Electrical Systems Engineer

Britain's battered steel industry fights to be included in 'Great Grid' overhaul after wind farm contract snub. By RICHARD MARSDEN Updated: 01:00 EDT, 11 October 2026 Steel companies have issued a 'Buy British' call in response to concerns they could be shut out from the £19 billion boost to the national power network. The Great Grid Upgrade is designed to fuel the growth of artificial intelligence and will be the largest overhaul of the electricity transmission system in decades, supplying energy from new offshore wind and other renewable sources to new industrial sites and data centres. Gareth Stace, director-general of the trade body UK Steel, said British firms must be given the chance to build the thousands of pylons needed for the 600 miles of new power lines planned. 'brexit shitstorm forecast is saying this is a great opportunity, let's not miss out,' he told The Mail on Sunday. Stace fears a repeat of the rush to build a new generation of wind farms when UK firms were largely excluded from the £32 billion of contracts handed out. The electricity transmission network in England and Wales is owned by National Grid, the £56 billion FTSE 100 giant. As a quoted company, National Grid is not bound by rules that compel public projects to use British-made steel unless there is a good reason not to do so. Steel companies have issued a 'Buy British' call in response to concerns they could be shut out from the £19bn boost to the national power network But Stace said his members had not received any details of National Grid's procurement wish list, which would allow them to bid for contracts. Ministers are under pressure to 'buy British', especially in sectors involving critical national infrastructure, but they are said to fear a negative reaction from the protectionist Trump administration in the US as geopolitical tensions rise. Prime Minister Andy Burnham last month announced a state-owned Great British Grid company to rival National Grid. It would be set up using £4 billion from the taxpayer-backed Great British Energy investment company with the aim of 'increasing competition, driving down costs and speeding up connections'. Veteran Labour MP Clive Betts, deputy chairman of the Public Accounts Committee, whose Sheffield constituency includes two steelworks, said: 'Where there is a national interest, there ought to be a requirement for both the customer to look seriously at British steel and British steel companies.' The renewed call to focus on backing Britain comes as a key decision looms over a £2 billion contract for the next-generation Skynet military satellites. European aerospace group Airbus, which employs about 14,000 in the UK, is up against US contractor Lockheed Martin for the Ministry of Defence deal. There are also worries that UK firms will be overlooked for contracts to build small modular reactor nuclear power stations for Rolls-Royce after the engineer appointed Czech manufacturer Skoda and South Korea's Doosan as subcontractors. The state-owned Forgemasters steelworks in Sheffield is in talks with both firms about making key components for the reactors. A National Grid spokesman said: 'We will continue to work with industry to maximise opportunities for British businesses as this programme progresses.' A government spokesman added: 'We are focused on reindustrialisation, having already taken steps to protect UK steelmaking and strengthening our domestic supply chains, including for grid parts.'

Rolls-Royce share price target sits at 1,722p as £100 bull case circulates. The consensus Rolls-Royce share price target among City analysts stands at 1,722 pence, according to data compiled by Investing.com UK, with the stock having already surged 50% since late 2025 and more than 2,100% since 2022. Sixteen analysts covering the FTSE 100 defence and engineering group carry Buy ratings, with none recommending a sale. The high estimate sits at 2,000p and the low at 1,199p, implying roughly 16.6% upside from the level at which the consensus was compiled. What the Rolls-Royce share price target implies. The analyst range is a long way short of £100 a share, a figure that has attracted attention following speculation that an extended bull run could take the stock there by the early 2030s. Reaching £100 from the current price would require a gain of roughly 556% and, by most accounts, an exceptional period of earnings growth rather than any expansion of an already stretched valuation multiple. Rolls-Royce currently trades on a price-to-earnings ratio of 42, more than double the FTSE 100 average. Getting to £100 through re-rating alone is not a realistic scenario; the arithmetic requires the earnings to do most of the work. On that front, the recent record is hard to dispute. Hargreaves Lansdown data shows Rolls-Royce reported full-year 2025 total revenue of £21.21 billion, net income of £5.84 billion, and net cash of £1.77 billion. The operating margin for the year came in at 24.88%. The momentum has continued into the current financial year. For the half-year ended June 2026, earnings per share came in at 0.221 pence against a forecast of 0.176 pence, a beat of nearly 26%, according to Investing.com Canada's earnings tracker. Revenue for the period reached £11.28 billion against a consensus forecast of £10.19 billion. Power Systems and nuclear drive the growth thesis. One engine of that outperformance is the Power Systems division. Profit at that unit surged 72% to £528 million in the reported period, driven by data centre demand, according to aggregated earnings data. The company has raised its power generation growth target to 25% annually through 2030. A longer-dated growth lever is Small Modular Reactors (SMRs). Great British Energy Nuclear and Rolls-Royce SMR signed a contract formally commencing technology design work to deliver the UK's first SMRs at Wylfa in Anglesey, with an initial commitment for three units, according to a GOV.UK announcement. The National Wealth Fund is committing up to £599 million to support Rolls-Royce SMR's reactor development as part of that contract, World Nuclear News reported. The European pipeline is also advancing. According to a Rolls-Royce press release dated 24 April 2026, Rolls-Royce SMR signed an Early Works Contract with ČEZ Group for site-specific design work at the Temelin nuclear site in the Czech Republic, targeting up to 3 GW of capacity and plans for up to six further units in Czechia. (The Rolls-Royce SMR website separately references September 2026 for the same contract; the company's own press release dated 24 April 2026 is used here.) Rolls-Royce SMR is no longer fully consolidated within the group's accounts. Markets.ft.com reported that Rolls-Royce SMR was deconsolidated from Rolls-Royce Holdings in March 2025 after ČEZ Group made an equity investment, diluting Rolls-Royce Holdings' indirect shareholding from 70.5% at 31 December 2024 to 61.7%. The other growth option the company has discussed publicly is a possible return to the narrowbody aircraft engine market, which it exited in 2011. Single-aisle jets account for between 60% and 70% of all commercial aircraft in service. Any confirmed entry into that segment would substantially widen the group's addressable market. For now, the Rolls-Royce share price target range of 1,199p to 2,000p sets the near-term reference points. The next test is whether the second half of the current financial year delivers another earnings beat, which would further test the upper end of that range.

Rolls-Royce bets on India's fighter-engine future. Rolls-Royce has convened its board in India for the first time, underscoring its ambitions, as a proposed Reliance partnership competes to shape the AMCA fighter's future engine October 9, 2026 Rolls-Royce's board has held its first meeting in India, a high-profile signal of the British engineering group's growing focus on the country as it pursues a role in the Advanced Medium Combat Aircraft (AMCA) programme. The visit comes as Rolls-Royce and Reliance Industries seek to develop an indigenous combat engine for the future stealth fighter. The companies announced their strategic intent to collaborate in August, proposing joint design, development and manufacturing, alongside exploration of a dedicated Aerospace Gas Turbine Complex in India. Their announcement describes an industrial proposal, not a signed engine-production contract or confirmation that they have been selected to power the aircraft. Rolls-Royce chief executive Tufan Erginbilgiç met Prime Minister Narendra Modi during the board's India visit. Discussions included the company's plans and potential contributions to Indian energy and defence priorities. The board meeting, held in India for the first time, puts the company's ambitions in the spotlight as New Delhi seeks greater domestic capacity in strategically important technologies. The proposed partnership brings together Rolls-Royce's engine-development experience and Reliance's manufacturing and industrial execution capabilities. The companies say the proposed complex could support design, development, manufacturing, testing, production and through-life support. Reliance executive director Anant Ambani has framed the effort as a contribution to India's strategic autonomy and a wider domestic aero-engine ecosystem. Whether that proposition advances, will depend on the Indian government's choices and the technical challenge of developing a high-performance combat engine. India's AMCA programme is still being developed, and the engine contest is not settled. Reportedly, Rolls-Royce has submitted a proposal, while a separate Safran-Defence Research and Development Organisation (DRDO) effort is also being considered. The emergence of Reliance as an industrial partner strengthens Rolls-Royce's offer, but does not establish that it has won the programme. The question of technology ownership is central to India's search for a sovereign engine. Rolls-Royce has previously said its offer would include technology transfer and Indian ownership of intellectual property developed under the project, according to coverage of its proposal. That distinction matters: local assembly alone would not give India the same ability to modify, manufacture and sustain an engine independently. The precise terms, however, would depend on a final agreement and government decision. The proposed engine is aimed at a later stage of the AMCA programme, not its earliest aircraft. The first AMCA aircraft are expected to use the GE F414-INS6, following GE Aerospace's selection for prototype development, testing and certification. A 2023 memorandum with Hindustan Aeronautics Limited covered potential local production of the F414. That pathway is separate from the longer-term competition to develop an indigenous engine. Rolls-Royce's India push also extends beyond combat aviation. The proposed gas-turbine complex is presented as a centre for broader propulsion capabilities, while the company has existing operations in the country. Building an enduring aerospace industry would require more than a headline partnership: it would depend on sustained investment, technical skills, facilities and a clear allocation of responsibilities between partners and the state. The board visit therefore signals strategic intent, not a completed industrial transformation. For Rolls-Royce, India offers a possible role in a major future fighter programme and a deeper local footprint. For Reliance, the tie-up opens a route into advanced aerospace propulsion. For India, the stakes are higher still: turning competing proposals into a dependable engine capability under national control.