2 June 2005
National Grid Transco has announced that it has completed the sale of four gas distribution networks in deal worth £5.8 billion.
The deal means that four major gas networks will be under new, independent management, opening up competition, which could lead to cheaper gas bills for consumers.
Wales & the West distribution network was sold for £1.2 billon to a consortium managed by the Macquarie European Infrastructure Fund.
A consortium comprising Scottish and Southern Energy, Borealis Infrastructure Management and Ontario Teacher's Pension Plan will now run the south of England and the Scotland distribution network, following a £3.2 billion sell-off.
The north of England distribution network has been purchased for £1.4 billion by a consortium led by Cheung Kong Infrastructure Holdings, in a joint venture with United Utilities.
"We are delighted to announce completion of our network sales," said chief executive Roger Unwin in a company statement.
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