Centrica PLC
22 April 2003
22 April 2003
Centrica adds to electricity generation capacity
Centrica plc today announced it has entered into an agreement to acquire the
229MW Roosecote gas fired power station in Barrow in Furness, Cumbria from the
administrative receivers of Lakeland Power Limited, KPMG's Michael McLoughlin
and Michael Seery.
The acquisition is expected to complete in mid May for a payment of £24 million,
funded from existing group resources.
This transaction increases Centrica's total generation capacity to 1934MW.
Combined with previous generation acquisitions, the transaction will help to
meet approximately 22 per cent of peak day demand cover for Centrica's domestic
and commercial customers.
Centrica will take over responsibility for the operation and management of the
station which has achieved one of the highest availability records for all UK
combined cycle gas turbine (CCGT) plants since construction in 1991. Pending
completion of TUPE employee consultations, thirty three staff will be
transferred to Centrica from Lakeland Power Limited and Alstom Power Limited.
Centrica will remain the gas supplier to the power station which is located
adjacent to its Barrow gas terminals.
Sir Roy Gardner, Chief Executive of Centrica, said: 'We are continuing to see
strong progress in our electricity business and this transaction is a positive
move to reflect Centrica's continued expansion in both the residential and
commercial electricity market. This is also in line with our risk management
strategy to generate a significant proportion of peak electricity requirements
from our own portfolio, providing increased long term stability and support
against electricity price fluctuations and spikes.'
Notes:
1. Today's announcement follows Centrica's acquisition in 2001 of two gas fired
power stations at King's Lynn and Peterborough, providing 705MW of
generation capacity, a 60 per cent interest in Humber Power Ltd, owners and
operators of a 1260MW gas fired plant in Lincolnshire and the acquisition of
the 240MW Glanford Brigg gas fired plant in Lincolnshire in July 2002.
Centrica's wholly owned subsidiary, British Gas Trading Limited, entered
into an innovative energy tolling agreement in May 2002 to acquire rights to
the total capacity of an 860 MW gas-fired power plant to be built in
Spalding, Lincolnshire. The plant is expected to be operational by the end
of 2004.
Enquiries:
Centrica Media Relations: 01753 494085
Centrica Investor Relations: 01753 494900
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