National Grid, a leading energy transmission and distribution company, has announced plans to invest £66 billion ($76.5 billion) over the next five years into its power networks. This investment aims to unlock economic growth while enabling the digitalisation and decarbonisation of the power system. Half of the funds will be allocated to the company’s operating networks in the UK.

In tandem with this investment, National Grid has also unveiled a £7 billion ($8.9 billion) fully underwritten rights issue. This move will offer shares to existing shareholders, ensuring the necessary funds are raised to support the investment.

According to National Grid, this strategic move aligns with their vision of becoming a “pre-eminent pureplay networks business.” A significant portion, up to 80%, of the capital investment is earmarked for the operator’s Electricity Networks business.

John Pettigrew, National Grid's chief executive, commented: “Today is a defining moment for National Grid as we announce a significant increase in investment that cements our position as a leader in the energy transition on both sides of the Atlantic. Governments and regulators are moving with increased urgency to attract the levels of investment required to meet their net-zero ambitions, giving us improved visibility and confidence over our medium term investment plan. That is why we’re announcing today a new five-year financial framework … nearly double the level of investment of the past five years.

Source: smart-energy.com