Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Balfour Beatty’s new contract win in electricity sector
Balfour Beatty LON:BBY has this morning announced it has been awarded a £363m contract to build an extension for the National Grid. The deal covers a high voltage electricity cable above and below ground running for just 29kms between sites in Essex and Suffolk, with the company noting the win illustrates the momentum that is building when it comes to capturing work in this sector.
#2. National Grid receives govt. approval to sell division to… the government
Keeping with the electricity genre and National Grid LON:NG. has today announced government approvals for its disposal of National Grid’s Electrical Systems Operator for an enterprise value of £630m. This moves the ESO division back into public ownership.
#3. Vodafone responds to CMA’s initial assessment of Three merger
Vodafone LON:VOD has issued a response to the Competition and Markets Authority’s initial ruling that a merger with Three would be negative for consumers. Pushing back by citing the tawdry state of the UK’s mobile data network, Vodafone’s defence revolves around the idea that bigger operators would be able to invest more and in turn deliver faster connections. The note also draws attention to the fact the UK has the slowest mobile data speeds in the G7 and ranks 22nd out of 25 European countries for 5G availability.