National Grid to quit gas in major shift to green electricity

National Grid to quit gas in major shift to green electricity

In a move anticipating the flood of demand for electric vehicles and massive new supply of renewable energy, the Grid today said it was buying the UK’s largest electricity distributer, Western Power Distribution, from US energy giant PPL for £7.8 billion.

Then, later in the year, it will sell a majority stake in its UK gas transmission business – including a 7630km pipe network across the UK – in a deal analysts suggest could net £7 billion to £8 billion.

Four years ago, National Grid sold its UK gas distribution business for £4 billion in a deal that valued the business at 1.5 times its regulated asset value – an industry standard measure of its worth.

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