•National Grid takes 35% stake in Joulent, a US power developer for data centres
•Utilities shift from power suppliers to data centre infrastructure investors
The fact
National Grid has agreed to invest US$1.75 billion for a 35% stake in Joulent, a US developer of power generation and electrical infrastructure for large data centres. The deal was made through National Grid Ventures, the company's investment and commercial development business.
The funding will support Project Kilby, a 2.67GW power project in Reeves County, Texas, to supply a Microsoft-operated data centre campus under a long-term power purchase agreement.
The assessment
The deal is part of a broader shift in how utilities approach data centre development. Rather than supplying electricity after projects connect to the grid, they are investing directly in the generation and transmission infrastructure needed to power new facilities.
As AI workloads grow in scale, securing power is becoming part of the development process rather than a step that follows it. Hyperscale operators expect utilities to deliver power on their timelines, pulling them into earlier stages of planning.
For BTW readers, the deal shows that access to power is no longer just about capacity or connection — it is about who controls the infrastructure. Utilities are emerging as strategic infrastructure partners in AI data centre development.
What to watch
Progress on Project Kilby and whether other utilities follow National Grid into dedicated data centre power investment. Future utility-hyperscale partnerships will show whether this model becomes a template or a one-off.