The National Grid share price (LSE: NG) is currently trading at 1,363.50p as of March 17, 2026, marking a 43% increase over the last 12 months following the successful acceptance of the RIIO-T3 regulatory framework. With a market capitalization of £68.3 billion, the company has recently touched its 52-week high of 1,428.50p, driven by an upgraded £70 billion capital investment program through 2031. Investors are currently focused on the transition to a “pure-play” energy networks business and the newly appointed CEO Zoë Yujnovich’s plan to double investment in UK electricity transmission. While the stock has seen a massive re-rating, recent analyst notes from UBS suggest a “Sell” rating with a price target of 1,160p, citing a record 57% premium to its Regulated Asset Base (RAB). Despite these valuation concerns, National Grid continues to appeal to income seekers with an interim dividend of 16.35p paid in January 2026 and an upcoming final dividend estimated for July 2026, aimed at growing in line with UK CPIH inflation.
Current Market Status and 2026 Valuation
As of mid-March 2026, National Grid (LON: NG.) stands as one of the top performers in the FTSE 100. The shares have broken through long-term resistance levels, supported by clarity on both sides of the Atlantic regarding utility rate cases.
Key Trading Metrics
The current 52-week range of 949.60p to 1,428.50p reflects a period of aggressive growth and portfolio streamlining. Today’s trading volume of approximately 11.5 million shares shows robust liquidity, as the stock remains a “bedrock” holding for both institutional funds and ISA millionaires.
Valuation and Asset Growth
National Grid’s valuation is increasingly tied to its asset growth CAGR of 10%. With the divestment of National Grid Renewables and the agreed sale of Grain LNG, the company is now a streamlined operator focused on regulated electricity and gas networks in the UK and Northeastern US.
2026 Dividend Schedule and Yield
National Grid remains a primary choice for defensive income portfolios. The company’s policy is to grow the dividend per share in line with UK CPIH inflation, providing a real-term hedge for investors.
Recent and Upcoming Payouts
The most recent dividend activity for the 2025/26 financial year includes:
Interim Dividend: 16.35p (Paid January 13, 2026)
Final Dividend (Forecast): Estimated declaration in May 2026, with an ex-dividend date in late May and payment in July 2026.
Current Yield: Approximately 3.5% to 4.0% based on recent closing prices.
EPS Growth and Payout Sustainability
Management has targeted an underlying Earnings Per Share (EPS) compound annual growth rate (CAGR) of 6-8% from the 2024/25 baseline. This growth is underpinned by the record £5.1 billion invested in the first half of the current fiscal year, which directly expands the base upon which the company earns regulated returns.
The £70 Billion Investment Framework
On March 2, 2026, National Grid officially expanded its investment plan by an additional £10 billion, bringing the total commitment to at least £70 billion through fiscal year 2031. This is a 70% increase relative to the prior five-year period.
RIIO-T3 Regulatory Clarity
The acceptance of Ofgem’s RIIO-T3 price control (covering April 2026 to March 2031) provides the “regulatory runway” needed for massive grid upgrades. This framework allows for £31 billion of investment specifically into UK Electricity Transmission to meet the 2030 clean power targets.
US Rate Case Progress
In the United States, National Grid has secured favorable rate plans in New York and Massachusetts. Highlights include the $4 billion “Upstate Upgrade” and the Electric Sector Modernization Plan (ESMP), which together account for a significant portion of the Group’s non-UK earnings.
CEO Transition and Strategic Focus
November 2025 marked a pivotal leadership change for the utility giant. Zoë Yujnovich succeeded John Pettigrew as CEO, bringing a focus on “efficient execution at scale.”
The “Backbone of Growth” Strategy
The new leadership has positioned electricity networks as the backbone of the digital and electrified economy. Strategic priorities for 2026 include connecting 19 GW of additional demand and supporting the development of UK “AI Growth Zones” and data centers.
Portfolio Streamlining
To fund its massive capital expenditure, National Grid has moved away from competitive renewables. The sale of the Electricity System Operator (ESO) and the remaining 20% stake in National Gas Transmission has successfully converted the group into a focused, regulated network business.
Risks and Broker Sentiment
Despite the operational success, the “Sell” downgrade from UBS in March 2026 has introduced a note of caution into the market. Analysts are debating whether the current share price has already “priced in” the benefits of the 2026-2031 regulatory period.
The RAB Premium Concern
National Grid currently trades at a 57% premium to its Regulated Asset Base (RAB). Historically, when the premium reaches this level, the stock has faced downward pressure as the market corrects toward the fundamental value of the physical infrastructure.
Supply Chain and Affordability
Three primary risks could derail the investment plan:
Consumer Affordability: Political pressure to keep energy bills low may limit future regulatory returns.
Supply Chain: Global competition for subsea cables and transformers may increase project costs.
Planning Reform: Delays in UK grid connections remain a bottleneck for project delivery.
Practical Information for Investors
How to Trade LSE: NG.
National Grid is a blue-chip constituent of the FTSE 100 index.
Ticker: NG.
ISIN: GB00BDR05C01
Listing: London Stock Exchange (Primary) and NYSE (ADR).
Trading Currency: GBX (Pence).
Shareholder Resources
Investors can utilize the National Grid “Investor Relations” portal for:
Dividend Calculators: To estimate future income based on shareholding.
Scrip Dividend Scheme: An option to receive dividends as new shares rather than cash.
Annual Reports: Detailed breakdowns of US vs. UK regulated earnings.
FAQs
What is the current National Grid share price?
As of March 17, 2026, the share price is 1,363.50p.
When is the next National Grid dividend?
The next dividend is the Final Dividend for 2025/26, expected to be declared in May 2026 and paid in July 2026.
What does RIIO-T3 mean for shareholders?
RIIO-T3 is the regulatory framework starting in April 2026 that determines how much National Grid can earn from its UK transmission assets over five years.
Who is the current CEO of National Grid?
Zoë Yujnovich became the CEO in November 2025, succeeding John Pettigrew.
Is National Grid still involved in gas?
While it has sold its UK gas transmission business, it still operates UK gas distribution and significant gas networks in New York and Massachusetts.
What is the 52-week high for NG. shares?
The 52-week high is 1,428.50p, achieved on March 2, 2026.
Why did UBS downgrade National Grid to Sell?
UBS cited a stretched valuation, noting that the shares trade at a record 57% premium to the value of the physical assets (RAB).
What is the target EPS growth for National Grid?
Management targets an underlying EPS CAGR of 6% to 8% through 2029.
How much is National Grid investing in the grid?
The company has committed to a £70 billion investment plan between 2026 and 2031.
Can I receive my dividends as shares?
Yes, National Grid operates a Scrip Dividend Scheme, allowing shareholders to reinvest payouts into new shares without dealing costs.
Is National Grid a good defensive stock?
Historically, it is considered defensive because its earnings are regulated and decoupled from economic cycles, though it remains sensitive to interest rate changes.
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