US utility obtains share of National Grid lkjad
Wednesday 13 September 1995
It is understood that virtually none of Sweb's existing shareholders have taken the option of retaining a stake in the grid in lieu of part of SEI's cash offer, which will leave SEI with about a 6 per cent stake.
SEI made it clear it wants to retain as much as possible of the grid, which is owned by the 12 regional electricity companies and is due for flotation. This is in spite of Government concerns that no regional firm should have influence over the grid after it is floated.
The retention of the stake also raises the issue of whether customers in Sweb's area will get a rebate on flotation. The Government is adamant that consumers will receive a cut of the proceeds - possibly up to pounds 35 per household, as a result of the deal. It would be politically unacceptable if customers in those areas where the local company does not dispose of its grid stake were deprived of a pay-out.
Hanson, the industrial conglomerate in the throes of an agreed pounds 2.5bn takeover of Eastern Electricity, is also thought to want to keep the grid stake. Hanson refuses to comment, but has admitted that pounds 500m of the offer price is for Eastern's 12.5 per cent holding in NGC.
The takeovers are further complicating in the drawn-out saga of the national grid. Bryan Townsend, chairman of Midlands Electricity, representing the industry, met on Monday with Tim Eggar, minister for energy and industry.. The 12 have found it difficult to agree between themselves as well as with the Government.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Why I'm on the brink of burning my Israeli passport
- 2 Comfortable in their own skin
- 3 Japanese plant experts produce 10,000 lettuce heads a day in LED-lit indoor farm
- 4 War is war: Why I stand with Israel
- 5 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
Israel-Gaza conflict: Death toll tops 125 after overnight raids as Operation Protective Edge continues
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Gaza-Israel conflict: Pro-Palestinian demonstrators take to streets of London, Paris and New York in wave of protests
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...