Macquarie Asset Management and British Columbia Investment Management Corporation (BCI) have acquired National Grid’s Gas Transmission & Metering services, after buying a 60% equity stake.
National Gas Transmission will continue to transport the gas needed to heat British homes, while National Gas Metering will provide maintenance and management services to more than seven million gas meters.
Alongside ensuring the continuation of gas services in the UK, National Gas will also look to work with the government to accelerate hydrogen production and provide the infrastructure needed for this change.
Jon Butterworth will maintain the role of CEO, which he held at National Grid Gas Transmission & Metering.
He said: “Today is a truly historic day for the UK’s gas industry and I am delighted to lead an organisation that sits at the heart of our energy sector.
“Our network plays a fundamental role providing energy security for over 23 million homes and 210,000 businesses across the country, as well as the gas-fired power stations that keep Britain’s lights on by providing around 40% of our electricity annually.”
Head of Utilities at Macquarie Asset Management, Will Price, added: “Hydrogen and other green gases offer the quickest and cheapest path to decarbonise home heating and key industrial processes, as well as strengthening the UK’s energy system through seasonal energy storage. National Gas has ambitious plans and we are delighted to be supporting the business in this journey.”
“Our investment in National Gas is a testament to our support of the UK’s commitment to net zero carbon emissions by 2050,” said BCI’s Executive Vice President Lincoln Webb.
An exclusive Energy Live News interview with Mr Butterworth will be live on our website tomorrow.