Sept 13 (Askume) – Britain’s National Grid (NG.L) said on Friday it had agreed to sell its electricity system operator (ESO) to the British government for 630 million pounds ($827.95 million), including debt.
The energy infrastructure operator said it hoped to complete the deal by October 1, when the Labor government and energy regulator Ofgem aim to create an independent National Energy System Operator (NESO).
The NESO will become a publicly owned, independent agency with new roles in the electricity and gas sectors, overseeing the national energy grid.
Energy Secretary Ed Miliband said in a statement: “We need to move the UK away from expensive, unsafe fossil fuel markets and towards clean, affordable domestic electricity that we have control over. In the long term, the only way we can reduce the cost of electricity is by increasing energy efficiency.
($1 = 0.7609 British pounds)
