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  "path": "/money/france-strengthens-grip-on-britains-energy-market",
  "publishedAt": "2026-02-26T18:46:52.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Martin Lewis urges Octopus Energy, British Gas and EDF customers to check if owed HUNDREDS",
    "Rachel Reeves falls £33 short on energy bill promise after Labour repeatedly pledged £150 savings",
    "Smart meter rule change could hand Britons automatic £40 payment - are you eligible?",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nFrench energy company ENGIE has agreed a £10.5billion takeover of UK Power Networks in one of the largest transactions in Britain’s energy sector in more than a decade.\n\nThe acquisition gives control of London’s electricity distribution network to a company in which the French state holds around 24 per cent, making it the anchor shareholder with significant voting rights.\n\n###\n\n\n\n\nThe transaction values UK Power Networks at an enterprise value of £15.8billion and will make Britain ENGIE’s second-largest market globally.\n\nENGIE said the purchase would strengthen its position in regulated network infrastructure as it expands its renewable electricity and green gas operations.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nUK Power Networks is Britain’s largest electricity distributor, delivering about 71 terawatt hours of electricity each year to 8.5 million homes and businesses across London, the South East and the East of England.\n\nIts network extends across nearly 192,000 kilometres, much of which is underground.\n\nThe company supplies electricity to major transport hubs including Heathrow, Gatwick, Stansted and London City airports.\n\nUK Power Networks has regularly ranked highest among Britain’s distribution network operators for performance and customer satisfaction.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nIt was named in an investigation by the National Energy System Operator into a fire that temporarily closed Heathrow, although it was later cleared of responsibility for the initial cause.\n\nThe business is being sold by companies controlled by Hong Kong billionaire Li Ka-shing amid broader scrutiny of overseas ownership of critical British infrastructure.\n\nCK Infrastructure Holdings acquired UK Power Networks in 2010 for £5.5billion.\n\nSister company CK Power Assets holds a 40 per cent stake, with CK Infrastructure Holdings also holding 40 per cent and CK Asset owning the remaining 20 per cent.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Martin Lewis urges Octopus Energy, British Gas and EDF customers to check if owed HUNDREDS\n  * Rachel Reeves falls £33 short on energy bill promise after Labour repeatedly pledged £150 savings\n  * Smart meter rule change could hand Britons automatic £40 payment - are you eligible?\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nMr Li has previously rejected accusations of political collaboration with the Chinese state, while his companies have declined to comment on such claims.\n\nRecent reports have indicated Beijing officials have distanced themselves from the tycoon following pressure from the administration of US President Donald Trump that led to the sale of two ports in the Panama Canal.\n\nThe agreed purchase price reportedly followed a higher late-stage offer, with the buying consortium concluding that elevated UK inflation had increased the asset’s regulated value.\n\nFrance already has a significant presence in Britain’s energy sector through EDF, which operates all five of the country’s nuclear power stations and generates around 12 per cent of total electricity.\n\n###\n\n\n\n\n###\n\n\n\n\nEDF, which was fully renationalised by the French Government in 2023, confirmed in July 2025 that it had taken a 12.5 per cent stake in the Sizewell C project, committing up to £1.1billion.\n\nCatherine MacGregor, chief executive of ENGIE, said: \"This transaction will both enhance the Group's growth trajectory and reduce our risk profile, providing more visibility on future earnings.\"\n\nBasil Scarsella, chief executive of UK Power Networks, said: \"By joining ENGIE, we continue to be part of a global energy leader with the financial strength, industrial capabilities and long-term vision to support our next phase of development.\"\n\nThe deal is expected to complete by mid-2026, subject to regulatory and shareholder approvals.\n\n###\n\n\n\n\n**Our Standards:The GB News Editorial Charter**",
  "title": "France strengthens grip on Britain’s energy market in £10billion deal for London power network"
}