National Grid plans to sell Grain LNG and National Grid Renewables – its US onshore renewables business – as part of a streamlined strategy focusing on networks.
The announcements came as National Grid outlined a £60bn investment plan under a new five-year financial framework in which it will focus on a becoming a ‘pure play networks business’, after reporting an underlying operating profit of £4.8bn in the year to March.
Chief Executive John Pettigrew said the plan will accelerate the decarbonisation of the energy system for the ‘digital, electrified economies of the future’.
National Grid positions Grain LNG as ‘the largest LNG terminal in Europe’, with multiple jetties and assets covering blue hydrogen, carbon shipping and green ammonia storage. All primary capacity at the terminal is fully contracted to BP/Sonatrach, Centrica, Sonatrach, Total, Uniper and Pavilion.
Source: National Grid Ventures
In February, Grain LNG and Venture Global announced the execution of a binding long-term terminal use agreement (TUA) enabling the regasification and sale of LNG from all of Venture Global’s LNG terminals in Louisiana, including CP2 LNG, subject to obtaining necessary federal permits.
Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum (3mtpa) of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for 16 years beginning in 2029, equivalent of up to 5% of average UK gas demand.
It marked the second agreement from Grain LNG’s competitive auction process which was launched in September 2023.
National Grid Renewables announced the start of major onsite construction on two solar projects located in southern Minnesota in February. Both the 45-megawatt (MW) Fillmore County Solar project (Fillmore) located in Fillmore County, and the 50 MW Louise Solar project (Louise) located in Mower County are within the Midcontinent Independent System Operator (MISO) market.
