets the road map to modernise and upgrade the grid to enable an affordable clean energy transition.
Extensive stakeholder engagement allowed us to incorporate customer feedback into our approach and identify community concerns, as well as ensure that we're aligned with state priorities.
Continuing investment in gas
We’re also continuing to invest in our gas networks to maintain reliability and ensure resilience of the energy system in the Northeast region during peak winter periods. For example, during FY26 we saw some of the highest through days on record during Storm Fern, consistently serving customers amid record-breaking demand and significant strains on the region’s energy grids.
National Grid Ventures
Our US investment in generation and transmission projects will keep its focus on maintaining affordability and reliability for customers.
Stronger transmission infrastructure will prevent outages and increase access to low-cost generation for communities.
For generation, maximising existing power plants is key to meeting New York’s energy needs while saving customers money. Repowering these existing plants will require less maintenance than new builds, as well as being cheaper.
Looking ahead
It’s likely that the speed and scale of change in the energy system will only increase. Our role is to stay ahead of that change – investing in the networks, technologies and capabilities that will power the next generation of growth.
In addition to the five-year program, National Grid Ventures has invested an additional £1.3 billion/$1.75billion for a 35% stake in Joulent, a business developing integrated power solutions for large energy users in the US. Its first project will provide dedicated electricity to a Microsoft-operated data centre in West Texas, supporting growing demand from data centres and AI
Through capital investment of at least £70 billion and our investment in Joulent, we’re enabling a smarter, more flexible grid that supports electrification, harnesses the potential of AI and ensures energy works better for everyone.
