![]() Backed by our significant investment, the transmission system will play a leading role in making the network ready for this transition. However, if the UK’s net-zero by 2050 target is to be met, the country must have a next-generation transmission backbone to power homes and businesses with renewable energy. Martin Bradley, Head of Macquarie Asset Management’s Real Assets team in EMEA, said “The national transmission system is a critical enabler of the UK’s energy transition, providing the flexibility and reserve energy needed in the electricity system as the deployment of renewable sources of generation accelerates. Further details will be announced if the option is exercised by the Consortium. The Consortium invests on behalf of long-term institutional investors including pension and insurance funds, and intends to remain invested in the business over multiple regulatory periods, having acquired its stake under existing RIIO-2 regulatory obligations.Īs part of this transaction, the Consortium has also entered into an option agreement with National Grid for the potential acquisition of the remaining 40 per cent stake in the business on broadly similar terms, subject to necessary adjustments. The Consortium will partner with National Grid to ensure the national gas transmission system and metering business remain secure, safe, and reliable while enabling the UK to accelerate its transition away from fossil fuels, at least cost to consumers. The 7,660-kilometre transmission system plays a critical role in the UK energy landscape, reliably transporting the gas needed to heat homes and power industry and electricity generation. National Grid owns and operates the UK’s regulated national gas transmission system and an independent gas metering business. The terms of the transaction imply an enterprise value for the business of approximately £9.6 billion 1. Macquarie Asset Management and British Columbia Investment Management Corporation (the Consortium) have reached an agreement to acquire a 60 per cent stake in National Grid’s gas transmission and metering business. ![]()
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