National Grid has unveiled plans to invest approximately £60billion in networks, with over £30billion earmarked for the UK.
This investment, more than double what National Grid has spent in the UK over the last five years, aims to stimulate substantial economic growth and support an additional 55,000 jobs in the UK by the end of the decade.
Among the projects is EGL2, a project connecting Peterhead in Scotland to Drax in England, which will be the longest HVDC cable in the UK and the country's single largest electricity transmission project ever.
The total investment for the joint construction project is £4.4billion, of which National Grid's share is £2.4billion.
National Grid has today revealed a financing plan to finance this investment and growth, including the £7billion fully underwritten rights issue.
The company has reported an underlying operating profit of £4.8billion for the year.
John Pettigrew, Chief Executive, said: “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. We will be investing £60 billion in the five years to the end of March 2029 – that’s nearly double the level of investment of the past five years.
“We expect this significant step-up in capital investment will deliver annual group asset growth of around 10%, and 6–8% underlying EPS CAGR from a 2024/25 baseline.
“This is an unprecedented time for our industry that is creating significant opportunities for National Grid today, over the next five years and for decades to come.
“Our new five-year investment plan will deliver long-term value and returns for our shareholders, support over 60,000 more jobs, and accelerate the decarbonisation of the energy system for the digital, electrified economies of the future.”