NGGD Rebrands as Cadent

Cadent was announced earlier this week as the new name for Britain’s largest gas distributor, formerly National Grid Gas Distribution (NGGD).

National Grid last December agreed to sell a 61% interest in NGGD to a Macquarie-led consortium in a deal valuing the spin-off firm at over £13bn.

Cadent CEO Chris Train has over 30 years of experience in the energy sector, including at NGGD and National Grid Gas. “As Britain’s largest gas network we look forward to a strong future ahead, supported by our various partners,” he said May 2.

Cadent now owns and operates a network of 131,000 km of former NGGD low-pressure pipes across northwest England, English Midlands, east Anglia and north London, serving 11mn homes, so just over half the UK homes using natural gas. 

Erstwhile parent National Grid continues to wholly-own Britain's high-pressure gas and high-voltage electricity transmission network, plus the Isle of Grain LNG import terminal in north Kent near London; it also retains a 39% interest in Cadent.

New owners of Cadent are Macquarie 14.5%, Chinese sovereign wealth fund CIC Capital 10.5%, Germany's Allianz 10.2%, UK investment fund Hermes and Qatari sovereign wealth fund Qatar Investment Authority (each 8.5%), plus two smaller funds Amber/INPP and Dalmore Capital (each with 4.4%).

Mark Smedley