January 30, 2020 / 11:37 AM / 23 days ago

UPDATE 1-National Grid says Peter Gershon to step down as chairman

(Adds background on company, details on Gershon’s re-election from statement)

Jan 30 (Reuters) - British energy company National Grid said on Thursday Peter Gershon will step down as chairman after nine years in the position.

The FTSE 100 company, which runs Britain’s energy system, said it was looking for Gershon’s successor and that he would stand for re-election at the company’s shareholder meeting in July to ensure smoother transition.

Gershon’s plan to leave the company comes after National Grid ran into regulatory troubles in both its domestic and overseas markets.

In the UK, investigations into a power outage that left over a million people without power last August raised concerns over how the National Grid’s Electricity System Operator manages the system.

National Grid in late 2019 also agreed to pay $36 million in response to an ultimatum from New York Governor Andrew Cuomo and compensate natural gas customers in New York City and Long Island.

Reporting by Muvija M in Bengaluru; Editing by Bernard Orr and Anil D'Silva

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