National Gas launches as owner of Britain's gas network

It follows the completion of the sale of a 60% equity stake in National Grid’s Gas Transmission & 
Metering business today (Tuesday 31 January). The acquisition, led by Macquarie Asset Management 
and British Columbia Investment Management Corporation (BCI) (“the Consortium”), was successfully 
completed after all conditions relating to the sale were met.

National Gas is comprised of two organisations – National Gas Transmission and National Gas 
Metering. National Gas Transmission will own and operate the UK’s 7,600km-long National 
Transmission System (NTS). It will continue to ensure the safe, reliable and affordable transportation 
of the gas needed to heat homes, fuel industry and generate electricity. National Gas Metering will 
provide industry-leading maintenance and management services for over 7 million domestic, 
industrial and commercial gas meters.

The business will invest in innovation to future proof the UK, including by repurposing existing assets,
working in collaboration with the UK Government and industry partners, to deliver a hydrogen 
“backbone” for Britain. Through connecting industrial clusters around the country and leveraging the 
UK’s world-leading offshore wind industry for hydrogen production, we will provide a base of 
infrastructure that will decarbonise power generation and heavy industry, boost domestic energy 
resilience with hydrogen storage and underpin millions of future green jobs.

The Company will be led by an experienced Management Team and Board, headed by Jon Butterworth 
who resumes his role as Chief Executive Officer having previously held the position of CEO of National 
Grid Gas Transmission & Metering. Jon and his team have played a key role in overseeing the 
development of the NTS into one of the safest and most reliable gas networks in the world with 100% 
reliability achieved consecutively over the past three years.

Jon Butterworth, CEO of National Gas, commented: “Today is a truly historic day for the UK’s gas 
industry and I am delighted to lead an organisation that sits at the heart of our energy sector.
Our network plays a fundamental role providing energy security for over 23 million homes and 
210,000 businesses across the country, as well as the gas-fired power stations that keep Britain’s
lights on by providing around 40% of our electricity annually. 

We’re excited by the opportunity to play a leading role in the UK’s decarbonisation journey by 
seamlessly transitioning the network from natural gas to hydrogen, and unlocking the full potential of 
the UK’s net zero economy in the process.”

Will Price, Head of Utilities in EMEA, at Macquarie Asset Management added: “Accelerating the 
decarbonisation of the UK’s energy mix is crucial to deliver the UK’s net zero ambitions. Hydrogen and 
other green gases offer the quickest and cheapest path to decarbonise home heating and key 
industrial processes, as well as strengthening the UK’s energy system through seasonal energy 
storage. National Gas has ambitious plans, and we are delighted to be supporting the business in this 
journey.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure & Renewable Resources 
at BCI, commented: “BCI strongly supports National Gas’ innovative decarbonisation strategy, which 
involves transitioning away from fossil fuels while still offering a secure, safe, and reliable network at 
least cost to consumers. Our investment in National Gas is a testament to our support of the UK’s 
commitment to net zero carbon emissions by 2050.”

Enquiries

Media
Andrew Marsh +44 (0)7966 180 881 [email protected]
Ntobeko Chidavaenzi +44 (0)7858 368 444 [email protected]

About Us
National Gas comprises two businesses, National Gas Transmission and National Gas Metering. 
As both the transmission owner and system operator, National Gas Transmission owns, builds and 
operates the high-pressure NTS with day-to-day responsibility for balancing supply and demand in real 
time and facilitates the connection of assets to the transmission system. The NTS comprises 
approximately 7,600 kilometres of high-pressure pipe and 23 compressor stations connecting to 8 
distribution networks and other third-party independent systems.
National Gas also owns and operates an independent metering business, National Gas Metering, the 
largest owner of traditional gas meters in the UK with approximately 7 million domestic and 
commercial meters. The business’ activities cover asset procurement and logistics management,
meter installation, maintenance, exchange and removal and customer service provision.
The company’s new website (www.nationalgas.com) and social media channels will launch tomorrow. 
The existing website (https://www.nationalgrid.com/gas-transmission/) remains active today.

About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for 
everyone. Trusted by institutions, pension funds, governments, and individuals to manage 
approximately £456 billion in assets globally, we provide access to specialist investment expertise 
across a range of capabilities including infrastructure, green investments, real estate, agriculture & 
natural assets, asset finance, private credit, equities, fixed income and multi asset solutions. 
Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing 
clients with asset management, finance, banking, advisory and risk and capital solutions across debt, 
equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 
markets and is listed on the Australian Securities Exchange.
All figures as of 30 September 2022. For more information, please visit Macquarie.com
 

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional 
investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, 
British Columbia, with offices in Vancouver and New York City. BCI is invested in: fixed income and 
private debt; public and private equity; infrastructure and renewable resources; as well as real estate 
equity and real estate debt through our independently operated platform company QuadReal 
Property Group. With our global outlook, we seek investment opportunities that convert savings into 
productive capital that will meet our clients’ risk and return requirements over time. 
BCI’s infrastructure & renewable resources program (I&RR), valued at approximately C$20.2 billion, 
invests in tangible long-life assets in the Americas, Europe, and Asia Pacific, including a portfolio of 
direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, 
and agri-businesses. For more information, please visit bci.ca