National Grid, which operates the UK's electric and gas infrastructure, is planning to raise £3.2bn to support the upgrade of its network.
The UK's largest utility wants to put the cash towards its £22bn improvement of high-voltage electricity and gas networks across the country over the next five years.
“It’s all going into essential reinforcement of the network in the UK,” said chief executive Steve Holliday.
The announcement was made after Network Grid reported a 12% increase in pre-tax profits to £1.97bn for the year to 31 March 2010.
Shares fell sharply yesterday after the statement.