This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.  Find out more



Centrica to sell Texas gas-fired power stations and extend its share repurchase programme

18 December 2013

Centric plc logo

Centrica plc’s North American subsidiary, Direct Energy, has agreed to sell its Texas gas-fired power stations to Blackstone for $685 million (£420 million) in cash.  The three units, located in Paris, Bastrop, and Mission, have a combined capacity of 1,295MW.  As part of the transaction, Direct Energy has also entered into a three year call option arrangement for an equivalent amount of capacity with Blackstone.

Badar Khan, President and CEO of Direct Energy, said: “This transaction allows us to realise value from our gas-fired fleet, while ensuring stability of price and supply in the Texas power market through the call option arrangement.

“Residential retail supply is key to our North American business, and with sufficient generation capacity in Texas, we can support our downstream business through contractual arrangements, rather than asset ownership.”

Centrica plc will return the proceeds from this sale to shareholders through a £420 million extension of its share repurchase programme, which will be conducted over the course of 2014.

Centrica Investor Relations +44 (0) 1753 494900
Centrica Media Relations +44 (0) 800 107 7014


  • The transaction is subject to customary regulatory approvals and is expected to close in the first quarter of 2014.
  • The transaction will be made through Centrica plc’s wholly-owned subsidiary, Direct Energy Power Holdings, Inc.
  • The power stations to be sold by Direct Energy are listed below:


Year of purchase

ERCOT region

Installed capacity (MW)





Frontera (Mission)












Back to news index


Hot topic

Energy Choices for the UK

Centrica is deeply conscious of the cost-of-living challenge facing many of our customers, and we are fully committed to tackling climate change. This is why we have been working to explore pathways for future UK energy policy to 2030 and beyond that are both sustainable and affordable.

View all hot topics

Load more hot topics


Speeches: Leveraging relationships to build an unconventional business from a conventional platform (PDF 0.11Mb)

Wes Morningstar, Senior Vice President, Centrica Energy Canada

20 October 2014

In the press: Get out your mobile and lower your fuel bill

Opinion piece in The Times by Sam Laidlaw, Chief Executive of Centrica

28 February 2013

Speeches: The Future of Retail Energy in North America (PDF 0.12Mb)

Chris Weston, President and CEO, Direct Energy

30 March 2010

View all perspectives

Load more perspectives


View the resources page for our full range of images and logos.