Fulcrum to embark on electricity asset acquisition following award of Ofgem licence

Fulcrum, the UK’s leading independent multi-utility infrastructure and services provider, has been granted an Independent Distribution Network Operator (IDNO) licence to adopt, own and operate electrical assets.

The OFGEM-awarded licence is a significant milestone for the business and will support Fulcrum’s strategy to enhance it's multi-utility market presence in addition to broadening and increasing its long-term income streams. 

Following receipt of the IDNO licence, the Sheffield-based company is now embarking on a programme of asset acquisitions to identify and secure electrical assets across Britain, which it can then adopt and own from early 2018.

The company currently has an established and growing portfolio of gas and meter assets, which had a total net book value of £11.9m at March 2017.

The asset portfolio will also be bolstered by increasing numbers of agreements to acquire gas assets from external utility infrastructure providers.

Martin Harrison, Chief Executive of Fulcrum, said: “The IDNO licence is an important strategic step for Fulcrum. By adopting the electricity assets constructed both in-house and by other contractors, we will be able to further strengthen our position in the multi-utility market.”

He added: “As a result of being awarded the licence, we are now embarking on a programme of asset acquisitions and will be actively engaging with other electricity infrastructure providers across the UK to create a substantial electrical asset portfolio.”

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