Centrica today confirmed its £170million takeover of Denmark-based Neas Energy.
Centrica said the move was in line with strategy to expand its route to market in Europe.
Neas provides expertise in short-term power trading and asset management in North West Europe.
Centrica chief executive, Iain Conn, said: “I am delighted to welcome Neas to Centrica. Our new strategy recognises that the energy landscape is rapidly changing, with a trend away from large centralised power generation to decentralised technologies – much of it intermittent renewable generation.
“Neas has developed a business model and capabilities that are able to capitalise on this trend and, combined with Centrica’s existing strengths, this acquisition will allow us to accelerate our energy marketing and trading growth strategy and serve renewable and distributed energy customers at a wholesale level across Europe.”
Neas Energy chief executive, Bo Rydahl, added: “In our efforts to grow and expand Neas’ activities in markets where competition is increasing, economies of scale will be essential to success. Becoming part of Centrica will provide opportunities to grow the scale of our existing business activities further and enter new markets. Neas will be Centrica’s spearhead for the growth of energy marketing and trading activities on the European continent.”
Neas currently employs around 250 people across three customer-facing business units, Thermal/CHP, Renewables and Wholesale, two trading business units Power and Gas and support functions.
Recommended for you
