ENGIE acquires 100% of UK Power Networks
Thursday, 26/02//2026
ENGIE has announced the signing of an agreement to acquire 100% of UK Power Networks (UKPN), the best-in-class electricity distributor in the UK, for an equity value1 of £10.5 billion.
This acquisition marks a major milestone in ENGIE’s ambition to become the best energy transition utility, by strengthening its position in regulated electricity networks. It will also bolster the Group’s presence in the UK, which will become its second-largest country of activity.
UK Power Networks, the best-in-class electricity distribution network in the UK
With 71 TWh of electricity delivered each year to 8.5 million customers and supported by 6,500 employees, UKPN is a leading electricity distribution operator in the UK. It operates three distribution licenses covering London, the South East and East of England, representing a network of around 192,000 km, three-quarters of which is underground. The company has a track record of outstanding operational performance (ranking number one by the regulator over the 2015-2023 period among UK’s DNOs) and one of the highest customer satisfaction levels in the sector, within a stable and transparent regulatory framework that provides visibility to investors. UKPN will play a key role in supporting the expected growth in electricity demand in the UK and meeting the major electrification needs required to achieve the country’s carbon-neutrality ambitions.
An excellent strategic fit for ENGIE
By its outstanding quality and its significant size, this acquisition is an essential step in rebalancing its infrastructure activities toward regulated electricity networks and strengthens its footprint in one of its key countries. Through this acquisition, ENGIE’s rebalancing is largely achieved in one move, minimizing execution risk and providing strong visibility to capital allocation in the upcoming years. This transaction will enhance both ENGIE’s growth profile and its risk profile via a higher share of regulated and predictable revenues and cash flows.
Image: ENGIE