LONDON: National Grid plc has reached agreement with HM Government on the terms of the sale of National Grid’s Electricity System Operator (ESO) for an enterprise value of £630 million.

The final cash consideration will be subject to customary closing adjustments (including for timing differences).

The transaction is an important milestone for the creation of the independent National Energy System Operator (“NESO”). National Grid and HM Government expect to complete the Transaction on 1 October 2024 when HM Government, together with Ofgem, aim to establish NESO.

National Grid lies at the heart of a transforming energy system, spanning the UK and the US. Our businesses supply gas and electricity, safely, reliably and efficiently to millions of customers and communities. But we also drive change through engineering innovation and by incubating new ideas with the power to revolutionise our industry.

National Grid is pioneering ways to decarbonise the energy system including delivering The Great Grid Upgrade – the largest overhaul of the UK grid in generations – and building the Upstate Upgrade, the largest investment in New York’s electricity transmission network for over a century.

As one of the largest investor-owned energy companies in the world, National Grid is at the centre of a clean, fair and affordable energy future, and is one of the FTSE’s largest investors in the energy transition.