UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: 01 July 2026
Commission File Number: 001-14958
NATIONAL GRID plc
(Translation of
registrant’s name into English)
England and Wales
(Jurisdiction
of Incorporation)
1-3 Strand, London, WC2N 5EH, United Kingdom
(Address
of principal executive office)
Indicate by check
mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
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EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Exhibit
99.1 Announcement sent to the London Stock Exchange on 01 July
2026 —
NGV to invest $1.75bn in Joulent
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Exhibit
99.1
01 July 2026
National Grid plc
National Grid Ventures to invest $1.75 billion in Joulent, a
platform that is developing integrated power solutions for US large
load customers
National Grid today announces that National Grid Ventures ("NGV")
has agreed to invest $1.75 billion to secure a 35% interest in
Joulent LLC ("Joulent"), as part of a broader strategic
partnership. Joulent will focus on developing contracted power
generation and high voltage infrastructure for US large load
customers, providing integrated solutions to help meet rapidly
rising demand for reliable, scaled power at speed.
Zoë Yujnovich, Chief Executive said: "Our investment in Joulent is a
disciplined, partner-led investment in contracted critical
infrastructure for the AI-driven large load economy. Through
National Grid Ventures, we are gaining exposure to a major source
of electricity demand growth that diversifies our regional US
exposure and is supported by strong partners. It extends National
Grid's core strengths of investing in long-duration infrastructure
with contractual cash flows and attractive risk-adjusted
returns."
Chris James, Founder and CEO of Joulent
said: "This investment from National
Grid Ventures strengthens Joulent's ability to deliver reliable,
large-scale power on the timelines AI infrastructure and advanced
industry now requires. We are building an independent company
designed for speed, scale and execution, without shifting the cost
of that growth onto local communities, while also providing
tailor-made and cost-competitive solutions for our
customers."
The investment is consistent with National Grid's ambition to
pursue select critical infrastructure growth opportunities emerging
from the transforming energy landscape. It expands National Grid's
exposure to the rapidly growing US large load power market and
diversifies its US regional presence through an advanced platform
that is underpinned by experienced partner-led execution. The
investment in Joulent provides access to long-term contracted cash
flows that offer the opportunity to earn attractive risk-adjusted
returns in excess of National Grid's regulated
returns.
NGV's investment will enable the development of Joulent's
foundational project, Project Kilby ("Kilby"), in a 50/50
partnership with Chevron Corporation. Kilby is a 2.67 GW co-located
power facility in West Texas that will provide dedicated
electricity to a Microsoft-operated data centre campus under a
20-year power purchase agreement. Development of the project is at
an advanced stage with secured critical equipment including GE
Vernova turbines and reserved EPC capacity, and it is targeting
first power delivery in 2028.
Noelle Walsh, Microsoft President of Cloud Operations + Innovation,
said: "AI and cloud are advancing at
a pace that requires closer coordination between energy and
infrastructure, and we welcome National Grid Ventures' experience
and capabilities in helping address this challenge and support
reliable, high-performance compute at scale."
Joulent also has a multi-GW pipeline of future projects, that could
provide incremental growth opportunity over time.
Joulent has built the capabilities, partnerships and resources to
develop integrated power solutions for US large load customers,
including data centres, which can accelerate speed-to-power. These
solutions include co-located gas generation, battery storage,
renewables integration and 'Across-the-Meter' grid connections.
Joulent's solutions are designed to scale quickly to meet the
near-term large load demand for power that will support economic
growth, without shifting the cost of that growth onto local
communities, and ultimately will enable the longer-term path to a
grid connection.
The strategic partnership is intended to extend beyond capital,
with National Grid enhancing Joulent through contributing its deep
operational capabilities, including expertise in high-voltage
networks, system integration and balancing, infrastructure
development and project execution. This will help to support
resilient, scalable solutions for customers with significant
electricity demand. The strategic partnership is also expected to
provide insights and relationships that can strengthen National
Grid's existing data centre connection programme, where it expects
to connect >10GW of data centre demand across the UK and US over
the next five years.
The investment is incremental to National Grid's existing five-year
capital investment programme of at least £70 billion by FY31,
with the Final Investment Decision expected by the end of 2026. It
will be funded through the Group's existing balance sheet headroom,
while maintaining a strong investment grade credit rating. The
transaction is not expected to affect the Group's current five-year
financial framework. Joulent is expected to be free cash flow
positive from the early 2030's, which could either help fund future
projects or be distributed to the JV partners.
A factsheet that further explains the investment is available on
our website at: https://www.nationalgrid.com/investors/resources/factsheets
About National Grid Ventures
National Grid Ventures (NGV), the commercial arm of National Grid
plc, develops, builds and operates energy infrastructure that
strengthens the power system and delivers reliable, affordable
energy for communities.
In the US, NGV's portfolio includes competitive transmission,
battery storage, solar, LNG storage, and conventional generation
assets. A global leader in transmission infrastructure, NGV
operates the world's largest portfolio of high voltage subsea
interconnectors in Europe and is applying that expertise to
strengthen and expand the US electric grid. NGV brings decades of
experience partnering with regulators and local stakeholders to
build energy infrastructure that supports economic growth, improves
reliability, and helps deliver lower cost energy to
customers.
About Joulent
Joulent is a technology-driven energy company purpose-built to
deliver reliable, multi-gigawatt energy at the speed and scale
required to build the compute for artificial intelligence and other
compute-intensive industries. Joulent develops and delivers firm,
baseload power solutions engineered to meet the unique demands of
advanced computing while minimizing impacts on existing power
grids. Its modular, Across-the-Meter™ approach integrates
generation, storage, and advanced controls to deliver scalable
power directly to new industrial loads, while reducing strain on
existing grids and providing exportable power over
time.
Enquiries and contacts
Investors and Analysts
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Andrew Downey
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+44 (0) 7926 285 683
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Tom Edwards
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+44 (0) 7976 962 791
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Cerys Reece
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+44 (0) 7860 382 264
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Media
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Dan Roberts, Brunswick
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+44 (0) 7980 959 590
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Advisers
J.P. Morgan is acting as lead financial adviser and Evercore is
acting as financial adviser to National Grid in respect of the
transaction.
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's (the
Company) financial condition, its results of operations and
businesses, strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. This announcement also references
sustainability-related targets and sustainability-related risks
(including climate-related targets and climate-related risks) which
differ from conventional financial risks in that they are complex,
novel and tend to involve projection over long term scenarios which
are subject to significant uncertainty and change. These
forward-looking statements and targets are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements and targets. Many of these assumptions,
risks and uncertainties relate to factors that are beyond National
Grid's ability to control or estimate precisely, such as changes in
laws or regulations and decisions by governmental bodies or
regulators, including those relating to current and upcoming price
controls in the UK and rate cases in the US; the timing of
construction and delivery by third parties of new generation
projects requiring connection; breaches of, or changes in,
environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption, the inability to carry out critical non-network
operations and damage to infrastructure, due to adverse weather
conditions including the impact of major storms as well as the
results of climate change, due to counterparties being unable to
deliver physical commodities; reliability of and access to IT
systems, including due to the failure of or unauthorised access to
or deliberate breaches of National Grid's systems and supporting
technology; failure to adequately forecast and respond to
disruptions in energy supply; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including affordability considerations, as well
as against targets and standards designed to support its role in
the energy transition; and customers and counterparties (including
financial institutions) failing to perform their obligations to the
Company. Other factors that could cause actual results to differ
materially from those described in this announcement include
fluctuations in exchange rates, interest rates and commodity price
indices; restrictions and conditions (including filing
requirements) in National Grid's borrowing and debt arrangements,
funding costs and access to financing; regulatory requirements for
the Company to maintain financial resources in certain parts of its
business and restrictions on some subsidiaries' transactions such
as paying dividends, lending or levying charges; the delayed timing
of recoveries and payments in National Grid's regulated businesses,
and whether aspects of its activities are contestable; the funding
requirements and performance of National Grid's pension schemes and
other post-retirement benefit schemes; the failure to attract,
develop and retain employees with the necessary competencies,
including leadership and business capabilities, and any significant
disputes arising with National Grid's employees or breaches of laws
or regulations by its employees; the failure to respond to market
developments, including competition for onshore transmission; the
threats and opportunities presented by emerging technology,
including AI; the risk that global actions may not be effective in
transitioning to net zero and in managing relevant ESG risks,
including in particular climate, nature-related and human rights
risks; the failure by the Company to respond to, or meet its own
commitments as a leader in relation to, climate change development
activities relating to energy transition, including the integration
of distributed energy resources, which may result in the Company's
failure to achieve the expected benefits of its strategic
priorities; and the need to grow the Company's business to deliver
its strategy, as well as incorrect or unforeseen assumptions or
conclusions (including unanticipated costs and liabilities)
relating to business development activity, including its strategic
infrastructure projects and joint ventures. For further details
regarding these and other assumptions, risks and uncertainties that
may affect National Grid, please read the Strategic Report section
and the 'Risk factors' on pages 227 to 231 of National Grid's
Annual Report and Accounts for the year ended 31 March 2026. In
addition, new factors emerge from time to time and National Grid
cannot assess the potential impact of any such factor on its
activities or the extent to which any factor, or combination of
factors, may cause actual future results to differ materially from
those contained in any forward-looking statement. Except as may be
required by law or regulation, the Company undertakes no obligation
to update any of its forward-looking statements, which speak only
as of the date of this announcement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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NATIONAL GRID
plc
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By:
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Beth Melges
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Beth Melges
Head of Plc Governance
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Date: 01 July
2026
