Public Accounts CommitteeWritten evidence from Ofgem
Andrew was asked to write to the Committee on one point:
Q160 Chair: How many of your companies are owned by private equity?
Please find attached a table with relevant ownership information extracted from the statutory accounts of the companies listed.
On the basis that “Private Equity” ownership refers to ownership by entities not publicity traded on a stock exchange we consider that:
Zero out of the 4 transmission licensees are owned by private equity.
4 out of the 14 electricity distribution licensees can be sid to be partly owned by private equity.
4 out of the 8 gas distribution licensees can be said to be partly owned by private equity [counting the 4 distribution networks owned by National Grid Gas plc as separate licensees here].
However, some of the ownership interests ascribed here are not private equity in the core sense
|
UK Group Parent |
Licensees |
|||
|
Transmission |
Private Equity |
Ultimate owner |
||
|
1 |
National Grid plc |
National Grid Electricity Transmission plc |
No |
- |
|
2 |
Scottish Power Ltd |
SP Transmission Ltd |
No |
Iberdrola Sociedad Anonima (Spain) |
|
3 |
SSE plc |
Scottish Hydro Electric Transmission plc |
No |
- |
|
4 |
National Grid plc |
National Grid Gas plc |
No |
- |
|
Electricity Distribution (DNOs) |
||||
|
5 |
Northern Powergrid Holdings Company |
Northern Powergrid (Northeast) Limited |
No |
Berkshire Hathaway Inc (US) |
|
6 |
Northern Powergrid Holdings Company |
Northern Powergrid (Yorkshire) plc |
No |
Berkshire Hathaway Inc (US) |
|
7 |
UK Power Networks Holdings Limited |
London Power Networks plc |
Part |
Consortium: Power assets Holdings Ltd (Hong Kong); Li Ka Shing Foundation Ltd (Hong Kong); Cheung Kong Infrastructure Holdings Ltd (Bermuda) |
|
8 |
UK Power Networks Holdings Limited |
South Eastern Power Networks plc |
Part |
Consortium: Power assets Holdings Ltd (Hong Kong); Li Ka Shing Foundation Ltd (Hong Kong); Cheung Kong Infrastructure Holdings Ltd (Bermuda) |
|
9 |
UK Power Networks Holdings Limited |
Eastern Power Networks plc |
Part |
Consortium: Power assets Holdings Ltd (Hong Kong); Li Ka Shing Foundation Ltd (Hong Kong); Cheung Kong Infrastructure Holdings Ltd (Bermuda) |
|
10 |
North West Electricity Networks (UK) Ltd |
Electricity North West Ltd |
Part |
First State European Diversified Infrastructure Fund & IIF International Holding GP Ltd |
|
11 |
SSE plc |
Scottish Hydro Electric Power Distribution plc |
No |
- |
|
12 |
SSE plc |
Southern Electric Power Distribution plc |
No |
- |
|
13 |
Scottish Power Ltd |
SP Distribution Ltd |
No |
Iberdrola Sociedad Anonima (Spain) |
|
14 |
Scottish Power Ltd |
SP Manweb plc |
No |
Iberdrola Sociedad Anonima (Spain) |
|
15 |
PPL UK Resources Ltd |
Western Power Distribution (East Midlands) plc |
No |
PPL Corporation (US) |
|
16 |
PPL UK Resources Ltd |
Western Power Distribution (West Midlands) plc |
No |
PPL Corporation (US) |
|
17 |
Western Power Distribution LLP |
Western Power Distribution (South West) plc |
No |
PPL Corporation (US) |
|
18 |
Western Power Distribution LLP |
Western Power Distribution (South Wales) plc |
No |
PPL Corporation (US) |
|
Gas Distribution (GDNs) |
||||
|
25 |
National Grid plc |
National Grid Gas plc |
No |
- |
|
26 |
Northern Gas Networks Holdings Ltd |
Northern Gas Networks Ltd |
Part |
Consortium: PG April Ltd; Beta Central Profits Ltd; SAS Trustee Corporation |
|
27 |
SSE plc (+ JV) |
Scotland Gas Networks plc |
Part |
Joint Venture:SSE plc holds 50% of shares - remainder divided between Borealis Infrastructure Management Inc (25%) and Ontario Teacher's Pension Plan Board (25%). |
|
28 |
SSE plc (+ JV) |
Southern Gas Networks plc |
Part |
Joint Venture:SSE plc holds 50% of shares - remainder divided between Borealis Infrastructure Management Inc (25%) and Ontario Teacher's Pension Plan Board (25%). |
|
29 |
Wales & West Gas Networks (Holdings) Ltd |
Wales and West Utilities Ltd |
Part |
Consortium: Cheung Kong Holdings Ltd (Hong Kong); Cheung Kong Infrastructure Holdings Ltd; Power Asset Holdings Ltd; Li Ka Shing Foundation |
30 January 2014