• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 5 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Vampire Kangaroo Takes Over Critical UK Gas Transmission Business

An Australian investment bank has bought a 60-percent stake in the gas transmission system of National Grid, a top UK electricity and gas utility.

Macquarie, known as "the vampire kangaroo", paid more than $7.5 billion (5.76 billion pounds) for the stake, valuing the whole business at $12.6 million (9.6 billion pounds), the Daily Mail reported.

National Grid operates more than 4,000 miles of gas pipelines across the country, the report noted, adding that the deal might set many in the City on edge because of Macquarie's questionable track record.

The Australian bank earned its nickname "after developing a reputation for buying companies, loading them with debt and sucking out money for shareholders," the Daily Mail noted.

The Australian Financial Review, on the other hand, noted in an article from 2016 that Macquarie was the most likely buyer of not only National Grid's gas distribution business but of the UK's Green Investment Bank as well, making the British parties involved a little sensitive to its growing presence. The Australian bank has, to date, invested some $65.7 billion in British infrastructure projects, including in the Green Investment Bank, which it ended up buying.

"This transaction further enhances our role in delivering the UK's energy transition, pivots our portfolio towards electricity, whilst ensuring the security of the energy supply for the country," said the chief executive of National Grid, John Pettigrew, as quoted by Reuters.

Like many other energy utilities in the UK, National Grid was hit by the energy crunch last year and by the decision of the country's energy regulator to put limits on how much of the additional costs utilities can pass on to consumers. Many smaller utilities went under.

Now, National Grid will remain with a 40-percent stake in its gas business with the option to sell that, too. The majority stake acquisition deal does not require shareholder approval is set to be finalized by the end of this year.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News