National Grid acquires £7.8bn Western Power Distribution: National Grid has reported the £7.8 billion take over of Britain’s biggest electricity distribution business, Western Power Distribution (WPD).
The purchase from PPL Corporation is predicted to permit the group to make a ‘strategic’ portfolio repositioning.
The company also said, in the second half of this year, it is forecast to launch the sale process for National Grid Gas (NGG).
National Grid has revealed ideas to sell its US Rhode Island utility firm to PPL for £2.7 billion.
Chief Executive of National Grid, John Pettigrew, announced: “These transactions will be transformational for our UK portfolio. The acquisition of WPD is a one-off opportunity to acquire a significant scale position in UK electricity distribution.
“As we move our portfolio to higher growth assets, we have taken the decision to sell a majority stake in NGG.
“Given the strategic nature of its business coupled with its central position in a transition towards a hydrogen economy, it will continue to play a vital role in the UK’s energy system.”
National Grid acquires £7.8bn Western Power Distribution