National Grid Agrees To Sell ESO To UK Government For £630m…

National Grid has agreed to sell the Electricity System Operator to the UK government for £630 million, with the transaction expected to be finalised by 1st October 2024.

The final payment will be subject to adjustments for standard closing factors, such as timing differences.

This sale marks an important milestone in the creation of the National Energy System Operator (NESO), a new independent public body.

The NESO will be responsible for overseeing the planning and operation of the UK’s electricity and gas networks. Building on the work of the ESO, which was previously operated by National Grid, the NESO will take on additional duties, including network planning, market development, supply security, and offering insights on achieving net zero energy targets.

The transaction is expected to be completed by 1st October 2024, with the NESO being established in collaboration with Ofgem.