ENGIE Acquires UK Power Networks for £10.5 Billion

ENGIE has signed an agreement to acquire 100% of UK Power Networks, a leading electricity distributor in the UK, for £10.5 billion. This acquisition is a key step in ENGIE's strategy to become a top utility in the energy transition sector. UK Power Networks delivers electricity to 8.5 million customers and operates three distribution licenses in London, the South East, and East of England.

The acquisition will enhance ENGIE's position in the UK, making it the group's second-largest market. By integrating UK Power Networks, ENGIE aims to strengthen its regulated electricity network activities and improve its growth and risk profiles with predictable revenues.

The deal will be financed through a combination of debt, hybrid issuance, and equity raising. Completion is expected by mid-2026, subject to regulatory approvals. ENGIE's CEO Catherine MacGregor highlighted the acquisition as pivotal for the group's growth and strategic alignment. UK Power Networks CEO Basil Scarsella expressed enthusiasm for the enhanced capability to serve their customers.