Key Stats
Founded: 1990 (as National Grid Company plc; grid origins 1935)
Headquarters: London, England, UK
CEO: Zoë Yujnovich (since November 2025)
Chairman: Paula Mayson Sherwood
Employees: Approximately 29,000
Stock Listings: LSE: NG (primary), NYSE: NGG (ADRs)
National Grid plc is a British multinational electricity and gas utility company headquartered in London. The company owns and operates the high-voltage electricity transmission network in England and Wales, as well as electricity and gas distribution networks serving more than 20 million customers in the northeastern United States, primarily in New York, Massachusetts, Rhode Island, and Vermont.
As a constituent of the FTSE 100 Index, National Grid ranks among the world’s largest investor-owned utility companies. The company’s origins trace to the establishment of Britain’s first synchronized 132kV national electricity transmission grid in 1935, which evolved through nationalization (1947), expansion under the Central Electricity Generating Board (1958-1990), and eventual privatization in 1990. The company was first listed on the London Stock Exchange in December 1995.
National Grid’s current operations span regulated transmission and distribution networks in the UK and US, as well as growth businesses through National Grid Ventures (clean energy development and international interconnectors) and National Grid Partners (venture investments). The company is committing approximately £60 billion in capital investment over five years to modernize grids and support the energy transition. For fiscal year 2025, National Grid reported statutory revenue of approximately £18.4 billion ($23 billion).
National Grid History
1926-1935
Creation of the National Grid
The Electricity (Supply) Act 1926 establishes the Central Electricity Board following Lord Weir’s recommendations. The Board constructs the UK’s first synchronized national electricity transmission grid running at 132kV, 50Hz. The grid is completed in 1933 and begins full operation in 1935 with 6,400 kilometers of cables connecting the 122 most efficient power stations.
1947-1958
Nationalization Era
The Electricity Act 1947 nationalizes the grid, creating the British Electricity Authority. The 275kV “Supergrid” begins construction in 1950 to meet growing post-war electricity demand. The Central Electricity Generating Board (CEGB) is established in 1958, taking responsibility for generation and transmission in England and Wales.
1990
Privatization and Formation
The Electricity Act 1989 restructures the CEGB. On March 31, 1990, the transmission assets are transferred to the newly formed National Grid Company plc, owned by the twelve Regional Electricity Companies (RECs). Generation is split into PowerGen, National Power, and Nuclear Electric.
1995
London Stock Exchange Listing
National Grid shares begin trading on the London Stock Exchange in December 1995 following an IPO that distributes ownership beyond the RECs. The offering attracts up to 2 million individual shareholders, completing the transmission privatization.
2000
US Expansion Begins
National Grid acquires New England Electric System (£2 billion) and Eastern Utilities Associates (£400 million), establishing its initial foothold in US electricity distribution primarily in Massachusetts and Rhode Island.
2002
Niagara Mohawk and Lattice Merger
National Grid acquires Niagara Mohawk Power Corporation, a major New York State utility. The company merges with Lattice Group (owner of Transco gas distribution), becoming National Grid Transco plc and entering the gas transmission business.
2007
KeySpan Acquisition
National Grid completes the $7.3 billion acquisition of KeySpan Corporation, doubling the size of its US operations and creating the second-largest utility in the United States with more than 8 million customers.
2021-2024
Western Power Distribution and Gas Divestments
National Grid acquires Western Power Distribution from PPL Corporation, the UK’s largest electricity distribution business by area (rebranded National Grid Electricity Distribution in 2022). The company divests its gas distribution networks (now Cadent Gas) and sells its remaining 20% stake in National Gas in 2024.
Leadership & Ownership
National Grid is a publicly traded company listed on both the London Stock Exchange (primary listing) and the New York Stock Exchange (ADRs). Shares are predominantly held by institutional investors including major asset managers and pension funds.
John Pettigrew CBE (CEO 2016-2025)
John Pettigrew served as CEO from April 2016 until November 2025, having joined National Grid as a graduate in 1991. Born in Pontypridd, Wales, in 1968, Pettigrew holds degrees in economics and international economics and banking from Cardiff University. He rose through various senior roles including Director of Engineering UK, Chief Operating Officer for US Electricity Distribution, and UK Chief Operating Officer before being named to succeed Steve Holliday (CEO 2006-2016). Under Pettigrew’s leadership, National Grid committed £60 billion to energy transition infrastructure over five years. He is a Fellow of both the Energy Institute and the Institution of Engineering and Technology.
Zoë Yujnovich (CEO 2025-present)
Zoë Yujnovich became CEO in November 2025 following John Pettigrew’s retirement. Before joining National Grid, she served as Executive Vice President for Upstream at Shell, where she led global oil and gas exploration and production. She also held senior roles in Shell’s gas and renewables businesses. National Grid’s board selected Yujnovich following a comprehensive succession planning process, citing her proven track record in leading large-scale energy operations through transitions. Her appointment coincides with National Grid’s ambitious investment program to modernize grids and support the UK and US energy transitions toward net-zero emissions.
Major Acquisitions & Transactions
National Grid has grown significantly through strategic acquisitions, particularly in the US market, while also divesting non-core assets to focus on regulated transmission and distribution networks.
Key Acquisitions:
- New England Electric System (2000) – £2 billion acquisition establishing US presence in Massachusetts
- Eastern Utilities Associates (2000) – £400 million, expanding Rhode Island operations
- Niagara Mohawk Power Corporation (2002) – Major New York State utility
- Lattice Group/Transco (2002) – Merger adding British gas transmission network
- KeySpan Corporation (2007) – $7.3 billion, doubling US operations
- Western Power Distribution (2021) – UK’s largest electricity distribution network by area, from PPL Corporation
Major Divestitures:
- Gas Distribution Networks (2016-2017) – 61% stake in four regional networks sold to Macquarie consortium for £5.8 billion (now Cadent Gas)
- National Gas (2024) – Final 20% stake in gas transmission divested
- UK Grain LNG (2022) – LNG import terminal sold
National Grid Revenue
National Grid generates revenue primarily from regulated transmission and distribution network operations in the UK and northeastern US, with additional income from interconnectors and other ventures.
National Grid Competitors
National Grid competes with other major utilities in both the UK and US markets, though its transmission operations in England and Wales function as a regulated monopoly.
| Company | Headquarters | Operations |
|---|---|---|
| SSE plc | Perth, Scotland | Transmission (N. Scotland), renewables |
| Scottish Power (Iberdrola) | Glasgow, Scotland | Transmission (S. Scotland), distribution |
| Centrica (British Gas) | Windsor, UK | Gas supply, energy services |
| Eversource Energy | Hartford, CT | New England electricity & gas distribution |
| Consolidated Edison | New York, NY | NYC area electricity & gas |
| Avangrid (Iberdrola) | Orange, CT | Northeast US utilities, renewables |
| Dominion Energy | Richmond, VA | Mid-Atlantic electricity & gas |
| Exelon Corporation | Chicago, IL | Major US electricity distribution |
| Southern Company | Atlanta, GA | Southeast US electricity & gas |
| Engie | La Défense, France | Global utility, renewables |
FAQs
What does National Grid do?
National Grid owns and operates electricity and gas transmission and distribution networks. In the UK, the company owns the high-voltage (275kV and 400kV) electricity transmission network in England and Wales and operates the system across Great Britain. In the US, National Grid owns and operates electricity and gas distribution networks serving customers primarily in New York, Massachusetts, Rhode Island, and Vermont. The company also operates international electricity interconnectors linking Britain to France and the Netherlands.
Is National Grid a public or private company?
National Grid is a publicly traded company. Its primary listing is on the London Stock Exchange (ticker: NG) where it is a constituent of the FTSE 100 Index. American Depositary Receipts (ADRs) trade on the New York Stock Exchange under ticker NGG. The company has approximately £57 billion in market capitalization as of recent trading.
When was National Grid privatized?
The National Grid Company was formed on March 31, 1990, when the transmission assets of the Central Electricity Generating Board (CEGB) were transferred to the new entity as part of UK electricity privatization. However, the company was initially owned by the twelve Regional Electricity Companies. National Grid shares began trading publicly on the London Stock Exchange in December 1995.
What is the difference between National Grid and the “national grid”?
The “national grid” (lowercase) refers to the physical electricity transmission network connecting power stations to consumers across Great Britain, first established in 1935. National Grid plc (the company) owns and operates this network in England and Wales. In Scotland, transmission infrastructure is owned by Scottish Power (south) and SSE (north). Since 2024, the government-owned National Energy System Operator (NESO) manages electricity market operations and balancing, while National Grid remains the transmission system operator.
Who is the CEO of National Grid?
Zoë Yujnovich became CEO of National Grid in November 2025, succeeding John Pettigrew who retired after nearly ten years in the role. Yujnovich previously served as Executive Vice President for Upstream at Shell. John Pettigrew had joined National Grid as a graduate in 1991 and served as CEO from April 2016.
