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19 May 2008 - National Grid would look at a move into Germany by buying E.ON's electricity transmission business, its chief executive said, but he added there was "a lot to do" before it could think about making an offer.

According to the Financial Times E.ON, Germany's biggest energy company, is prepared to dispose of its electricity network after pressure from Brussels to free European energy markets.

Speaking as National Grid reported a 25 per cent rise in annual pre-tax profits, Steve Holliday said that although he had set out a strategy of focusing on the UK and US, "then it was clear that Europe was closed and that has changed in the past 12 months".

He added: "If they [E.ON] do decide to go ahead, then our investors would be rather concerned if we did not take a look. And we are a very good steward of these vital assets."

However, he said there were still great uncertainties over E.ON's transmission business.

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