National Grid Ventures

What National Grid Ventures does

National Grid Ventures (NGV) is the commercial, non-regulated arm of National Grid plc, a UK-incorporated public limited company (LSE: NG). NGV operates three core business units: competitive electricity transmission, electricity interconnectors, and conventional generation (GENCO). It is the world's largest operator of subsea power cables, running six subsea interconnectors with a combined 7.8GW capacity — enough to power nearly 8 million UK homes — connecting Britain to France, Belgium, the Netherlands, Norway, and Ireland. Its technology stack centers on high-voltage transmission infrastructure, HVDC (High Voltage Direct Current) systems, and novel equipment including the world's first 100% hydrogen-fueled commercial linear generator (installed at Northport Power Station, New York), LineVision Dynamic Line Rating technology (covering 275+ km of overhead lines, saving UK consumers £20m annually), and 3D-printed substation foundations.

NGV's revenue model is anchored in regulated returns (via Ofgem's RIIO framework in the UK and state utility commissions in the US for inherited regulated operations), congestion-rent and capacity revenues from interconnectors, and merchant generation from conventional power assets. The business is pursuing an explicit pivot toward US data center and AI power infrastructure, anchored by a $1.75 billion investment for a 35% stake in Joulent LLC. Forward pipeline includes LionLink (UK-Netherlands multi-terminal HVDC), Western Link 2 (joint with SP Energy Networks), Eastern Green Link 1 and 2, and offshore hybrid assets. Strategic positioning is reinforced by a £35bn RIIO-T3 investment framework (2026-2031) for the broader transmission business.

Name

National Grid Ventures

Legal name

National Grid plc

Website

https://nationalgrid.com

Company type

Public

Founded year

1995

Operating status

Operating

Short description

National Grid Ventures is the commercial arm of National Grid plc, operating competitive electricity transmission, subsea interconnectors with 7.8GW capacity, and conventional generation, with a strategic pivot toward US data center and AI power infrastructure via its Joulent LLC stake.

Ownership category

akta.pro rank

Product category

Electricity Transmission Infrastructure

NAICS

Electric Bulk Power Transmission and Control (221121), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro industry

PRIMARYEUADAAAC

HV Transmission Asset Owners (Transmission Companies/Transcos)

Energy, Utilities & Environment/Electric Transmission & Distribution (T&D)/Transmission System Operators (TSOs) & High-Voltage Transmission

SECONDARYEUAMAFAE

Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Renewable EPC & Construction (Balance of Plant)

SECONDARYEUACAFAJ

Contracted Wind Power Generation (PPA/CFD/FiT-backed)

Energy, Utilities & Environment/Electric Power Generation/Wind Power Generation (Onshore & Offshore)

Keywords

• Electricity transmission infrastructure
• Subsea power interconnectors
• HVDC cable systems
• Competitive power generation
• Offshore wind integration

Headquarters

HQ city

Warwick

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Regulated Electricity Transmission: National Grid Electricity Transmission owns and maintains the high-voltage electricity transmission network in England and Wales, operating under Ofgem's RIIO regulatory framework. Revenue is determined through regulated rate-of-return mechanisms.
2. Regulated Electricity Distribution: Electricity distribution services delivering power to end consumers through lower-voltage networks in the UK Midlands, South West England, and South Wales.
3. Competitive Electricity Transmission: National Grid Ventures develops competitive transmission projects including interconnectors and independent transmission infrastructure, competing for regulated returns.
4. Interconnector Revenue: Revenue from cross-border electricity trade through subsea interconnectors connecting the UK to France, Belgium, Netherlands, Norway, and Ireland.
5. US Utility Operations: Electricity and gas distribution services to 4.2 million customers in New York and 2.3 million customers in Massachusetts, with regulated returns under state utility commissions.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

National Grid Ventures is the non-regulated commercial arm of National Grid plc, focused on competitive electricity transmission, subsea electricity interconnectors, and conventional power generation. It operates six subsea interconnector cables with 7.8GW combined capacity — the world's largest operator of subsea power cables — and is developing new HVDC infrastructure including LionLink (UK–Netherlands). Through a $1.75 billion equity investment in Joulent LLC, NGV is also delivering dedicated power solutions for US data centers and AI infrastructure.

Product overview

National Grid Ventures (NGV) is the commercial arm of National Grid plc, operating as a distinct business unit focused on competitive, non-regulated energy activities. The portfolio comprises three core areas: Competitive Electricity Transmission (managing transmission assets outside regulated frameworks), Electricity Interconnectors (operating six subsea interconnectors totaling 7.8GW capacity making it the world's largest operator of subsea power cables, including the LionLink project connecting UK and Netherlands), and Conventional Generation (GENCO). NGV also develops future energy solutions including Offshore Hybrid Assets, Offshore Wind, and Hydrogen (having installed the world's first 100% hydrogen-fueled commercial linear generator at Northport Power Station in New York). The business unit is separate from National Grid's regulated Transmission and Distribution operations, and complements National Grid Partners (venture capital/investment arm) and Strategic Infrastructure (regulated infrastructure projects). Recent major activity includes a $1.75 billion investment for 35% stake in Joulent LLC to power US data centers and AI facilities.

Differentiator

Problem solved

Functional benefit

Brands

• LionLink: A first-of-its-kind electricity link between the UK and the Netherlands.

Products and services

• Electricity Interconnectors International subsea electricity interconnectors enabling cross-border power trade and cleaner energy integration between the UK and neighboring European markets. Targeted at electricity market participants, utilities, and transmission system operators.
• LionLink A first-of-its-kind multi-terminal HVDC electricity link between the UK and the Netherlands, enabling cleaner energy sharing and cross-border power exchange between the two countries.
• Competitive Electricity Transmission Competitive (non-regulated) high-voltage electricity transmission assets developed and managed by NGV as a separate activity from the regulated transmission network. Targeted at wholesale electricity markets and large industrial users.
• Conventional Generation (GENCO) Conventional power generation assets operated by NGV, including traditional and backup generation facilities dispatched into the GB electricity market.
• Joulent LLC Power Solutions for Data Centers Dedicated power infrastructure solutions and capacity for hyperscale data centers and AI facilities in the US, delivered through Joulent LLC, in which NGV holds a 35% equity stake. Targeted at enterprise data center operators.
• Eastern Green Link 1 (EGL1) Two gigawatt HVDC subsea link between Torness (East Lothian, Scotland) and Hawthorn Pit (County Durham, England), forming a major electricity transmission superhighway within the GB network.
• Eastern Green Link 2 (EGL2) 2GW HVDC cable link between Peterhead (Aberdeenshire, Scotland) and Drax (North Yorkshire, England), built to transmit renewable energy between Scotland and England.
• Western Link 2 Joint proposal between National Grid and SP Energy Networks for a new HVDC offshore connection between Scotland and Wales to expand GB transmission capacity.
• World's First 100% Hydrogen-Fueled Commercial Linear Generator (Northport Power Station, New York) The world's first 100% hydrogen-fueled commercial linear generator, installed at Northport Power Station in New York, demonstrating clean hydrogen as a primary fuel for commercial-scale generation.

Quantifiable outcome

• 7.8GW interconnector capacity powering nearly 8 million UK homes
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Oxford EconomicsminorOthers · 1 May 2024Oxford Economics provided research on National Grid's economic contribution, finding the company supports over 55,000 UK jobs and contributes £14.5bn annually to the UK economy.
• SP Energy NetworkscoreStrategic or Co-development PartnerWestern Link 2 is a joint proposal between National Grid and SP Energy Networks for a new HVDC offshore connection between Scotland and Wales, representing a major infrastructure collaboration.
• Feeding NYminorGTM or Marketing PartnerPartnership with Feeding NY, a program sponsored by the United Nations Global Youth & Excellence Leadership Program, to provide Thanksgiving meal boxes for Long Island families. Represents community engagement initiative.
• Northern Powerhouse PartnershipminorStrategic or Co-development PartnerNational Grid joined the Northern Powerhouse Partnership to support investment, skills, jobs and supply chain growth across the Northern Powerhouse region in the UK.
• Balfour BeattyminorImplementation/ SI/ Consulting PartnerNational Grid partnered with Balfour Beatty as contractor for infrastructure projects including the Mannington to Nursling overhead line refurbishment, a 40km/25 mile stretch of power line.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• SSE plc: UK-listed utility with regulated electricity transmission and distribution in the north of Scotland alongside significant renewable generation (onshore/offshore wind, hydro). Comparable to NGV across regulated T&D operations, offshore wind development, and the broader UK electricity infrastructure value chain.
• Eversource Energy: US Northeast investor-owned utility operating electricity transmission and distribution in Massachusetts, Connecticut, and New Hampshire with significant offshore wind transmission investments. Comparable to National Grid's US utility operations and NGV's involvement in offshore wind interconnection.
• Statkraft: Norwegian state-owned generator of renewable hydropower and Europe's largest generator of renewable energy, with substantial cross-border trading and interconnector activity in the Nordic region. Operates interconnectors linking Norway to the UK and continental Europe, directly comparable to NGV's interconnector business.
• Elia Group: Belgian-headquartered transmission system operator (TSO) operating Belgium's high-voltage grid and owning 50% of the Nemo Link interconnector with National Grid. Elia operates offshore wind integration and cross-border interconnectors across continental Europe — the closest peer to NGV's subsea interconnector and competitive transmission business.
• Vattenfall: Swedish state-owned utility with operations spanning electricity generation, distribution, and heat across Northern Europe, plus cross-border interconnector activity. Comparable to NGV as a major Northern European vertically integrated utility with interconnector and renewable portfolios.

Emerging players

• Ørsted: Danish global leader in offshore wind development with growing interconnector and offshore hybrid asset ambitions. Comparable to NGV in the offshore wind integration space and as a future competitor for offshore substation and HVDC transmission projects.

Broad incumbents

• RWE: German integrated utility with major offshore wind development pipeline across Europe, conventional generation, and trading operations. Comparable to NGV's GENCO conventional generation arm and as a major European player competing for offshore wind transmission opportunities.
• Iberdrola: Spanish-headquartered global renewable energy leader with regulated networks in the UK (Scottish Power) and US (Avangrid), as well as one of the world's largest offshore wind developers. Comparable to NGV as a broader incumbent with overlapping T&D and renewable exposure across both UK and US markets.
• EDF (Électricité de France): French state-owned integrated utility operating nuclear and renewable generation, regulated networks in France, and interconnector assets connecting France to the UK (including co-ownership of IFA with National Grid). Comparable to NGV across generation, regulated networks, and interconnector operations.

Regional players

• Avangrid: US utility subsidiary of Iberdrola operating electricity and gas distribution and transmission across New York and New England. Comparable to National Grid's US utility footprint in the same Northeast US geography with similar customer base and regulatory framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/nationalgrid
• YouTubeyoutube.com/user/nationalgrid
• Facebookfacebook.com/nationalgrid
• LinkedInlinkedin.com/company/national-grid

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Grid Ventures