Centrica takes operational control of Accord Energy

Centrica plc and NGC Corporation of Houston, Texas, today announced that they had reached agreement on the future ownership of Accord Energy Limited – a joint venture between the two companies, which plays a significant part in the short term gas trading and wholesaling market.

Under the terms of the agreement and consistent with the objectives set out at the time Centrica plc was demerged from British Gas, Centrica plc will take operational control of Accord Energy with NGC's shareholding being converted to preference shares in Accord. NGC will now establish their own energy trading companies in the UK and Europe.

Roy Gardner, Chief Executive, of Centrica plc, said: "This is an important step for Centrica which provides the opportunity to use Accord's skills in energy trading and risk management throughout the group".