National Grid faces the looming prospect of a break-up as politicians and regulators reshape the energy industry to help reach its goal of net zero carbon emissions within thirty years. As a review by regulator Ofgem draws to a close, support is growing for moving the FTSE 100 energy giant’s work balancing electricity supply and demand into an independent body. Officials are believed to be exploring the practicalities of such a move, including the structure of any independent body and how to compensate National Grid shareholders, who would still own the main electricity transmission system for England and Wales. It comes as Boris Johnson is expected this week to outline further details on his “10-point plan for a green industrial revolution”, following his commitment last month to quadrupling offshore wind capacity to 40GW by 2030 so it can “power every home”. More support is expected for carbon capture systems as well as for small-modular nuclear reactors, while the ban on sales of new internal combustion engines is likely to be brought forward from 2035.
Telegraph 7th Nov 2020 read more »