National Grid plays down fears of power crunch and blackouts

Chief executive says energy supplies will be tighter this winter, with grid drawing on extra sources of power to avoid blackouts

The chief executive of National Grid said this winter's energy capacity would be more stretched than last year but that he was confident of getting through without blackouts.

Steve Holliday, who is leaving the pipes and pylons operator at the end of March, also announced plans to sell a majority stake in the company's gas distribution business, which is worth about 10bn.