Trustnet Magazine 95 May 2023 | Page 68


Through the back door

Ciaran Mallon of the Invesco Select Trust names three UK stocks that could benefit from the US ’ s enormous investment in infrastructure

Most American presidents struggle to bring their plans to fruition and are usually thwarted in the Senate or House of Representatives . Historians may consider Joe Biden as one of the few to have achieved his vision . Three pieces of legislation – the Inflation Reduction Act , the CHIPS and Science Act and the Bipartisan Infrastructure Law – will unleash a $ 2trn investment programme that should transform the US economy . While they target US businesses , UK-listed companies could benefit , too . These three have US subsidiaries that should enjoy a share of the spoils .
National Grid Ventures ( NGV ) represents about 40 % of National Grid ’ s business . It develops , operates and invests in largescale clean-energy infrastructure , and is involved in areas such as wind and solar power generation , electricity transmission , battery storage , conventional generation and LNG regasification and storage . One recent project saw NGV help connect an offshore wind farm to the onshore transmission system , bringing clean energy to Connecticut and Rhode Island . The shift to net zero will require a huge increase in electricity infrastructure : National Grid should be an important player .
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