E.On sells its UK power network

German energy firm E.On is to sell its UK power network to US business Pennsylvania Power and Light (PPL) in deal worth £4bn ($6.5bn).

E.On UK is selling its Central Network’s division, which operates an 80,000 mile power grid in the Midlands supplying electricity to more than five million people.

It is part of E.On’s plan to sell off 15bn euros of assets by 2013.

PPL already owns a UK grid in South Wales and south west England.

German owned E.On still has a range of operations in the UK, including the Kingsnorth power station and Ratcliffe-on-Soar Power Station.

It also operates windfarms and nuclear power stations, and sells gas and electricity to businesses and households.