If gas supplies run low, British households could lose power for up to three hours.
The company said that it was unlikely, but that there was a chance of supply interruptions if the crisis worsened.
Customers would be warned in advance of cuts at peak times.
National Grid believes that homes will not face any problems.
Customers would be warned in advance about the power cuts, which could happen in the morning or afternoon.
Not all parts of the country would be affected at the same time.
More than 40% of the country's electricity is generated by gas-fired power stations. Electricity is imported from the Continental Europe.
National Grid said that Russia's invasion of Ukraine had caused "unprecedented turmoil and volatility" in the energy markets.
Europe has been cut off from Russian gas supplies.
Even though Britain is less dependent on Russian gas than mainland Europe, it could still be affected by shortfalls in supplies.
There are three possible scenarios for what could happen this winter.
It believes there will be enough gas to provide Britain with the same amount of electricity as in the past.
Two more worrying scenarios have been modeled.
Britain wouldn't be able to import electricity from France, Belgium or the Netherlands because of the energy crisis. The National Grid said this could lead to shortages.
It said it had struck deals with three power companies to keep coal-fired power generators on stand-by.
Businesses and households will be incentivised to reduce electricity use at certain times.
National Grid thinks that there will be no supply interruptions. It said it had modeled a scenario in which the energy crisis in Europe would result in not enough gas being available in Britain.
Electricity would be cut off to homes and firms for up to three hours in that event.
"In the unlikely event we were in this situation, it would mean that some customers could be without power for pre-defined periods during a day," said National Grid.
The number of people cut off from electricity will depend on the number of gas-power stations that are forced to shut down.
Hospitals are not included from the cuts.
The National Grid warned of a potential gas shortfall this winter in the event of a cold snap or a cold winter, which could be overcome by paying higher prices.
The new energy price guarantee came into effect on October 1st. The rise was less than anticipated after the government said it would cap domestic bills.
The grid operator said this will be a challenging winter for energy supply.
There is a report from the National Grid. There is a warning that Northern Ireland could be without electricity in the years to come.
System Operator NI (SONI) says there is an issue with the Kilroot power station and environmental permits.
The Department for the Economy and the regulators are working on the issue.
The UK is facing a significant risk of gas shortages this winter according to Ofgem.
There is a chance that the UK could enter a gas supply emergency.
We have one of the most reliable energy systems in the world and we are in a good position according to Ofgem.
"However, it is incumbent on a responsible and prudent energy sector to ensure the right contingency measures are in place, which is why we are working with the government, National Grid and key partners to protect consumers."
The government is confident that it will protect households and businesses this winter.
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