LONDON: Britain’s power network operator National Grid Plc. said chief executive Roger Urwin will retire at the end of 2006. He will be succeeded by the company’s present gas distribution and business services unit head Steve Holliday.

Holliday had joined National Grid in 2001 and had been responsible for the electricity and gas distribution businesses immediately after the Lattice Group merged with the company in 2002.

Holliday, 49, said he had been working with Urwin for five years and he is very closely identified with the company’s present strategy. “I don’t expect any major changes there at all. We believe that we’ve got it about right,” he added.

In a statement, the company said Urwin, 59, had been putting off his retirement to ensure that there is a smooth transition and that it handles the Transmission Price Review in an effective manner. He has been the company’s CEO since 2002.

The price review is being carried out by Ofgem, the energy sector regulator, and it is expected to facilitate additional investments in the network.

Beginning the new financial year, Holliday will assume the position of group deputy chief executive.

National Grid’s chairman Sir John Parker said, “Roger has led National Grid through transformational change and delivered an outstanding track record of success and value creation.”