To date, a total over 50 utilities and electricity suppliers have signed on to the initiative. The Green Button initiative was officially launched in January 2012. What has been the success and progress on the initiative to date? Voluntary adoption of a consensus industry standard by utilities and companies across the country both enables and incentivizes software developers and other entrepreneurs to build innovative applications, products and services which will help consumers manager energy use by, for example, programming their home energy management devices, sizing and financing rooftop solar panels, and helping a contractor to verify their home energy savings more cost-effectively.Īdoption of the Green Button data standard will also benefit utilities that receive numerous requests for data, are administering energy efficiency programs, are looking for avenues for greater customer engagement, and in many other ways. With their own data in hand, consumers can take advantage of a growing array of online services to help them manage energy use and save on their bills. Customers are able to securely download their own detailed energy usage with a simple click of a literal "Green Button" on electric utilities' websites. The transaction is expected to increase the National Grid’s electricity portfolio, with the proportion of its electricity assets increasing from around 60% to 70%.The Green Button initiative is an industry-led effort that responds to a White House call-to-action to provide utility customers with easy and secure access to their energy usage information in a consumer-friendly and computer-friendly format. If the consortium exercises its option, National Grid is expected to receive the consideration for the further interest in cash, subject to adjustment for dividends. The consortium is expected to exercise its option between 1 January 2023 and 30 June 2023, subject to change in the timing of the transaction closing. National Grid has also signed an option agreement with the same consortium for the potential sale of the remaining 40% of equity in GasT TopCo. The transaction is said to support National Grid’s strategic shift towards electricity, and follows its acquisition of Western Power Distribution (WPD), and proposed sale of The Narragansett Electric Company (NECO). The Consortium has a long-term commitment to the UK with significant experience in owning and operating infrastructure assets.” “Today’s announcement is a strong result for all our stakeholders, including employees and customers. “Alongside our plans to invest up to £35 billion in energy infrastructure over the next five years, the series of transactions announced last March will strengthen our long-term growth prospects, and drive long-term value for shareholders. National Grid chief executive John Pettigrew said: “This transaction further enhances our role in delivering the UK’s energy transition, pivots our portfolio towards electricity, whilst ensuring the security of the energy supply for the country. Upon closing of the transaction, National Grid will own a stake of 40% in NGG through a new holding company, dubbed GasT TopCo. The transaction is expected to be completed in the second half of calendar year 2022, subject to certain antitrust and regulatory conditions. Under the terms of the deal, National Grid will receive around £2.2bn in cash consideration, along with nearly £2bn from additional debt financing, at closing.
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