01 July 2026

                                                             National Grid plc

National Grid Ventures to invest $1.75 billion in Joulent, a platform that is developing integrated power solutions for US large load customers

National Grid today announces that National Grid Ventures ("NGV") has agreed to invest $1.75 billion to secure a 35% interest in Joulent LLC ("Joulent"), as part of a broader strategic partnership. Joulent will focus on developing contracted power generation and high voltage infrastructure for US large load customers, providing integrated solutions to help meet rapidly rising demand for reliable, scaled power at speed.

Zoë Yujnovich, Chief Executive said: "Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy. Through National Grid Ventures, we are gaining exposure to a major source of electricity demand growth that diversifies our regional US exposure and is supported by strong partners. It extends National Grid's core strengths of investing in long-duration infrastructure with contractual cash flows and attractive risk-adjusted returns."

Chris James, Founder and CEO of Joulent said: "This investment from National Grid Ventures strengthens Joulent's ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced industry now requires. We are building an independent company designed for speed, scale and execution, without shifting the cost of that growth onto local communities, while also providing tailor-made and cost-competitive solutions for our customers."

The investment is consistent with National Grid's ambition to pursue select critical infrastructure growth opportunities emerging from the transforming energy landscape. It expands National Grid's exposure to the rapidly growing US large load power market and diversifies its US regional presence through an advanced platform that is underpinned by experienced partner-led execution. The investment in Joulent provides access to long-term contracted cash flows that offer the opportunity to earn attractive risk-adjusted returns in excess of National Grid's regulated returns.

NGV's investment will enable the development of Joulent's foundational project, Project Kilby ("Kilby"), in a 50/50 partnership with Chevron Corporation. Kilby is a 2.67 GW co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data centre campus under a 20-year power purchase agreement. Development of the project is at an advanced stage with secured critical equipment including GE Vernova turbines and reserved EPC capacity, and it is targeting first power delivery in 2028.

Noelle Walsh, Microsoft President of Cloud Operations + Innovation, said: "AI and cloud are advancing at a pace that requires closer coordination between energy and infrastructure, and we welcome National Grid Ventures' experience and capabilities in helping address this challenge and support reliable, high-performance compute at scale."

Joulent also has a multi-GW pipeline of future projects, that could provide incremental growth opportunity over time.

Joulent has built the capabilities, partnerships and resources to develop integrated power solutions for US large load customers, including data centres, which can accelerate speed-to-power. These solutions include co-located gas generation, battery storage, renewables integration and 'Across-the-Meter' grid connections. Joulent's solutions are designed to scale quickly to meet the near-term large load demand for power that will support economic growth, without shifting the cost of that growth onto local communities, and ultimately will enable the longer-term path to a grid connection.

The strategic partnership is intended to extend beyond capital, with National Grid enhancing Joulent through contributing its deep operational capabilities, including expertise in high-voltage networks, system integration and balancing, infrastructure development and project execution. This will help to support resilient, scalable solutions for customers with significant electricity demand. The strategic partnership is also expected to provide insights and relationships that can strengthen National Grid's existing data centre connection programme, where it expects to connect >10GW of data centre demand across the UK and US over the next five years.

The investment is incremental to National Grid's existing five-year capital investment programme of at least £70 billion by FY31, with the Final Investment Decision expected by the end of 2026. It will be funded through the Group's existing balance sheet headroom, while maintaining a strong investment grade credit rating. The transaction is not expected to affect the Group's current five-year financial framework. Joulent is expected to be free cash flow positive from the early 2030's, which could either help fund future projects or be distributed to the JV partners.

A factsheet that further explains the investment is available on our website at: https://www.nationalgrid.com/investors/resources/factsheets

About National Grid Ventures

National Grid Ventures (NGV), the commercial arm of National Grid plc, develops, builds and operates energy infrastructure that strengthens the power system and delivers reliable, affordable energy for communities. 

In the US, NGV's portfolio includes competitive transmission, battery storage, solar, LNG storage, and conventional generation assets. A global leader in transmission infrastructure, NGV operates the world's largest portfolio of high voltage subsea interconnectors in Europe and is applying that expertise to strengthen and expand the US electric grid. NGV brings decades of experience partnering with regulators and local stakeholders to build energy infrastructure that supports economic growth, improves reliability, and helps deliver lower cost energy to customers.

About Joulent

Joulent is a technology-driven energy company purpose-built to deliver reliable, multi-gigawatt energy at the speed and scale required to build the compute for artificial intelligence and other compute-intensive industries. Joulent develops and delivers firm, baseload power solutions engineered to meet the unique demands of advanced computing while minimizing impacts on existing power grids. Its modular, Across-the-Meter™ approach integrates generation, storage, and advanced controls to deliver scalable power directly to new industrial loads, while reducing strain on existing grids and providing exportable power over time.

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J.P. Morgan is acting as lead financial adviser and Evercore is acting as financial adviser to National Grid in respect of the transaction.

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This announcement contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information with respect to National Grid's (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as 'aims', 'anticipates', 'expects', 'should', 'intends', 'plans', 'believes', 'outlook', 'seeks', 'estimates', 'targets', 'may', 'will', 'continue', 'project' and similar expressions, as well as statements in the future tense, identify forward-looking statements. 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For further details regarding these and other assumptions, risks and uncertainties that may affect National Grid, please read the Strategic Report section and the 'Risk factors' on pages 227 to 231 of National Grid's Annual Report and Accounts for the year ended 31 March 2026. In addition, new factors emerge from time to time and National Grid cannot assess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward-looking statement. Except as may be required by law or regulation, the Company undertakes no obligation to update any of its forward-looking statements, which speak only as of the date of this announcement.