← National Grid overview

National Grid vs Eversource Energy: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

National Grid PLC (NG.LSE)

Q3 2026
▲3

National Grid's record £70bn investment plan and US AI power bet drive growth outlook

  • Record £70bn five-year investment plan National Grid will invest at least £70bn over five years, its largest ever, to connect up to 35GW of new generation and 19GW of new demand from data centres and electrification. This builds the asset base and supports 8-10% yearly earnings growth and rising dividends, pushing the shares up.

    This is the core new plan that directly drives future earnings and dividends, the main reasons investors hold the stock.

  • $1.75bn US AI power investment National Grid is investing $1.75bn for a 35% stake in Joulent, funding a 2.67GW gas-fired plant in Texas that will power a Microsoft data centre under a 20-year contract. This expands its US footprint and taps into the AI-driven electricity demand boom, a new growth driver.

    This is a new, concrete investment that opens a new growth market and is incremental to the £70bn plan.

  • UK grid upgrade costs up to £240bn The government now says Britain's grid needs up to £240bn of upgrades for net zero, far above earlier estimates. National Grid will deliver about £35bn of the £77bn planned by 2031, with more needed after. This means decades of regulated investment and earnings growth, though costs fall on consumer bills and face political criticism.

    This sets the long-term scale of National Grid's regulated investment opportunity, a key driver of its value.

  • Valuation debate after US investment After the Joulent deal, analysts say National Grid looks fairly valued on dividends (intrinsic value about £12.79, only 2.7% above the price) but cheaper than peers on earnings (19.1 times vs 22.7 times). The debate is whether heavy investment can grow cash flow without squeezing dividends.

    This gives a fair counterweight: the stock may not be cheap, and the investment phase carries risk to dividends.

July 2026
▲3

National Grid's record £70bn investment plan and US AI power bet drive growth outlook

  • Record £70bn five-year investment plan National Grid will invest at least £70bn over five years, its largest ever, to connect up to 35GW of new generation and 19GW of new demand from data centres and electrification. This builds the asset base and supports 8-10% yearly earnings growth and rising dividends, pushing the shares up.

    This is the core new plan that directly drives future earnings and dividends, the main reasons investors hold the stock.

  • $1.75bn US AI power investment National Grid is investing $1.75bn for a 35% stake in Joulent, funding a 2.67GW gas-fired plant in Texas that will power a Microsoft data centre under a 20-year contract. This expands its US footprint and taps into the AI-driven electricity demand boom, a new growth driver.

    This is a new, concrete investment that opens a new growth market and is incremental to the £70bn plan.

  • UK grid upgrade costs up to £240bn The government now says Britain's grid needs up to £240bn of upgrades for net zero, far above earlier estimates. National Grid will deliver about £35bn of the £77bn planned by 2031, with more needed after. This means decades of regulated investment and earnings growth, though costs fall on consumer bills and face political criticism.

    This sets the long-term scale of National Grid's regulated investment opportunity, a key driver of its value.

  • Valuation debate after US investment After the Joulent deal, analysts say National Grid looks fairly valued on dividends (intrinsic value about £12.79, only 2.7% above the price) but cheaper than peers on earnings (19.1 times vs 22.7 times). The debate is whether heavy investment can grow cash flow without squeezing dividends.

    This gives a fair counterweight: the stock may not be cheap, and the investment phase carries risk to dividends.

Latest
▲3

National Grid's record £70bn investment plan and US AI power bet drive growth outlook

  • Record £70bn five-year investment plan National Grid will invest at least £70bn over five years, its largest ever, to connect up to 35GW of new generation and 19GW of new demand from data centres and electrification. This builds the asset base and supports 8-10% yearly earnings growth and rising dividends, pushing the shares up.

    This is the core new plan that directly drives future earnings and dividends, the main reasons investors hold the stock.

  • $1.75bn US AI power investment National Grid is investing $1.75bn for a 35% stake in Joulent, funding a 2.67GW gas-fired plant in Texas that will power a Microsoft data centre under a 20-year contract. This expands its US footprint and taps into the AI-driven electricity demand boom, a new growth driver.

    This is a new, concrete investment that opens a new growth market and is incremental to the £70bn plan.

  • UK grid upgrade costs up to £240bn The government now says Britain's grid needs up to £240bn of upgrades for net zero, far above earlier estimates. National Grid will deliver about £35bn of the £77bn planned by 2031, with more needed after. This means decades of regulated investment and earnings growth, though costs fall on consumer bills and face political criticism.

    This sets the long-term scale of National Grid's regulated investment opportunity, a key driver of its value.

  • Valuation debate after US investment After the Joulent deal, analysts say National Grid looks fairly valued on dividends (intrinsic value about £12.79, only 2.7% above the price) but cheaper than peers on earnings (19.1 times vs 22.7 times). The debate is whether heavy investment can grow cash flow without squeezing dividends.

    This gives a fair counterweight: the stock may not be cheap, and the investment phase carries risk to dividends.

Eversource Energy (ES)

Q3 2026
▲3▼1

Eversource sharpens pure-play utility focus as regulators back major grid projects

  • Aquarion sale completed, cutting debt Eversource finished selling its Aquarion water business for about $1.7 billion and is using the money to pay down debt. That strengthens the balance sheet and lets management focus on its regulated electric and gas utilities, which supports the stock.

    This is the period's biggest strategic move and directly improves the company's finances.

  • Weak Q2 GAAP earnings on one-time charges Second-quarter GAAP profit fell to $0.14 per share from $0.96 a year earlier, hit by non-cash charges from the Aquarion sale and a higher offshore wind liability. Recurring earnings were solid and guidance was reaffirmed, but the headline loss weighs on sentiment.

    The earnings drop is the main near-term negative and explains why the stock may have been pressured.

  • Regulators select Eversource for major transmission projects ISO New England picked Eversource's joint TIDE transmission project as the preferred solution, and the DOE selected its DREAM initiative for up to $47.7 million. Both expand the regulated grid build and support long-term earnings growth.

    These wins show concrete progress on the company's large capital plan, a key driver of future profits.

  • Vehicle-to-grid pilot expands grid flexibility Eversource is testing vehicle-to-grid technology in Massachusetts, letting electric cars send power back to the grid during peak demand. This can improve grid stability and customer engagement without costly new infrastructure, a modest positive for the regulated business.

    It shows innovation in managing demand, which can lower costs and support the utility's growth strategy.

August 2026
▲3▼1

Eversource sharpens pure-play utility focus as regulators back major grid projects

  • Aquarion sale completed, cutting debt Eversource finished selling its Aquarion water business for about $1.7 billion and is using the money to pay down debt. That strengthens the balance sheet and lets management focus on its regulated electric and gas utilities, which supports the stock.

    This is the period's biggest strategic move and directly improves the company's finances.

  • Weak Q2 GAAP earnings on one-time charges Second-quarter GAAP profit fell to $0.14 per share from $0.96 a year earlier, hit by non-cash charges from the Aquarion sale and a higher offshore wind liability. Recurring earnings were solid and guidance was reaffirmed, but the headline loss weighs on sentiment.

    The earnings drop is the main near-term negative and explains why the stock may have been pressured.

  • Regulators select Eversource for major transmission projects ISO New England picked Eversource's joint TIDE transmission project as the preferred solution, and the DOE selected its DREAM initiative for up to $47.7 million. Both expand the regulated grid build and support long-term earnings growth.

    These wins show concrete progress on the company's large capital plan, a key driver of future profits.

  • Vehicle-to-grid pilot expands grid flexibility Eversource is testing vehicle-to-grid technology in Massachusetts, letting electric cars send power back to the grid during peak demand. This can improve grid stability and customer engagement without costly new infrastructure, a modest positive for the regulated business.

    It shows innovation in managing demand, which can lower costs and support the utility's growth strategy.

Latest
▲3▼1

Eversource sharpens pure-play utility focus as regulators back major grid projects

  • Aquarion sale completed, cutting debt Eversource finished selling its Aquarion water business for about $1.7 billion and is using the money to pay down debt. That strengthens the balance sheet and lets management focus on its regulated electric and gas utilities, which supports the stock.

    This is the period's biggest strategic move and directly improves the company's finances.

  • Weak Q2 GAAP earnings on one-time charges Second-quarter GAAP profit fell to $0.14 per share from $0.96 a year earlier, hit by non-cash charges from the Aquarion sale and a higher offshore wind liability. Recurring earnings were solid and guidance was reaffirmed, but the headline loss weighs on sentiment.

    The earnings drop is the main near-term negative and explains why the stock may have been pressured.

  • Regulators select Eversource for major transmission projects ISO New England picked Eversource's joint TIDE transmission project as the preferred solution, and the DOE selected its DREAM initiative for up to $47.7 million. Both expand the regulated grid build and support long-term earnings growth.

    These wins show concrete progress on the company's large capital plan, a key driver of future profits.

  • Vehicle-to-grid pilot expands grid flexibility Eversource is testing vehicle-to-grid technology in Massachusetts, letting electric cars send power back to the grid during peak demand. This can improve grid stability and customer engagement without costly new infrastructure, a modest positive for the regulated business.

    It shows innovation in managing demand, which can lower costs and support the utility's growth strategy.