According to major media reports, Engie will buy UK Power Networks from Hong Kong-based CK Infrastructure Holdings, which has owned the network for 15 years after purchasing it from EDF. 5 million customers across London and the South East. The acquisition will make Britain Engie's second largest market globally.
Basil Scarsella, chief executive of UK Power Networks, said the deal would reinforce the company's ability to serve customers 'with the highest standards of safety, customer service and reliability' as investment ramps up to support growth and electrification. The transaction will be structured around a mix of debt, disposals, and new equity, though the exact terms have not been disclosed. ' This aligns with the government's aim to decarbonise Britain's electricity system by 2030, a target brought forward from 2035.
It will continue to be a 'global energy leader'.
The deal requires shareholder and regulatory approvals, but what specific regulatory approvals are required has not been specified. How the acquisition will impact electricity prices for consumers in the long-term remains unclear.
The deal would reinforce UK Power Network's ability to serve customers 'with the highest standards of safety, customer service and reliability' as investment ramps up to support growth and electrification.