National Grid taps shareholders to help fund £60bn low-carbon energy switch

Infrastructure firm raises £6.8bn to connect homes to renewable energy sources across US and UK

National Grid has tapped shareholders for nearly £7bn to fund a £60bn spending spree to upgrade its networks to cope with the switch to low-carbon energy on either side of the Atlantic.

The energy infrastructure company announced a £6.8bn rights issue – where existing shareholders are offered new shares – to provide fresh funds for investment in thousands of miles of cables to connect homes with renewable energy projects in the UK and the US.