Scottish & Southern Energy PLC
13 January 2006
ACQUISITION OF ADDITIONAL STAKE IN BARKING POWER LTD
Scottish and Southern Energy plc ('SSE') has acquired an additional 8.36% stake
in Barking Power Ltd from the administrators of TXU Europe Power Ltd for a total
cash consideration of £14.59m.
The acquisition gives SSE a total stake of 30.4% in the 1,000MW combined cycle
gas turbine station, which was commissioned in 1995. It therefore adds 84MW to
the portfolio of electricity generation assets owned by SSE, taking the total to
over 10,000MW for the first time. Barking Power's contracts to supply
electricity are unaffected by the transaction. SSE's share of the offtake from
Barking Power remains at 45%.
Ian Marchant, Chief Executive of SSE, said:
'This is a very useful acquisition, which complements our other investments in
coal-fired generation capacity and in renewable energy and confirms our position
as the owner of the most diverse and flexible group of generation assets in the
UK. It is another example of the value which we believe can be created from the
incremental addition to our business of assets in the UK.'
Enquiries to:
Scottish and Southern Energy
Alan Young, Director of Corporate Communications 0870 900 0410
Jennifer McGregor Public Affairs Manager 0870 900 0410
This information is provided by RNS
The company news service from the London Stock Exchange
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