National Grid (NG) owns and operates regulated electricity and gas infrastructure in the UK and US. Its segments include transmission, gas distribution, electricity distribution & generation and non-regulated businesses. Though government regulations ensure a minimum rate of inflation adjusted return, operational efficiency remains key to driving earnings. Risks include regulatory disappointments given decreased government spending, and U.S unemployment and related bad debts. National Grid (NG) owns and operates regulated electricity and gas infrastructure in the UK and US. Its segments include transmission, gas distribution, electricity distribution & generation and non-regulated businesses. Though government regulations ensure a minimum rate of inflation adjusted return, operational efficiency remains key to driving earnings. Risks include regulatory disappointments given decreased government spending, and U.S unemployment and related bad debts. NG’s balance sheet is sound supported by strong operating cash flow. Capex is primarily directed at UK transmission given the increased use of renewable energy and its related intermittent affect requiring increased grid flexibility and upgrading.