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27 December 2002 - Centrica plc today announced that, following all relevant regulatory approvals, its wholly owned subsidiaries, Centrica US Holdings Inc. and Centrica Holdco Inc., have completed the acquisition, announced on 17 April 2002, of Texas-based Central Power and Light Retail Energy (CPL) and West Texas Utilities Retail Energy (WTU) companies from American Electric Power Inc (AEP). The initial consideration is $146 million (£91m), payable on completion.
CPL and WTU have around 644 000 and 166 000 residential and small commercial electricity customers, respectively. Centrica also serves electricity customers in Texas, under its Energy America brand.
Sir Roy Gardner, Centrica chief executive, said: "Texas is at the forefront of US energy deregulation and completing this acquisition today of two incumbent brands makes Centrica one of the largest and most recognisable
suppliers in this important market."
CPL and WTU customers will continue to be charged under the regulated Price to Beat tariffs, set by the Public Utility Commission of Texas in order to encourage competition.
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