National Gas Launches as Owner of Britain’s Gas Network

January 31, 2023

National Gas (“the Company”), today becomes the owner & operator of Britain’s gas transmission network with an extensive metering portfolio.

It follows the completion of the sale of a 60% equity stake in National Grid’s Gas Transmission & Metering business. The acquisition, led by Macquarie Asset Management and British Columbia Investment Management Corporation (BCI) (“the Consortium”), was successfully completed after all conditions relating to the sale were met.

National Gas is comprised of two organisations – National Gas Transmission and National Gas Metering. National Gas Transmission will own and operate the UK’s 7,600 km-long National Transmission System (NTS) and continue to ensure the safe, reliable and affordable transportation of gas needed to heat homes, power industry and generate electricity.

As the UK’s largest gas meter asset manager, National Gas Metering, will continue to provide industry-leading maintenance and management services for over 7 million domestic, industrial and commercial gas meters.

The business will invest in innovation to future proof the UK, including by repurposing existing assets working in collaboration with the UK Government and industry partners to deliver a hydrogen “backbone” for Britain. Through connecting industrial clusters around the country and leveraging the UK’s world-leading offshore wind industry for hydrogen production, we will provide a base of infrastructure that will decarbonise power generation and heavy industry, boost domestic energy resilience with hydrogen storage and underpin millions of future green jobs.

The Company will be led by an experienced Management Team and Board, headed by Jon Butterworth who resumes his role as Chief Executive Officer having previously held the position of CEO of National Grid Gas Transmission & Metering. Jon and his team have played a key role in overseeing the development of the NTS into one of the safest and most reliable gas networks in the world with 100% reliability achieved in every year since 2020.

Jon Butterworth, CEO of National Gas, commented: “Today is a truly historic day for the UK’s gas industry and I’m delighted to be part of an organisation that sits at the heart of our energy industry.

Our network plays a fundamental role providing energy security for over 23 million homes and 210,000 businesses across the country, as well as the gas-fired power stations that keep the UK’s lights on by providing nearly 40% of our electricity annually.

We’re so excited by the opportunity to play a leading role in the UK’s decarbonisation journey by seamlessly transitioning the network from natural gas to hydrogen and unlocking the full potential of the UK’s net zero economy in the process”.

Will Price, Head of Utilities in EMEA, at Macquarie Asset Management added: “Accelerating the decarbonisation of the UK’s energy mix is crucial to deliver the UK’s net zero ambitions. Hydrogen and other green gases offer the quickest and cheapest path to decarbonise home heating and key industrial processes, as well as strengthening the UK’s energy system through seasonal energy storage. National Gas has ambitious plans, and we are delighted to be supporting the business in this journey.”

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, commented: “BCI strongly supports National Gas’ innovative decarbonisation strategy, which involves transitioning away from fossil fuels while still offering a secure, safe, and reliable network at least cost to consumers. Our investment in National Gas is a testament to our support of the UK’s commitment to net zero carbon emissions by 2050.”


Andrew Marsh +44 (0) 7583 102 727
Ntobeko Chidavaenzi +44 (0) 7977 054 575

About Us

National Gas comprises two businesses, National Gas Transmission and National Gas Metering.

As both the transmission owner and system operator, National Gas Transmission owns, builds and operates the high-pressure NTS with day-to-day responsibility for balancing supply and demand in real time and facilitates the connection of assets to the transmission system. The NTS comprises approximately 7,660 kilometres of high-pressure pipe and 23 compressor stations connecting to 8 distribution networks and other third-party independent systems.

National Gas also owns and operates an independent metering business, the largest owner of traditional gas meters in the UK with approximately 7 million domestic and commercial meters. The business’ activities cover asset procurement and logistics management, meter installation, maintenance, exchange and removal and customer service provision.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage approximately £456 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as of 30 September 2022. For more information, please visit

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City. BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s infrastructure & renewable resources program, valued at approximately C$20.2 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses.

For more information, please visit