NATIONAL GRID Business Summary

National Grid plc (NGG) operates as a leading multinational electricity and gas utility, primarily generating revenue through a regulated asset-based model where income is derived from transmission and distribution tariffs set by regulatory bodies. The company’s operations are divided into five core segments: UK Electricity Transmission, UK Electricity Distribution, New York, New England, and National Grid Ventures, which manages competitive interconnectors and LNG storage. Following a strategic pivot toward electricity-heavy infrastructure, the firm recently divested its UK gas transmission business, the Electricity System Operator (ESO), and its US renewables arm to fund a £60 billion capital investment plan through 2029. In the competitive landscape, National Grid maintains a natural monopoly in UK transmission while competing for capital and regional market share against major utilities such as SSE plc, Avangrid, American Electric Power (AEP), and Southern Company, positioning itself as a critical enabler of the transatlantic energy transition. Originally formed in 1990 through the privatization of the UK’s Central Electricity Generating Board, the company is currently led by Group CEO Zoë Yujnovich, who assumed the role in November 2025 after serving as Shell’s Head of Integrated Gas and Upstream and holding senior leadership positions at Rio Tinto. She is supported by Group CFO Andy Agg, a long-tenured executive with deep expertise in utility finance, and Steve Smith, the Chief Strategy and Regulation Officer. The board is chaired by Paula Reynolds, a veteran energy executive and former CEO of Safeco, whose pedigree includes extensive experience in global corporate governance. As a publicly traded entity, National Grid’s ownership is dominated by major institutional investors, including BlackRock, The Vanguard Group, and State Street Global Advisors, reflecting its status as a cornerstone defensive asset in the global utilities sector.