UK's National Grid Invests $1.75 Billion in US AI Power Company Joulent

What happened

UK utility National Grid is investing $1.75 billion in US firm Joulent LLC for a 35% stake. Joulent is developing a 2.67-gigawatt natural gas plant in West Texas with Chevron to supply a Microsoft data center.

Context and impact

The investment falls outside National Grid's existing £70 billion capital program — suggesting AI-driven energy demand is lucrative enough that traditional utilities are establishing new special investment lines. A 20-year Power Purchase Agreement with Microsoft provides predictable cash flow. This model is becoming a template for AI energy infrastructure.

Details

• Investment: $1.75B for 35% stake in Joulent LLC
• Joulent: 2.67 GW natural gas plant in West Texas with Chevron
• Customer: Microsoft (20-year PPA)
• National Grid: investment OUTSIDE its standard £70B capital program
• Final investment decision: later in 2026