Providing Competition Assessment in $1.5 Billion LNG Terminal Acquisition

NERA advised Centrica on its US$1.5 billion acquisition of the Isle of Grain liquefied natural gas (LNG) terminal (Grain LNG) in the UK.

Grain LNG is one of the UK’s most important LNG terminals, playing a critical role in energy security through LNG import and export services, regasification, and rapid-response gas storage capacity that helps balance the gas system.

NERA conducted a comprehensive competition assessment of the transaction, evaluating horizontal and vertical theories of harm arising from Centrica’s ownership of Grain LNG alongside its existing portfolio of UK energy infrastructure, including Rough, the UK’s largest gas storage facility. The analysis examined the structure of the UK gas market and its links with mainland Europe, covering LNG import infrastructure, gas storage assets, interconnectors, and offshore gas supply.

NERA supported Slaughter and May in its engagement with the UK Competition and Markets Authority (CMA), including the preparation of the briefing paper and responses to requests for information (RFIs). The transaction was completed successfully in 2025.

The NERA team comprised Senior Managing Directors George Anstey and Grant Saggers, Director Stefan Berger, and Consultant Rafael Sambeat, combining expertise in competition economics and energy markets.