National Grid has deepened its push into the US energy market, investing $1.75bn in a developer focused on supplying power to data centres as tech giants continue to invest in computing power for AI. The UK utility said earlier this month it would acquire a 35 % equity stake in US energy company Joulent through its investment arm.

The deal gives National Grid exposure to one of the fastest‑growing sources of electricity demand, as the power crunch becomes a major challenge facing AI adoption. Chief executive Zoë Yujnovich said it would “provide exposure to a major source of electricity demand growth that diversifies our regional US exposure.” The investment also supports Joulent’s flagship project with Chevron in west Texas, which aims to provide 2.67GW of electricity to a Microsoft data centre by 2028.

National Grid will bring its experience and equipment for large‑scale energy infrastructure and grid operations, complementing the partnership Joulent already has with Chevron and gas‑turbine manufacturer GE Vernova. Noelle Walsh, president of Microsoft’s cloud operations, said AI data centres increasingly required “closer co‑ordination between energy and infrastructure,” adding that National Grid’s expertise would help deliver the project.

The move comes as power providers race to meet rapidly growing demand from AI, while developers struggle to secure grid connections amid a congested transmission network. Founded in 2026, Joulent is a spin‑out from activist fund Engine No. 1 and develops energy systems that combine gas turbines, renewable generation and battery storage. National Grid has also announced collaborations with Nvidia and other partners to demonstrate systems that smooth AI power fluctuations while minimising impact on computing performance.