National Grid agrees £7.8bn electricity deal and set to offload gas business | Express & Star

National Grid agrees £7.8bn electricity deal and set to offload gas business | Express & Star

National Grid has unveiled a deal to buy Britain’s largest electricity distribution business for £7.8 billion and will offload the UK national gas transmission system under aims to increase its focus on electricity.

National Grid – the company that helps keep Britain’s lights on – said it will launch a process later this year to sell a majority stake in National Grid Gas (NGG) as it looks to boost its electricity assets from around 60% to about 70% of its overall portfolio.

“With increased exposure to the UK’s electricity sector, these transactions enhance our role in the progress towards net zero, underpinning our core ambition which is to enable the energy transition for all.”

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