France’s Engie strikes deal to buy UK Power Networks for £10.5bn

The Guardian - World NewsEN 2 min read 100% complete by Jillian Ambrose Energy correspondentFebruary 25, 2026 at 10:43 PM

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French utility company Engie has agreed to acquire UK Power Networks (UKPN) for £10.5 billion. The deal, announced Wednesday, involves Engie purchasing the electricity network operator from a Hong Kong-based conglomerate that has owned it for 15 years. UKPN operates approximately 192,000 km of power lines, serving 8.5 million customers across London and southern and eastern England. Engie aims to become a leading energy transition utility by reinforcing its position in electricity networks. The acquisition comes as Britain's electricity distribution network companies invest over £22 billion to upgrade and expand their networks by 2028, crucial for connecting low-carbon generation and meeting the UK's green energy goals.

Key Entities & Roles

Key Player Opposition Context

Spain 30% Hong Kong 30% Scottish Power 35% Li Ka-shing 40% Iberdrola 40% Electricity North West ×245% Catherine MacGregor 50% France 60% United Kingdom ×470% UK Power Networks ×485% Engie ×490%

Keywords

electricity networks 90% uk power networks 80% energy transition 80% engie 70% electricity distribution 60% power lines 60% low-carbon generation 50% acquisition 50% energy bills 40%