National Grid Ventures Into AI Power Demand with $1.75B Joulent Deal
On July 1, 2026, Britain’s National Grid made a significant stride into the AI infrastructure race. The company announced a $1.75 billion investment for a 35% equity stake in Joulent LLC. Joulent is a newly launched U.S. energy platform, designed to deliver multi-gigawatt power for AI-intensive data centers. This deal values Joulent at approximately $5 billion and signifies National Grid Ventures’ entry into one of the world’s fastest-growing electricity demand sectors.
The investment will directly fund Joulent’s flagship initiative, Project Kilby. This massive 2.67-gigawatt natural gas-fired power facility is being developed in Reeves County, West Texas. It’s a 50/50 joint venture with Chevron subsidiary Energy Forge and GE Vernova. Project Kilby is designed to supply a Microsoft-operated data center campus under a 20-year power purchase agreement. This illustrates how AI infrastructure is now reshaping long-term energy markets.
Zoë Yujnovich, National Grid CEO, described the move as “a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy.” The partnership is expected to help National Grid connect more than 10 gigawatts of data center demand across the U.S. over the next five years. Joulent is projected to be free cash flow positive from the early 2030s. The final investment decision is expected by the end of 2026.