National Grid reportedly looking to offload gas meters business

National Grid is planning the sale of its 17m domestic gas meters in a deal that could be worth up to £1bn, according to reports.

Were it to go ahead, the proceeds of the sale would be used to help fund the company's major investment programme.

The Sunday Times reported that is believes the company to be exploring its options for the gas meters and that a sale is thought to be the most likely outcome.

It reported that the auction of the assets is set to gain interest from a range of potential bidders looking for a long-term purchase.

The move would enable the company to concentrate on its electricity business.

The company operates the largest number of home and business gas meters in Britian.