The finance team was led by partners Michael Bates and William Sutton and senior associate Julia House, supported by Natalia Veriasova, June Ng and Alex Hpa. Subject to these clearances, the Consortium expects that the transaction will complete in the second half of calendar year 2022. The Consortium will actively support and develop several projects currently being progressed across the national gas transmission system to ensure the opportunities presented by hydrogen to the UK are maximised.Ĭompletion of the transaction will be subject to certain antitrust and regulatory conditions. The Consortium will partner with National Grid to ensure the national gas transmission system and metering business remain secure, safe, and reliable while enabling the UK to accelerate its transition away from fossil fuels, at least cost to consumers.Īn increased role for hydrogen in the energy mix, and by extension development of the network, is a core element of the UK Government’s Ten Point Plan for a Green Industrial Revolution. The 7,660-kilometre transmission system plays a critical role in the UK energy landscape, reliably transporting the gas needed to heat homes and power industry and electricity generation. National Grid owns and operates the UK’s regulated national gas transmission system and an independent gas metering business. Michael Bates, William Sutton, Julia House, Natalia Veriasova, June Ng, Nigel Wellings, Lianne Mizrachi, Georgia Demeure, Anne Drakeford, Leland Hui, Kirsty Souter, Jemma Dick, Sarah JohnsonĬlifford Chance advises on the financing of Macquarie Asset Management and BCI's investment in National Grid's gas transmission and metering business International law firm Clifford Chance is advising the lenders on financing in connection with the agreement by a consortium of Macquarie Asset Management and British Columbia Investment Management Corporation (the "Consortium") to acquire a 60 per cent stake in National Grid’s gas transmission and metering business.Continued COVID-era support for those who can’t pay their bills more than 230,000 upstate residential customers - about 1 in 7 - are more than 60 days in arrears as of December, owing a collective $365 million.Advising on the issues that are critical to our clientsĭefining tomorrow's legal function through its relationshipsĬlifford Chance advises on the financing of Macquarie Asset Management and BCI's investment in National Grid's gas transmission and metering business 31 March 2022.Significant increases in clean energy investments, including heat pumps, geothermal solutions, hydrogen-based energy storage/delivery, energy efficiency and electric vehicle support.Investment of $3.3 billion in the utility’s distribution network.Continuation of economic development programs that have injected more than $125 million into the upstate economy since 2003.Investment in energy efficiency and demand response programs to help customers manage their energy use and bills. Increasing to more than $81 million funding for energy affordability programs and services.Delivering a portfolio of programs that focus on energy efficiency, heating alternatives, and new technologies to help customers manage their energy use.National Grid said specific aspects include: The PSC in its announcement Thursday said the agreement is in line with the state’s climate, social and economic goals. National Grid’s upstate New York business serves roughly 600,000 gas customers and 1.6 million electric customers. The energy cost itself is not regulated by the PSC, and not a source of profit for National Grid. Delivery is the source of its profits, and the delivery charges are regulated by the PSC. National Grid bills are split between energy and delivery. It specifies delivery rate increases of 1.4% for electricity and 1.8% for gas in the first year then rate increases of 1.9% each for both gas and electric in year two and year three.
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