UK Acquires National Grid's ESO for £630 Million, Rules Out Underground Cabling

Sep 13, 2024, 08:40 AM

The UK government has confirmed the acquisition of the National Grid's Electricity System Operator (ESO) for an enterprise value of £630 million ($827 million). The move, announced by Energy Secretary Ed Miliband, will see the ESO transferred into public ownership and rebranded as the National Energy System Operator (NESO). The NESO is set to launch on October 1, 2024, and will be responsible for the day-to-day operations of the electricity network. The decision to nationalize the ESO was legislated and planned under the Conservative government, despite being executed by Miliband. Additionally, the government has ruled out underground cabling in the National Grid upgrade.