UK National Grid to buy unit of PPL
Print Edition
National Grid will buy England’s largest electricity distribution business WPD from US-based PPL for 7.8 billion pounds (US$10.9 billion) as it positions itself for a climate-driven transition from gas to electric power.
London-listed National Grid, which took over the English and Welsh power networks in 1990, also said yesterday it would sell Rhode Island utility the Narragansett Electric Company to PPL for US$3.8 billion.
The two companies said the deal for WPD, which runs the power distribution networks for England’s midlands and southwest, as well as Wales, had an enterprise value of 14.4 billion pounds, which includes 6.6 billion pounds of debt.
National Grid, which supplies gas and electricity to millions of customers, said the two deals would increase the proportion of its assets in electricity to 70 percent from 60 percent.
“When we look at the long term, we believe that the pivot that we are making today will enable us to take a much bigger role in the current energy transition,” National Grid Chief Executive John Pettigrew said.
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