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June 28, 2002 -- Centrica plc announced that it has acquired IVO Energy Limited's 100 per cent interest in Regional Power Generators (RPG) Limited, which owns and operates the 240 MW Glandford Brigg power station in Lincolnshire. This will provide Centrica with a total generation capacity of 1700 MW.
The transaction was completed for a single payment of £37.3 million, which will be funded from existing group resources. Centrica will take over responsibility for the operation and management of the combined cycle gas-fired station, which was completed in 1993.
Originally operating as a base load plant, since the introduction of NETA the station has provided electricity which matches the typical demand shape of Centrica's electricity customer base.
Combined with last year's power station acquisitions, this transaction will help to meet 20 per cent of peak day demand for Centrica's domestic and commercial customers. Centrica estimates the approximate price of the acquisition to be £155 per kW.
Sir Roy Gardner, Chief Executive of Centrica, said: "This acquisition reflects Centrica's continued expansion in both the residential and SME electricity market and is in line with our risk management strategy to generate a significant proportion of peak electricity requirements from our own portfolio. This provides increased long term stability and protection against electricity price fluctuations and spikes for our customers."
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