UK to renationalise part of energy network

LONDON, April 06 (AFP): Britain on Wednesday revealed plans to renationalise part of the country's energy network to help secure supplies as Russia's invasion of Ukraine further fuels prices.

"With high global wholesale gas prices and renewed pressure on energy networks following Russia's illegal invasion of Ukraine, consumers are facing increased costs and there is an urgent need to safeguard and boost domestically produced energy," the government said in a statement.

The announcement comes as the UK government prepares to unveil this week its long-awaited Energy Security Strategy update that will focus on pushing ahead with renewables to meet net-zero emission targets.

Prime Minister Boris Johnson's Conservative government on Wednesday said it would buy the Electricity System Operator unit from National Grid, also to help it reach global climate goals.

The nationalised unit will be folded into the newly-created Future System Operator that will oversee Britain's electricity systems.

"We need to boost our energy resilience, reduce our dependence on expensive imports and slash emissions. The FSO will do just that," Energy Minister Greg Hands said in the statement.

The FSO intends on working with energy suppliers and networks "to balance the UK's electricity systems and ensure continued energy resilience and security of supply for households and businesses".