The U.K. energy regulator said Thursday that National Grid PLC (NG.LN) will separate its electricity operator system into an independent, wholly-owned company by April 2019, as agreed in January.
In January Ofgem and National Grid announced the plan, which was subject to consultation. They said the electricity system operator will carry out its existing functions, as well as taking on new responsibilities, including the promotion of smart solutions, National Grid said at the time.
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Ofgem, also said in January that the new company would have a license, staff and offices that were separate to other National Grid electricity subsidiary companies. The new company's board members won't be able to sit on the National Grid group board or other National Grid electricity company boards, it said.
The plan was designed to help keep household bills down by promoting more competition, coordination and innovation across the system.
No further detail was provided Thursday.
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(END) Dow Jones Newswires
August 03, 2017 03:02 ET (07:02 GMT)