Utilities Daily: National Grid FY26 Results and Germany Power Plant Strategy

Goldman Sachs maintains a Neutral rating on National Grid following FY26 results that met consensus expectations and the reiteration of FY27 guidance. The report also highlights Germany's approval of a 9 GW gas-to-hydrogen plant strategy and the growing impact of AI datacenters on European power demand.

Key Takeaways

• 1.National Grid's FY 2026 results were in line with consensus (EPS 78.0p), and the company reiterated its FY 2027 guidance.
• 2.Germany has approved a power plant strategy to subsidize 9 GW of new gas power plants that will eventually transition to hydrogen.
• 3.European datacenter power demand pipeline has grown 65% in 9 months to 280 GW, representing a major potential inflection point for sector demand.

Table of Contents

• Utilities and Clean Energy Conference
• National Grid Plc: FY 2026 results: In line with guidance reiterated
• Germany approves power plant strategy
• UK to launch new Energy Independence Bill
• Snam: Q1 2026 broadly in line; FY guidance and consensus in reach
• Other news
• Research you need to read

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