National Grid loosens grip on Energis

Energis will gain a little more independence later this month when parent company National Grid reduces its stake in the UK network operator below 50 per cent.

National Grid plans to sell between 71 million and 75 million Energis shares, raising around #1.1 billion and cutting its stake in Energis to a third - from 74 per cent to around 49 per cent.

The sale is part of National Grid's loosening grip on Energis, the telecom network it set up in 1993 by laying communications cables along its electricity network. National Grid chief executive David Jones has said previously that he wants to sell off Energis completely by 2003.

Energis chief executive Mike Grabiner said he welcomed the news: "National Grid's combined offering will considerably increase the free float in Energis' shares and attract new classes of investor to Energis," said Grabiner in a statement.

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