UK Utilities & Power Corporate Bond Yields (GBP)
Fitted spot curve as of 2026-09-10
https://bondscovery.com/yield-curve/gbp-corporate-utilities-power
UK Utilities & Power Corporate Bond Yields (GBP) as of 2026-09-10: 10Y at 6.39%, fitted curve 6M–40Y (5.27%–7.34%), 89 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 6M | 5.27% | — |
| 9M | 5.30% | 5.48% |
| 12M | 5.34% | 5.48% |
| 18M | 5.40% | 5.62% |
| 2Y | 5.47% | 5.76% |
| 3Y | 5.60% | 5.97% |
| 4Y | 5.73% | 6.25% |
| 5Y | 5.85% | 6.53% |
| 6Y | 5.97% | 6.80% |
| 7Y | 6.08% | 7.06% |
| 8Y | 6.19% | 7.31% |
| 9Y | 6.29% | 7.55% |
| 10Y | 6.39% | 7.77% |
| 15Y | 6.78% | 8.33% |
| 20Y | 7.03% | 8.94% |
| 25Y | 7.18% | 9.20% |
| 40Y | 7.34% | 9.09% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 5.47% and the 10-year 6.39%, a 10Y−2Y spread of +92 bp — positively sloped — as of 2026-09-10. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-09-10 | 1m ago2026-08-11 | 2m ago2026-07-13 | 3m ago2026-06-12 | 4m ago2026-05-13 | 5m ago2026-04-13 | 6m ago2026-03-13 |
|---|---|---|---|---|---|---|---|
| 2Y | 5.47% | 5.13% | 5.09% | 5.00% | 5.32% | 4.95% | 4.63% |
| 10Y | 6.39% | 6.16% | 6.07% | 5.94% | 6.08% | 5.92% | 5.79% |
| 10Y − 2Y | +92 bp | +104 bp | +98 bp | +95 bp | +76 bp | +96 bp | +116 bp |
Yields by rating group
The same curve split by credit quality: 110 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 6.07%, A+ to BBB- 6.13%, Speculative 6.58%.
Bonds in this curve
A selection of 30 of the 113 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Scotland GAS Networks PLC | 4.79% | 2027-03-08 | 3.25% | XS1375954945 |
| National Grid Electricity Distribution (South West) PLC | 5.57% | 2027-03-25 | 5.88% | XS0165510313 |
| London Power Networks PLC | 4.89% | 2027-06-07 | 6.12% | XS0148889420 |
| National Grid Electricity Transmission PLC | 5.31% | 2027-06-08 | 4.00% | XS0789331948 |
| Anglian Water Services Financing PLC | 5.75% | 2027-10-05 | 4.50% | XS0764876693 |
| Northumbrian Water Finance PLC | 5.63% | 2027-10-05 | 2.38% | XS1694779734 |
| United Utilities Water Finance PLC | 5.40% | 2027-12-20 | 5.62% | XS0159728236 |
| Scottish Hydro Electric Transmission PLC | 5.15% | 2028-03-24 | 1.50% | XS2321663473 |
| National Grid Electricity Transmission PLC | 5.42% | 2028-07-07 | 1.12% | XS2200513153 |
| National Grid Electricity Transmission PLC | 5.53% | 2028-07-27 | 6.50% | XS0132735373 |
| Centrica PLC | 5.52% | 2029-03-13 | 4.38% | XS0753789980 |
| Southern GAS Networks PLC | 5.32% | 2029-03-21 | 4.88% | XS0232335769 |
| Yorkshire Water Finance | 6.04% | 2030-04-28 | 5.25% | XS2591021113 |
| National Grid Electricity Transmission PLC | 5.94% | 2031-01-13 | 7.38% | XS0407912053 |
| Anglian Water Services Financing PLC | 6.04% | 2031-06-20 | 5.88% | XS2638380506 |
| Electricite de France SA | 5.86% | 2031-07-18 | 5.88% | XS0132424614 |
| Tennessee Valley Authority | 5.65% | 2032-06-07 | 5.62% | US880591DP40 |
| Southern Electric Power Distribution PLC | 5.74% | 2032-06-07 | 5.50% | XS0139563166 |
| Yorkshire Water Finance | 6.55% | 2033-07-22 | 6.00% | XS3121682515 |
| Centrica PLC | 6.12% | 2033-09-19 | 7.00% | XS0388006123 |
| Cadent Finance PLC | 6.13% | 2034-03-14 | 5.75% | XS2596453014 |
| Electricite de France SA | 6.27% | 2034-06-02 | 6.12% | FR0010763177 |
| Cadent Finance PLC | 6.07% | 2035-04-05 | 5.75% | XS2607040792 |
| Yorkshire Water Finance | 6.68% | 2035-04-28 | 5.50% | XS2591021972 |
| Severn Trent Utilities Finance PLC | 6.27% | 2036-04-04 | 5.25% | XS2607194086 |
| Southern GAS Networks PLC | 6.44% | 2036-09-15 | 3.10% | XS1791704932 |
| Vattenfall AB | 6.40% | 2039-04-15 | 6.88% | XS0422688019 |
| Cadent Finance PLC | 6.96% | 2046-09-22 | 2.75% | XS1492681116 |
| Northern Powergrid (Yorkshire) PLC | 6.78% | 2050-04-01 | 6.12% | XS3038670231 |
| Electricite de France SA | 7.46% | 2064-11-08 | 6.50% | FR001400TU80 |