Stake in UK’s National Grid sold in move to deliver net-zero targets
Britain's National Grid revealed it will sell a 60% stake in its British gas transmission and metering business to Australia's Macquarie Asset Management and British Columbia Investment Management Corporation.
Macquarie said its investment will ensure the transmission system will play a leading role in delivering the UK's net-zero by 2050 target by supporting hydrogen's role in the energy mix, Reuters reported.
"This transaction further enhances our role in delivering the UK’s energy transition, pivots our portfolio towards electricity, whilst ensuring the security of the energy supply for the country," John Pettigrew, chief executive officer of National Grid said.
The company's announcement comes as Europe's tight gas market has sent wholesale energy prices soaring, exacerbated by the Russian invasion of Ukraine.
Multiple energy suppliers in Britain have gone out of business since last September as prices in the country have rocketed and the regulator Ofgem's price cap prevented suppliers passing on rising costs to customers.
National Grid's gas transmission business includes a 7,000-kilometre pipe network across the UK, among the largest gas transmission businesses in the country.
National Grid's gas transmission business includes a 7,000-kilometre pipe network across the UK, among the largest gas transmission businesses in the country.
Macquarie said its investment will ensure the transmission system will play a leading role in delivering the UK's net-zero by 2050 target by supporting hydrogen's role in the energy mix, Reuters reported.
"This transaction further enhances our role in delivering the UK’s energy transition, pivots our portfolio towards electricity, whilst ensuring the security of the energy supply for the country," John Pettigrew, chief executive officer of National Grid said.
The company's announcement comes as Europe's tight gas market has sent wholesale energy prices soaring, exacerbated by the Russian invasion of Ukraine.
Multiple energy suppliers in Britain have gone out of business since last September as prices in the country have rocketed and the regulator Ofgem's price cap prevented suppliers passing on rising costs to customers.
National Grid's gas transmission business includes a 7,000-kilometre pipe network across the UK, among the largest gas transmission businesses in the country.
National Grid's gas transmission business includes a 7,000-kilometre pipe network across the UK, among the largest gas transmission businesses in the country.
