National Grid eyes £1bn US sale
National Grid is considering selling its US subsidiary, Niagara Mohawk Power, for over £1bn.
The division supplies electricity to about 1.5m customers and natural gas to 565,000 customers in upstate New York.
Advisers Barclays Capital and Merrill Lynch are helping with the strategic review of National Grid.
A sale of Niagara, bought in 2000, would meet some shareholders' hopes that National Grid will withdraw from America where it has struggled.
Volumes have been hit by the slump and the New York state regulator said recently that it could raise prices by less than a third of what it was seeking.
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