Balfour Beatty awarded contracts with National Grid worth 1.2bn pounds

International infrastructure group Balfour Beatty has been awarded two eight-year contracts with National Grid to upgrade the UK's gas distribution network.

International infrastructure group Balfour Beatty has been awarded two eight-year contracts with National Grid to upgrade the UK's gas distribution network.

The contracts, valued at £1.2bn, involve the design and installation of modern polyethylene gas distribution mains to replace aging metal pipes, as part of a programme of work agreed between National Grid and the Health and Safety Executive.

The new Gas Distribution Strategic Partnership contracts cover the North West and West Midlands and will replace Balfour Beatty's current gas contract in the North West.

Balfour Beatty will invest £55m of working capital in the contracts.

The contracts build on Balfour Beatty's existing electricity alliance contract with National Grid which involves the ongoing upgrade and refurbishment of the high voltage transmission network owned by National Grid across England and Wales.

Commenting on the announcement, Balfour Beatty Chief Executive, Ian Tyler, said: "National Grid is one of our longest held relationships and we are delighted to continue this partnership.

"The award of these new contracts builds on our ongoing strategic focus in the power market and is an excellent example of partnership with our clients to deliver continuing value as well as ongoing certainty to a core element of the UK's infrastructure."

MF

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
6 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023