The Company became a shareholder of Northern Gas Networks Limited in June 2005. Currently, Power Assets holds 41.29% of the shareholdings.
Northern Gas Networks Limited owns the North of England gas distribution network, which is one of the eight gas distribution networks in the United Kingdom. The network comprises distribution gas mains and pipelines of 36,100km in length and extends south from the Scottish border to South Yorkshire and serving about 2.7 million customers. With a total population of about 6.7 million, the region contains a mixture of large cities, including Newcastle-Upon-Tyne, Middlesbrough, Leeds and Bradford, as well as a significant rural area including North Yorkshire and Cumbria. The region benefits from the growing position of Leeds, the expansion of development along the River Tyne, and a number of large industrial consumers based along the North Sea coastline. The majority of Northern Gas Networks Limited's revenues is regulated by government regulations.
In June 2010, the Company acquired a 50% stake of Electricity First Limited (EFL). Power Assets through EFL holds 25% of Seabank Power Limited (Seabank), an electricity-generating company located near Bristol in the United Kingdom.
Seabank comprises two combined-cycle gas turbine generation units run on natural gas with an aggregate capacity of 1,148MW. Unit 1 was commissioned in 2000 and Unit 2 was commissioned in 2001.
All electricity generated by Seabank is sold to SSE Energy Supply Ltd. under a long-term power purchase agreement.
In October 2010, together with CK Infrastructure Holdings Limited (CKI), Li Ka Shing Foundation Limited and Li Ka Shing (Overseas) Foundation ("LKSF"), the Company acquired EDF Energy plc's interests in its United Kingdom regulated and non-regulated network assets. UK Power Networks Holdings Limited was formed to hold these assets, with both Power Assets and CKI each holding a 40% stake and the remaining 20% stake taken by LKSF, to effect the investment.
UK Power Networks' assets comprise three regional electricity networks with total network length of about 188,000 km and a distribution area of about 29,000 sq. km that covers London, South East England and the East of England. Serving around 8.3 million customers, these networks provide nearly a quarter of the electrical power in the United Kingdom, one of the country's largest electricity distributors. The majority of the UK Power Network's revenues is regulated by government regulations.
In addition UK Power Networks' business includes a non-regulated business comprising commercial contracts to provide network related infrastructure services distribute electricity to a number of privately owned sites, such as London Underground, four London airports and Channel Tunnel Rail Link.
In October 2012, the Company, together with CK Hutchison Holdings Limited (CKHH), CK Infrastructure Holdings Limited (CKI), Li Ka Shing Foundation Limited (LKSF), acquired Wales & West Utilities Limited (WWU). Power Assets currently holds an 36% interest of WWU.
WWU is a regulated gas distribution business with around 35,000 km of gas distribution pipelines; covering Wales and the South West of England. With its main office at Newport, the company covers one-sixth of the UK and serving about 2.5 million customers.