AMEC, Babcock awarded extension to National Grid contract
AMEC and Babcock's five-year Electricity Alliance West contract with National Grid has been extended by a further five years, the companies announced today.
AMEC and Babcock's five-year Electricity Alliance West contract with National Grid has been extended by a further five years, the companies announced today.
The contract - awarded to the joint venture between the two engineering firms and Mott MacDonald Group - involves the upgrade of overhead power lines and underground cables in west England and Wales.
The five-year extension is worth £650m and will see the joint venture run until 2017. AMEC and Babcock Networks are major partners in the joint venture, owning a 47.5% share each.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This extension to 2017 is testimony to the excellent day-to-day performance of the Alliance and the focus we have placed on ensuring we safely meet the requirements of a very important and long-standing customer," said Mike Saunders, President of AMEC's Power and Process Europe business.
Meanwhile, Babcock's Chief Executive Peter Rogers said, "We look forward to building on this partnership with National Grid as it delivers the significant investment programme required to support the UK's growing energy needs."
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Digital assets ‘at risk of being lost’ due to lack of planning for death, Which? poll finds
News The consumer watchdog has issued a warning about digital assets after a survey found the majority of people have not drawn up instructions for how to access them after their death.
By Henry Sandercock Published
-
Apple loses court battle over €13bn tax bill - should you invest?
The case against Apple was brought by the European Commission and ends an eight-year dispute
By Chris Newlands Published