John Pettigrew, National Grid’s chief executive, announced the move alongside the company’s full year results for the year to March 2024, including another £30bn to be invested in the US.
He said: “We’re announcing today a new five-year financial framework. We will be investing £60bn in the five years to the end of March 2029 – that’s nearly double the level of investment of the past five years.
“Our readiness to take this step is underscored by another year of strong financial and operational performance.”
Mr Pettigrew also announced plans to sell Grain LNG, Europe’s largest liquefied natural gas terminal on the Isle of Grain in Kent – a key national asset for bringing gas into the UK. It also plans to sell National Grid Renewables, its US onshore renewables business.
National Grid already has 17 major onshore and offshore transmission projects in the UK and is spending another $4bn on its ‘Upstate Upgrade’ in New York’s electricity transmission network.
Recent spending includes the 116 new pylons to connect the new Hinkley Point C nuclear power station when it starts generating sometime after 2028.