UK agrees public control of key electricity operator

The state will buy Electricity System Operator -- which oversees the balancing of supply and demand in the UK's electricity grid -- from National Grid for GBP 630 million ($828 million), a joint statement said.

It will be renamed National Energy System Operator (NESO) and launch on October 1, according to the Department for Energy Security and Net Zero.

"Today marks a milestone for Britain's energy system as we bring the system operator into public ownership to provide impartial, whole-system expertise on building a network that is fit for the future," said Energy Secretary Ed Miliband.

"The new National Energy System Operator has a huge role to play in delivering our mission to make Britain a clean energy superpower."

The previous Conservative government already planned to take ownership of the operator, which will bring electricity and gas network planning under one organisation.

"We need to move Britain off expensive, insecure fossil fuel markets, and onto clean, cheap homegrown power that we control," Miliband added.

"This is how we reduce bills in the long term, strengthen our energy independence and support skilled jobs across the country."

Britain and countries around the world are emerging from an energy crisis triggered by the invasion of Ukraine by major oil and gas producer Russia that resulted in fossil fuel prices rocketing.

NESO "will support the government's rapid action to accelerate to net zero" by advising "on how the UK will hit its goal to deliver clean power by 2030", the energy department said.