Contrary to a report in a British newspaper, National Grid says it is not planning a $1.6 billion sale of one of its U.S. holdings, Niagara Mohawk Power, the news agency Reuters reports.
National Grid also supplies most Long Island homes and businesses with gas and electricity under a deal with the Long Island Power Authority.
The original report of a pending Niagara Mohawk sale was in the Mail on Sunday. It said the sale was planned "to meet shareholder hopes of withdrawal from North America where it has struggled."
When Reuters asked for comment on the story, a spokeswomen told Reuters: "National Grid has no plans to sell Niagara Mohawk at the moment".
National Grid has been restructuring its U.S. business after unveiling plans in January to cut 7 percent of its direct workforce in the United States, for annual cost savings of about $200 million, Reuters said.