National Grid owns and operates electricity and gas networks in the UK and the northeastern US. The company functions as a regulated infrastructure provider, moving energy through high-voltage transmission and lower-voltage distribution systems rather than generating or selling energy as a commodity. National Grid manages its operations through four core regulated segments: UK Electricity Transmission, UK Electricity Distribution, New York, and New England. An additional segment, National Grid Ventures, operates subsea interconnectors linking the UK to Europe. The business model relies on earning a regulated return on physical assets. National Grid increases its revenue by investing in network infrastructure, which grows its Regulatory Asset Value in the UK and rate base in the US. Regulators in both regions set the allowed return on equity and approve revenue recovery through customer tariffs. National Grid is currently executing a large-scale capital plan focused on grid upgrades to support renewable energy, EV adoption, and data center demand. Key initiatives include the Accelerated Strategic Transmission Investment program in the UK and transmission enhancements in New York. The company’s strategy prioritizes reinvestment into regulated networks while divesting non-core assets like renewable development and LNG terminals to focus on pure-play network infrastructure.