CMS are expertly placed to advise energy network operators across projects, transactions and regulatory advice. We have acted on every M&A transaction in the GB energy networks sector in the last 15 years, as well as a number of the recent acquisition and disposals of water companies. This gives us unrivalled experience and insight into M&A transactions in this asset class. This experience is complemented by a deep understanding of network regulation, including in respect of price regulation and the Third Energy Package.
Our recent experience related to energy networks includes advising:
- Cadent Gas, the UK’s largest gas distributor and owner of four of the UK’s eight gas distribution networks, on the RIIO-GD2 price control, one of the highest profile energy regulatory instructions in the UK today. RIIO is the form of price regulation for GB energy networks and this is only the second price control review round.
- A bidder on a place on SHE Transmission’s framework for the design and construction of substations to form part of the electricity transmission network in Scotland.
- Pivot Power in relation to the further development of its multi-GW portfolio of battery storage projects and related private distribution network, both in terms of contracting arrangements, connection agreements and regulatory advice.
- A European transmission system operator on regulatory and legal implications for the gas network of hydrogen transmission and conveyance on the gas network.
- ERM on regulatory and consenting matters relating to its Dolphyn (Deepwater Offshore Local Production of Hydrogen) project for the production of ‘green' hydrogen at scale from seawater by using electrolysis powered by floating, offshore wind turbines and exporting the hydrogen for use in the gas networks.
- Transmission Owners on Ofgem’s proposals to introduce onshore competition, including the SPV model and the Competition Proxy Model.
- NeuConnect and Greenlink on variations to Ofgem’s “cap-and-floor” regime for cross-border interconnectors.
- Gas Networks Ireland on matters relating to its gas interconnector between Scotland and the Republic of Ireland.
- A consortium led by Japanese utility Kansai Electric Power, infrastructure investor Equitix and Hong Kong-based investor CNIC on its acquisition of Electricity North West.
- Cheung Kong Infrastructure and Power Assets Holdings on the proposed acquisition of Central Networks East and Central Networks West from E.ON.
- Consortium comprising SSE and Borealis Infrastructure on their proposed acquisition of EDF’s UK electricity distribution networks.
- Quadgas consortium (made up of Macquarie Infrastructure and Real Assets, Allianz Capital Partners, Hermes Investment Management, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure/International Public Partnerships) on the acquisition of National Grid's four remaining gas distribution networks (Cadent Gas) for c£13.8 billion in 2017/2018.
- SSE on the sale of a 16.67% shareholding in SGN to ADIA for £621 million in 2016.
- Consortium comprising Hermes GPE Infrastructure Fund and USS on its bid to purchase Phoenix Gas, one of the gas distribution network companies in Northern Ireland.
- Consortium led by Cheung Kong Infrastructure on the acquisition of Wales & West Utilities, the gas distribution network, for an enterprise value in excess of £2 billion.
- Consortium comprising SSE, OMERS and Ontario Teachers on the acquisition of the Scotland and South of England gas distribution networks for £3.2 billion.
- National Grid on the restructuring and sale by way of an auction process of part of its gas distribution networks for an aggregate consideration of £5.8 billion.
- Viridian on the sale of Northern Ireland Electricity (NIE), the owner of the transmission system in Northern Ireland, and owner and operator of the distribution system.
To find out more about other related services you can visit the Energy & Climate Change expertise section.