National Grid: Delivering The Brilliant Basics

National Grid plc remains a Buy, supported by robust H1 results, a reliable inflation-protected dividend, and a substantial regulated asset base growth strategy. NGG's capital investment surged 32%, with 98% directed to core UK and the U.S. regulated networks, underpinning future earnings and dividend growth. Forward guidance targets ~9% ROE in UK Electricity Transmission and improved operational outperformance in Distribution, with regulated returns largely insulated from interest rate risk.