The investment positions National Grid in the AI-driven large-load power market with strong partners (Chevron, Microsoft). Monitor Final Investment Decision (expected by end of 2026) and execution milestones for Project Kilby.
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Executive Summary
National Grid Ventures (NGV) agreed to invest $1.75 billion for a 35% stake in Joulent, a platform developing integrated power solutions for US large-load customers. The investment funds Joulent's foundational Project Kilby, a 2.67 GW co-located power facility in West Texas with Chevron and a 20-year PPA with Microsoft. First power is targeted for 2028, and Joulent is expected to be free cash flow positive from the early 2030s.
Key Facts
- NGV invests $1.75 billion for a 35% interest in Joulent LLC.
- Project Kilby is a 2.67 GW co-located power facility in West Texas, developed in a 50/50 partnership with Chevron.
- Microsoft will purchase power from Kilby under a 20-year PPA for a data centre campus.
- First power delivery targeted for 2028.
- Investment is incremental to National Grid's £70 billion five-year capital plan and funded from balance sheet headroom.
- Joulent expected to be free cash flow positive from early 2030s.
Financial Impact
Cash outflow of $1.75 billion for 35% stake; no dilution to equity; returns expected above regulated returns.
Risk Factors
- Construction and regulatory delays for Project Kilby.
- Execution risk in a new market segment for NGV.
- Long-term capital commitment with returns materializing post-2028.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-006411 |
| Document: 0001654954-26-006411-index-headers.html | 0001654954-26-006411 |
| Document: 0001654954-26-006411-index.html | 0001654954-26-006411 |
| Document: 0001654954-26-006411.txt | 0001654954-26-006411 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 6-K | $76.02 $77.12 | ▲ +1.45% | ▲ +1.02% | $81.29 (+6.93%) |
Sep 30, 2026 27d ago | 6-K | $75.82 $76.11 | ▲ +0.38% | ▼ −1.53% | $81.29 (+7.21%) |
Aug 28, 2026 8w ago | 6-K | $79.35 $78.12 | ▼ −1.55% | ▼ −1.66% | $81.29 (+2.44%) |
Aug 3, 2026 12w ago | 6-K | $79.86 $79.48 | ▼ −0.48% | ▼ −2.50% | $81.29 (+1.79%) |
Jul 31, 2026 12w ago | 6-K | $79.97 $80.88 | ▲ +1.14% | ▼ −2.37% | $81.29 (+1.65%) |
Jul 23, 2026 13w ago | 6-K | $82.37 $80.39 | ▼ −2.40% | ▼ −2.88% | $81.29 (−1.31%) |
Jul 22, 2026 13w ago | 6-K | $83.87 $78.88 | ▼ −5.95% | ▼ −3.55% | $81.29 (−3.08%) |
Jul 1, 2026 16w ago | 6-K | $80.18 $83.11 | ▲ +3.65% | ▲ +3.39% | $81.29 (+1.38%) |
Jun 30, 2026 17w ago | 6-K | $82.87 $82.59 | ▼ −0.34% | ▼ −0.94% | $81.29 (−1.91%) |
US Market Status
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