Britain’s National Grid (NG.L), opens new tab said on Friday it had agreed to sell its Electricity System Operator (ESO) to the UK government for 630 million pounds ($827.95 million), including debt.
The energy infrastructure operator said it expected to complete the deal by Oct. 1, when the Labour government and energy regulator Ofgem aim to establish an independent National Energy System Operator (NESO).
The NESO will be a publicly-owned, independent body, with new roles across electricity and gas to oversee the national energy network.
"We need to move Britain off expensive, insecure fossil fuel markets, and onto clean, cheap homegrown power that we control. This is how we reduce bills in the long term, strengthen our energy independence and support skilled jobs across the country," Energy Secretary Ed Miliband said in a statement.
($1 = 0.7609 pounds)