May 15 (Reuters) - A plan by Britain’s opposition Labour party to take the country’s energy networks back into state ownership would damage investment and delay the move to greener energy sources, National Grid said on Wednesday.
"At a time when there is increased urgency to meet the challenges of climate change the last thing that is needed is the enormous distraction, cost and complexity contained in these plans," it said here in a statement.
Multiple media outlets, including the Financial Times, earlier reported that a leaked Labour party document showed plans to re-nationalise the country’s 60-billion-pound plus energy networks at a price decided by parliament.
Fears that the nationalisation would be below market value dragged shares in SSE and National Grid down by 1.4% and 0.8% respectively on Wednesday.
National Grid owns and operates gas and electricity transmission networks in Britain, along with other assets. It has a market capitalisation of 29 billion pounds ($38 billion).
The Labour Party declined to provide an immediate response to a request for comment.
$1 = 0.7742 pounds Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by Kate Holton