National Grid plc Sponsored ADR (NGG)
Summary
National Grid: Superb Returns From Undervaluation
National Grid remains a "buy," with a raised price target, reflecting strong fundamentals and solid regulatory visibility. NGG's recent performance includes robust EBIT and EPS growth, well-covered dividends, and successful synergy realization despite a dilutive rights issue. Regulatory risks, especially in the US, and limited upside, due to valuation stretch warrant caution and careful position management going forward.
National Grid plc (NGG) Q2 2026 Earnings Call Transcript
National Grid plc ( NGG ) Q2 2026 Earnings Call November 6, 2025 4:15 AM EST Company Participants Angela Broad - Director of Investor Relations John Pettigrew - CEO & Executive Director Zoe Yujnovich Andrew Agg - CFO & Executive Director Conference Call Participants Pavan Mahbubani - JPMorgan Chase & Co, Research Division Sarah Lester - Morgan Stanley, Research Division Mark Freshney - UBS Investment Bank, Research Division Dominic Nash - Barclays Bank PLC, Research Division Ahmed Farman - Jefferies LLC, Research Division Harry Wyburd - BNP Paribas, Research Division James Brand - Deutsche Bank AG, Research Division Deepa Venkateswaran - Sanford C. Bernstein & Co., LLC.
National Grid: Undervalued And Overlooked, But Not Underpowered
National Grid plc is positioned as a "toll bridge" utility, offering stable, inflation-protected returns through critical infrastructure investments in the UK and US. NGG is executing a massive £60 billion investment plan to double UK grid capacity, support renewables, and drive 6-8% EPS growth with inflation-linked dividends. The key near-term catalyst is Ofgem's December decision on allowed returns; a rate above 6% could trigger a positive rerating for NGG shares.
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National Grid plc Sponsored ADR Profile
| Electric Utilities Industry | Utilities Sector | Zoe A. Yujnovich CEO | NYSE Exchange | 636274409 CUSIP |
| GB Country | 31,425 Employees | 21 Nov 2025 Last Dividend | 22 May 2017 Last Split | 7 Oct 1999 IPO Date |
Overview
National Grid plc stands as a prominent entity in the energy sector, focused on the transmission and distribution of electricity and gas. With its roots firmly planted in 1990, the company has grown to encompass a wide range of operations, distinctly organized into several strategic segments. These include UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, New York, National Grid Ventures, and Other segments. Headquartered in London, United Kingdom, National Grid plc has dedicated itself to ensuring the efficient delivery and reliability of energy across various regions, highlighting its integral role in the energy infrastructure both in the UK and the United States.
Products and Services
- UK Electricity Transmission - This segment is responsible for the transmission of electricity, alongside construction work services across England and Wales, ensuring the robustness and efficiency of the nation's electricity transmission network.
- UK Electricity Distribution - Catering to the Midlands, South West of England, and South Wales, this segment focuses on distributing electricity to end-users, playing a critical role in electricity accessibility for a significant portion of the UK population.
- UK Electricity System Operator - Dedicated to balancing the supply and demand of electricity within Great Britain's electricity transmission system, this segment also acts on behalf of transmission operators, ensuring the stability and reliability of the electricity supply.
- New England - In the New England region, the company offers both electricity and gas distribution and transmission services, contributing to the energy needs and infrastructure development of this geographic area.
- New York - Similar to its New England operations, in New York, National Grid delivers vital electricity and gas distribution, along with electricity transmission services, playing an essential role in the region's energy landscape.
- National Grid Ventures - This innovative segment provides a range of services including transmission through electricity interconnectors, LNG importation at the Isle of Grain, and the sale of renewable projects, marking National Grid's commitment to sustainable energy solutions.
- Other - Comprising a variety of operations, this segment includes the leasing and sale of commercial property and insurance activities in the United Kingdom, demonstrating National Grid's diversification into areas supporting its core energy business.
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