British Gas owner buys huge LNG terminal for £1.66bn
Summary
National Grid is selling its large liquid natural gas (LNG) terminal, called Grain LNG, to a group including Centrica, the owner of British Gas, for £1.66 billion. This sale needs approval from regulators and the government, and if it goes through, it will help Centrica manage gas supplies better. National Grid is shifting focus from energy production to managing energy networks.Key Facts
- National Grid agreed to sell Grain LNG for £1.66 billion.
- The buyers include Centrica and Energy Capital Partners (ECP).
- Grain LNG is the UK's biggest place for receiving cooled liquefied natural gas.
- The sale requires regulatory and government approval and is expected to complete by the end of the year.
- National Grid is focusing more on managing electricity and gas networks instead of owning energy production sites.
- Centrica already owns the largest gas storage facility in the UK, called Rough.
- Centrica's purchase aims to offer more stable gas supplies and protect against global price shocks.
- ECP specializes in investing in energy projects and it is part of Bridgepoint Group.
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