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Best UK mortgage deals of the week

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Ofgem agrees on license transfer to National Grid's subsidiary set for sale

Reuters - UK Focus

Sept 30 (Reuters) - Britain's energy regulator Ofgem said on Friday it has granted National Grid (LSE: NG.L - news) consent to transfer its gas transportation license to its new subsidiary National Grid Gas Distribution Limited (NGGD), which is set for sale.

National Grid plc (NG) announced last year plans to sell a majority interest in its gas distribution business, currently owned by a subsidiary of NG, National Grid Gas plc (NGG).

To complete the transaction, National Grid would transfer its gas distribution assets and the NGG license to NGGD. (Reporting by Nerijus Adomaitis in London; Editing by Susan Fenton)