PowerGen chief attacks `invasion' of US utilities
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ED WALLIS, chairman of PowerGen, yesterday launched an attack on the "American invasion" of the UK electricity market, saying it had been a strategic mistake, which had contributed little to UK industry.
His remarks are likely to cause friction within the industry since seven of the 12 regional electricity companies are still under American ownership.
This figure was eight until PowerGen bought East Midlands Electricity back from the Virginia-based Dominion Resources for pounds 1.9m this summer.
Addressing a lunch of the Major Energy Users' Council in London, Mr Wallis said US utilities now realised their entry into the UK market had been something of a "strategic mistake".
He went on: "In this regard it is encouraging to see that it is increasingly being recognised that the US presence here has contributed little to the UK industry, either in terms of the intellectual debate, or in terms of management excellence.
"Certainly in contrast to East Midlands' previous owners, PowerGen will actively manage its operations and fully integrate them into our UK business. Although it is costing a lot of money to reverse the American invasion, at least the industry is being put back on track."
Entergy, the New Orleans-based owner of London Electricity, is close to disposing of the business for pounds 2bn and there is frequent speculation that Yorkshire Electricity, Seeboard and Sweb may also be put up for sale.
Mr Wallis said the US domination of the electricity supply industry was partly responsible for the lack of innovation on the part of suppliers as the domestic market opens to competition.
PowerGen recently abandoned its attempts to merge with Houston Industries of Texas, but still has ambitions to acquire a US electricity business.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments