Centrica completes acquisition of 20 per cent stake in British Energy
Centrica PLC
Centrica completes acquisition of 20 per cent stake in British Energy
Centrica plc today completed the purchase of its stake in British Energy
through the acquisition of a 20 per cent equity stake in Lake
Acquisitions from EDF, and the sale of its 51 per cent stake in the
Belgian business SPE through the purchase by EDF of Segebel SA.
As well as owning a 20 per cent stake in British Energy’s existing eight
nuclear power plants, Centrica will also off-take 20 per cent of the
uncontracted power from the fleet. In addition EDF and Centrica will
form a separate 80/20 joint venture through which they will undertake
the pre-development activities for a planned nuclear new build
programme, with the intention of constructing, and operating and
decommissioning four European Pressurised Reactors. EDF will also
provide Centrica with an additional 18TWh of power at market prices over
five years from 2011.
Commenting, Centrica Chief Executive Sam Laidlaw said: "We are delighted
to have now completed the transaction with EDF. We believe nuclear
energy is an essential component in ensuring clean, secure energy for
the UK and we are proud to be part of our country's nuclear renaissance.
The price secured for the sale of SPE will help preserve our balance
sheet firepower as we consider other investment opportunities that will
further underpin UK energy supply security.”
Ends
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