National Grid agrees £630m sale of Electricity System Operator with govt

13th Sep 2024 07:21

(Sharecast News) - National Grid announced on Friday that it has reached agreement with the UK government to sell the Electricity System Operator (ESO) for an enterprise value of £630m.

The FTSE 100 company said the final cash consideration remained subject to typical closing adjustments, including those related to timing.

It said the sale was a significant step towards the establishment of the National Energy System Operator (NESO), an independent body that would oversee the UK's energy system.

Both National Grid and the government anticipated completing the transaction by 1 October, with regulatory oversight from Ofgem.

At 0837 BST, shares in National Grid were down 0.14% at 1,036p.

Reporting by Josh White for Sharecast.com.