E.On’s Central Networks selloff is 'good news' says union

A union says Coventry energy giant E.On’s selloff of their Central Networks business could be good news for jobs.



American firm PPL will buy the firm, which was set up in 2004 and is based at the city’s Westwood Business Park, for £4 billion.

It follows rumours back in November of a possible takeover by a German firm, that failed to come to fruition.

Dozens of staff are based at Central Networks’ Westwood headquarters, with several hundred others working at a depot on the Warwickshire border near Hinckley.

The Prospect union will meet with the new owners tomorrow, and have told Mercia there’s now the real chance for sustained investment into the business.

Their representative Richard Hardy said: “PPL is already a player in the UK electricity market, and that’s an important issue.”

“We were worried that Central Networks could have been bought by a venture capital consortium with little or no interest in long-term investment, safety or security of supply.”

“It is important, though, that the new owners recognise the professionalism our members bring to their roles and how that, in turn, is vital to delivering the investment required to bring about network renewal.”

“Electricity distribution is not a business that can be delivered on the cheap.”

Paul Golby, E.On’s CEO, said: ”PPL is an excellent partner for Central Networks. They share our goal of providing a safe and reliable service for our customers and our communities.”

“I want to take this opportunity to thank everyone at Central Networks for the excellent work
they have done as part of E.On.”

“As we look to finalise the transaction, we will work closely with PPL, our trades unions and representatives to set a successful course for the future of the combined company and its employees.”

Central Networks supplies 5 million people with electricity in the Midlands.