Energy transmission and distribution company National Grid has earmarked an investment of approximately $76.5 billion for energy projects across the Atlantic between 2024-29. The energy projects will help the company ramp up its decarbonization game and give a boost to the energy transition momentum on both sides of the Atlantic Ocean, including the United States (US) and Western Europe.
John Pettigrew, National Grid’s 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.”
He added, “We will be investing $76.5 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, supported by a comprehensive financing plan that includes a £7 billion equity raise.”
National Grid has launched its high-voltage direct current (HVDC) supply chain framework which, together with SSEN Transmission and Scottish Power Energy Networks, plans to secure the supply chain required for offshore cabling requirements across UK networks beyond 2030. Recently, the company commissioned its sixth interconnector, the 1,400 MW Viking Link to Denmark, said to be the world’s longest subsea interconnector.
