NG.

National Grid PLC

Utilities First-pass screen £65.3bn

460/1000 Overall fit

AI beneficiary 35% 50

Operating leverage 25% 48

Valuation 25% 30

Downside protection 15% 61

First-pass take

National Grid benefits from AI-driven data centre growth (10GW of 19GW planned capacity for 30+ connections), but monetization constrained to regulated network fees. High net debt (£44bn) and limited operating leverage (8% EPS CAGR vs 10.9% asset growth) limit upside potential.

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