Centrica has agreed to acquire Denmark’s Neas Energy, one of Europe’s leading providers of energy management and revenue optimisation services for decentralised third-party owned assets, for £170 million.
The acquisition is in line with Centrica’s strategy to expand its route to market services in Europe, and to continue to utilise and build its knowledge of European energy markets in order to benefit from trading and optimisation activity.
Based in Aalborg, Denmark, Neas provides customers with route to market and short-term trading optimisation services in six European countries. Combined, these customers own 2,500 individual decentralised assets, including windfarms, solar plants and combined heat and power (CHP) plants, with an installed capacity of approximately 8,600MW.
In addition, Neas provides risk management, supply management and consumption optimisation for wholesale electricity customers and smaller suppliers who do not have trading capabilities of their own. It has also established a short-term trading presence in power, gas and environmental certificates across 18 countries. Neas reported a turnover of £2.2 billion)and EBITDA £21 million in 2015.
Commenting on the announcement Centrica Plc Chief Executive, Iain Conn, said: “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.