National Grid PLC announced Monday it will invest at least £70 billion through fiscal 2031, representing a 70% increase from the prior five years. The UK utility raised its underlying earnings per share growth target to 8-10% annually, up from the previous 6-8% target through fiscal 2029. This upgrade reflects confidence in the company's expanded investment strategy.

Chief Executive Zoë Yujnovich outlined plans for £31 billion in UK electricity transmission and £17 billion in New York regulated operations, among other regional investments. The company projects group asset growth of around 10% annually, with fiscal 2027 underlying EPS growth guidance of 13-15%. At the midpoint, this represents a 3% premium to analyst consensus.

National Grid confirmed acceptance of Ofgem's RIIO-T3 price control arrangements for its UK electricity transmission business from April 2026 through March 2031. The company expects to deliver an overall return on equity above 9% across the price control period. The new guidance implies fiscal 2031 EPS of 120.5p, approximately 10% above current analyst consensus.