National Grid, which runs electricity and gas networks in Britain and the US, is an “extraordinarily low-risk business”, Steve Holliday, chief executive, will tell investors on Tuesday, as he attempts to remind them of the company’s defensive qualities.

At National Grid’s annual presentation to shareholders and analysts in London, he will also highlight its investment programme: suggesting capital expenditure in 2006-12 will be about £17.5bn, up from a previous forecast of £16bn, and setting out a prospect of heavy future spending.