National Grid Plc will invest $1.75 billion to acquire a 35% stake in privately
held Joulent LLC, valuing the company at $5.0 billion. Joulent, partnered with
Chevron (CVX.N), is developing a gas-fired power plant in Texas to serve
Microsoft (MSFT.O) data-center demand; the deal expands National Grid’s U.S.
footprint from the Northeast into one of the country’s most active power markets
as utilities target AI-driven data-center projects.