National Grid's power play

The energy company said it was tapping shareholders to help fund a hike in investment to 22bn over the next five years and to ensure it maintained its credit rating as spend increases.

National Grid made the announcement as it reported a 12 per cent hike in underlying pre-tax profits to 1.97bn in the year to March 31. National Grid is upping its spend from more than 14bn over the previous five years as it invests across its transmission network, including power lines and pylons.

The group owns and maintains electricity and natural gas networks in the UK and the US, but said three-quarters of the new five-year investment plan will be spent in the UK and around 60 per cent on transmission.