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NG. National Grid Plc

1,059.50
9.50 (0.90%)
18 Jul 2025 - Closed
Share Name Share Symbol Market Stock Type
National Grid Plc NG. London Ordinary Share
  Price Change Price Change % Share Price Last Trade
9.50 0.90% 1,059.50 16:35:01
Open Price Low Price High Price Close Price Previous Close
1,055.50 1,050.50 1,062.50 1,059.50 1,050.00
more quote information »
Industry Sector
GAS WATER & UTILITIES

National Grid NG. Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
07/11/2024FinalGBP0.308829/05/202530/05/202517/07/2025
23/05/2024InterimGBP0.158421/11/202422/11/202414/01/2025
18/05/2023InterimGBP0.19423/11/202324/11/202311/01/2024
10/11/2022InterimGBP0.37601/06/202302/06/202309/08/2023
19/05/2022InterimGBP0.178424/11/202225/11/202211/01/2023
18/11/2021FinalGBP0.337601/06/202206/06/202217/08/2022
20/05/2021InterimGBP0.172102/12/202103/12/202119/01/2022

Top Dividend Posts

Top Posts
Posted at 08/7/2025 16:07 by 1knocker when the NG. share price was 1,025.00p.
The fire is history.
The future is the clown Miliband pushing progress with a generation system the transmission system was not designed for, and which he is taking it into his own hands to remodel.

Ultimately, it will dawn on someone (but not Milliband) that solar and wind do not work in tandem with nuclear because solar and wind (being uncontrollably intermittent) cannot be used as backup for nuclear, and nuclear is highly cost efficient for providing base load but astronomically expensive as back up because while its fuel costs are very low its capital costs are high (the opposite of coal and gas which are suitable for back up, which is the infinite wisdom of our lords and masters ar being eliminated. Coal and gas plants can also be built pretty quickly, unlike nuclear, so planning for the future in a fast changing energy world is easier and more flexible).

It is a perfect self adjusting FU. Will the last person out of the country please turn the light off. Correction, that won't be necessary. The last person out will be feeling his way out in the dark. At least he won't trip over any productive industry, because that will all be long gone.

As NG holders, the best we can hope for is that the more the company is forced to spend on remodelling the grid, the higher our dividends will be, because the regulator calculates permitted investment return on a 'costs plus' basis.
Posted at 07/7/2025 17:22 by 1carus when the NG. share price was 1,035.50p.
UtyINV.. I feel a bit annoyed at buying fairly big at around £10.44.... thing is, it's the summer and secondly any fine for Heathrow is unknown.. hence a bit of price bashing. Dividend should still continue to increase and hopefully, like a big ship, once underway in the right direction, there should be little to stop it. If it is still here by Xmas I might start looking at something else. I Still see it as a safe place to have some of my money right now.
Posted at 04/7/2025 01:19 by newbank when the NG. share price was 1,041.50p.
I cannot justifiably see how NG could get the blame, as intimated in NESO's report.

Heathrow airport Engineers should have had procedures and protocol to follow (as has already been said in posts above). These procedures obviously were not tested or the Engineers covering the shift did not have the Competence. There were two other feeds which could easily have been switched to provide power for the airport to maintain business continuity.

But my main issue is with NESO and their report saying that the cause of the airport shutdown for many hours was as a result of high moisture levels in NG's equipment resulting in the fire at North Hyde. NG ESO, before it was bought out by Government and Nationalised into the now called NESO, would have carried out appropriate switching at Wokingham NGCC and would have contacted the customer, through direct dedicated communication lines to help the Airport Engineers know what to do if they obviously didn't. NG ESO always carried out contingency planning tests from Black Starts to ensuring Critical customers were fully aware of procedures.

So I question the motive behind the NESO report that points the finger at NG.

Or have NESO not got the quality Engineers that NG ESO had (Many of whom stayed with NG rather than transferring to the new Nationalised body or have left). Rigorous competency checks should have been regularly implemented at NESO.

So why deflect from Heathrow Airport Incompetence or the Control Room Switching Engineers at NESO themselves, who were on shift at the time and who should have had direct communication links with the Airport Engineers.

So I question again the motive in NESO pointing the finger at NG.
Posted at 16/6/2025 10:48 by utyinv
From the Telegraph:

Electrify your portfolio with this reliable infrastructure gem
National Grid offers much more than just an attractive yield and defensive appeal.

Questor is The Telegraph’s stock-picking column, helping you decode the markets and offering insights on where to invest.

Investing in defensive stocks typically represents a significant opportunity cost. In exchange for holding companies that offer a relatively stable financial and share price performance irrespective of the prevailing economic weather, investors have historically accepted lower total returns compared with volatile cyclical stocks that benefit from positive underlying economic growth.

Given that Questor is generally unconcerned about the potential for elevated short-term share price volatility, with our focus squarely trained on long-term returns, our bullish stance on National Grid may be somewhat surprising. After all, we are highly optimistic about the long-term outlook for the UK economy and stock market amid ongoing interest rate cuts.
However, our positive stance on the highly defensive utility company begins to make much more sense when its total return prospects are taken into account. Although its price-to-earnings ratio of 14.2 suggests there is limited scope for an upward rerating, the company’s recently released full-year results show it remains on track to deliver annualised earnings per share growth of 6-8pc over the next four years. Even if its earnings multiple remains unchanged, it therefore offers relatively upbeat capital growth potential.
Allied to this, the stock currently yields 4.5pc. As a result, its annualised total return could realistically sit comfortably in the double digits over the coming years. With the company’s financial performance relatively unaffected by the wider economy’s peaks and troughs, the chances of it meeting its growth forecasts are arguably higher than for cyclical firms that could be significantly impacted by ongoing geopolitical risks.

Encouragingly, the company is well placed to capitalise on growing demand for electricity amid the UK’s push towards net zero. Following the divestment of its remaining stake in National Gas Transmission last year, electricity assets are becoming an increasingly important part of its business. It expects them to account for 80pc of its total assets by 2029, which is up from a figure of 60pc in 2021.
As well as shifting the focus of its asset base, the company is rapidly expanding its size via a major investment programme. In the five years to 2029, it expects to invest around £60bn so that total assets grow by around 10pc per annum. While the business anticipates that regulatory gearing will rise from today’s figure of 61pc to the high 60pc range by the early 2030s, this still equates to a relatively solid financial position.

National Grid’s investment programme will proceed under a new chief executive from November. The incumbent is being replaced after a near 10-year stint by an external candidate. While this could prompt a revised strategy, since external appointments typically have greater scope to make changes to company growth plans, this does not represent a major risk in Questor’s view.

Indeed, the company’s latest annual results, which were released last month and covered the year to the end of March 2025, showed that it is making encouraging overall progress towards its long-term aims. Operating profits moved 12pc higher versus the previous year, with annual investment of almost £10bn standing 20pc up on the previous year.
Dividend per share growth, meanwhile, amounted to 3.2pc. This was ahead of an annual inflation rate of 2.6pc over the same period, with the company aiming to raise future shareholder payouts at the same pace as the consumer prices index including owner occupiers’ housing costs (CPIH). As a result, the stock continues to offer income investing appeal on a long-term view.
Since Questor tipped National Grid as a “buy” during February 2022, it has produced an 4pc capital gain. This is 11 percentage points behind the FTSE 100 index’s rise over the same period, which represents a highly disappointing performance thus far.

However, with the company’s bottom line due to rise at a brisk pace over the coming years, we remain bullish on its prospects. When combined with a dividend yield that is 100 basis points higher than that of the FTSE 100 index, the stock’s total return potential is relatively attractive.
With a solid financial position, an increasing focus on electricity assets amid a national drive to lower carbon emissions, and an ambitious capital investment programme, National Grid remains a worthwhile long-term purchase.
Questor says: buy

Posted at 28/5/2025 12:18 by utyinv
Some selling ahead of ex-divi tomorrow.

Let’s see if JP and the new CEO Zoe will focus on making this a £20+ share and not before time.

I also advocate a quarterly divi to dissuade traders from shorting. Nothing wrong in selling shares you own, but to stop Hedge Fund parasites from creating volatility in stocks, there should be a restriction on how soon you could buy back if you sell the stock.
That would catch many Hedge Funds out who borrow shares from institutions to short.
Once sold there should be a time lapsed before you can buy back the stock to return to the lender. If that catches some Hedge Funds out then great!

Growth and value creation should be the name of the game, not making a quick buck for short term gain.
Posted at 25/5/2025 09:59 by xtrmntr
Alex HamerProfits climb on higher US energy ratesDividend per share down after equity issueThe money is raised, the plan is in place. Now it's time for National Grid (NG.) to actually ramp up spending and show investors that its plan to fix the UK's power systems will be possible. The company raised £7bn in new equity last year to help fund £35bn in capital spending between 2026 and 2031. This outlay and its potential returns still need approval from regulator Ofgem, but National Grid is already working on significant grid improvements under the 'accelerated strategic transmission investment' framework.Six of these projects are in construction and another five should get planning permission this year. The government is also busy trying to fix the planning logjam that is currently impacting projects. National Grid chief financial officer Andy Agg told Investors' Chronicle the government's planning and infrastructure bill wouldn't "radically accelerate work" but would serve to "de-risk our delivery plans over the next five years". National Grid has asked for a return on equity of 6.3 per cent for its five-year plan, which is at the top end of Ofgem's range. The regulator will decide on this next month.Agg said National Grid was trying to balance "the needs of consumers and investors", adding: "[It's] a huge step up from what we've delivered in the past." Group return on equity was 9 per cent in FY2025, down from 10.5 per cent the year before. In the 12 months ended 31 March, National Grid also reported underlying operating profits of £5.4bn, 12 per cent ahead of last year and up £100mn compared with analyst forecasts. The income statement reflects the uplift in spending: the cash outflow for the 2025 financial year was £5.9bn, compared with £3.7bn the year before. The rights issue brought in £6.8bn net to help balance out the increase, which came partly from a £1bn rise in UK electricity transmission spending. Capital spending also rose in the US divisions, although they also saw higher operating profits, with New York's rising 43 per cent to £1.45bn on an underlying basis. This took it above UK electricity transmission as the largest contributor to underlying operating profit. The changes don't stop with the spending increases. Chief executive John Pettigrew will retire in November, with former Shell (SHEL) upstream and integrated gas boss Zoe Yujnovich taking the top job.As we explained in October, National Grid's massive investment in UK and US energy infrastructure will expand its earnings potential, with operating profit set to climb steadily. Risks remain, but a higher premium on the regulated asset base should come as investors see success with the programme. Buy.
Posted at 01/5/2025 11:16 by 1carus
Do you guys feel this is a bit of the case of the tail wagging the dog. I mean NG. seems to be rolling over and delivering whatever the politics demand of them. As above the share is indexed linked, so boring and predictable return over time... I quite like that, and that should not matter on what the direction is to some degree. But why is there not a commission or something that sets the energy direction. Politicians just don't have the knowledge and are too driven by agenda. NG. should be telling the powers that be what the long term solution is not the other way around. I have no issue with net zero, it's the time line and the ad hoc approach that does my nut in. At any point in time you can look at what is in front of you, a multi-decade time line is just that, taking 3 or 5 decades to solve the issue matters not in the true scale of the net zero issue. The UK should invest heavily over time in renewables, we have wind, wave, not so much sun, and smr technology. The best impact we can have is to develop and export the technologies along with grid implementations that are world class, it would far out way any impact that we can make domestically. We are in a unique position where we could lead the world on these solutions, and benefit hugely as a country in doing so. Proper energy solutions for tower blocks or multi-dwelling buildings is a problem, ev charging density is a problem already in many areas with planning permission is being refused. I just feel that if the total plan and expectations are not managed on what is possible, billions of tax payers money is going to be wasted, where there is a possibility that the domestic bill could be met by exporting the technologies. I am sure NG. will deliver no matter what, but I just feel that if a world leading company is not allowed to do what it does best it won't be the best for long. There seems to be a risk that it could end up being average and inefficient trying to meet the whims of politics rather than having a proper long term solution to the problem.
Posted at 23/4/2025 16:54 by pierre oreilly
The effect of NRAPM is the same, but opposite, as reserve required for a lack of generation at periods when otherwise demand would exceed generation and the frequency would drop. The situation today appears to be when there's low demand and high 'green' energy generation, much of the green energy gets constrained off, i.e. turned off so generation matches demand again while keeping the frequency within limits. I expect the aim is to lower the amount of green energy constrained off rather than using ALL the green energy generated (say on a sunny windy low demand day). So batteries/pumped storage/other big demand is brought in to use the excess generation before the rest is constrained off. Hence the new/upgraded lines from windfarms eventually to new batteries and possibly new pumped storage - about 70 bill cost for phase 1 I think iirc.

Effect on ng. - well demand will be less than it would otherwise be if it works, so less cash for ng. there. Ng.'s return from all the etra infrastructure will rise because that's also how ng. earns alot of its money. Overall, the regulator will ensure NG.'s return overall will be always sufficient for shareholders just in case they want to pump shareholders for more cash in the future. The bill payers will just have to cough up with increasing bills till we all kick the bucket (the line from ED Milliband that in a few years bills will go down is just absolute nonsense imv - the whole idea being implemented is a very inefficient way of running the grid).
Posted at 10/4/2025 07:51 by skinny
Group earnings growth and dividend growth

We expect our CAGR in underlying EPS to be in the 6-8% range from a 2024/25 baseline*. This includes our long-run average scrip uptake assumption of 25% per annum, which will support our sustainable, progressive dividend policy into the future.

We will maintain a progressive level of total dividend growing from the 2023/24 dividend. This equates to a rebased DPS of 45.26p/share for 2023/24 which we aim to grow in line with UK CPIH in keeping with the current dividend policy (for details of our dividend policy please refer to page 22).
Posted at 18/10/2024 19:11 by xtrmntr
Hampstead is the deepest underground station in London. Late in the evening, however, residents can still occasionally hear the rumble of trains as they lie in bed. It's a reminder of the world that exists underneath the capital – and the country as a whole. Tubes, gas pipes, sewers, water mains, electric cables and telecommunication lines all stretch below our feet.One of the biggest infrastructure projects currently under way in the UK is the London Power Tunnels programme. Run by National Grid (NG.), it involves rewiring the city's ageing electricity system via a series of new tunnels buried 40 metres below the surface. The project started back in 2011 and is expected to cost around £2bn in total. The stakes are high, therefore – but for National Grid, it's just one of the challenges on the horizon. In May this year, the utility giant announced £60bn of investment over five years to upgrade and expand the power grid in England and Wales (as well as to bolster its US assets). The capital expenditure plan is far larger than analysts had expected and is nearly double that seen over the prior five years. Investment in the grid is increasingly urgent. Electricity demand in Great Britain is expected to be 50 per cent higher by 2035, with electric vehicles and heat pumps proving particularly burdensome. Artificial intelligence could add to the strain; analysts at UBS expect data centre usage to rise from 2.8 per cent of European electricity demand today to 8.4 per cent in 2030. There is another problem, too. National Grid is rewiring the network to accommodate more power from renewable sources, such as wind. This is needed to hit the government's goal of a net zero grid by 2030. Unlike dirtier forms of power, though, renewable energy tends to be generated in remote areas – often offshore in the North Sea. These new sources of supply need to be connected to cities and towns."It is the biggest build-out of the networks since Victorian times," says National Grid chief executive John Pettigrew. "Most of our networks were built in the 1960s when they were transporting energy from the north of the country, where the coal mines were, to the south of the country, where most of the population was. Now we need to rewire Britain so energy is coming from offshore wind in the North Sea and the Celtic Sea."Read more from Investors' ChronicleWhy watchlists could be investors' secret weaponCore holdings from the 'sin', technology and investment trust sectorsYou don't have to be invested in China to care about the market rallyHow to solve London's housing shortageExisting infrastructure isn't robust enough to support these changes. Bottlenecks in the grid mean electricity from northerly wind farms sometimes cannot reach areas of demand. As a result, wind farms are paid to stop generating electricity, while power stations are paid to produce electricity closer to where it is needed.Battery storage providers have also been frustrated at National Grid's infrequent use of their technology. A representative of National Grid's electricity systems operator – the oversight business sold to the government in a deal that completed this month – told the FT in September that outdated computer equipment and cable shortages were partly to blame. An investment opportunity Tackling these issues won't be cheap. However, National Grid doesn't operate like your average company. It is a monopoly whose returns are determined, largely in advance, by energy regulator Ofgem. Rather than hurting profits and breeding uncertainty, therefore, the group's huge investment programme has transformed its growth prospects.Before digging into this, though, it's necessary to understand what National Grid actually does. At its simplest, the company makes sure electricity is transported safely and efficiently from where it's produced to where it's needed. Its main focus is transmission, which involves moving?electricity at a high voltage through a network of pylons, overhead lines, cables and substations. The company has over 7,000km of overhead power lines across England and Wales – enough to stretch from London to Miami. The distribution business is smaller, and involves moving electricity at a lower voltage from the grid to customers. It serves people in the Midlands, South West and South Wales.National Grid's revenue comes from us, the customers. In everyone's electricity bill, there is a small charge – roughly £20 a year – that covers the cost of transmission. National Grid also charges about £100 a year for distribution in the areas it serves.The more complicated question, however, is what drives these revenues. The amount of money National Grid can make primarily relies on the size of its infrastructure network – or its "regulated asset base". This is roughly calculated by taking the value of the assets at privatisation, plus all the money that has been poured in since then, minus depreciation. Ofgem then determines what level of return the company can make from these assets, taking into account the cost of debt and the cost of equity. The calculations are complicated, but the core idea is simple: the more National Grid invests in the network, the more it can earn (in the UK, there is another tailwind too – the asset base is indexed to inflation). In theory, therefore, National Grid's investment push should increase its earning power. Its asset base is expected to swell from £63bn this year to £100bn by FY2029, representing a compound annual growth rate (CAGR) of around 9.5 per cent. Analysts at Bernstein are forecasting that operating profit will grow even faster in the same period. "National Grid offers exposure to multi-decade growth in electricity networks in stable and well-regulated markets, providing excellent earnings visibility," HSBC analyst Charles Swabey concludes. Schroders fund manager Ashley Thomas agrees, stressing the group's "secure and transparent" growth profile. These enhanced growth prospects are not necessarily reflected in the share price. There are a variety of ways to value the company but, given its presence in both the UK and North America, many analysts favour a sum-of-the-parts approach. JPMorgan, for example, says – given the structural opportunities – the UK network should be valued at a 40 per cent premium to its regulated asset base, and values the US infrastructure at 1.4 times its current worth. As such, it has a target price of 1,200p for March 2026, up from today's price of around 990p.The stock looks reasonable from a price/earnings (PE) perspective too. National Grid has traded on an average forward PE ratio of 15 times for the past five years, but now attracts a multiple of just 13.6 times. Given its rapidly expanding asset base, this discrepancy seems unjustified. Glitch in the systemNot everything is set in stone. A shortage of trained workers and supply chain hold-ups could hamper National Grid's investment plans. Meanwhile, Ofgem still has the power to cause problems."Given the expected step-up in UK transmission capex, the crucial unknown is the regulatory framework that will underpin regulated assets growth and returns," says HSBC. The current regulatory period ends in March 2026, with a new five-year regulatory period starting the following month. For now, though, the signs are positive. Last year, for example, Ofgem introduced the term 'investability' in a consultation to "recognise the scale of investment required in coming decades". In July of this year it also expressed an early view on the returns National Grid should make in the next regulatory period. This was largely as expected, with Ofgem guiding for a return on equity of 5.43 per cent for the UK transmission network. More negotiations will follow. "You have seen some regulators shift from being purely focused on minimising the cost to the consumer to also thinking about how we allow the energy system to decarbonise, and what we actually need to do from a grid perspective," notes BlackRock fund manager Alastair Bishop. For investors, though, there is another fly in the ointment. One of the ways that National Grid raised money for its £60bn capex plan was through a £7bn rights issue announced in May. This took a lot of the pressure off the balance sheet, which was looking strained, and paves the way for higher overall profits in the future. However, it also swelled the share count by roughly 30 per cent. Earnings growth on a per share basis looks muted, therefore – and National Grid's own forecasts should be taken with a heavy pinch of salt. The company expects underlying earnings per share (EPS) to grow at a compound annual rate of 6-8 per cent between financial years 2025 and 2029. However, by starting the guidance from 2025, the management team has avoided showing the impact of the elevated share count. Deepa Venkateswaran, head of European utilities at Bernstein, calculates that if an undisturbed EPS figure for 2024 were to be used instead, the compound annual growth rate will only sit at between 2.8-4.3 per cent. Accounting for bonus shares issued in 2024, this growth figure climbs to 5.1 per cent. These numbers are lower than the 6-8 per cent EPS growth achieved in the previous five-year period and lower than the forecasts communicated by the company, Venkateswaran concludes. The rights issue also impacted National Grid's famously reliable payouts: the dividend has been rebased from 58.5p a share down to 45.3p a share. It is set to start growing again in line with inflation from next year, under the same progressive policy as before. The dividend hit suggests there has been a strategic shift towards growth at the expense of income – but many are unfazed by this. "It remains a classic income thesis," says Tommy Kristoffersen, fund manager at EdenTree Investment Management. "But instead of it being a wobbly, risky income thesis, it's underpinned by this £60bn capex plan which, in turn, is underpinned by a government that knows that it's necessary to support renewable expansion."Schroders' Ashley Thomas is similarly bullish. "Having been rebased, there's little prospect of the dividend needing to be reduced or not being able to increase in line with inflation, given revenues are largely inflation linked." Higher up the supply chainFor investors concerned by the recent rights issue, there is another way to tap into the power grid story. "The opportunity for outsized investment returns may well be in parts of the supply chain," says BlackRock's Bishop. "We think that this is a trend that is only really starting to gather momentum, and we are already seeing evidence of bottlenecks appearing."These bottlenecks are creating a "perfect environment" for pricing power among the equipment providers, according to Fidelity portfolio manager Alexander Laing.Cables are an obvious starting point. The global cable market was worth €154bn (£129bn) in 2019 and is expected to grow to €236bn by 2030, fuelled by the global electrification push. Europe's three key players – Prysmian (IT:PRY), Nexans (FR:NEX) and NKT (DK:NKT) – are clearly benefiting. Shares in all three groups have risen by roughly 80 per cent in the past year. These stocks all focus on high voltage cables (which are typically higher margin), have similar growth ambitions, and have announced capacity expansion plans in recent years. However, Prysmian – which is the "unrivalled global leader, with a market share of around 8 per cent", according to one analyst – is particularly interesting.After a big acquisition push, the company is now exposed to both the European and US markets, and is investing more in high voltage equipment than its peers. It hasn't all been plain sailing. Group sales actually declined by 3 per cent on an organic basis in the first half of 2024, dragged down by a weaker electrification division (this includes lower voltage cables for the construction sector). Demand for high voltage cables has also been lumpy in the past and most large projects have seen some delays. As a result, analysts have warned that there is a risk to pricing if supply comes online too quickly. However Prysmian's transmission arm saw sales jump by 10 per cent and margins widen in the first half of 2024, and the structural tailwinds show no sign of flagging – the transmission division is set to deliver high double-digit organic growth up to 2027.Cables aren't the only option, of course. The biggest bottleneck at the moment is in substation equipment, notably switchgear and large transformers. There are just three players in this space, for whom this sector forms just one part of a much larger business: Siemens Energy (DE:ENR), Hitachi (JP:6501) and GE Vernova (US:GEV). Meanwhile, in the UK, there are the contractors that physically carry out the work. Balfour Beatty (BBY) – which is involved in the London Power Tunnels Project – Costain (COST) and Renew Holdings (RNWH) have all been bolstered by infrastructure investment in the past year. As investment in energy grids around the world ratchets up, these companies are likely to garner more and more attention for the roles they play. Indeed, as energy generators and battery storage funds continue to struggle to attract investors, the less glamorous world of tunnels, cables and pylons is already sparking plenty of interest. And at the centre of it all sits National Grid – a formerly stolid income play that now has the wind in its sails.Across the Atlantic When you think of National Grid, you think of pylons spanning the English countryside. However, the company also has a big American business which shifts electricity and gas across New York and Massachusetts. These operations account for almost 40 per cent of the group's underlying operating profit and will absorb almost half of the £60bn investment plan. The growth drivers in the US business mirror those in Europe. National Grid is working on some large transmission projects to help hit 2050 climate goals, for example. It is also "storm hardening" assets as climate change takes its toll.But the regulatory backdrop is different across the pond. While the premise that utilities should be able to recover their cost of service and earn a reasonable return on their investments is familiar, the process is more ad-hoc and fragmented rather than conforming to five-year regulatory cycles.National Grid must submit formal rate filings to various regulators when extra revenue is needed, and it can take over a year for a final decision to be made. As a result , there is often a gap between the regulated return on equity and the return on equity the company actually achieves.Analysts are generally bullish on the US business's prospects – HSBC expects the regulated asset bases in New York and New England to grow at a compound annual growth rate of 12 per cent and 14 per cent, respectively, between now and 2029, with Ebitda increasing by 59 per cent to over £4.5bn. However, the bank does have qualms about the long-term role of gas. "We believe there remains a good case to trim or offload US gas networks over time, although we acknowledge this is unlikely to happen until the early 2030s given the balance sheet position post the rights issue." National Grid has form on this; it has been gradually divesting its UK gas distribution business over the past few years, selling the remaining stake this summer.

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