Power firms move ownership offshore to ‘protect against Labour renationalisation’
National Grid and SSE own Britain’s gas and electricity transmission networks
Two of the UK’s largest power companies have quietly transferred the ownership of their British operations to offshore companies to protect themselves against Labour’s plan for renationalisation.
National Grid and SSE, which together own Britain’s gas and electricity transmission networks, confirmed on Sunday they had created overseas holding companies following Labour’s pledge to restore them to state ownership.