Centrica completes power generation purchase

Centrica plc today announced that it has completed its transaction to acquire the entire economic interest in two of TXU’s gas-fired power stations in East Anglia with a combined generation capacity of 705MW.

For a single up-front payment of £173.5 million, Centrica has acquired operating leases of approximately 20 years on the two plants based in Peterborough and King’s Lynn.

The transaction, announced on 24 August, follows Centrica’s purchase of a 60 per cent share in Humber Power Limited, which owns and operates a 1260MW gas fuelled power plant in Stallingborough.

These two acquisitions provide Centrica with 25 per cent of its current peak electricity requirements.

Through its British Gas brand the company provides electricity to more than 5 million customers.