National Grid has announced it has reached an agreement with HM Government to sell its Electricity System Operator (ESO) for £630 million.
The final cash amount will be adjusted for standard closing items, including timing differences.
This sale is a key step in the formation of the independent National Energy System Operator (NESO).
The NESO will be a new, independent public body tasked with overseeing the planning and operation of the UK’s electricity and gas networks.
Building on the foundations of the ESO previously run by National Grid, the NESO will expand its role to include network planning, market development, security of supply and providing insights on achieving net zero energy goals.
National Grid and the government expect to finalise the transaction on 1st October 2024, with the NESO being established alongside Ofgem.
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Read More: National Grid agrees £630m sale of ESO to UK Government