Nov 24, 2019

National Grid and SSE move offshore over Labour plans

National Grid has opened offshore holding companies in Hong Kong and Luxembourg, while SSE has incorporated in Switzerland. Labour said the "Rip-off" move showed the grid needed to be in public hands. Energy companies have criticised the plan, with SSE and National Grid among those running ads on Facebook warning of the potential costs. It has a market value of £31bn. "Labour's proposals for state ownership of National Grid would be highly detrimental to millions of ordinary people who either hold shares in the company or through their pension funds - which include several local authority pension funds," a spokeswoman said. According to the Sunday Times, water company Anglian and Yorkshire has already set up an offshore holding company.

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