National Grid Sells Four Gas Networks

Global Finance, Oct 2004 by Platt, Gordon

EUROPE

Britain's National Grid Transco, which owns the country's power and natural gas distribution system, agreed to sell four regional networks in three separate transactions for a total of $10.4 billion.

The company said it would return $3.6 billion to its shareholders, cut its debt by more than $4 billion and raise its dividend by about 20%.

National Grid will hold on to four other networks serving 11 million customers.

CEO Roger Urwin says National Grid remains interested in expanding its electricity transmission holdings in the US.

It already owns New England Electric, as well as Niagara Mohawk, a utility based in Syracuse, New York.

-Gordon Platt