What is National Grid called now?
Battersea power station 2020
The two energy giants, National Grid and Lattice, have sealed ‘a merger of equals’ valued at £14.8 billion (€24.124 billion) that creates the UK’s first gas and electricity sector group, National Grid Transco.
Lattice, a former subsidiary of British Gas, owns Transco, the pipeline network operator. National Grid, on the other hand, manages most of the country’s electricity distribution network. Both companies operate as monopolies regulated by the watchdog Ofgem.
National Grid chairman James Ross said the new group intends to participate in the liberalization of international energy markets and expand its presence in the U.S. market. ‘This merger is born out of an affinity of ideas and talents,’ Ross said. ‘Together we will create more value for our shareholders.’
The strategy is based on that used for its offshore wind project, which included a contracts for difference scheme. This incentivizes renewable energy investment by providing developers with direct protection against volatile wholesale prices and aims to protect consumers from paying more support costs when electricity prices are high.
The announcement has come as a surprise, as no such moves had previously been advanced in the UK, which will now enter the fray as a producer-exporter of the fuel set to grow.
“With the potential to provide a third of the UK’s energy in the future, our strategy positions the UK to lead the global race to boost hydrogen technology and harness the thousands of jobs and private investments that come with it,” said Kwasi Kwarteng, Business and Energy Secretary.
The government said the UK hydrogen economy could be worth £900 million and create more than 9,000 jobs by 2030, as well as being worth up to £13 billion by 2050. As a result, they have not specified the kind of H2 they want to produce.
At the beginning of the new millennium, National Grid Group made some important mergers and acquisitions. Specifically, in 2000, it acquired New England Electric System and Eastern Utilities Associates. In January 2002, National Grid Group purchased Niagara Mohawk Holdings, Inc from the state of New York. In May 2007, National Grid formed a business alliance with the transmission operator of the New England Electric System.
In May 2007, National Grid formed a business alliance with Dutch transmission operator TenneT for a link between the Isle of Grain in Kent and Maasvlakte, near Rotterdam.
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